Financial Factors Explaining Value Migration: Evidence from Central Europe
Publié en ligne: 23 juin 2023
Pages: 133 - 147
© 2023 Jarosław Kubiak et al., published by Sciendo
This work is licensed under the Creative Commons Attribution 4.0 International License.
Figure 1.
Research conceptSource: Authors’ own studyFigure 2.
Results summaryCash ratio as operating activity value driver
Year |
Industry |
CS |
CD |
HC |
In |
IT |
Tercile / Value |
L |
U |
U-L |
L |
U |
U-L |
L |
U |
U-L |
L |
U |
U-L |
L |
U |
U-L |
2016 |
Mean |
0.3 *** |
0.5 *** |
0.2 |
0.6 *** |
0.4 *** |
−0.2 |
0.4 *** |
0.7 *** |
0.3 * |
0.4 *** |
0.4 *** |
0.0 *** |
0.6 |
0.6 *** |
0.0 |
Median |
0.2 *** |
0.3 *** |
0.1 |
0.3 *** |
0.3 *** |
0.0 |
0.3 *** |
0.7 *** |
0.4 * |
0.2 *** |
0.3 *** |
0.1 *** |
0.5 |
0.5 *** |
0.0 |
2017 |
Mean |
0.5 *** |
0.4 *** |
−0.1 |
0.3 *** |
0.4 *** |
0.1 |
0.5 *** |
0.8 *** |
0.3 |
0.3 *** |
0.4 *** |
0.1 |
0.5 *** |
0.7 *** |
0.2 * |
Median |
0.3 *** |
0.3 *** |
−0.0 |
0.2 *** |
0.2 *** |
0.0 * |
0.3 *** |
0.5 *** |
0.2 |
0.2 *** |
0.3 *** |
0.1 ** |
0.3 *** |
0.6 *** |
0.3 ** |
2018 |
Mean |
0.3 *** |
0.4 *** |
0.1 |
0.3 *** |
0.4 *** |
0.1 |
0.6 *** |
0.6 *** |
−0.0 |
0.4 *** |
0.3 *** |
−0.1 |
0.6 *** |
0.4 *** |
−0.2 ** |
Median |
0.2 *** |
0.2 *** |
−0.0 |
0.2 *** |
0.2 *** |
0.0 |
0.4 *** |
0.3 *** |
−0.1 |
0.3 *** |
0.1 *** |
−0.2 *** |
0.5 *** |
0.3 *** |
−0.2 *** |
2019 |
Mean |
0.3 *** |
0.4 *** |
0.1 |
0.3 *** |
0.3 *** |
−0.0 |
0.4 *** |
0.7 *** |
0.3 * |
0.3 *** |
0.4 *** |
0.1 |
0.6 *** |
0.6 *** |
−0.0 |
Median |
0.1 *** |
0.2 *** |
0.1 * |
0.2 *** |
0.2 *** |
0.0 |
0.2 *** |
0.4 *** |
0.2 * |
0.1 *** |
0.2 *** |
0,1 *** |
0.3 *** |
0.4 *** |
0.1 |
2020 |
Mean |
0.5 *** |
0.8 *** |
0.3 |
0.5 *** |
0.4 *** |
−0.1 |
0.9 *** |
0.6 *** |
−0.3 |
0.5 *** |
0.5 *** |
0.0 |
0.6 *** |
0.7 *** |
0.1 |
Median |
0.2 *** |
0.6 *** |
0.4 *** |
0.3 *** |
0.2 *** |
−0.1 |
0.6 *** |
0.3 *** |
−0.3 * |
0.3 *** |
0.4 *** |
0.1 |
0.5 *** |
0.6 *** |
0.1 |
Return on sales as operating activity value driver (%)
Year |
Industry |
CS |
CD |
HC |
In |
IT |
Tercile / Value |
L |
U |
U-L |
L |
U |
U-L |
L |
U |
