Naslov
Determinants of Accounting and Market-based Performance Measures – Case of Croatian Non- financial Listed Companies

Autori
Pavić Kramarić, Tomislava ; Miletić, Marko ; Piplica, Damir

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Izvornik
Globalization and its Socio-Economic Consequences 2020 / Kliestik, Tomas - Žilina : UNIVERSITY OF ZILINA, Faculty of Operation and Economics of Transport and Communications, Department of Economics, 2021, 1-9

Skup
The 20th International Scientific Conference Globalization and its Socio-Economic Consequences 2020

Mjesto i datum
Žilina, Slovačka, 21.10.2020. - 22.10.2020

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
ROA ; Tobin’s Q ; listed companies ; performance

Sažetak
Research background: Profitability and the factors that determine it have always intrigued the scholars. Despite the large number of studies dealing with this topic at the international level, this paper sheds a new light on the issue since it deals with the listed companies in an emerging economy confronting two performance measures. Purpose of the article: The aim of this paper is to provide evidence on the performance of Croatian non- financial firms listed on the Zagreb Stock Exchange (ZSE). Methods: The analysis encompassed firms that operated in the 2015 – 2019 period. For this purpose, the authors confronted two performance measures, i.e. accounting-based performance measure represented with return on assets (ROA) whereas Tobin’s Q stands for the market-based measure of performance or firm value. Independent variables that served as potential determinants of listed companies’ performance include inventories management, productivity, liquidity measured with both current and quick ratio, and size calculated on the basis of total assets, and sales. Findings & Value added: After employing static panel analysis, the results reveal statistically significant influence of size variable based on assets in both models though it takes negative sign in the model where performance is measured with Tobin’s Q, whereas its positive impact on performance is recorded in ROA model. Furthermore, size based on total sales also positively affects performance when measured with ROA.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA