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Forecasting the Profitability of the Textile Sector in Emerging European Countries Using Artificial Neural Networks

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Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
This study analyzes a set of key performance indicators for listed companies in the textile industry in emerging European countries: EBITDA margin, operating margin, pretax ROA, pretax ROE. Several statistical-econometric methods (dynamics analysis, structural analysis and regression) were used to provide an overview of the evolution of the public companies studied for the period 2012- 2022, as well as a number of forecasts for the period 2023-2025. GMDH Shell software was used for public companies’ pretax ROA forecast analysis in the textile industry in emerging European countries. The factor regression models that were constructed are valid for eight of the nine countries studied.
Rocznik
Strony
39--48
Opis fizyczny
Bibliogr. 36 poz., rys., tab.
Twórcy
  • National University of Science and Technology POLITEHNICA Bucharest, Pitești University Centre, Romania
  • National University of Science and Technology POLITEHNICA Bucharest, Pitești University Centre, Romania
  • National University of Science and Technology POLITEHNICA Bucharest, Pitești University Centre, Romania
Bibliografia
  • 1. Akhtar, W.H., Watanabe, C., Tou, Y, & Neittaanmäki, P. (2022). A new perspective on the textile and apparel industry in the digital transformation era. Textiles, 2 (4), 633-656. Available from: https://doi.org/10.3390/textiles2040037
  • 2. Ikram, M. (2022). Transition toward green economy: Technologi)cal Innovation’s role in the fashion industry. Current Opinion in Green and Sustainable Chemistry, 37. Available from: https://doi.org/10.1016/j.cogsc.2022.100657
  • 3. Anis, M, Chawky, S, & Abdel Halim, A. (2023). Mapping innovation. The discipline of building opportunity across value chains. Springer Cham.
  • 4. The Business Research Company Textile Global Market Report, 2023. Available from: https://www.thebusinessresearchcompany.com/report/textile-global-market-report
  • 5. World Trade Organization. World Trade Statistical Review, 2023. https://www.wto.org/english/res_e/booksp_e/wtsr_2023_e.pdf
  • 6. GMDH Inc. GMDH Sheel Forecasting Software 3.5.8 https://gmdhsoftware.com/docs/demand_forecasting
  • 7. GMDH, INC. GMDH Sheel Forecasting Software 3.5.8 https://gmdhsoftware.com/docs/learning_algorithms
  • 8. Refinitiv. Eikon. https://eikon.refinitiv.com/
  • 9. Peterson Drake, P., & Fabozzi, J.F. (2012). Analysis of financial statements, (3rd ed.), Wiley, 101.
  • 10. Berk, J., & DeMarzo, P. (2020). Corporate Finance (5th ed.). Pearson.
  • 11. Kristóf, T., & Virág, M. (2022). What drives financial competitiveness of industrial sectors in Visegrad Four countries? Evidence by use of machine learning techniques. Journal of Competitiveness, 14(4), 117–136. Available from: https://doi.org/10.7441/joc.2022.04.07
  • 12. Lyroudi, K. (2019). Examination of the liquidity, profitability and indebtness relations for Polish companies with neural networks. In: Horobet, A., Belascu, L., Polychronidou, P. and Karasavvoglou, A. (eds) Global, regional and local perspectives on the economies of Southeastern Europe. Proceedings of the 11th International Conference on the Economies of the Balkan and Eastern European Countries (EBEEC) in Bucharest, Romania, 135–151.
  • 13. Green, J, &Zhao, W. (2022). Forecasting earnings and returns: A review of recent advancements. The Journal of Finance and Data Science, 8, 120-137. Available from: https://doi.org/10.1016/j.jfds.2022.04.004
  • 14. Das, D. (2022). Assessing financial distress and its association with leverage, liquidity and profitability: Evidence from textile industry of Bangladesh. International Journal of Research and Review. 9 (11), 451-462. Available from: http://dx.doi.org/10.52403/ijrr.20221161
  • 15. Narwal, K.P., & Jindal, S. (2015). The impact of corporate governance on the profitability: An empirical study of Indian textile industry. International Journal of Research in Management, Science & Technology, 3(2), 81-85. https://www.researchgate.net/publication/361924226_The_Impact_of_Corporate_Governance_on_the_Profitability_An_Empirical_ Study_of_Indian_Textile_Industry
  • 16. Pham, M., Nguyen, H., & Hoang. Q. (2021). Role of research and development on profitability: An empirical research on textile listed firms in Vietnam. Economic Insights – Trends and Challenges, 4, 1-9. Available from: http://dx.doi.org/10.51865/EITC.2021.04.01
  • 17. Rahaman, M., & Sur, D. (2014). Profitability trends in selected textile companies in India: A cross-sectional analysis. IUP Journal of Business Strategy, 11(4), 60-81. Available from: https://ssrn.com/abstract=2639035
