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Liquidity Efficiency in the Greek Listed Firms: A Financial Ratio Based on Data Envelopment Analysis

Author

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  • Ioannis Dokas

    (Department of Economics, National and Kapodistrian University of Athens, Athens, Greece)

  • Dimitris Giokas

    (Department of Economics, National and Kapodistrian University of Athens, Athens, Greece)

  • Anastasios Tsamis

    (Department of Public Administration, Panteion University of Social and Political Sciences, Athens, Greece)

Abstract

The scope of this paper is to investigate the liquidity efficiency of the Food and Beverage listed firms in the Athens Exchange, for the period 2006-2009, following a two stage analysis. In the first stage, Data Envelopment Analysis is employed to estimate liquidity efficiency for each firm of the sample. The results are consistent with the equivalent findings of the authors' analysis with financial ratios for the same period. The DEA analysis is validated by ordinary least squares (OLS) and the results prove that the regression equation can be used to evaluate a new liquidity efficiency for the firms of the specific sector. In the second stage of the analysis a Tobit regression model is applied in order to identify determinants of firms' liquidity efficiency. According to the authors' findings, a number of firms operating factors, like financial leverage, operating cost, firm size and Return on Equity to Return on Total Assets, have a significant impact on liquidity efficiency. In addition, the results of the Tobit regression model confirm the assumptions which are related to the links and their signs between liquidity efficiency and the aforementioned variables.

Suggested Citation

  • Ioannis Dokas & Dimitris Giokas & Anastasios Tsamis, 2014. "Liquidity Efficiency in the Greek Listed Firms: A Financial Ratio Based on Data Envelopment Analysis," International Journal of Corporate Finance and Accounting (IJCFA), IGI Global, vol. 1(1), pages 40-59, January.
    • Handle: RePEc:igg:jcfa00:v:1:y:2014:i:1:p:40-59
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    Cited by:

    1. Murilo Wohlgemuth & Carlos Ernani Fries & Ângelo Márcio Oliveira Sant’Anna & Ricardo Giglio & Diego Castro Fettermann, 2020. "Assessment of the technical efficiency of Brazilian logistic operators using data envelopment analysis and one inflated beta regression," Annals of Operations Research, Springer, vol. 286(1), pages 703-717, March.

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