Does a Financial Crisis Affect Operating Risk? Evidence from Polish Listed Companies

Autor:	Marcin Puziak, Sławomir Kalinowski
Rok vydání:	2018
Předmět:	operating risk Economics and Econometrics financial crisis Financial system Affect (psychology) polish stock market Operational risk Economics as a science Financial crisis panel data analysis Business Business and International Management HB71-74 Finance Panel data
Zdroj:	Economics and Business Review, Vol 4, Iss 1, Pp 64-85 (2018)
ISSN:	2450-0097 2392-1641
DOI:	10.18559/ebr.2018.1.5
Popis:	In turbulent times of crisis the variability of both EBIT and operating revenue increase in comparison to a relatively stable post crisis period. The main aim of this paper is to investigate this relationship across these two periods. The hypothesis is that the degree of operating leverage (DOL) is significantly higher during the crisis period (2007-2010) than in the post-crisis period (2011-2015). Additionally the authors checked whether there were significant differences across defined industries and also verified whether all industries had responded in the same way to Financial Crisis as far as DOL is concerned. The main findings are: (a) The Financial Crisis of the years 2008‑2009 significantly influenced the DOL of Polish stock companies; (b) There are substantial differences of the DOL across industries; (c) The DOL in the case of all industries investigated changed in the same direction when comparing two selected subperiods.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_dedup___::9cd6ad7f1a304ddeb7f572d6353e0919 https://doi.org/10.18559/ebr.2018.1.5 Zobrazit plný text záznamu Plný text ve formátu PDF