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The causes of firm performance variation in the Czech food processing industry in the context of the outlier effect

机译：在离群效应的背景下，捷克食品加工业业绩表现不佳的原因

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Purpose - The purpose of this paper is to analyse to what extent industry, year and firm effects influence the profitability of the firms operating in the Czech food processing industry. The authors' interest is also to investigate whether the profitability of a few firms (regarded as outliers) is able to influence the relative importance of year, firm and industry effects and to find out the relative importance of these effects for the majority of the firms. Design/methodology/approach - The effects are tested using the fixed effects regression models on the unbalanced panel dataset which consists of 10,509 observations for 1,804 enterprises across the ten food sectors over the period 2003-2014. To ensure the consistency of the results, the authors use the three different measures of profitability: return on assets, return on equity and price-cost margin. Findings - The results suggest that, on average, industry and year effects have little impact on firm profitability variance, and firm-specific effects dominate when seeking to explain firm profitability variance. To the best of the authors' knowledge, the obtained results are supported by most of the previously published studies. Practical implications - Based on the findings, the authors encourage future researchers to add, as explanatory factors, governmental policies and to test their impact on firm profitability. Originality/value - The study helps to fill in the research gap in the field of agribusiness, as, to the best of the authors' knowledge, no study has been conducted yet in the Czech agribusiness environment. Considering the approach distinguishing the "average" and dominant firms in the sectors, they aim at a methodological contribution to this field of research dealing with firm profitability variation.
机译：目的-本文的目的是分析行业，年份和公司影响在多大程度上影响捷克食品加工业运营公司的盈利能力。作者的兴趣还在于调查少数公司的利润率（被视为离群值）是否能够影响年，公司和行业影响的相对重要性，并找出这些影响对大多数公司的相对重要性。 。设计/方法/方法-使用固定效应回归模型对不平衡面板数据集进行检验，该模型由2003-2014年期间十个食品行业的1,804家企业的10,509个观察值组成。为了确保结果的一致性，作者使用三种不同的获利能力度量：资产回报率，股本回报率和价格成本利润率。研究结果-结果表明，平均而言，行业和年度影响对公司盈利能力差异几乎没有影响，而在解释公司盈利能力差异时，特定于公司的影响占主导地位。据作者所知，大多数先前发表的研究都支持所获得的结果。实际意义-基于这些发现，作者鼓励未来的研究人员添加政府政策作为其解释性因素，并测试其对公司盈利能力的影响。原创性/价值-该研究有助于填补农业综合企业领域的研究空白，因为据作者所知，尚未在捷克农业综合环境中进行任何研究。考虑到区分部门中“平均”公司和主导公司的方法，他们的目标是对该方法领域中涉及公司盈利能力变化的方法学做出贡献。

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