Impact of financial crisis on ROA differences among industries of the Czech economy

Vliv finanční krize na vývoj rentability aktiv tržních odvětví české ekonomiky

Ladislav Šiška

Český finanční a účetní časopis, 2017, vol. 2017, issue 1, 5-16

Abstract: The article presents answers to the basic question, whether American financial crisis hit Czech non-financial firms uniformly, and the subsequent question, whether there were significant differences in profitability among industries during pre- and post-crisis years. The answers were found by means of Spearman's rank correlation coefficient and k-means clustering method. The analysis drew from aggregated data published by the Czech Ministry of Industry and Trade covering years 2007 to 2015. The results show that the financial crisis lowered temporarily the ROA indicator in the more than half of industries forming the Czech economy. The reaction was uneven, plastic and rubber manufacturing reported the highest performance in all analyzed years, while industries such as coke manufacturing and oil refinery, electronic equipment manufacturing, accommodation activities incurred heavy losses during analyzed years.

Keywords: Profitability; Return on assets; Financial crisis; Industries; Ziskovost; Rentabilita aktiv; Finanční krize; Tržní odvětví (search for similar items in EconPapers)
JEL-codes: M21 (search for similar items in EconPapers)
Date: 2017
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DOI: 10.18267/j.cfuc.489

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