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Financial Factors Explaining Value Migration: Evidence from Central Europe

Jarosław Kubiak

Jarosław Kubiak

Poznań University of Economics and Business, Department of Corporate FinancePoznań, Poland
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Kubiak, Jarosław
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Leszek Czapiewski

Leszek Czapiewski

Poznań University of Economics and Business, Department of Corporate FinancePoznań, Poland
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Czapiewski, Leszek
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Joanna Lizińska

Joanna Lizińska

Poznań University of Economics and Business, Department of Corporate FinancePoznań, Poland
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Lizińska, Joanna
  
23 giu 2023
Financial Factors Explaining Value Migration: Evidence from Central Europe's Cover Image
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Pubblicato online: 23 giu 2023
Pagine: 133 - 147
DOI: https://doi.org/10.2478/ceej-2023-0008
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© 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 study
Research conceptSource: Authors’ own study

Figure 2.

Results summary
Results summary

Cash 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
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