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Follo ion model RAGE, SIZE ue is positiv rds: Value, Variabl of Eu A Univ PhD Univ Univ 2022 Ac 14i2.18959 es an analy ompanies su owing the p with ROE E, CFTA, D vely affecte financial p les That uropean An Assistant Pr versity of C E-mai A D and Resear versity of C E-mail: a PhD Stud versity of C E-mail cepted: Nov URL: ht ysis of the f urveyed thro prevailing li E, as depen DATA as exp ed by all exp erformance 37 t Influe n Listed Anna Paola M rofessor in C Cassino and il: a.michel Anna Maria rch Fellow Cassino and annamariaca Elisa Cafo dent in Corp Cassino and : elisa.cafol v. 20, 2022 https://doi.or factors that ough Amad iterature, fo ndent varia planatory va planatory va e, listed com Asian ence Va d Comp Micheli, Corporate F Southern L i@unicas.it Calce, in Corporat Southern L alce@unica folla, porate Finan Southern L lla@unicas. Publi rg/10.5296/ most influe deus Bureau or our study able explica ariables. Th ariables exc mpanies, Ene n Journal of F alue: An panies inance azio, Italy t te Finance azio, Italy as.it nce azio, Italy it shed: Decem ajfa.v14i2.1 ence the cor u van Dijk's y we adopt ative of va he result of o cept the SIZ ergy sector Finance & Ac ISSN 19 2022, Vol. 1 ajfa.macro n Analy mber 1, 202 18959 rporate valu s database the multipl alue, and L our model i ZE variable. ccounting 946-052X 14, No. 2 think.org/ ysis 22 ue of 64 over the le linear LIQUID, ndicates 1. Intro The issu to be ac Evidenc stakeho custome improve return d goals th foundat new va awarene measuri as their must be this con value c econom The ob corpora liquidity existing of refle shareho propose section finally, 1.1 Lite Numero influenc signific Grinyer belongi capital decentr correlat empiric Zealand influenc Feeny ( Austral oduction ue of the ult chieved has ce shows t olders contr ers aim to ement of th due to their hat the ente tion for its s alue, the go ess among ing and ens r target the e oriented, ntext the an reation, bec mic resource bjective of ate value in y, leverage g literature o ection for olders. This es those con 2 explains section 4 pr erature revie ous studies ce firm valu cant contribu r and McK ing to the U intensity, alization w tion in term cal investiga d manufactu ced by mark (2002) show ian Tax Off timate goal long been t that enterpr ribute to b o obtain se heir working participatio erprise's abi success. So al of the sy scholars a suring the vi research o a concept b nalysis of ec come releva es and the this study n the Energ , size, CFT on the subje various sta s article is ntributions c the survey resents the ew have attemp ue in differe utions from Kiernan (19 UK electricit sales gr were the va ms of corp ation dwell uring sector ket power a ws that, on fice (ATO) t of the enter the focus of rise it gen business ac ervices on g condition on in venture ility to crea , if the surv ystem will and practiti iability and f the value born startin conomic an ant. Perform efficiency is to prop y sector in TA and DA ect for our c akeholders, organized i considered y methodolo conclusions pted to iden ent industrie m the 1990s t 991) conduc ty sector. M owth, disc ariables tha porate profi l on the det r in the peri and product n a sample tax return d 38 rprise and th f numerous nerates valu ctivity with the most ns and wage e capital. It ate new val vival of the be the crea ioners who d durability o e and its ge ng from 198 nd financial mance summ of operatio pose an inv n Europe. S ATA. The r country. The , especially into several as the most ogy and dat s of this stud ntify the eco es. We will to the prese cted their r Multiple regr ciplined m at exhibited fitability. Be terminants iod 1986-19 