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The financial performance of large and small firms: evidence from Greece

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  • Theodore A. Papadogonas

Abstract

Greece, being the only country of south-eastern Europe with a long history within the European Union, is considered as a useful benchmark to draw conclusions about the process of adaptation of an economy to the EU environment. This paper attempts to specify possible differences in the main factors that determine firm profitability, using data from Greek manufacturing for 1995–1999. The analysis uses regression models and is performed on a longitudinal sample of 3035 firms, classified by size of employment. The econometric results indicate that size, managerial efficiency, debt structure, investment in fixed assets and sales growth affect significantly firm profitability. By discriminating firms according to size classes, it is possible to identify how the determinants of financial performance differentiate by firm size.

Suggested Citation

  • Theodore A. Papadogonas, 2007. "The financial performance of large and small firms: evidence from Greece," International Journal of Financial Services Management, Inderscience Enterprises Ltd, vol. 2(1/2), pages 14-20.
    • Handle: RePEc:ids:ijfsmg:v:2:y:2007:i:1/2:p:14-20
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    Citations

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    Cited by:

    1. Massimiliano Cerciello & Francesco Busato & Simone Taddeo, 2023. "The effect of sustainable business practices on profitability. Accounting for strategic disclosure," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(2), pages 802-819, March.
    2. Michalis Skordoulis & Stamatios Ntanos & Grigorios L. Kyriakopoulos & Garyfallos Arabatzis & Spyros Galatsidas & Miltiadis Chalikias, 2020. "Environmental Innovation, Open Innovation Dynamics and Competitive Advantage of Medium and Large-Sized Firms," JOItmC, MDPI, vol. 6(4), pages 1-30, December.
    3. Liu, Tingting & Liu, Yu & Ullah, Barkat & Wei, Zuobao & Xu, Lixin Colin, 2021. "The dark side of transparency in developing countries: The link between financial reporting practices and corruption," Journal of Corporate Finance, Elsevier, vol. 66(C).
    4. Emmanuel Dele Omopariola & Abimbola Windapo & David John Edwards & Hatem El-Gohary, 2021. "Level of Financial Performance of Selected Construction Companies in South Africa," JRFM, MDPI, vol. 14(11), pages 1-18, October.
    5. Sofia Fonseca & Maria João Guedes & Vítor Conceição Gonçalves, 2022. "Profitability and size of newly established firms," International Entrepreneurship and Management Journal, Springer, vol. 18(2), pages 957-974, June.
    6. Grzegorz Zimon & Andrea Appolloni & Hossein Tarighi & Seyedmohammadali Shahmohammadi & Ebrahim Daneshpou, 2021. "Earnings Management, Related Party Transactions and Corporate Performance: The Moderating Role of Internal Control," Risks, MDPI, vol. 9(8), pages 1-26, August.
    7. Samuel Kanga Odalo & George Achoki & Amos Njuguna, 2016. "Relating Company Size and Financial Performance in Agricultural Firms Listed in the Nairobi Securities Exchange in Kenya," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 8(9), pages 34-40, September.
    8. Mafumbate J & Ndlovu U & Mafuka A & Gavhure P, 2017. "The Influence of Firm Specific Determinants on Financial Performance in the Power Industry," Journal of Economics and Behavioral Studies, AMH International, vol. 9(5), pages 18-28.

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