Liquidity Efficiency in the Greek Listed Firms: A Financial Ratio Based on Data Envelopment Analysis

Ioannis Dokas, Dimitris Giokas and Anastasios Tsamis
Additional contact information
Dimitris Giokas: Department of Economics, National and Kapodistrian University of Athens, Athens, Greece
Anastasios Tsamis: Department of Public Administration, Panteion University of Social and Political Sciences, Athens, Greece

International Journal of Corporate Finance and Accounting (IJCFA), 2014, vol. 1, issue 1, 40-59

Abstract: The scope of this paper is to investigate the liquidity efficiency of the Food and Beverage listed firms in the Athens Exchange, for the period 2006-2009, following a two stage analysis. In the first stage, Data Envelopment Analysis is employed to estimate liquidity efficiency for each firm of the sample. The results are consistent with the equivalent findings of the authors' analysis with financial ratios for the same period. The DEA analysis is validated by ordinary least squares (OLS) and the results prove that the regression equation can be used to evaluate a new liquidity efficiency for the firms of the specific sector. In the second stage of the analysis a Tobit regression model is applied in order to identify determinants of firms' liquidity efficiency. According to the authors' findings, a number of firms operating factors, like financial leverage, operating cost, firm size and Return on Equity to Return on Total Assets, have a significant impact on liquidity efficiency. In addition, the results of the Tobit regression model confirm the assumptions which are related to the links and their signs between liquidity efficiency and the aforementioned variables.

Date: 2014
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://services.igi-global.com/resolvedoi/resolve. ... 018/ijcfa.2014010103 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:igg:jcfa00:v:1:y:2014:i:1:p:40-59

Access Statistics for this article

International Journal of Corporate Finance and Accounting (IJCFA) is currently edited by Apostolos G. Christopoulos

More articles in International Journal of Corporate Finance and Accounting (IJCFA) from IGI Global
Bibliographic data for series maintained by Journal Editor ().