tion efficien consisting data, calcula Asian he existence studies in t ue for all i h different assistive t es, and shar is by conce lue is declin enterprise i ation of val o see profit of the enter eneration, to 80s and then performanc marizes the onal, investm vestigation pecifically, reason for t erefore, this y creditors, l sections a t significant ta set, secti dy. onomic and l pause in th ent. research on ression analy management d a positiv ennenbroek of profitab 987. The re ncy. Throug of 180,738 ated as aver n Journal of F e of a multi the field of its stakehol and often erms, work reholders ai erting these ned since it is linked to lue. Hence t as incapa prise system o which all n spreading ce and of th e result of t ment and f of the fact the variab this study l s analysis ca investors, as follows: t in the liter ion 3 presen financial va his section t n a sample ysis showed t of work e and stati k and Harri ility of ind esults show gh a simple 8 tax subje raged for the Finance & Ac ISSN 19 2022, Vol. 1 ajfa.macro iplicity of su Corporate F lders. The conflicting kers press im to maxim mutually d t will have its ability t the birth o able of exp m. So, scho l business a g internation heir contrib the manage financing ac ctors that in bles conside lies in the an be used managem section 1.1 rature on the nts the resu ariables tha to analyse t e of 45 com d that mark rking capit istically sig is (1995), dustries in t that profita regression ects from c e period 19 ccounting 946-052X 14, No. 2 think.org/ ub-goals Finance. various g goals: for the mize the divergent laid the to create of a new plaining, lars find activities nally. In bution to ement of ctivities. nfluence ered are: lack of as cause ment and 1 briefly e theme, ults, and t mainly the most mpanies et share, tal and gnificant in their the New ability is analysis complete 94/1995 - 1996/ profitab Goddar service were. T sector th a negati Keith G size, ag Asimak determi profitab negativ Nunes service with hig Liargov industri perform industri authors assumin and ma leverag signific Bhayan industry Bombay profitab interest Stierwa 1995-20 from th than by firm siz instance Ito and contribu 1989-20 /1997, the bility. rd et al. (200 sectors in B The research han in the s ive relation G. (1998), a ge and locati kopoulos e inants of fir bility of Gre ely by lever et al. (2009 industry. T gher growth vas P. and S ial firms as mance. Thei ies and list , in the 3 pa ng that leve anagement e e, exports, cantly relate ni (2010) id y. The autho y Stock E bility is infl rate, and in ald (2010) 005 to iden he estimatio y sectoral eff ze contribu e, productiv d Fukao (20 utes to the 002. The s variables 05) studied Belgium, Fr h found that service secto ship betwee applying an ion on 38 sm t al. (200 rm profitabi eek firms w rage and cu 9) identified The research h, lower lev kandalis K. s possible, ir analysis w ted on the anel regress erage, liquid efficiency c size, loca ed to firm pe dentified wh or applies a Exchange fo fluenced to nflation. uses a pan ntify the det n results th ffects. In the ute mainly vity and pro 010) questi profitabilit study show size and c what the de rance, Italy t there was or between en size, debt econometri mall manufa 09) analyse lity for the p was positivel urrent assets d which va h shows tha el of debt an . (2010), in recognize was conduc Athens Sto sion models dity, capitali can influenc ation, and erformance. hich variab a regression or the per a greater e nel consisti terminants o hat profitabi e second ins to the expl ductivity pe ion how th ty of Japan ws that the 39 capital inten eterminants y and the Un a stronger p market sha t ratio and p ic methodol facturing firm