WSEAS Transactions on Business and Economics
Print ISSN: 1109-9526, E-ISSN: 2224-2899
Volume 21, 2024
Problems of Digitalization of Collection and Analytics of Enterprises’ Financial Information for Determining Industry Average Financial Indicators
Authors: , ,
Abstract: The study aims to develop theoretical and methodological provisions for the digitalization of the collection and analysis of industry financial indicators. The relevance of the chosen topic is confirmed by the emergence of open access to the financial statements of industrial enterprises during the period of digital transformation. The process of collecting and analyzing industry financial information causes certain problems since there are no methods for determining industry average financial indicators. The study used a system and comparative analysis, methods of economic and financial analysis of the industrial enterprises` financial information, and methods of statistical assessment of the main parameters of the sample with a lognormal distribution. The main attention is paid to the application of multivariate statistical analysis, the use of the model of lognormal distributions, recommended for distributions with pronounced right-sided asymmetry. During the study, the authors proposed the stages of analysis of the determination of sectoral financial indicators and tested the hypothesis about the lognormal distribution of the marginal distributions of the main financial indicators of the sample. The paper implements a test of the hypothesis about the jointly normal distribution of the multifactorial vector of the financial indicators of the sample. Distributions with a pronounced right-sided asymmetry are constructed and an algorithm for testing the hypothesis of the joint normality of a nine-dimensional vector is presented. The median and modal values of the industrial average financial indicators are obtained. In the paper, it is demonstrated that the orientation towards the generally established recommended values of the coverage indicators, financial leverage, immobilization, profitability, and turnover seems to be incorrect due to the specific features of the enterprises’ activities. It is recommended to calculate the most probable industry average financial ratios by groups depending on the size of the enterprise (revenue or capitalization).
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Keywords: Digitalization of collection and analytics financial data, financial analysis, industry average financial ratios, financial stability of the organization, industry profitability, modal values, logarithmically normal distribution law, gas and oil industry
Pages: 2049-2060
DOI: 10.37394/23207.2024.21.167