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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- Canarella, Giorgio & Miller, Stephen M. & Nourayi, Mahmoud M., 2013.
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[Profitability of economic sectors in Senegal]," MPRA Paper 54921, University Library of Munich, Germany.
- Andreas Stephan & Andriy Tsapin & Oleksandr Talavera, 2009.
"Why Do Firms Switch Their Main Bank?: Theory and Evidence from Ukraine,"
Discussion Papers of DIW Berlin
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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.
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