e the firm period 1995 ly affected b . ariables infl at the most and lower le an attempt financial a cted on a sa ock Exchan s, uses ROS ization ratio ce firm perf manageria . bles influenc n analysis o riod 2001-2 extent by li ing of 961 of firm pro ility is deter stance, it is lanation of ersistence h he location nese multin e profitabil Asian nsity have s of profitab nited Kingd positive rela re and profi profitability logy, invest ms in the Ta m-specific a 5-2003. The by size, sale uence the p profitable c vel of fixed to provide and non-fin ample of 10 nge for the S, ROE, and o, investmen formance. T al competen ce the prof n a sample 2008. The iquidity, fir 1 large Au ofitability. In rmined mor noted that d f profitabili have a positi of procure ational ove lity of Jap n Journal of F a positive bility in the dom, for the ationship in itability and y. tigated what ayside regio and Greek e research re es growth a profitability companies a d assets. as complete ancial facto 02 compani e period 19 d ROA as d nt, age, size The research nce ratio a fitability of of 28 comp empirical rm age, ope ustralian firm n the first i re by firm-l dependence ty heteroge ive effect on ement, sales erseas affilia panese affil Finance & Ac ISSN 19 2022, Vol. 1 ajfa.macro e relationsh manufactur e period 19 n the manuf d, on the oth at was the im on. economy- esults show and investm y of the Por are the larg e a picture o ors related ies belongin 997-2004. T dependent va e, location, h results sh are positiv f the Indian panies liste results sho erating prof rms for the instance, it level charac e on profits eneity. In t n firm profi s and mana ates for the liates is po ccounting 946-052X 14, No. 2 think.org/ hip with ring and 93-2001 facturing her hand, mpact of -specific w that the ment, and rtuguese ger ones, of Greek to firm ng to 15 The two ariables, exports, how that ely and n cement d on the ow that fit ratio, e period is noted cteristics lags and he third itability. agement e period ositively associat contribu Burja ( compan regressi impact efficien Malik ( Pakistan signific signific the age Charum sample The pro with siz and log Almaja insuran insuran The res is posit contrast variable Mistry belongi showed Return Ratio, a Al-Jafar industri method of 6 ind total as statistic working The wo perform the peri ted with the ute to highe (2011) stud nies belongi ion analysis on the dep ncy. (2011) analy n for the p cantly and p cantly but n of the comp mathi (2012 consisting ofitability e ze and liquid garithm of eq li A. Y. et ce compan ce compani ults of the r tively affec t to the ag e. (2012) ana ing to the In d that profit on Capital and Long Te ri M.K. an ial compani dology invol dependent v ssets, lever cally signifi g capital an ork of M. mance of the iod 2009-20 e local sourc er profitabili dies the f ing to the ch s, with prof pendent vari ysed the de period 2005 positively c negatively co pany. ), addressin of 23 comp expressed b dity, signifi quity capita al. (2012) nies in term ies registere research sho cted by lev ge variable alyses the e ndian autom tability larg Employed erm Debt to nd Al Samm ies listed on lves the use variables, n rage and w cant relatio nd a negative Ahmad an e Pakistani e 016. The re cing relation ity in China factors influ hemical ind fitability exp iable are in eterminants 5-2009. The correlated w orrelated w ng his inves panies for f by ROA is cantly and n al, and unco aimed to i ms of fina ed with the ow that the verage, liqu which has effects of v motive indus gely depend d Ratio, Net o Equity Rat man H. (2 n the Musc e of ROA a namely, ave working ca onship betw e relationsh d N. Malik energy secto esearch obje 40 nship, and b a. uencing