Abstract
Corporate performance diversity has long been the subject of a number of studies performed with various research methods in such areas as finance, accounting or industrial economics. Researchers focus on different aspects of this diversity, for example, depending on geographical region, industry, company size or strategy.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Notes
- 1.
Nomenclatures des Activites de Communite Europeenexx.
- 2.
\( {d_{(x,y) }}=\sum\nolimits_i {({x_i}} -{y_i}{)^2} \).
- 3.
\( D(X,Y)=\frac{{m\cdot k}}{m+k}\cdot {{(d(\bar{x},\bar{y}))}^2} \), where m, k – numbers of objects in clusters X and Y.
- 4.
\(V = \frac{\sigma }{\mu }\), where \( \sigma \)– standard deviation, \( \mu \)– mean.
- 5.
\({r_{xy }}=\frac{{\operatorname{cov}(x,y)}}{{{\sigma_x}{\sigma_y}}}\).
References
Aczel, A. D. (2000). Statystyka w zarządzaniu. Warszawa, Poland: Wydawnictwo Naukowe PWN.
Adjaouté, K., & Danthine, J.P. (2003). European financial integration and equity returns: A theory based assessment. In V. Gaspar, P. Hartmann, & O. Sleijpen (Eds.), The transformation of the European financial system pp. 185–245). Second ECB Central Banking Conference.
Adler, M., & Dumas, B. (1984). Exposure to currency risk: Definition and measurement. Financial Management, 13(2), 41–50.
Afifi, A. A., & Clark, V. (1990). Computer-aided multivariate analysis (2nd ed.). New York: Van Nostrand Reinhold.
Altman, E. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. Journal of Finance, 23(4), 589–609.
Altman, E. (1993). Corporate financial distress and bankruptcy. New York: John Wiley & Sons.
Altman, E. (2001). Predicting financial distress of companies: Revisiting the Z-score and Zeta® models. New York: New York University.
Altman, E., Haldeman, R., & Narayanan, P. (1977). ZETA analysis: A new model to identify bankruptcy risk of corporations. Journal of Banking and Finance, 1(1), 29–54.
Arabie, P., & Boorman, S. A. (1973). Multidimensional scaling of measures of distance between partitions. Journal of Mathematical Psychology, 10(2), 148–203.
Archer, S. H., & Faerber, L. G. (1966). Firm size and cost of equity. Journal of Finance, 21(2), 69–84.
Baca, S., Garbe, B., & Weiss, R. (2000). The rise of sector effects in major equity markets. Financial Analysts Journal, 56(5), 34–40.
Ball, R., & Brown, P. (1968). An empirical evaluation of accounting income numbers. Journal of Accounting Research, 6(2), 159–178.
Beaver, W. H. (1966). Financial ratios as predictors of failure. Journal of Accounting Research, 4(Empirical Research in Accounting: Selected Studies), 71–111.
Beaver, W.H., McNichols, M. F., & Rhie, J. (2004). Have financial statements become less informative? Evidence from the ability of financial ratios to predict bankruptcy. http://ssrn.com/abstract=634921. Accessed 18 June 2010.
Beckers, S., Connor, G., & Curds, R. (1996). National versus global influences on equity returns. Financial Analysts Journal, 52(2), 31–39.
Beckers, S., Grinold, S., Rudd, A., & Stefek, D. (1992). The relative importance of common factors across the European equity markets. Journal of Banking and Finance, 16(1), 75–95.
Bodnar, G., & Gentry, W. (1993). Exchange rate exposure and industry characteristics: Evidence from Canada, Japan, and the US. Journal of International Money and Finance, 12(1), 29–45.
Boillat, P., de Skowronsky, N., & Tuchschmid, N. (2002). Cluster analysis: Application to sector indices and empirical validation. Financial Markets and Portfolio Management, 16(4), 467–486.
Bolch, B. W., & Huang, C. J. (1974). Multivariate statistical methods for business and economics. Englewood Cliffs, NJ: Prentice-Hall.
Bolliger, G. (2004). The characteristics of individual analysts’ forecasts in Europe. Journal of Banking and Finance, 28(9), 2283–2309.
Bolshakova, A., & Azuaje, F. (2003). Cluster validation techniques for genome expression data. Signal Porcessing, 83(4), 825–833.
Borkowski, B., Dudek, H., & Szczęsny, W. (2004). Ekonometria. Wybrane zagadnienia. Warszawa: Wydawnictwo Naukowe PWN.
Borys, T. (1978). Metody normowania cech w statystycznych badaniach porównawczych. Przegląd Statystyczny, 3(2), 371–382.
Borys, T. (1984). Kategoria jakości w statystycznej analizie porównawczej. Prace Naukowe AE we Wrocławiu, 284, Seria: Monografie i Opracowania, 23, AE, Wrocław.
Bougen, P. D., & Drury, J. C. (1980). U.K. statistical distributions of financial ratios. Journal of Business Finance and Accounting, 7(1), 39–47.
Brabazon, A., & Keenan, P. B. (2004). A hybrid genetic model for the prediction of corporate failure. Computational Management Science, 1, 293–310. doi:10.1007/s10287-004-0017-6.
Brooks, R., & Del Negro, M. (2004). The rise in comovement across national stock markets: Market integration or IT bubble? Journal of Empirical Finance, 11(5), 649–680.
Calof, J. L. (1994). The relationship between firm size and export behavior revisited. Journal of International Business Studies, 25(2), 367–388.
Campbell, J., & Shiller, R. (1988). The dividend-price ratio and expectations of future dividends and discount factors. Review of Financial Studies, 1(3), 195–228.
Cattell, R. B. (1966). The scree test for the number of factors. Multivariate Behavioral Research, 1(2), 629–637.
Cavaglia, S., Brightman, C., & Aked, M. (2000). The increasing importance of industry factors. Financial Analysts Journal, 56(5), 41–54.
Cavaglia, S., Cho, D., & Singer, B. (2001). Risks of sector rotation strategies. Journal of Portfolio Management, 27(4), 35–44.
Chung, F. H. (1993). Asset characteristics and corporate debt policy: An empirical test. Journal of Business Finance and Accounting, 20(1), 83–98.
Cinca, C. S., Molinero, C. M., & Larraz, J. L. (2005). Country and size effects in financial ratios: A European perspective. Global Finance Journal, 16(1), 26–47.
Cooke, T. E. (1992). The impact of size, stock market listing and industry type on disclosure in the annual reports of Japanese listed corporations. Accounting and Business Research, 22(1), 229–237.
Coval, J., & Moskowitz, T. (2001). The geography of investment: Informed trading and asset prices. Journal of Political Economy, 109(4), 811–841.
Czekanowski, J. (1913). Zarys metod statystycznych w zastosowaniach do antropologii. Warszawa, Poland: Wydawnictwo Towarzystwo Naukowe Warszawskie.
De Moor, L., & Sercu, P. (2005). Country and sector effects in international stock returns revisited (SSRN Working Paper). http://papers.ssrn.com/sol3/papers.cfm?abstract_id=676394, 1–32. Accessed 20 June 2009.
Deakin, E. B. (1976). Distributions of financial accounting ratios: Some empirical evidence. The Accounting Review, 51(1), 90–96.
DeJong, D., & Whiteman, C. (1991). The temporal stability of dividends and stock prices: Evidence from the likelihood function. American Economic Review, 81(3), 600–617.
Dempsey, S. J., Laber, G., & Rozeff, M. S. (1993). Dividend policies in practice: Is there an industry effect? Quaterly Journal of Business and Economics, 32(4), 3–13.
Dobosz, M. (2001). Wspomagana komputerowo statystyczna analiza wyników badań. Warszawa, Poland: EXIT.
Domański, C. (1990). Testy statystyczne. Warszawa, Poland: PWE.
Domański, C., Pruska, K., & Wagner, W. (1998). Wnioskowanie statystyczne przy nieklasycznych założeniach. Łódź, Poland: Wydawnictwo Uniwersytetu Łódzkiego.
Dornbusch, R. (1973). Devaluation, money and nontraded goods. American Economic Review, 63(5), 871–880.
Dornbusch, R. (1987). Exchange rates and prices. American Economic Review, 77(1), 93–106.
Drummen, M., & Zimmermann, H. (1992). The structure of European stock returns. Financial Analysts Journal, 48(4), 15–26.
Edwards, J., Kay, J., & Mayer, C. (1987). The economic analysis of accounting profitability. Oxford: Oxford University Press.
Eiling, E., Gerard, B., & de Roon, F. (2005). International diversification in the euro-zone: The increasing riskiness of industry portfolios. http://ssrn.com/abstract=796764. Accessed 20 July 2009.
Eisenbeis, R. A. (1977). Pitfalls in the application of discriminant analysis in business, finance and economics. Journal of Finance, 32(3), 875–900.
Falk, H., & Heintz, J. A. (1975). Assessing industry risk by ratio analysis. The Accounting Review, 50(4), 758–779.
Fama, E., & French, K. (1988). Dividend yields and expected stock returns. Journal of Financial Economics, 22(1), 3–25.
Fama, E., & Schwert, G. (1977). Asset returns and inflation. Journal of Financial Economics, 5(2), 115–146.
Feildstein, S., Longford, N., & McLeay, S. (1987). Industry effects and the proportionality assumption in ratio analysis: A variance component analysis. Journal of Business, Finance and Accounting, 14(4), 497–517.
Ferson, W. E., & Harvey, C. R. (1993). The risk and predictability of international equity returns. Review of Financial Studies, 6(3), 527–566.
Fieldsend, S., Longford, N., & McLeay, S. (1987). Industry effects and proportionality assumption in ratio analysis: A variance component analysis. Journal of Business Finance and Accounting, 14(4), 497–517.
Fisher, R. A. (1954). Statistical methods for research workers. Edinburgh: Oliver and Boyd.
Fisher, T., & Martel, J. (2000). A comparison of business bankruptcies across industries in Canada, 1981–2000. http://papers.ssrn.com/paper.taf?abstract_id=256132. Accessed 7 July 2009.
Fisher, F. M., & McGowan, J. J. (1983). On the misuse of accounting rates of return to infer monopoly profits. American Economic Review, 73(1), 82–97.
Fitzpatrick, P. (1932). A comparison of the ratios of successful industrial enterprises with those of failed companies. Washington, DC: The Accountants’ Publishing Company.
Flavin, T. J. (2004). The effect of the euro on country versus industry portfolio diversification. Journal of International Money and Finance, 23(7–8), 1137–1158.
Fowkles, E. B., & Mallows, C. L. (1983). A method for comparing two hierarchical clusterings. Journal of the American Statistical Association, 78(383), 553–569.
Freimann, E. (1998). Economic integration and country allocation in Europe. Financial Analysts Journal, 54(5), 32–41.
Galati, G., & Tsatsaronis, K. (2003). The impact of the euro on Europe’s financial markets. Financial Markets, Institutions and Instruments, 12(3), 165–221.
Gallizo, J. L., & Salvador, M. (2002). What factors drive and which act as a brake on the convergence of financial statements in EMU member countries? Review of Accounting and Finance, 1(4), 49–68.
Gatward, P., & Sharpe, I. G. (1996). Capital structure dynamics with interrelated adjustment: Australian evidence. Australian Journal of Management, 21(2), 89–112.
Geroski, P. A., & Mata, J. (2001). The evolution of markets. International Journal of Industrial Organization, 19(7), 999–1002.
Goetzmann, W., & Jorion, P. (1993). Testing the predictive power of dividend yields. Journal of Finance, 48(2), 663–679.
Goetzmann, W., Li, L., & Rouwenhorst, G. (2005). Long-term global market correlations. Journal of Business, 78(1), 1–38.
Goodman, L. A., & Kruskal, W. H. (1979). Measures of association for cross classifications. Heidelberg/New York: Springer-Veralg.
Gordon, A. D. (1987). A review of hierarchical classification. Journal of the Royal Statistical Society. Series A, 150(2), 119–137.
Grabiński, T. (1992). Metody aksonometrii. Kraków, Poland: Wydawnictwo AE.
Grabiński, T., Wydymus, S., & Zeliaś, A. (1989). Metody taksonomii numerycznej w modelowaniu zjawisk społeczno-gospodarczych. Warszawa, Poland: Wydawnictwo Naukowe PWN.
Griffin, J. M., & Karolyi, G. A. (1998). Another look at the role of the industrial structure of markets for international diversification strategies. Journal of Financial Economics, 50(3), 351–373.
Grinblatt, M., & Keloharju, M. (2001). How distance, language, and culture influence stockholdings and trades. Journal of Finance, 56(3), 1053–1073.
Grinold, R., Rudd, A., & Stefek, D. (1989). Global factors: Fact or fiction? Journal of Portfolio Management, 16(1), 79–88.
Grubel, H. (1968). Internationally diversified portfolios: Welfare gains and capital flows. American Economic Review, 58(5), 1299–1314.
Gupta, M. C. (1969). The effect of size, growth, and industry on the financial structure of manufacturing companies. Journal of Finance, 24(3), 517–529.
Gupta, M. C., & Huefner, R. J. (1972). A cluster analysis study of financial ratios and industry characteristics. Journal of Accounting Research, 10(1), 77–95.
Harman, H. H. (1967). Modern factor analysis. Chicago: University of Chicago Press.
Hartigan, J. A. (1975). Clustering algorithms. New York: John Wiley & Sons.
Helg, R., Manasse, P., Monacelli, T., & Rovelli, R. (1995). How much (a)symmetry in Europe? Evidence from industrial sectors. European Economic Review, 39(5), 1017–1041.
Hellwig, Z. (1968). Zastosowanie metody taksonomicznej do typologicznego podziału krajów ze względu na poziom ich rozwoju i strukturę wykwalifikowanych kadr. Przegląd Statystyczny, 4, 307–324.
Hellwig, Z. (1981). Wielowymiarowa analiza porównawcza i jej zastosowanie w badaniach wielocechowych obiektów gospodarczych. Warszawa, Poland: PWE.
Hellwig, Z. (1988). Nieuzgodnione problemy WAP. Prace Naukowe Akademii Ekonomicznej im. Oskara Langego we Wrocławiu 449, Wrocław.
Heston, S. L., & Rouwenhorst, K. G. (1994). Does industrial structure explain the benefits of international diversification. Journal of Financial Economics, 36(1), 3–27.
Heston, S. L., & Rouwenhorst, K. G. (1995). Industry and country effects in international stock returns. Journal of Portfolio Management, 21(3), 53–58.
Hodrick, R. (1992). Dividend yields and expected stock returns: Alternative procedures for inference and measurement. Review of Financial Studies, 5(3), 357–386.
Horrigan, J. (1965). Some empirical bases of financial ratio analysis. The Accounting Review, 40(3), 558–568.
Hubert, L. J., & Arabie, P. (1985). Comparing partitions. Journal of Classification, 2(1), 193–218.
Hunt, S. D. (1983). Marketing theory: The philosophy of marketing science. Homewood, IL: Irwin.
Jacobson, R. (1987). The validity of ROI as a measure of business performance. American Economic Review, 77(3), 470–478.
Jajuga, K. (1993). Statystyczna analiza wielowymiarowa. Warszawa, Poland: Wydawnictwo Naukowe PWN.
Julien, P. A., Joyal, A., Deshaies, L., & Ramangalahy, C. (1997). A typology of strategic behaviour among small and medium-sized exporting businesses. International Small Business Journal, 15(20), 33–50.
Kaiser, H. F. (1960). The application of electronic computers to factor analysis. Educational and Psychological Measurement, 20(1), 141–151.
Kang, J. K., & Stulz, R. M. (1997). Why is there a home bias? an analysis of foreign portfolio equity ownership in Japan. Journal of Financial Economics, 46(1), 3–28.
Karels, G. V., & Prakash, A. J. (1987). Multivariate normality and forecasting of business bankruptcy. Journal of Business Finance and Accounting, 14(4), 573–593.
Kauffman, L., & Rousseeuw, P. J. (1990). Finding groups in data: An introduction to cluster analysis. New York: Wiley-Interscience.
Ketz, J. E., Doogar, R. K., & David, E. (1990). A cross-industry analysis of financial ratios: Comparabilities and corporate performance. New York: Quorum Books.
King, B. F. (1966). Market and industry factors in stock price behavior. Journal of Business, 39(1), 139–190.
Koralun-Bereźnicka, J. (2006). Ocena możliwości wykorzystania wybranych funkcji dyskryminacji w analizie polskich spółek giełdowych. Studia i Prace Kolegium Zarządzania i Finansów, 69, 18–28.
Koralun-Bereźnicka, J. (2008b). Wpływ procesu integracji europejskiej na międzysektorowe zróżnicowanie wskaźników finansowych przedsiębiorstw. Zeszyty Naukowe Politechniki Rzeszowskiej. Zarządzanie i marketing, 14, 135–142.
Koralun-Bereźnicka, J. (2009b). Kraj i sektor jako czynniki kształtujące rynkowe stopy zwrotu w świetle przeglądu badań. Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu. Zarządzanie finansami firm – teoria i praktyka 48, 466–473.
Koralun-Bereźnicka, J. (2009c). Międzynarodowe i międzysektorowe zróżnicowanie struktury kapitału przedsiębiorstw w wybranych krajach Unii Europejskiej. In J. Ostaszewski (Ed.), Dylematy kształtowania struktury kapitału w przedsiębiorstwie pp. 199–209). Warszawa, Poland: Oficyna Wydawnicza SGH.
Kothari, S. P., & Shanken, J. (1997). Book-to-market, dividend yield, and expected market returns: A time-series analysis. Journal of Financial Economics, 44(2), 169–203.
Kuo, W., & Satchell, S. E. (2001). Global equity styles and industry effects: The pre-eminence of value relative to size. Journal of International Financial Markets, Institutions and Money, 11(1), 1–28.
L’Her, J. F., Sy, O., & Tnani, Y. (2002). Country, industry and risk factor loadings in portfolio management. Journal of Portfolio Management, 28(4), 70–79.
Lamont, O. (1998). Earnings and expected returns. Journal of Finance, 53(5), 1563–1587.
Leal, R. P., & Powers, T. L. (1997). A taxonomy of countries based on inventive activity. International Marketing Review, 14(6), 445–460.
Lessard, D. R. (1974). World, national and industry factors in equity returns. Journal of Finance, 29(2), 379–391.
Lessard, D. R. (1976). World, country, and industry relationships in equity returns: Implications for risk reduction through international diversification. Financial Analysts Journal, 32(1), 32–38.
Lev, B. (1969). Industry averages as targets for financial ratios. Journal of Accounting Research Autumn, 7(2), 290–299.
Lev, B., & Sunder, S. (1979). Methodological issues in the use of financial ratios. Journal of Accounting and Economics, 1(3), 187–210.
Levi, M. (1994). Exchange rates and the valuation of firms. In Y. Amihud & R. Levich (Eds.), Exchange rates and corporate performance pp. 67–84). New York: Irwin Publishing.
Levy, H., & Sarnat, A. (1970). International diversification of investment portfolios. American Economic Review, 60(4), 668–675.
Lewellen, J. (2004). Predicting returns with financial ratios. Journal of Financial Economics, 74(2), 209–235.
Lipiec-Zajchowska, M. (Ed.). (2003). Wspomaganie procesów decyzyjnych. Ekonometria. Warszawa, Poland: C.H. Beck.
Lucey, B. M. (2003). Distributional aspects of Irish financial accounting ratios (Working Paper Series). doi.org/10.2139/ssrn.377220.
McDonald, B., & Morris, M. H. (1984). The statistical validity of the ratio method in financial analysis: An empirical examination. Journal of Business Finance and Accounting, 11(1), 89–97.
McDonald, B., & Morris, M. H. (1985). The functional specification of financial ratios: An empirical examination. Accounting and Business Research, 15(59), 223–228.
McGurr, P. T., & DeVaney, S. A. (1998). Predicting business failure of retail firms. An analysis using mixed industry models. Journal of Business Research, 43(3), 169–176.
McLeay, S. (1986). The ratio of means, the means of ratio and other benchmarks: An examination of characteristic financial ratios in the French corporate sector. The Journal of the French Finance Association, 7(1), 75–93.
McLeay, S., & Fieldsend, S. (1987). Sector and size effects in ratio analysis: An indirect test of ratio proportionality. Accounting and Business Research, 17(66), 133–140.
Melnyk, Z. L., & Mathur, I. (1972). Business risk homogeneity: A multivariate application and evaluation. University of Cincinnati, College of Business Administration.
Meyers, S. L. (1973). A re-examination of market and industry factors in stock price behaviour. Journal of Finance, 28(3), 695–705.
Migdał-Najman, K., & Najman, K. (2005). Analityczne metody ustalania liczby skupień. Prace Naukowe Akademii Ekonomicznej im. Oskara Langego we Wrocławiu, 1076, 265–273
Migdał-Najman, K., & Najman, K. (2006). Wykorzystanie indeksu silhouette do ustalania optymalnej liczby skupień. Wiadomości Statystyczne, 6, 1–10.
