A PANEL ANALYSIS OF PROFITABILITY IN THE FRUIT AND VEGETABLE PROCESSING INDUSTRY IN SERBIA
DOI:
https://doi.org/10.5937/ekoPolj1801307DKeywords:
panel analysis, proftability, ROA, fruit and vegetable processing companies.Abstract
The aim of this paper is to identify the factors that influence the proftability of selected companies within the fruit processing industry in Serbia. Proftability was measured through the accounting indicator of the rate of return on assets (ROA). Proftability of fruit and vegetable processing companies is positive but at relatively low level. In the capacity of independent variables were used the size of the enterprise, debt ratio, quick ratio, inventory, sales growth and capital turnover ratio. The analysis covers the period from 2007 to 2015 (9 years) and includes 198 observation of the companies from the fruit and vegetable processing industry in Serbia. Panel regression model was built. The results of the conducted panel analysis showed that the sales growth and capital turnover ratio showed a statistically signifcant impact on proftability as a measure of the success of companies in the feld of fruit and vegetable processing industry. The size of the company showed a statistically signifcant impact on the proftability at a level of signifcance of 10%.
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References
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2. Bhutta, N., T. and Hasan, A. (2013). Impact of Firm Specifc Factors on Proftability of Firms in Food Sector, Open Journal of Accounting, vol. 2, n. 2, p. 19-25, Scientifc Research Publishing Inc., Delaware, USA.
3. Brooks, C. (2008). Introductory econometrics for fnance, Cambridge University Press, New York, USA.
4. Burja, C. (2011). Factors influencing the companies proftability. Annals Universitatis Apulensis Series Oeconomica, vol. 13, n. 2, p. 215-224, "1 Decembrie 1918" University of Alba Iulia, Romania.
5. Callado, A. L. C. and Soares, K. R. (2014). Analysis of the use of performance indicators in the context of agribusiness. Custos e @gronegocio on line, vol. 10, n. 2., p. 272-284, Universidade Federal Rural de Pernambuco, Brazil.
6. Chamber of Commerce and Industry of Serbia. (2017). Bilten – Udruženje za prehrambenu industriju, Chamber of Commerce and Industry of Serbia, Belgrade, Serbia
7. Chandrapala, P. and Knapkova, A. (2013). Firm-specifc factors and financial performance of frms in the Czech Republic. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, vol. 61, n. 7, p. 2183-2190, Mendel University Press, Brno, Czech Republic.
8. Dinu, M, D. (2016). Supply Chain Performance within Agri Food Sector. Economics of Agriculture, vol. 63, n. 3, p. 919-928. Institute of Agricultural Economics, Belgrade, Serbia.
9. GFA Consulting Group. (2010). Food Industry Study in Southeast Europe – Final Report. GFA Consulting Group, Hamburg, Germany.
10. Ke, J. and Xiong, Y. (2016). An Empirical Study on Proftability and Capital Structure of the Agriculture Listed Companies. International Journal of Database Theory and Application, vol. 9, n. 4, p. 89-96, SERSC, Australia.
11. Levin, A., Lin, C. F. and Chu, J. (2002). Unit root in panel data: Asymptotic and fnitesample Properties. Journal of Econometrics, vol. 108, n. 1, p. 1-24, Elsevire, USA
12. Maddala, G. S. and Wu, S. (1999). Comparative Study of Unit Root Tests with Panel Data and a New Simple Test. Oxford Bulletin of Economics and Statistics, n. 61, p. 631-652, John Wiley & Sons Ltd and the Department of Economics, University of Oxford, United Kingdom.
13. Margaretha, F. and Supartika, N. (2016). Factors Affecting Proftability of Small Medium Enterprises (SMEs) Firm Listed in Indonesia Stock Exchange. Journal of Economics, Business and Management, vol. 4, n. 2, p. 132-137, JOEBM, USA.
14. Mcgahan, A. and Porter, M.E. (1997). How much does industry matter, really? Strategic Management Journal, vol. 18, n. 1, p. 15-30, Wiley, Medford, USA.
15. Nuševa, D., Mijić, K., Jakšić, D. (2017). The Performances of Coffee Processors and Coffee Market in the Republic of Serbia. Economics of Agriculture, vol. 64, n. 1, p. 307-322, Institute of Agricultural Economics, Belgrade, Serbia.
16. Schiefer, J. and Hartman, M. (2013). Industry, frm, year and country effects on proftability in EU food processing. Agricultural and Resource Economics – Discussion Paper. University of Bonn: Institute for Food and Resource Economics, Bonn, Germany.
17. Statistical Offce of the Republic of Serbia. (2016). Statistical Yearbook. Statistical Offce of the Republic of Serbia, Belgrade, Serbia.
18. Statistical Offce of the Republic of Serbia. (2017). Population. Retrieved October 6th 2017, from http://webrzs.stat.gov.rs/WebSite/Public/PageView.aspx?pKey=162
19. Tabachnick, B. G., and Fidell, L. S. (2001). Using Multivariate Statistics (4th ed.). Allyn and Bacon, Boston, MA, USA.
20. Verbeek, M. (2008). A Guide to Modern Econometrics. John Wiley & Sons, New York, USA.
21. Vieira, R. S. (2010). The relationship between liquidity and proftability: An exploratory study of airline companies between 2005 and 2008. Umeå University, Master Thesis, Sweden.
22. Walsh, C. (2003). Key Management Ratios. Prentice Hall, London, United Kingdom.
23. Yazdanfar, D. (2013). Proftability determinants among micro frms: evidence from Swedish data. International Journal of Managerial Finance, vol. 9, n. 2, p. 150-161, Emerald, United Kingdom.
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Published
2018-01-20
How to Cite
Dakić, S., & Mijić, K. (2018). A PANEL ANALYSIS OF PROFITABILITY IN THE FRUIT AND VEGETABLE PROCESSING INDUSTRY IN SERBIA. Economics of Agriculture, 65(1), 307–321. https://doi.org/10.5937/ekoPolj1801307D
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