The paper studies the pattern of financial performance for listed companies originating from different industries - financial intermediation, beverage and food industry, energy, pharmaceuticals and chemicals - in four Central and Eastern European countries - Czech Republic, Hungary, Poland and Romania over a four year period (2003-2006). The financial performance is addressed by taking into account companies’ return on assets (ROA) and return on equity (ROE). The research methodology consists of hierarchical and k-means clustering amalgamation techniques, in order to distinguish between naturally occurring similar groups that are statistically significant in terms of industry and/or national influences. Our analysis encompasses a dynamic approach, as it refers to changes in clusters' structure in time and searches for possible explanations of corporate financial performance in this region.

financial performance, cluster, profitability, Central and Eastern Europe