Milligan, G. W. (1996). Clustering validation: Results and implications for applied analyses. In P. Arabie, L. Hubert, & G. De Soete (Eds.), Clustering and classification pp. 341–375). River Edge, NJ: World Scientific Press.
Modares, A., Abedi, S., & Mirshama, M. (2008). Testing linear relationship between excess rate of return and financial ratios (Working paper). doi.org/10.2139/ssrn.1264912.
Morrison, D. F. (1990). Wielowymiarowa analiza statystyczna. Warszawa, Poland: Wydawnictwo Naukowe PWN.
Mramor, D., & Marmor-Kosta, N. (1997). Accounting ratios as factors of rate of return on equity. In New operational approaches for financial modeling pp. 335–348). Heidelberg: Physica-Verlag.
Najman, K. (2007). Charakterystyka mierników oceny podobieństwa wyników podziałów. Prace i Materiały Wydziału Zarządzania Uniwersytetu Gdańskiego. Finanse i informatyka w zarządzaniu, wybrane aspekty, 3, 191–201.
Nowak, E. (1990). Metody taksonomiczne w klasyfikacji obiektów społeczno-gospodarczych. Warszawa, Poland: PWE.
Ohlson, J. (1980). Financial ratios and the probabilistic prediction of bankruptcy. Journal of Accounting Research, 18(1), 109–131.
Orłowski, K. (2001). Zastosowanie pakietu Statistica w analizie wyników badań społecznych. Poznań: Wydawnictwo Naukowe Stowarzyszenia Psychologia i Architektura.
Ostasiewicz, W. (1999). Statystyczne metody analizy danych. Wrocław, Poland: Wydawnictwo Akademii Ekonomicznej im. Oskara Langego we Wrocławiu.
Pahor, M., & Mramor, D. (2001). Testing nonlinear relationships between excess rate of return on equity and financial ratios (Working Papers Series). doi:10.2139/ssrn.266928.
Peel, M. J., Peel, D. A., & Pope, P. F. (1986). Predicting corporate failure – some results for the UK corporate sector. Omega International Journal of Management Science, 14(1), 5–12.
Perttunen, J., & Martikainen, T. (1989). On the proportionality assumption of financial ratios. Finnish Journal of Business Economics, 38(4), 343–359.
Phylaktis, K., & Xia, L. (2006). Sources of firms’ industry and country effects in emerging markets. Journal of International Money and Finance, 25(3), 459–475.
Pluta, W. (1977). Wielowymiarowa analiza porównawcza w badaniach ekonomicznych. Warszawa, Poland: PWE.
Pontiff, J., & Schall, L. (1998). Book-to-market ratios as predictors of market returns. Journal of Financial Economics, 49(2), 141–160.
Rand, W. M. (1971). Objective criteria for the evaluation of clustering methods. Journal of the American Statistical Association, 66(336), 846–850.
Rees, B. (1995). Financial analysis. Hertfordshire: Prentice Hall.
Rivaud-Danset, D., Salais, R., & Dubocage, E. (2001). Comparison between the financial structure of SMES and that of large enterprises (LES) using the BACH database (Economic Paper 155). Brussels: European Commission, Directoate-General for Ecomomic and Financial Affairs. doi.org/10.2139/ssrn.141478.
Rohlf, F. J. (1974). Method of comparing classifications. Annual Review of Ecology and Systematics, 5, 101–113.
Roll, R. (1992). Industrial structure and the comparative behavior of international stock market indices. Journal of Finance, 47(1), 3–41.
Rószkiewicz, M. (2002). Metody ilościowe w badaniach marketingowych. Warszawa, Poland: Wydawnictwo Naukowe PWN.
Rousseeuw, P. J. (1987). Silhouettes: A graphical aid to the interpretation and validation of cluster analysis. Journal of Computational Applications in Math, 20, 53–65.
Rouwenhorst, K. G. (1999). European equity markets and the EMU. Financial Analysts Journal, 55(3), 57–64.
Sell, C. W. (2005). The importance of country versus sector characteristics. Managerial Finance, 31(1), 78–95.
Serra, A. P. (2000). Country and industry factors in returns: Evidence from emerging markets’ stocks. Emerging Markets Review, 1(2), 127–151.