U-L |
L |
U |
U-L |
L |
U |
U-L |
2016 |
Mean |
11.0 *** |
7.0 *** |
−4.0 |
6.4 *** |
6.1 *** |
−0.3 |
10.2 *** |
7.1 ** |
−3.1 |
4.2 *** |
5.8 *** |
1.6 |
4.1 *** |
7.0 *** |
2.9 |
Median |
8.0 *** |
6.3 *** |
−1.7 |
5.4 *** |
4.5 *** |
−0.9 |
10.4 *** |
9.4 ** |
−1.0 |
3.8 *** |
5.9 *** |
2.1 |
4.1 *** |
5.5 *** |
1.3 |
2017 |
Mean |
4.6 |
7.9 *** |
3.3 |
5.7 *** |
4.8 *** |
−0.9 |
9.6 *** |
9.4 *** |
−0.2 |
4.6 *** |
7.6 *** |
3.0 *** |
3.5 ** |
8.5 *** |
5.0 ** |
Median |
4.3 ** |
8.5 *** |
4.2 |
5.6 *** |
5.1 *** |
−0.6 |
13.0 *** |
12.7 *** |
−0.3 |
3.1 *** |
7.2 *** |
4.2 *** |
3.2 *** |
7.9 *** |
4.7 *** |
2018 |
Mean |
8.8 |
3.0 |
−5.8 |
4.6 *** |
1.9 |
−2.7 |
9.1 *** |
2.6 |
−6.5 |
7.2 *** |
2.3 ** |
−4.9 *** |
8.1 *** |
2.1 |
−6.0 *** |
Median |
9.5 *** |
4.6 |
−4.9 |
5.3 *** |
3.7 * |
−1.6 |
11.6 *** |
4.8 |
−6.8 |
6.6 *** |
3.8 *** |
−2.8 *** |
6.6 *** |
3.3 ** |
−3.3 *** |
2019 |
Mean |
8.9 *** |
8.6 *** |
−0.3 |
4.5 *** |
1.7 |
−2.8 |
2.6 |
11.0 *** |
8.4 *** |
4.9 *** |
6.5 *** |
1.6 |
2.8 * |
5.5 *** |
2.7 |
Median |
8.1 *** |
6.0 *** |
−2.1 |
4.7 *** |
3.5 * |
−1.2 |
2.0 * |
7.4 *** |
5.4 *** |
4.0 *** |
6.1 *** |
2.1 ** |
4.5 *** |
6.0 *** |
1.5 |
2020 |
Mean |
6.0 |
6.9 ** |
0.9 |
0.5 |
3.2 |
2.7 |
8.3 *** |
8.2 *** |
0.1 |
1.8 |
4.7 *** |
2.9 * |
4.2 ** |
8.7 *** |
4.5 ** |
Median |
10.5 ** |
6.3 *** |
−4.2 |
3.9 ** |
3.1 |
−0.8 |
10.2 *** |
7.7 *** |
−2.5 |
3.3 *** |
4.9 *** |
1.6 * |
4.3 *** |
8.0 *** |
3.7 *** |
Capex ratio as investment activity value driver (%)
Year |
Industry |
CS |
CD |
HC |
In |
IT |
Tercile / Value |
L |
U |
U-L |
L |
U |
U-L |
L |
U |
U-L |
L |
U |
U-L |
L |
U |
U-L |
2016 |
Mean |
5.0 *** |
2.9 *** |
−2.1 |
4.5 *** |
3.9 *** |
−0.5 |
3.4 *** |
2.7 *** |
−0.8 |
3.3 *** |
3.9 *** |
0.6 |
3.6 *** |
3.3 *** |
−0.3 |
Median |
2.4 *** |
2.7 *** |
0.3 |
3.8 *** |
3.2 *** |
−0.6 |
2.6 *** |
2.5 *** |
−0.1 |
2.4 *** |
3.2 *** |
0.8 ** |
2.6 *** |
1.9 *** |
−0.7 |
2017 |
Mean |
2.7 *** |
5.2 *** |
2.5 ** |
3.7 *** |
4.5 *** |
0.7 |
3.0 *** |
2.9 *** |
−0.1 |
3.3 *** |
3.9 *** |
0.6 |
2.9 *** |
4.2 *** |
1.3 ** |
Median |
1.2 *** |
3.9 *** |
2.7 ** |
3.3 *** |
3.4 *** |
