AN EMPIRICAL ANALYSIS OF THE EFFECTS OF THE 2007- 2008 FINANCIAL CRISIS ON CHANGES IN THE VALUE CREATION OF FIRMS IN THE FINANCIAL AND REAL ECONOMIES OF COUNTRIES WITH ANGLO-SAXON AND CONTINENTAL FINANCIAL SYSTEMS

Anita Kiss ()
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Anita Kiss: Institute of Accounting and Finance, Faculty of Economics and Business, University of Debrecen, Debrecen, Hungary

Annals of Faculty of Economics, 2023, vol. 32, issue 1, 391-402

Abstract: In writing this article, I would like to answer the question of how the determinants of company value vary across groups of countries and economies, and how the global financial crisis of 2007-2008 has influenced the mechanisms of these determinants. Are there differences in the impact of the crisis across the groups of countries and economies under study? In my study, I have tested the validity of my hypothesis using the available database, which I have developed in the light of the literature and my research objectives. After a theoretical review and a presentation of previous empirical research, I conducted independent statistical tests to answer my question. The structure of the article is as follows. First, I identify the determinants of firm value based on the major literatures I have reviewed. The next sectionis the empirical section, in which I describe the database used for my empirical investigation. After describing the panel regression model and the methodology used, I present the empirical tests carried out and their results, and finally I draw my conclusions. In my study, I do not seek to compare my results with those of existing, previously conducted research.

Keywords: company valuation; 2007-2008 global financial crisis; panel regression model (search for similar items in EconPapers)
JEL-codes: G12 G15 G32 (search for similar items in EconPapers)
Date: 2023
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