Analýza panelových údajov - aplikácia na odvetvia hospodárstva Slovenskej republiky
Panel Data Analysis Appplied to Branches of Slovak Economy

Summary/Abstract: This article presents the methodology of panel data analysis and applies it analyzing profits/losses resulting from financial operations in various branches in Slovak economy. We used the panel data methodology to explain profits/loss from financial operations with excess debt (difference between liabilities and claims), financial assets, bank loans and EBIT. All variables are divided with total revenues in order to adjust to branch size. We proceed with construction of the estimator with block-diagonal matrix of regressors and made it more parsimonious by restrictions across years and sectors. The most regular impact on the dependent variable exercise bank loans. Their impact culminated in 1994 (0.35 SKK on 1 SKK principal) and decreased in time. In some sectors, the average payments fell even under average interest rate, indecating cumulation of bad debts in banks. The impact of EBIT was smaller in 1994 (parameter value 0.08), but it increased over time. According to scatter graph, in secondary sector it should be higher, but after other explanatory variables were added, it was not. In general, however, the results support the hypothesis, that enterprises tend to “smuggle” profits via financial operations in other subjects. Excess debt (not paying one’s suppliers) is in our conditions much cheaper than loans (0.02 to 0.12 SKK for 1 SKK debt) and in some sectors, it is even positive, indicating that these enterprises shift their problems to their suppliers. According to our analysis, return on financial assets are in all periods except 1994 higher in primary and secondary sectors than in the tertiary sector. The return in primary and secondary sectors approaches lower values in 1994 and 1996, slightly higher values in 1995 and 1997. The difference between them and terciary sector culminates in 1996, when the tertiary sector suffers even loss. Thus, we can conclude, that the main determinant of profits or loss from financial operations were bank loans and in primary and secondary sectors in years 1995 and 1997 also financial assets. The relation between of profits or loss from financial operations and EBIT was established, but it was quite weak, the same can be said also about excess debt.

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