Serrano-Cinca, C. (1998). From financial information to strategic groups – a self organizing neural network approach. Journal of Forecasting, 17(5–6), 415–428.
Serrano-Cinca, C., Mar-Molinero, C., & Gallizo, J. L. (2001). Change and invariance in EU aggregate financial statement data, Discussion papers in Accounting and Finance, AF01-1, School of Management, UK University of Southampton. http://eprints.soton.ac.uk/35732/. Accessed 19 September 2009.
Serrano-Cinca, C., Mar-Molinero, C., & Gallizo, J. L. (2002). A multivariate study of the EU economy via financial statements analysis. Journal of the Royal Statistical Society: Series D, 51(3), 335–354.
Siudek, T. (2006). Badanie regionalnego zróżnicowania sytuacji ekonomiczno-finansowej banków spółdzielczych w Polsce z wykorzystaniem metod taksonomicznych. Zeszyty Naukowe SGGW – Ekonomika i Organizacja Gospodarki Żywnościowej, 58, 41–53.
Smith, R., & Winakor, A. (1935). Changes in the financial structure of unsuccessful industrial corporations. Bulletin (University of Illinois). Bureau of Business Research, 51. University of Illinois Bulletin, 32(46).
Solnik, B. (1974). The international pricing of risk: An empirical investigation of the world capital market structure. Journal of Finance, 29(2), 365–378.
Sonney, F. (2007). Country versus sector influences and financial analysts’ specialization. Université de Neuchâtel. http://www2.unine.ch/webdav/site/iaf/shared/documents/TheseFredericSonney.pdf. Accessed 9 August 2009.
Sori, M.Z., Hamid, A., Ali, M., Annuar, N., & Shamsher, M. (2006). Some basic properties of financial ratios: Evidence from an emerging capital market. International Research Journal of Finance and Economics, doi.org/10.2139/ssrn.923736.
Stanisz, A. (2000). Przystępny kurs statystyki z wykorzystaniem programu Statistica pl. na przykładach z medycyny (Modele liniowe i nieliniowe, Vol. 2). Kraków, Poland: StatSoft Polska.
Steinhaus, H. (1956). Sur la division des cors materiel en partie. Bulletin Academie Polonaise des Sciences, 4, 801–804.
Storey, D., Keasey, K., Watson, R., & Wynarczyk, P. (1987). The performance of small firms. London: Croom-Helm.
Tadeusiewicz, R. (1993). Biometria. Kraków, Poland: Wydawnictwo Akademii Górniczo-Hutniczej.
Varadarajan, P. R. (1986). Horizontal cooperative sales promotion: A framework for classification and additional perspectives. Journal of Marketing, 50(2), 61–73.
Wallace, D. L. (1983). A method for comparing two hierarchical clusterings: Comment. Journal of the American Statistical Association, 78(383), 569–576.
Ward, J. H. (1963). Hierarchical grouping to optimize an objective function. Journal of the American Statistical Association, 58(301), 236–244.
Weiss, R. A. (1998). Global sector rotation: New look at an old idea. Financial Analysts Journal, 54(3), 6–8.
Whittington, G. (1980). Some basic properties of accounting ratios. Journal of Business Finance and Accounting, 7(2), 219–232.
Wilcox, J. (1970). A simple theory of financial ratios as predictors of failure. Journal of Accounting Research, 9(2), 389–395.
Zaleska, M. (2002). Identyfikacja ryzyka upadłości przedsiębiorstwa i banku. Systemy wczesnego ostrzegania. Warszawa, Poland: Difin.
Author information
Authors and Affiliations
Rights and permissions
Copyright information
© 2013 Springer International Publishing Switzerland
About this chapter
Cite this chapter
Koralun-Bereźnicka, J. (2013). Country and Industry Factors as Determinants of Corporate Performance: Research Methodology. In: Corporate Performance. Contributions to Management Science. Springer, Heidelberg. https://doi.org/10.1007/978-3-319-00345-0_2
Download citation
DOI: https://doi.org/10.1007/978-3-319-00345-0_2
Published:
Publisher Name: Springer, Heidelberg
Print ISBN: 978-3-319-00344-3
Online ISBN: 978-3-319-00345-0
eBook Packages: Business and EconomicsEconomics and Finance (R0)