Factors Affecting Firms’ Financial Performance: The Case of Greece

Panagiotis Liargovas and Konstantinos Skandalis

No 12, Working Papers from University of Peloponnese, Department of Economics

Abstract: The purpose of this paper is to empirically implement a comprehensive analytical framework of financial performance in the case of Greek industrial firms during the period 1997-2004. The paper examines the impact of key determinants of firms’ financial performance. We distinguish between financial and non financial drivers of firm performance. Our results show that leverage, export activity, location, size and the index for management competence significantly affect firm performance in Greece. Our results indicate that profitable firms in Greece are large, young, exporting firms with a competitive management team, which have an optimal debt-equity ratio and use their liquidity to finance their investments.

Keywords: Financial performance; Greek firms; Panel data (search for similar items in EconPapers)
Pages: 35 pages
Date: 2008
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Citations: View citations in EconPapers (3)

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