  • 18. Ullah, A., Pinglu, C., Ullah, S., Zaman, M., & Hashmi, S.H. (2020). The nexus between capital structure, firm-specific factors, macroeconomic factors and financial performance in the textile sector of Pakistan. Heliyon, 6 (8), e04741, 2-10. Available from: https://doi.org/10.1016/j.heliyon.2020.e04741
  • 19. Wadho, W., & Chaudhry, A. (2018). Innovation and firm performance in developing countries: The case of Pakistani textile and apparel manufacturers. Research Policy, 47(7). 1283-1294. Available from: https://doi.org/10.1016/j.respol.2018.04.007
  • 20. Burkhanov, A., & Bakhodirovna, B.D. (2021). Evaluation of economic potential of textile industry enterprises. Fibres and Textiles, 28(2), 9-21. Available from: http://vat.ft.tul.cz/2021/2/VaT_2021_2_2.pdf
  • 21. Arslan, Ö., Polatgil, M., & Arslan, E. (2022). Examining the financial ratios and profitability of companies by using ANFIS: A study on leather and clothing industries traided in BIST. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 61, 369-384. Available from: https://doi.org/10.18070/erciyesiibd.1013035
  • 22. Suh, W.M. (1992). Quality, process, and cost controls—a ‘Random Walk’ in textile profitability. The Journal of The Textile Institute, 83(3), 348- 360. Available from: https://doi.org/10.1080/00405009208631208
  • 23. Hawley, D.D., Johnson, D.J., & Raina, D. (1990). Artificial neural systems: A new tool for financial decision-making. Financial Analysts Journal, 46(6), 63-72. Available from: https://doi.org/10.2469/faj.v46.n6.63
  • 24. Hoptroff, R.G. (1993). The principles and practice of time series forecasting and business modelling using neural nets. Neural Computing and Applications, 1, 59–66. Available from: https://doi.org/10.1007/BF01411375
  • 25. Martín-del-Brío, B., & Serrano-Cinca, C. (1993). Self-organizing neural networks for the analysis and representation of data: Some financial cases. Neural Computing and Applications, 1, 193–206. Available from: https://doi.org/10.1007/BF01414948
  • 26. Maciel, L.S., & Ballini, R. (2010). Neural networks applied to stock market forecasting: An empirical analysis. Journal of the Brazilian Neural Network Society, 8(1), 3-22. 10.21528/lmln-vol8-no1-art1
  • 27. Adhikari, R., & Agrawal, R. K. (2011). A homogeneous ensemble of artificial neural networks for time series forecasting. International Journal of Computer Applications, 32 (7), 1-8. Available from: https://doi.org/10.48550/arXiv.1302.6210
  • 28. Mihai, D.A., & Pica, A.Ş. (2023). The role of artificial intelligence in business sustainability. FAIMA Business & Management Journal, 11(3), 56-67. Available from: https://www.proquest.com/scholarly-journals/role-artificial-intelligence-business/docview/2868337278/se-2
  • 29. Serrano-Cinca, C. (1997). Feedforward neural networks in the classification of financial information. The European Journal of Finance, 3(3), 183-202. Available from: https://doi.org/10.1080/135184797337426
  • 30. Aliahmadi, A., Jafari-Eskandari, M., Mozafari, A, & Nozari, H. (2016). Comparing linear regression and artificial neural networks to forecast total productivity growth in Iran. International Journal of Information, Business and Management, 8(1), 93-113. Available from: https://ijibm.elitehall.com/IJIBM_ Vol8No1_Feb2016.pdf
  • 31. Alexandropoulos, S.A.N., Aridas, C.K, Kotsiantis, S.B., & Vrahatis, M.N. (2019). A Deep Dense Neural Network for Bankruptcy Prediction. In: Macintyre J, Iliadis L, Maglogiannis I, Jayne C. (eds) Engineering Applications of Neural Networks. Proceedings of the 20th International Conference, EANN 2019, Xersonisos, Crete, Greece, 435-444.
  • 32. Anandarajan, M., Lee, P., & Anandarajan, A. (2004). Bankruptcy prediction using neural networks. In: Anandarajan M, Anandarajan A, Srinivasan CA. (eds) Business Intelligence Techniques, 117- 132. Springer, Berlin, Heidelberg, Available from: https://link.springer.com/chapter/10.1007/978-3-540-24700-5_7
  • 33. Mostafa, F., Dillon, T., & Chang, E. (2017). Neural Networks and Financial Forecasting. In: Computational Intelligence Applications to Option Pricing, Volatility Forecasting and Value at Risk. Studies in Computational Intelligence, 697, 51–80. Springer, Cham. Available from: https://doi.org/10.1007/978-3-319-51668-4_4
  • 34. Marak, Z.R., Ambarkhane, D., & Kulkarni, A.J. (2022). Application of artificial neural network model in predicting profitability of indian banks. International Journal of Knowledge-based and Intelligent Engineering Systems, 26(3), 159-173. Available from: https://doi.org/10.3233/kes-220020
  • 35. McKinsey and Company. The state of fashion 2024: finding pockets of growth as uncertainty reigns. Report, 29 November 2023. Available from: https://www.mckinsey.com/industries/retail/ourinsights/state-of-fashion#
  • 36. World Bank. World development indicators. https://datatopics.worldbank.org/world-development-indicators/
Typ dokumentu
Bibliografia
Identyfikator YADDA
bwmeta1.element.baztech-1712a36a-a426-400d-8a49-e9fbf55ae415
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