id: 35479
Title: Financial performance determinants of Ukrainian agricultural companies in the pre-war period
Authors: Lehenchuk S., Raboshuk A., Zhyhlei I., Zakharov D., Fedoryshyna L.
Keywords: financial performance determinants, agricultural companies, panel data regression analysis, Ukraine
Date of publication: 2024-03-27 10:34:47
Last changes: 2024-03-27 10:34:47
Year of publication: 2023
Summary: Panel data regression analysis, carried out using the GRETL software, was used as a research method. The financial statements of thirty Ukrainian agricultural companies over the defined period 2015–2021 were selected to be data for analysis. Three models were constructed in the article based on the use of three different dependent variables (Return on Assets, Return on Equity, Return on Sales) and seven independent variables (Current Ratio, Capital Intensity, Export Intensity, Leverage, Size, Dummy variable for agricultural sub-sectors, Dummy variable for location). The selection of the mentioned independent variables was logically substantiated by the structure of the financial reports of the Ukrainian agricultural companies and analytical system “You Control”. The study of the determinants of financial performance of the agricultural companies is a widespread area of research among academicians, however, is characterized by quite controversial results. Some of these conclusions were refuted, but certain results were confirmed on the example of Ukrainian enterprises. The results of the panel regression analysis with respect to Models 1-3, partially are in contradiction with the conclusions of other studies regarding the impact of the determinants on the financial performance of agricultural companies. None of the chosen independent variables has a significant effect on all the dependent variables as investigated in the article, namely ROA, ROE, and ROS. This confirms the formulated in the study hypothesis regarding the availability of a unique set of financial performance determinants for agricultural enterprises for each individual country. The independent variables used in the study have the most significant impact on ROA. Primarily, ROA is significantly affected by CAPI (5 % level), EXPI (10 % level), and DVL (5 % level). The results obtained confirm a need for improving regional support and ensuring an access to capital for agricultural enterprises in Ukraine.
URI: http://repository.vsau.vin.ua/repository/getfile.php/35479.pdf
Publication type: Статті Scopus/Web of Science
Publication: Agricultural and Resource Economics: International Scientific E-Journal. 2023. Vol. 9, № 4. P. 102-118. DOI: https://doi.org/10.51599/are.2023.09.04.05
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Published by: Адміністратор
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