0.2 |
2.5 *** |
1.8 *** |
−0.6 |
2.5 *** |
3.3 *** |
0.9 * |
2.0 *** |
3.0 *** |
1.0 ** |
2018 |
Mean |
3.8 *** |
2.8 *** |
−1.0 |
5.1 *** |
3.5 *** |
−1.6 * |
3.1 *** |
3.4 *** |
0.3 |
4.4 *** |
3.2 *** |
−1.2 ** |
3.9 *** |
2.4 *** |
−1.5 ** |
Median |
1.8 *** |
1.8 *** |
0.0 |
3.2 *** |
2.3 *** |
−0.8 * |
1.7 *** |
2.5 *** |
0.9 |
3.7 *** |
2.1 *** |
−1.6 *** |
2.6 *** |
1.3 *** |
−1.3 *** |
2019 |
Mean |
4.3 *** |
2.3 *** |
−2.0 * |
4.2 *** |
3.3 *** |
−0.9 |
3.1 *** |
3.7 *** |
0.6 |
3.6 *** |
4.0 *** |
0.4 |
3.2 *** |
3.3 *** |
0.1 |
Median |
2.5 *** |
1.1 *** |
−1.5 * |
2.9 *** |
2.1 *** |
−0.8 |
1.7 *** |
3.4 *** |
1.6 |
2.5 *** |
3.1 *** |
0.5 |
1.5 *** |
1.6 *** |
0.1 |
2020 |
Mean |
3.3 *** |
2.8 *** |
−0.6 |
3.0 *** |
2.3 *** |
−0.7 |
2.5 *** |
2.9 *** |
0.4 |
3.3 *** |
2.9 *** |
−0.4 |
2.3 *** |
2.8 *** |
0.5 |
Median |
1.9 *** |
1.5 *** |
−0.4 |
1.9 *** |
1.6 *** |
−0.3 |
1.4 *** |
2.3 *** |
0.9 |
2.3 *** |
2.4 *** |
0.0 |
1.3 *** |
2.0 *** |
0.7 |
Leverage as financing activity value driver (%)
Year |
Industry |
CS |
CD |
HC |
In |
IT |
Tercile / Value |
L |
U |
U-L |
L |
U |
U-L |
L |
U |
U-L |
L |
U |
U-L |
L |
U |
U-L |
2016 |
Mean |
47.6 *** |
42.4 *** |
−5.2 |
50.5 *** |
503. *** |
−0.2 |
38.4 *** |
33.8 *** |
−4.6 |
55.3 *** |
53.4 *** |
−1.9 |
45.3 *** |
52.4 *** |
7.1 * |
Median |
53.8 *** |
42.6 *** |
−11.3 |
52.3 *** |
54.0 *** |
1.7 |
38.6 *** |
30.0 *** |
−8.6 |
57.6 *** |
53.1 *** |
−4.4 |
47.2 *** |
55.4 *** |
8.2 |
2017 |
Mean |
43.2 *** |
48.6 *** |
5.4 |
49.5 *** |
51.2 *** |
1.7 |
35.3 *** |
36.7 *** |
1.4 |
52.2 *** |
58.3 *** |
6.1 ** |
49.2 *** |
45.5 *** |
−3.7 |
Median |
46.4 *** |
50.5 *** |
4.1 |
50.2 *** |
53.5 *** |
3.3 |
32.7 *** |
31.6 *** |
−1.1 |
54.5 *** |
59.3 *** |
4.8 ** |
51.1 *** |
42.7 *** |
−8.4 |
2018 |
Mean |
57.4 *** |
41.7 *** |
−15.6 ** |
54.2 *** |
50.9 *** |
−3.3 |
38.4 *** |
39.2 *** |
0.8 |
59.6 *** |
50.7 *** |
−9.0 *** |
44.6 *** |
49.9 *** |
5.3 |
Median |
56.0 *** |
40.7 *** |
−15.4 * |
55.0 *** |
55.2 *** |
0.2 |
37.5 *** |
38.5 *** |
1.0 |
60.9 *** |
50.7 *** |
−10.2 *** |
43.9 *** |
48.1 *** |
4.2 |
2019 |
Mean |
43.8 *** |
60.7 *** |
