Does public offering improve company’s financial performance? The example of Poland

Figures & data

Table 1. Descriptive statistics of medium-sized private companies.

Variable	Mean (%)	Median (%)	Std. deviation (%)
ROE
ROE using Net income – 2011	6.61	7.39	47.06
ROE using Net income – 2010	9.19	8.26	37.51
ROE using Net income – 2009	11.07	9.66	39.78
ROE using Net income – 2008	12.79	11.44	43.09
ROE using Net income – 2007	21.20	16.10	42.17
ROA
ROA using Net income – 2011	5.22	3.28	11.12
ROA using Net income – 2010	5.71	3.77	10.96
ROA using Net income – 2009	6.60	4.44	12.00
ROA using Net income – 2008	7.68	5.13	12.62
ROA using Net income – 2007	9.98	7.10	12.33

Source: Authors’ calculations based on data provided by Amadeus database.

Table 2. Descriptive statistics of medium-sized public companies.

Variable	Mean (%)	Median (%)	Std. deviation (%)
ROE
ROE using Net income – 2011	8.10	7.56	14.81
ROE using Net income – 2010	9.78	7.47	14.44
ROE using Net income – 2009	1.35	4.96	28.94
ROE using Net income – 2008	2.57	5.63	29.51
ROE using Net income – 2007	16.88	11.87	22.65
ROA
ROA using Net income – 2011	3.76	3.67	7.71
ROA using Net income – 2010	4.68	3.46	8.12
ROA using Net income – 2009	0.75	3.09	11.73
ROA using Net income – 2008	1.93	2.50	12.63
ROA using Net income – 2007	7.24	6.93	9.44

Source: Authors’ calculations based on data provided by Amadeus database.

Figure 1. Histograms of ROE variables for medium-sized private companies. Source: Authors’ calculations based on data provided by Amadeus database.

Figure 2. Histograms of ROA variables for medium-sized private companies. Source: Authors’ calculations based on data provided by Amadeus database.

Figure 3. Histograms of ROE variables for medium-sized public companies. Source: Authors’calculations based on data provided by Amadeus database.

Figure 4. Histograms of ROA variables for medium-sized public companies. Source: Authors’ calculations based on data provided by Amadeus database.

Table 3. Descriptive statistics of large private companies.

Variable	Mean (%)	Median (%)	Std. deviation (%)
ROE
ROE using Net income – 2011	5.84	6.02	47.06
ROE using Net income – 2010	8.13	7.25	39.17
ROE using Net income – 2009	10.36	8.01	37.27
ROE using Net income – 2008	7.64	8.01	44.09
ROE using Net income – 2007	15.42	10.68	40.39
ROA
ROA using Net income – 2011	4.32	2.84	9.91
ROA using Net income – 2010	4.94	3.52	10.80
ROA using Net income – 2009	5.79	4.10	10.44
ROA using Net income – 2008	5.51	4.12	11.39
ROA using Net income – 2007	7.26	5.21	10.71

Source: Authors’ calculations based on data provided by Amadeus database.

Table 4. Descriptive statistics of large public companies.

Variable	Mean (%)	Median (%)	Std. deviation (%)
ROE
ROE using Net income – 2011	6.67	8.78	23.36
ROE using Net income – 2010	8.29	6.16	14.52
ROE using Net income – 2009	6.21	7.23	20.82
ROE using Net income – 2008	6.66	5.98	15.86
ROE using Net income – 2007	14.20	13.36	14.15
ROA
ROA using Net income – 2011	1.51	3.40	14.97
ROA using Net income – 2010	3.99	3.45	6.27
ROA using Net income – 2009	3.10	4.20	9.36
ROA using Net income – 2008	3.09	2.39	7.65
ROA using Net income – 2007	7.28	6.80	7.23

Source: Authors’ calculations based on data provided by Amadeus database.

Figure 5. Histograms of ROE variables for large private companies. Source: Authors’ calculations based on data provided by Amadeus database.

Figure 6. Histograms of ROA variables for large private companies. Source: Authors’ calculations based on data provided by Amadeus database.

Figure 7. Histograms of ROE variables for large public companies. Source: Authors’ calculations based on data provided by Amadeus database.

Figure 8. Histograms of ROA variables for large public companies. Source: Authors’ calculations based on data provided by Amadeus database.

Table 5. Results of the Mann– Whitney U test for medium-sized companies.

Variable	Z	p-value
ROE
ROE using Net income – 2011	-0.14586	0.884030
ROE using Net income – 2010	-0.31927	0.749523
ROE using Net income – 2009	-2.62357	0.008702
ROE using Net income – 2008	-2.19487	0.028174
ROE using Net income – 2007	-1.08738	0.276869
ROA
ROA using Net income – 2011	-0.01342	0.989294
ROA using Net income – 2010	-0.30523	0.760194
ROA using Net income – 2009	-2.78870	0.005292
ROA using Net income – 2008	-2.28120	0.022537
ROA using Net income – 2007	-0.69977	0.484070

Source: Authors’ calculations based on data provided by Amadeus database.

Table 6. Results of the Mann–Whitney U test for large companies.

Variable	Z	p-value
ROE
ROE using Net income – 2011	0.29686	0.766575
ROE using Net income – 2010	-0.34583	0.729473
ROE using Net income – 2009	-1.0,154	0.302288
ROE using Net income – 2008	-1.55209	0.120641
ROA
ROA using Net income – 2011	0.14415	0.885378
ROA using Net income – 2010	-0.55344	0.579963
ROA using Net income – 2009	-1.09630	0.272948

Source: Authors’ calculations based on data provided by Amadeus database.

Table 7. Results of the Mann–Whitney U test for private companies.

Variable	Z	p-value
ROE
ROE using Net income – 2011	-32.6214	~0
ROE using Net income – 2010	-20.1366	~0
ROE using Net income – 2009	-19.6739	~0
ROE using Net income– 2008	-48.6766	-
ROE using Net income – 2007	-69.298	-
ROA
ROA using Net income – 2011	-29.4719	~0
ROA using Net income– 2010	-17.4485	~0
ROA using Net income – 2009	-18.9969	~0
ROA using Net income – 2008	-47.2706	-
ROA using Net income – 2007	-66.7546	-

Source: Authors’ calculations based on data provided by Amadeus database.

Table 8. Results of the Mann–Whitney U test for public companies.

Variable	Z	p-value
ROE
ROE using Net income – 2011	-0.212547	0.83168
ROE using Net income – 2010	-0.37379	0.70856
ROE using Net income – 2009	0.762239	0.445917
ROE using Net income – 2008	-0.168572	0.866133
ROE using Net income – 2008	0.0146584	0.988305
ROA
ROA using Net income – 2011	-0.37379	0.70856
ROA using Net income – 2010	-0.615655	0.538123
ROA using Net income – 2009	0.952799	0.340692
ROA using Net income – 2008	-0.0732922	0.941574
ROA using Net income – 2007	0.0146584	0.988305

Source: Authors’ calculations based on data provided by Amadeus database.