th dustry durin pressed by nventory eff of profitab e profitabil with the size with leverage stigation to fiscal years found to b negatively c orrelated wit investigate ancial perfo Amman St performanc uidity, size, s no influe various facto stry for the ds on the va t Income to tio. 015) condu cat Securitie and profit m erage tax ra apital. The ween profitab hip with ave k (2017) fo or; on a sam ective focus Asian both local p he business ng 1999-200 ROA, show ficiency, de bility of 35 ity express e and capit e and loss r o the Indian s 2008-2009 e: significa correlated w th underwri the variabl ormance. T tock Exchan ce of the com , and mana nce and co ors on the period 199 ariables: Op o Total Deb ucted their es Market f margin as de ate, size, gro research r bility, firm erage tax rat ocuses on mple consist ses on the i n Journal of F purchasing a s performa 09. Results o w that the fa bt level, lev listed insur ed by ROA al volumes ratio, and, f n insurance 9, 2009-201 antly and po with leverag ting risk. les that mo The target p nge for the mpanies, as agerial com orrelation w profitability 98-2012. Th perating Ra bts Ratio, I research o for the perio ependent va owth, ratio results sho size, growt te and levera the determ ting of 29 li impact of m Finance & Ac ISSN 19 2022, Vol. 1 ajfa.macro and sales ex ance of Ro of models b actors with everage, and rance comp A was foun s of the com finally, unre industry, s 10, and 201 ositively co ge, premium ost affect Jo population period 200 s measured b mpetence in with the de y of 48 com he regressio atio, Curren Inventory T on a sampl od 2006-20 ariables and of fixed ca ow a posit th, fixed as age. minants of f isted compa macroecono ccounting 946-052X 14, No. 2 think.org/ xpansion omanian based on positive d capital panies of nd to be mpanies, elated to studies a 10-2011. orrelated m growth, ordanian has 25 02-2007. by ROA, ndex, in ependent mpanies n model nt Ratio, Turnover le of 17 013. The d the use apital to tive and sets and financial anies for mic and compan research while it growth, rate. T. Scha private 2000-20 improve positive effect o renewab to have an impa 1.2 Hyp Based o any rel shareho Hypoth Hypoth variable 2. Meth The em extracte Specific Bosnia Lithuan Moldov Switzer Activiti category into the -D35.1 - D35.1 - D35.1 - D35.1 - D35.1 - D35.2 - D35.2 ny-specific d h results sho t is negativ , liquidity a abek (2020) and public 017. From ed their fin ely affected on performa ble sources lower ROE act on ROA potheses on previous lationships older, and a hesis 1: ther hesis 2: the es. hod mpirical anal ed using A cally, data and Herz nia, Luxem va, United rland, Turk ies in the E y D (35) - E e sub-catego - Electric p .1 - Produc .2 - Transm .3 - Distribu .4 - Trade o 2 - Manufac 2.1 - Manufa determinant ow that RO ely affected and GDP, w ), in his stu sustainable the author' nancial perfo d by compa ance in con has a nega E but ROA A but not RO literature r between R set of varia re is no rela ere is relat lysis is base Amadeus Bu from states zegovina, B mbourg, Mo Kingdom, key, Ukrain European Co Electricity, g ories: power gener ction of elec mission of el ution of ele of electricity ture of gas; acture of ga ts on financ OA is positiv d by leverag while it is n dy, identifie e energy pr s work, it c ormance co any size, so ntrast to wi ative impact is not affec OE. review, we f ROE, a ke ables. ationship bet ionship bet ed on Europ ureau van s in the Eu Bulgaria, F ontenegro, Czech Re ne. Accordi ommunity, gas, steam a ration, trans ctricity lectricity ectricity y ; distributio as 41 cial perform vely affected ge and age negatively a es variables roducers fro can be seen ompared to olar power