Table 1.
MEAN-CR and MEDIAN-CR in Poland, 2004–2020
| Year | MEAN-CR (%) | MEDIAN-CR (%) |
|---|---|---|
| 2004 | 9.1 | 5.1 |
| 2005 | 9.9 | 6.0 |
| 2006 | 10.7 | 6.5 |
| 2007 | 11.3 | 6.3 |
| 2008 | 10.0 | 5.5 |
| 2009 | 8.1 | 5.1 |
| 2010 | 8.3 | 5.1 |
| 2011 | 7.5 | 4.2 |
| 2012 | 7.1 | 4.1 |
| 2013 | 7.3 | 3.6 |
| 2014 | 7.7 | 3.8 |
| 2015 | 8.2 | 3.9 |
| 2016 | 8.1 | 3.7 |
| 2017 | 8.6 | 4.3 |
| 2018 | 8.9 | 4.1 |
| 2019 | 9.1 | 4.0 |
| 2020 | 10.7 | 5.3 |
| Average | 8.7 | 4.7 |
Figure 1.
CR (MEAN-CR) for Poland’s public companies over 1Q2004–1Q2021.
Source: Own calculations.
Figure 2.
MEAN-CR and MEDIAN-CR for Poland’s public companies over 2004–2020.
Source: Own calculations.
Table 2.
Time regression models
| MEAN-CR | MEDIAN-CR | |||
|---|---|---|---|---|
| DUMMY COVID | 0.0245*** (2.60) | 0.0172*** (3.50) | ||
| DUMMY PRE-GFC | 0.0224*** (3.47) | 0.0122*** (3.62) | ||
| TIME | –0.0006 (–1.03) | –0,0001 (–0.24) | –0.0012*** (–3.39) | –0.0010*** (–3.59) |
| R2 | 0.0657 | 0.6542 | 0.4338 | 0.8286 |
Figure 3.
MEAN-CR for Poland’s public companies and GDP over 2004. GDP (right-hand axis).
Source: Own calculations.
Figure 4.
MEAN-CR = f(GDP) for Poland’s public companies: 1Q 2004–4Q2019.
Source: Own calculations.
Table 3.
CR = f(GDP, TIME, DUMMIES) for Poland’s public companies 2004–2020
| MEAN-CR | (1) | (2) | (3) | (4) | (5) | (6) |
|---|---|---|---|---|---|---|
| GDP | 0.5994*** (4.50) | 0.5994*** (4.50) | 0.5498*** (4.64) | 0.5498*** (4.64) | 0.4041*** (3.74) | 0.4155*** (3.76) |
| DUMMY COVID | 0.0597*** (4.88) | 0.0640*** (5.89) | 0.0495*** (5.40) | 0.0525*** (5.26) | ||
| DUMMY PRE-GFC | 0.0159*** (3.80) | 0.0135** (2.64) | ||||
| TIME | –0.0009** (-2.31) | –0.0009** (–2.31) | –0,0003 (–0.82) | |||
| R2 | 0.5914 | 0.6465 | 0.7101 | 0.7492 | 0.8325 | 0.8414 |
| MEDIAN-CR | (1) | (2) | (3) | (4) | (5) | (6) |
| GDP | 0.3332** (2.43) | 0.3332** (2.43) | 0.2520*** (3.35) | 0.2520*** (3.35) | 0.1274 (1.17) | 0.1666** (2.38) |
| DUMMY COVID | 0.0288** (2.28) | 0.0357*** (5.18) | 0.0180* (1.96) | 0.0284*** (4.49) | ||
| DUMMY PRE-GFC | 0.0168*** (3.98) | 0.0086** (2.65) | ||||
| TIME | –0.0015*** (–5.94) | –0.0015*** (–5.94) | –0,0011*** (–4.45) | |||
| R2 | 0.2961 | 0.3145 | 0.8107 | 0.8156 | 0.6913 | 0.8836 |
Table 4.
CRt = f(CRt-1, GDP, TIME) for Poland’s public companies 2004–2020
| MEAN-CR | MEDIAN-CR | |||||
|---|---|---|---|---|---|---|
| CR-1 | 0.8315*** (4.58) | 0.5553*** (4.28) | 0.3895** (2.38) | 0.8128*** (5.10) | 0.8318*** (7.22) | 0.3146 (1.76) |
| GDP | 0.2507** (2.29) | 0.3036** (2.80) | –0.0053 (–0.07) | 0.1228* (1.85) | ||
| GDP + 1 | 0.2620** (2.84) | 0.2371** (2.69) | 0.2416*** (3.71) | 0.1698*** (3.30) | ||
| TIME | –0.0007 (–1.52) | –0.0012*** (–3.23) | ||||
| R2 | 0.5992 | 0.8853 | 0.9087 | 0.6497 | 0.9044 | 0.9560 |
Figure 5.
CRs for U.S. companies over 1983–2000. MEAN-CR (right-hand axis).
Source: Own calculations based on data from Bates et al. [2009].
Table 5.
Regression models for the U.S. companies 1980–2006
| MEAN-CR | MEDIAN-CR | |||||||
|---|---|---|---|---|---|---|---|---|
| GDP | 0.1555 (1.11) | 0.1006 (0.72) | 0.0206 (0.14) | –0.1819 (–1.25) | ||||
| GDP+1 | 0.2632* (1.76) | 0.2871* (1.99) | 0.1854 (1.34) | 0.1033 (0.93) | ||||
| GDP-1 | –0.2466* (-1.90) | –0.2612** (–2.06) | –0.2165** (–2.07) | –0.2598** (–2.52) | ||||
| Time | 0.0046*** (14.30) | 0.0045*** (14.08) | 0.0045*** (13.57) | 0.0045*** (13.99) | 0.0025** (2.65) | 0.0022** (2.49) | 0.0007* (1.69) | 0.0008* (1.92) |
| CR-1 | 0.4689** (2.35) | 0.5421*** (2.97) | 0.8931*** (6.63) | 0.8555*** (6.53) | ||||
| R2 | 0.8910 | 0.8963 | 0.8995 | 0.8971 | 0.9188 | 0.9105 | 0.8934 | 0.8775 |