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Factors Affecting Firms’ Financial Performance: The Case of Greece


  • Panagiotis Liargovas
  • Konstantinos Skandalis


The purpose of this paper is to empirically implement a comprehensive analytical framework of financial performance in the case of Greek industrial firms during the period 1997-2004. The paper examines the impact of key determinants of firms’ financial performance. We distinguish between financial and non financial drivers of firm performance. Our results show that leverage, export activity, location, size and the index for management competence significantly affect firm performance in Greece. Our results indicate that profitable firms in Greece are large, young, exporting firms with a competitive management team, which have an optimal debt-equity ratio and use their liquidity to finance their investments.

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  • Panagiotis Liargovas & Konstantinos Skandalis, 2008. "Factors Affecting Firms’ Financial Performance: The Case of Greece," Working Papers 0012, University of Peloponnese, Department of Economics.
  • Handle: RePEc:uop:wpaper:0012

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    Cited by:

    1. Ahmed Imran Hunjra & Muhammad Irfan Chani & Sehrish Javed & Sana Naeem & Muhammad Shahzad Ijaz, 2014. "Impact of Micro Economic Variables on Firms Performance," International Journal of Economics and Empirical Research (IJEER), The Economics and Social Development Organization (TESDO), vol. 2(2), pages 65-73, February.
    2. F. Voulgaris & G. Agiomirgianakis & T. Papadogonas, 2015. "Job creation and job destruction in economic crisis at firm level: the case of Greek manufacturing sectors," International Economics and Economic Policy, Springer, vol. 12(1), pages 21-39, March.
    3. Kuncová, M. & Hedija, V. & Fiala, R., 2016. "Firm Size as a Determinant of Firm Performance: The Case of Swine Raising," AGRIS on-line Papers in Economics and Informatics, Czech University of Life Sciences Prague, Faculty of Economics and Management, vol. 8(3), September.

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    Financial performance; Greek firms; Panel data;

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