ind power t on financi cted by lega formed the ey indicator tween value tween the d pean listed c Dijk's data urope 28 a Finland, Fra Netherland epublic, Ro ing to the or NACE c and air cond smission an on of gaseou Asian mance as me d by growth . ROE is po affected by s describing om 16 emer n that: rene fossil fuel p generation generation, ial performa al status, and following h r and drive e and the in dependent companies, abase with area were c ance, Germ ds, North M omania, Ru Statistical code, the E ditioning su nd distributi us fuels thro n Journal of F asured by R h, size, risk, ositively aff risk, tangi g the financ rging mark ewable ener producers, has a stati the share ance, public d, finally, th hypotheses i er of the dependent v variable an belonging t reference considered: many, Gree Macedonia, ussia, Serbi Classifica Energy secto pply, which ion ough mains Finance & Ac ISSN 19 2022, Vol. 1 ajfa.macro ROA and RO , liquidity, a ffected by le ibility and i cial perform kets over the rgy produce ROE and R istically sig of electrici c companie he level of in order to value crea variables. nd the inde to the Energ to the yea Austria, B ece, Ireland , Norway, ia, Spain, S ation of Ec or, is placed h, in turn, is ccounting 946-052X 14, No. 2 think.org/ OE. The and GDP, everage, inflation mance of e period ers have ROA are gnificant ity from s appear debt has evaluate tion for ependent gy sector, ar 2020. Belgium, d, Italy, Poland, Sweden, conomic d within s divided - D35.2 - D35.2 - D35.3 - D35.3 For the transmi focused initially compan model w and fina the inve al. (201 shareho overall explana 2019). equity: ROE = The ind LIQUID LEVERA SIZE=l CFTA= DATA= To test the prev Bhayan and N. method of two depende maximu the line between 2.2 - Distribu 2.3 - Trade o 3 - Steam an 3.0 - Steam a e purpose ission and d as mentio y consist of nies with un were define ancial perfo estor to con 11) in their olders and e financial e atory or pre The depend NET INCO dependent v D= CURRE RAGE= TOT log TOTAL A CASH FLO DEPRECIA for the exi vailing liter ni 2010, Bur Malik 201 dology turns or more ex ent or resp um predictiv ear combin n the indepe ution of gas of gas throu nd air condi and air cond of this inv distribution oned above f 149 Europ navailable d ed. ROE as ormance. M sider in the r work me emphasize i efficiency a edictor varia dent variab OME/SHARE variables, we ENT ASSET/ TAL DEBT/T ASSET, OW/TOTAL IATION & A istence of re rature (Grin rja 2011, M 7, T. Schab s out to be a xplanatory ponse varia ve ability fr nation. How endent varia seous fuels ugh mains itioning supp ditioning su vestigation, n was cons on the En ean listed c data were e the depend Monteiro (20 shareholde ntion that its importan and perform ables (Mari ble, was cal EHOLDERS ere calculate /CURRENT TOTAL ASS ASSET, AMORTIZA elationship nyer and Mc Mistry 2012, bek 2020), an extension or predicti able. A we from the mo wever, said ables. 42 through ma pply upply sub-catego sidered. Giv nergy secto companies. excluded. T dent variabl 006), states ers perspecti ROE is a nce for man mance. Liqu ia Elisabete lculated as S EQUITY ed as: T LIABILITI SET, TION/TOTA between de cKiernan 19 Al-Jafari M we use th n of simple ive variable eight is as odel on the predictive Asian ains ory D35.1 ven the su or, the refer For the con The variable e, widely u that ROE i ive. Also A key indica nagers and o uid, leverag e Neves, Ca the ratio o IES, AL ASSET. ependent an 991, Liargo M.K. and Al e multiple e linear regr es to under signed to set of expla ability is l n Journal of F - Electric ubject matte rence popu nstruction o es to be use sed as a me is the most rouri et al. ( ator in the owners as it ge, size, CF