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Analysis and critical investigation of the financial statements of food sector companies in Thessaly Region (Greece) that were included in the investment development programs the period 2013-2016

Author

Listed:
  • Rigas Ioannis

    (BAIN CAPITAL CREDIT, NPLs Operations (London), United Kingdom)

  • Theodossiou George

    (Department of Business Administration, University of Thessaly, GAIOPOLIS, National Road, Larissa-Trikala P.C. 41110, Greece)

  • Rigas Nikolaos

    (MBA, KTEL Prefecture of Larissa Programming Department, Greece)

  • Karelakis Christos

    (Department of Agricultural Development, School of Geotechnical and Forestry Sciences, Democritus University of Thrace, Orestiada, Greece)

  • Pantos Nikolaos

    (MBA, TEI of Thessaly, National Road, Larissa-Trikala, P.C. 41500, Greece)

  • Goulas Αpostolos

    (Ph.D Candidate, Department of Planning and Regional Development, School of Engineering, University of Thessaly, Greece)

Abstract

Purpose: The aim of this research study is to assess the progress of the food sector companies that received financial aid for investment through the Developmental Laws in the last years (2013-16) of the economic recession in Thessaly Region (Greece), by choosing a random and representative sample of companies. Design/methodology/approach: In order to achieve this goal, financial data was collected which would be able to provide us with information in order to study the evolution of the food industry in Thessaly Region (Greece). The statistical analysis of the data was done with the statistical analysis package IBM SPSS Statistics 23. The descriptive statistics on the distributions and frequency diagrams (Histograms) and normal frequencies curves for the percentages of changes were also calculated. To test the significance of the differences between the mean values of the financial statements items, the method of One-Way Analysis Of Variance (One-Way ANOVA) was used. The same method was used to test the mean values of both the changes in amounts and in their percentages. Findings: In short, we can say that the percentage changes in Total Assets and Equity the time period 2013-16 are small and concentrated around zero. The same period, we have a significant increase in L/M Debt and Sales, except for a few extreme cases, while the percentage changes in Gross Profit and Profit before Tax are limited. The year 2016 there were significant changes in Taxes and Net Profit from AM2005-16. Research limitations/implications: The collection, processing, and analysis of the financial data of the undertakings were limited to the undertakings which have the obligation to publish their financial data. Originality/value: In recent years, very few studies have been carried out on the effectiveness of investment by private companies subsidized by Greek or European Investment Programs.

Suggested Citation

  • Rigas Ioannis & Theodossiou George & Rigas Nikolaos & Karelakis Christos & Pantos Nikolaos & Goulas Αpostolos, 2019. "Analysis and critical investigation of the financial statements of food sector companies in Thessaly Region (Greece) that were included in the investment development programs the period 2013-2016," International Journal of Business and Economic Sciences Applied Research (IJBESAR), International Hellenic University (IHU), Kavala Campus, Greece (formerly Eastern Macedonia and Thrace Institute of Technology - EMaTTech), vol. 12(2), pages 52-71, December.
    • Handle: RePEc:tei:journl:v:12:y:2019:i:2:p:52-71
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    References listed on IDEAS

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    More about this item

    Keywords

    Investment; financial analysis; financial statement items; Food Industry; Thessaly Region (Greece);
    All these keywords.

    JEL classification:

    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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