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Cash-Flow-to-Sales Ratio Unchanged in 2015. Profitability of Austrian Manufacturing

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Listed:
  • Klaus S. Friesenbichler
  • Werner Hölzl
  • Kerstin Hölzl

    (Austrian Institute for SME Research)

Abstract

In 2015, the cash-flow-to-sales ratio of the Austrian manufacturing sector reached an estimated 8.5 percent, a value which is slightly below the previous year's ratio of 8.6 percent. This marginal decrease of the profitability of manufacturing reflects the moderate growth performance of the manufacturing sector, which attained by a mere +1.3 percent in both 2014 and 2015. According to further estimates of a dynamic, panel-econometric model at the industry level, the cash-flow-to-sales ratio in manufacturing continued its sideward movement in 2016.

Suggested Citation

  • Klaus S. Friesenbichler & Werner Hölzl & Kerstin Hölzl, 2016. "Cash-Flow-to-Sales Ratio Unchanged in 2015. Profitability of Austrian Manufacturing," WIFO Bulletin, WIFO, vol. 21(14), pages 136-145, November.
    • Handle: RePEc:wfo:wblltn:y:2016:i:14:p:136-145
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    References listed on IDEAS

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    1. Werner Hölzl & Klaus S. Friesenbichler & Kerstin Hölzl, 2014. "Leichter Rückgang der Cash-Flow-Quote. Die Ertragskraft der österreichischen Sachgütererzeugung 2013," WIFO Monatsberichte (monthly reports), WIFO, vol. 87(8), pages 569-580, August.
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    3. Bun, Maurice J. G. & Kiviet, Jan F., 2003. "On the diminishing returns of higher-order terms in asymptotic expansions of bias," Economics Letters, Elsevier, vol. 79(2), pages 145-152, May.
    4. Kiviet, Jan F., 1995. "On bias, inconsistency, and efficiency of various estimators in dynamic panel data models," Journal of Econometrics, Elsevier, vol. 68(1), pages 53-78, July.
    5. Klaus S. Friesenbichler, 2009. "Cash-Flow Margin of Austrian Manufacturers Still Resilient in 2008," Austrian Economic Quarterly, WIFO, vol. 14(3), pages 144-153, September.
    6. Werner Hölzl & Klaus S. Friesenbichler & Kerstin Hölzl, 2014. "Slight Reduction in Cash-Flow-to-Sales Ratio. Profitability of Austrian Manufacturing in 2013," WIFO Bulletin, WIFO, vol. 19(12), pages 110-120, November.
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