| Title |
fANOVA application for comparison of companies by the CEO turnover rates / |
| Translation of Title |
fANOVA taikymas kompanijų su dažnu ir retu generalinio direktoriaus pasikeitimu palyginimui. |
| Authors |
Deinoravičiūtė, Urtė ; Yasyreva, Anna |
| DOI |
10.15388/LMR.2023.33589 |
| Full Text |
|
| Is Part of |
Lietuvos matematikos rinkinys. Lietuvos matematikų draugijos darbai. Ser. B.. Vilnius : Vilniaus universiteto leidykla. 2023, t. 64, p. 12-24.. ISSN 0132-2818. eISSN 2335-898X |
| Keywords [eng] |
profitability ; CEO turnover ; functional data ; fANOVA |
| Abstract [eng] |
The aim of this study was to analyze the data from the Nasdaq Baltic listed companies’ financial statements and to estimate if the CEO changes have a significant influence on the financial performance: profitability, indebtedness and stock price. Data was collected and financial ratios were computed for 34 companies during 2006 to 2021 (2008 to 2022 for stock prices). The companies were divided into 3 groups: ones that had no CEO changes over the period; those that had 1 or 2 and those with 3 or more. Point-wise ANOVA, fANOVA and fMANOVA were conducted. Both point-wise and functional ANOVA indicated that there is a significant difference of at least one group from the others in terms of ROA and EBITDA margin. After conducting two-sample tests, the group with 3 or more CEO changes was identified as having a significantly higher EBITDA margin than the others. Furthermore, a significant positive relationship between the stock price and the CEO turnover was uncovered in the function-on-scalar regression results. |
| Published |
Vilnius : Vilniaus universiteto leidykla |
| Type |
Journal article |
| Language |
English |
| Publication date |
2023 |
| CC license |
|