arla Henriqu of net incom nd independ ovas P. and l Samman H linear regre ression, whe stand how each predic anatory var limited if t Finance & Ac ISSN 19 2022, Vol. 1 ajfa.macro power gen er of the r ulation turns of the sampl ed in the st easure of ec important r (2010) and value crea t reflects th FTA and D ues and Joã me to share dent variab Skandalis K H. 2015, M. ession mod ereby we m they influe ctor to ob riables belon there is cor ccounting 946-052X 14, No. 2 think.org/ neration, research, s out to le, those tatistical conomic ratio for Visali et ation for he firm’s DATA as ão Vilas, eholders' le, as in K. 2010, . Ahmad del. This make use ence the tain the nging to rrelation The mo variable where: ‐  0,  1,… ‐ x1, x2 ,… ‐ ɛ rando Based o ROE= β The nu variable whereas variable 3. Resu For the Europea Through which t Therefo ROE = 311.82* Table 1 Regress R multi R squar Adjuste Standar N. Obse odel, which es, can be w …,  p unknow …, xp the valu om variable  on model (1 β0+β1 LIQU ull hypothes es: s the altern e and the in ults year 2020, an listed co h the least turn out to b β0 = - ore, the estim = -3.66 + *DATA . Regression sion statistic iple red ed R squared rd error ervations relates the written as: wn constant q ues taken by with expecte ), the regre UID+β2 LEV sis is that native hypo dependent v the sample mpanies. squares me be respectiv -3.66, β1= 0 mated multi 0.94*LIQU n statistics cs d dependent quantities ca  the explana ed value equ ssion functi VERAGE+β there is no H0 = β1 othesis is th variables: H1 = e, after elim ethod, the v ely: 0.94, β2= 13 iple regress UID + 13.2 43 or response Y= ꞵ0 + ꞵ1 alled regress atory or pred ual to zero an ion represen β3 SIZE+β4 o relationsh 1 + β2 = …= he existence = at least ꞵp minating una values of the 3.25, β3= 0. ion model i 25*LEVERA Asian e variable Y 1x1 + ꞵ2x2 + ion coefficie dictor variabl nd variance σ nted by the CFTA+β5 D hip betwee = ꞵp = 0, e of relatio p ≠ 0. available va e regression 34, β4 = 254 is: AGE + 0. n Journal of F Y to p expla …+ ꞵpxp + nts;  es X1 , X2 , ... σ2    called err present stud DATA+ε. n value an onship betw lues, turns o n coefficien 4.73, β5= -3 34*SIZE + Finance & Ac ISSN 19 2022, Vol. 1 ajfa.macro anatory or p ɛ ., Xp ;  ror or varian dy is as foll nd the inde ween the de out to cons nts were cal 311.82 + 254.73*C 0.93 0.87 0.86 5.76 64 ccounting 946-052X 14, No. 2 think.org/ predictor (1) nce.  ows: ependent ependent ist of 64 lculated, CFTA – The val of the v percent that als the sam propose Table 2 Regress Residua Total To unde lower v Table 3    Intercept  LIQUID    LEVERAGE  SIZE    CFTA    DATA    Furtherm there is It can b variable that the is not l and DA linearly 4. Discu This pa The stu Dijk's A lue of R squ variance in of the vari o takes into mple size, it ed model. . Analysis o sion al erstand the value of 0.05 . Regression Coefficients  ‐3.66  0.94    13.25  0.34  254.73  ‐311.82  more, as ca sufficient e be said tha e is linearly e variable SI linearly rela ATA present y related to R ussion aper aimed t udy covered Amadeus d uared is 0.8 n the depen iance in RO o account th can be said of variance gdl 5 58 63 significanc 5 for the 95 n analysis r Standard error  3.96  0.43  3.85  0.68  13.73  35.68  an be seen evidence to at the mode y related to Y IZE, is the o ated to RO t a significa ROE. to test the f d the univer database, ov 7, so this m ndent variab OE. Looking he number d that 86 per 12,68 1,92 14,60 e of the mo percent con results Stat t  S ‐0.92  2.18  3.44  0.50  18.55  ‐8.74  more than reject the n el is statist Y. Specifica only one wi E. On the ance value factors that se of Europ ver the 202 44 means that th ble. The pr g at the adj