16.9 ** |
54.3 *** |
63.7 *** |
9.4 * |
38.0 *** |
45.8 *** |
7.9 |
55.3 *** |
58.8 *** |
3.5 |
44.1 *** |
49.0 *** |
4.9 |
Median |
42.9 *** |
60.0 *** |
17.1 ** |
55.0 *** |
61.4 *** |
6.4 |
28.9 *** |
45.7 *** |
16.8 |
55.7 *** |
61.9 *** |
6.2 |
35.9 *** |
50.0 *** |
14.1 ** |
2020 |
Mean |
57.4 *** |
48.3 *** |
−9.1 |
58.1 *** |
56.4 *** |
−1.7 |
45.4 *** |
45.4 *** |
0.0 |
54.6 *** |
54.9 *** |
0.3 |
45.7 *** |
45.8 *** |
0.1 |
Median |
59.8 *** |
45.0 *** |
−14.8 * |
53.9 *** |
55.7 *** |
1.8 |
43.0 *** |
44.6 *** |
1.6 |
56.9 *** |
56.1 *** |
−0.8 |
46.8 *** |
44.9 *** |
−1.9 |
Fixed asset productivity as investment activity value driver
Year |
Industry |
CS |
CD |
HC |
In |
IT |
Tercile / Value |
L |
U |
U-L |
L |
U |
U-L |
L |
U |
U-L |
L |
U |
U-L |
L |
U |
U-L |
2016 |
Mean |
0.6 *** |
0.5 *** |
−0.1 |
0.4 *** |
0.3 *** |
−0.1 |
0.8 *** |
0.7 *** |
−0.1 |
0.4 *** |
0.4 *** |
0.0 |
0.4 *** |
0.4 *** |
0.0 |
Median |
0.4 *** |
0.3 *** |
−0.1 |
0.3 *** |
0.3 *** |
0.0 |
0.8 *** |
0.4 *** |
−0.4 |
0.3 *** |
0.3 *** |
0.0 |
0.4 *** |
0.2 *** |
−0.1 |
2017 |
Mean |
0.7 *** |
0.5 *** |
−0.2 |
0.4 *** |
0.4 *** |
0.0 |
0.8 *** |
0.9 *** |
0.0 |
0.4 *** |
0.4 *** |
0.0 |
0.3 *** |
0.4 *** |
0.1 |
Median |
0.2 *** |
0.3 *** |
0.1 |
0.2 *** |
0.3 *** |
0.0 |
0.7 *** |
0.7 *** |
0.0 |
0.3 *** |
0.3 *** |
0.0 |
0.3 *** |
0.3 *** |
0.0 |
2018 |
Mean |
0.6 *** |
0.5 *** |
−0.1 |
0.3 *** |
0.6 *** |
0.2 ** |
0.9 *** |
0.9 *** |
0.1 |
0.4 *** |
0.5 *** |
0.1 |
0.4 *** |
0.3 *** |
−0.1 * |
Median |
0.3 *** |
0.4 *** |
0.1 |
0.3 *** |
0.3 *** |
0.0 |
0.7 *** |
0.8 *** |
0.1 |
0.3 *** |
0.3 *** |
0.0 |
0.2 *** |
0.2 *** |
−0.1 |
2019 |
Mean |
0.8 *** |
0.4 *** |
−0.3 ** |
0.5 *** |
0.4 *** |
−0.2 * |
0.8 *** |
0.8 *** |
0.1 |
0.4 *** |
0.4 *** |
0.0 |
0.4 *** |
0.4 *** |
0.0 |
Median |
0.5 *** |
0.3 *** |
−0.2 * |
0.4 *** |
0.3 *** |
−0.1 |
0.7 *** |
0.7 *** |
0.0 |
0.3 *** |
0.3 *** |
0.0 |
0.3 *** |
0.3 *** |
0.0 |
2020 |
Mean |
0.6 *** |
0.5 *** |
−0.1 |
0.7 *** |
0.4 *** |
−0.3 ** |
0.8 *** |
0.8 *** |
−0.1 |
0.5 *** |
0.5 *** |
0.0 |
0.5 *** |
0.4 *** |
0.0 |
Median |
0.4 *** |
0.2 *** |
−0.2 |
0.4 *** |
