Persistence and Determinants of Firm Profit in Emerging Markets
AbstractThe paper studies the persistence of profit and its determinants in emerging markets. We apply Markov chain analysis, dynamic panel GMM estimation, and quantile regression techniques to a panel of approximately 3,000 Ukrainian companies. The empirical results show a moderate level of profit persistence, as well as a relatively low speed of adjustment to the steady-state profit level, thus providing no support for the hypothesis that there is a lower persistence of profits in emerging markets due to more intense competition. Regarding the determinants of firm profit in an emerging market economy, the findings from alternative methods reveal that ownership structure and regional location of the firm have a significant impact.
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Bibliographic InfoArticle provided by Duncker & Humblot, Berlin in its journal Applied Economics Quarterly.
Volume (Year): 54 (2008)
Issue (Month): 4 ()
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Web page: http://www.duncker-humblot.de
Other versions of this item:
- Andreas Stephan & Andriy Tsapin, 2008. "Persistence and Determinants of Firm Profit in Emerging Markets," Discussion Papers of DIW Berlin 848, DIW Berlin, German Institute for Economic Research.
- Stephan, Andreas & Tsapin , Andriy, 2008. "Persistence and Determinants of Firm Profit in Emerging Markets," Working Paper Series in Economics and Institutions of Innovation 151, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- G30 - Financial Economics - - Corporate Finance and Governance - - - General
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- Stephan, Andreas & Tsapin, Andriy & Talavera, Oleksandr, 2009.
"Why Do Firms Switch Their Main Bank? - theory and evidence from Ukraine,"
Working Paper Series in Economics and Institutions of Innovation
180, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
- Andreas Stephan & Andriy Tsapin & Oleksandr Talavera, 2009. "Why Do Firms Switch Their Main Bank?: Theory and Evidence from Ukraine," Discussion Papers of DIW Berlin 894, DIW Berlin, German Institute for Economic Research.
- Giorgio Canarella & Stephen M. Miller & Mahmoud M. Nourayi, 2012.
"Firm Profitability: Mean-Reverting or Random-Walk Behavior?,"
2012-05, University of Connecticut, Department of Economics, revised Oct 2012.
- Canarella, Giorgio & Miller, Stephen M. & Nourayi, Mahmoud M., 2013. "Firm profitability: Mean-reverting or random-walk behavior?," Journal of Economics and Business, Elsevier, vol. 66(C), pages 76-97.
- Giorgio Canarella & Stephen M. Miller & Mahmoud M. Nourayi, 2012. "Firm Profitability: Mean-Reverting or Random-Walk Behavior?," Working Papers 1202, University of Nevada, Las Vegas , Department of Economics.
- Keshari, Pradeep Kumar, 2013.
"Efficiency spillovers from FDI in the Indian machinery industry: a firm-level study using panel data models,"
47070, University Library of Munich, Germany.
- Pradeep Kumar Keshari, 2011. "Efficiency Spillovers from FDI in the Indian Machinery Industry: A Firm Level Study Using Panel Data Models," Working Papers id:4195, eSocialSciences.
- Diagne, Youssoupha S & Sène, Serigne Moustapha, 2009.
"La profitabilité des secteurs de l’économie sénégalaise
[Profitability of economic sectors in Senegal]," MPRA Paper 54921, University Library of Munich, Germany.
- Goddard, John & Liu, Hong & Molyneux, Philip & Wilson, John O.S., 2011.
"The persistence of bank profit,"
Journal of Banking & Finance,
Elsevier, vol. 35(11), pages 2881-2890, November.
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