The impact of macroeconomic factors on the profitability of companies. Analysis using neural networks

• Autorzy: Szutowski Dawid

Identyfikatory

DOI

10.29119/1641-3466.2024.193.37

• Języki publikacji: EN

Abstrakty

EN

Purpose: Despite the central role of profitability in economic analysis, previous research has yielded diverse and often unstructured conclusions regarding its determinants. To address this gap, this empirical investigation aimed to explore the major determinants of company profitability. Design/methodology/approach: It conducted a comprehensive analysis of factors, encompassing: changes in the gross domestic product, Consumer Price Index, Producer Price Index, NBP’s Reference rate, investment outlays, intramural expenditures on research and development, expenditures on innovation activities in enterprises, and patents granted, alongside company-level profitability indicators. The study's sample consisted of companies representing 19 sectors of the economy, spanning from 2004 to 2021. For data analysis, a neural network was employed, specifically a multi-layer perceptron (MLP) utilizing the sigmoid activation function. Findings: The findings suggest that alterations in macroeconomic variables can significantly impact the profitability of companies. The analysis carried out revealed that consumer price index, reference rate, gross domestic product and producer price index were the most important exogeneous factors. Originality/value: This study introduces several novelties, including the application of neural networks, which are infrequently utilized in this field, and the simultaneous analysis of a comprehensive set of independent variables.

Słowa kluczowe

EN

profitability; macroeconomic indicators; neural network

PL

rentowność; wskaźniki makroekonomiczne; sieć neuronowa

• Wydawca: Wydawnictwo Politechniki Śląskiej
• Czasopismo: Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska
• Rocznik: 2024
• Tom: z. 193
• Strony: 667--683
• Opis fizyczny: Bibliogr. 32 poz.

Twórcy

autor

Szutowski Dawid

• Poznań University of Economics and Business

• https://orcid.org/0000-0002-5841-4973

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