0.3 *** |
−0.1 * |
0.7 *** |
0.8 *** |
0.1 |
0.3 *** |
0.3 *** |
0.0 |
0.3 *** |
0.4 *** |
0.1 |
Industry year distribution of the sample
Sector / Year |
CS |
CD |
HC |
Ind |
IT |
Total |
2016 |
78 |
138 |
83 |
275 |
173 |
747 |
2017 |
82 |
145 |
84 |
281 |
175 |
767 |
2018 |
88 |
150 |
86 |
292 |
183 |
799 |
2019 |
99 |
154 |
93 |
293 |
192 |
831 |
2020 |
106 |
153 |
97 |
289 |
191 |
836 |
Change in sales as operating activity value driver (%)
Year |
Industry |
CS |
CD |
HC |
In |
IT |
Tercile / Value |
L |
U |
U-L |
L |
U |
U-L |
L |
U |
U-L |
L |
U |
U-L |
L |
U |
U-L |
2016 |
Mean |
6.2 |
4.1 |
−2.1 |
0.7 |
3.6 |
3.0 |
−7.0 |
3.2 |
10.2 * |
−6.1 *** |
1.2 |
7.3 *** |
−4.6 |
4.0 |
8.6 ** |
Median |
3.9 |
2.5 |
−1.4 |
0.5 * |
4.1 |
3.7 |
−1.3 |
4.0 |
5.3 |
−3.9 *** |
0.9 |
4.8 *** |
−1.0 |
5.5 ** |
6.5 * |
2017 |
Mean |
12.2 ** |
17.1 *** |
4.9 |
19.2 *** |
22.3 *** |
3.1 |
24.8 *** |
23.1 *** |
−1.7 |
23.7 *** |
22.4 *** |
−1.2 |
21.7 *** |
25.6 *** |
3.9 |
Median |
8.7 ** |
17.8 *** |
9.1 |
19.7 *** |
24.3 *** |
4.6 |
19.2 *** |
19.1 *** |
−0.1 |
22.1 *** |
19.3 *** |
−2.7 |
13.8 *** |
25.8 *** |
12.1 ** |
2018 |
Mean |
0.7 |
−1.1 |
−1.8 |
−0.4 |
−0.9 |
−0.5 |
4.9 |
−1.4 |
−6.3 |
4.8 *** |
−0.6 |
−5.4 ** |
6.5 *** |
−1.9 |
−8.5 ** |
Median |
−0.5 |
−1.9 |
−1.4 |
−0.5 |
−3.6 |
−3.1 |
−0.1 |
3.6 |
3.8 |
3.5 *** |
0.0 |
−3.5 ** |
4.6 *** |
0.0 |
−4.6 *** |
2019 |
Mean |
−1.8 |
7.2 * |
9.0 * |
3.7 |
0.0 |
−3.6 |
2.1 |
7.5 ** |
5.4 |
−2.6 * |
1.4 |
4.1 * |
−3.3 |
9.7 *** |
13.1 *** |
Median |
−0.9 |
5.3 * |
6.2 * |
1.9 * |
1.0 |
−0.9 |
2.4 |
6.9 ** |
4.5 |
−2.0 ** |
1.3 |
3.3 *** |
−1.9 |
9.0 *** |
10.9 *** |
2020 |
Mean |
−8.2 * |
5.6 |
13.7 * |
−10.1 ** |
−4.0 |
6.1 |
−5.1 |
6.9 * |
12.0 * |
−5.4 ** |
−0.6 |
4.8 |
1.1 |
10.3 *** |
9.2 ** |
Median |
−1.4 |
8.8 |
10.2 ** |
−6.9 *** |
−2.3 |
4.5 |
3.8 |
8.9 ** |
5.0 |
−2.8 ** |
0.1 |
2.8 |
0.0 |
13.2 *** |
13.2 ** |
Share in the Industry Migration Balance (%)
Year / Industry |
CS |
CD |
HC |
In |
IT |
2016 |
15 |
12 |
21 |
31 |
16 |
2017 |
42 |
60 |
62 |
63 |
79 |
2018 |
−62 |
−91 |
−65 |
−89 |
−95 |
2019 |
48 |
2 |
22 |
22 |
69 |
2020 |
63 |
47 |
81 |
43 |
68 |