Economics and Business Review

ISSN 2392-1641
e-ISSN 2450-0097

Poznań University of Economics - Poland

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Volume 4 (18) Number 1 pp. 64-85

Sławomir Kalinowski, Marcin Puziak

1Poznań University of Economics and Business, Faculty of Management, Department of Microeconomics, Poznań, Poland
2
Poznań University of Economics and Business, Faculty of Economics, Department of Microeconomics, Poznań, Poland

Does a financial crisis affect operating risk? Evidence from Polish listed companies

Abstract:

In turbulent times of crisis the variability of both EBIT and operating revenue
increase in comparison to a relatively stable post crisis period. The main aim of
this paper is to investigate this relationship across these two periods. The hypothesis is
that the degree of operating leverage (DOL) is significantly higher during the crisis period
(2007-2010) than in the post-crisis period (2011-2015). Additionally the authors
checked whether there were significant differences across defined industries and also
verified whether all industries had responded in the same way to Financial Crisis as far
as DOL is concerned. The main findings are: (a) The Financial Crisis of the years 2008‑2009
significantly influenced the DOL of Polish stock companies; (b) There are substantial
differences of the DOL across industries; (c) The DOL in the case of all industries
investigated changed in the same direction when comparing two selected subperiods.

pub/2018_1_64.pdf Full text available in in Adobe Acrobat format:
http://www.ebr.edu.pl/volume18/issue1/2018_1_64.pdf
Keywords: operating risk, financial crisis, Polish stock market, panel data analysis

DOI: 10.18559/ebr.2018.1.5

For citation:

MLA Kalinowski, Sławomir, and Marcin Puziak. "Does a financial crisis affect operating risk? Evidence from Polish listed companies." Economics and Business Review EBR 18.1 (2018): 64-85. DOI: 10.18559/ebr.2018.1.5
APA Kalinowski, 1., & Puziak, 2. (2018). Does a financial crisis affect operating risk? Evidence from Polish listed companies. Economics and Business Review EBR 18(1), 64-85 DOI: 10.18559/ebr.2018.1.5
ISO 690 KALINOWSKI, Sławomir, PUZIAK, Marcin. Does a financial crisis affect operating risk? Evidence from Polish listed companies. Economics and Business Review EBR, 2018, 18.1: 64-85. DOI: 10.18559/ebr.2018.1.5