摘要：The primary objective of this study is to analyze the impact of macroeconomic and institutional factors onselected financial ratios of companies.The research material consists of 131 664 variables from the followingcountries: Finland, France, Germany, Greece, Italy, Latvia, Lithuania, Netherlands, Poland, Romania,Slovakia and the United Kingdom, for the years 2000–2007.Correlation analysis and univariateanalysis of variance were used for the purposes of empirical analysis.Institutional factors (developmentof stock exchanges, banking systems, legal systems) have a greater impact on the financial ratios of listedcompanies than macroeconomic factors (economic growth, inflation, the rate of corporate taxation).Thegreatest total impact of macroeconomic and institutional factors was observed for debt ratios, assetsstructure and company size;the impact was weaker for ROA, and the weakest in the case of growthopportunities index.
其他摘要：Podstawowym celem artykułu jest analiza wpływu czynników makroekonomicznych i instytucjonalnych na wybrane wskaźniki finansowe spółek publicznych. Materiał badawczy liczący 131 664 zmiennych pochodził z następujących państw: Finlandii, Francji, Niemiec, G