of explana rcent of the SQ 86.33 2 23.59 09.92 odel we also nfidence lev Significance valu 0.3 0.0 0.00 0.6 0.00 0.00 one ꞵp coe null hypothe tically signi ally, by ana ith a value contrary, th less than 0 influence fi pean listed c 20 period. I Asian he five vari redictors, ta justed R sq atory variab variance in MQ 2,537.27 33.17 o look at the vel. e  Lower 95%  6  ‐11.59  3  0.08  0  5.55  2  ‐1.02  0  227.24  0  ‐383.25  efficient is d esis in favou ificant beca alysing the s greater than he variables .05 and con firm value in companies, In construct n Journal of F iables expla aken as a s quared value les included n ROE can b F 76.50 e F statistic, Upper 95%  4.27  1.81  20.95  1.70  282.22  ‐240.39  different fro ur of the alt ause at leas significance n 0.05. Ther s LIQUID,L nsequently t n the Energ surveyed th ting the sam Finance & Ac ISSN 19 2022, Vol. 1 ajfa.macro ain about fo set, account e, that is, th d in the mo be explaine Signifi , which has Lower 95%  ‐11.59  0.08  5.55  ‐1.02  227.24  ‐383.25  om zero, th ternative hy st one inde e values we refore, this LEVERAG they turn o gy sector in through Bur mple, we e ccounting 946-052X 14, No. 2 think.org/ our-fifths t for 87 he index odel and ed by the ficance F 0.00 s a much Upper 95%  4.27  1.81  20.95  1.70  282.22  ‐240.39  herefore, ypothesis. ependent e can see variable GE,CFTA out to be Europe. reau van excluded values n observa conside explana LIQUID contribu The ana develop as the in Referen Almaja Perform of Mana Asimak Wide W Finance Arouri, Creatio and Acc Accoun Bennen profitab 27(11), Bhayan analysis Burja, Apulens https://d Charum empiric Feeny S tax enti Workin Goddar Europea Financi not availabl ations. Bas ered the dep atory var D,LEVERA utes to the alysis is use pment of thi nclusion of nces li A. Y., A mance of Jo agement Re kopoulos, I. Weterminant e, 11, 930–9 Mohamed on under IAS counting Jo nting, Pragu nbroek N. bility in Ne 1093-1101 ni, S. J. (201 s. South Asi C. (2011). sis doi.org/10.2 mathi, B. (2 cal study. Pr S. (2000). D ities. The U ng Paper No rd, J., Tava an manufa ial Econom le for the re ed on the pendent var riables. R AGE,CFTA existing lit eful for vari is analysis m additional v Alamro S. A ordanian Ins esearch, 4(2 ., Samitas, ts of Firm 939. https:// d El Hedi; S/IFRS: Ev ournal, ISSN ue, 5(3-4), 8 and Harris ew Zeal an . https://doi 10). Determ ian Journal Factors in Series 29302/oecon 2012). On roceedings Determinan University o o.1/00, Melb akoli, M., acturing an ics, 15(18), ference yea e literature riable, while ROE ap and DATA erature give ous stakeho may involv variables in A. and Al-S surance Co 2), 266-289. A. and Pa Profitabilit /doi.org/10. Lévy, Aldo idence of D N 1805-484 4-112. https s R. I. D. nd manufac i.org/10.108 minants of p of Manage nfluencing O nomica.201 the determ of the Worl nts of profit of Melbour bourne. & Wilson, d services: 1269-1282 45 ar. This disc review, th e, LIQUID, ppears to ratio and ne en the scar olders becau ve extending n the model. Soub Y. Z. ompanies Li . https://doi. apadogonas, ty: Greek E 1108/03074 o; Nguyen, Discordance 46, Universi s://doi.org/1 (1995). A cturing indu 80/0003684 profitability ement, 17(4) the compa Oeconomic 11.13.2.3 minants of p ld Congress tability: An rne. Melbou J. O. S. : Evidence 2. https://doi Asian crimination he variable ,LEVERAG o be p egatively by city of sim use it offers g the study (2012). Fa isted at Am .org/10.529 , T. (2009) Evidence U 4350910993 , Duc Khuo e from Fren ity of Econ 10.18267/j.e An investiga ustries in 1 4950000009 in Indian c ), 6-20. any’s profit a, profitability s on Enginee empirical urne Institu (2005). 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