Economy & Business, Volume 10, 2016

Резюме: The study examines the impact of firm- and industry-level variables on performance of Polish listed companies. The study is based on the data of companies (all but financial and commercial ones) listed on the Warsaw Stock Exchange in the period of 2007-2012. Each of the companies has also been classified into a specific industry according to the Polish PKD classification (similar to NACE Rev.2). The study employed panel data analysis with fixed effects. The results indicate that the firm-level effects have a slightly stronger impact on companies' performance than industry-level effects, though the differences largely depend on the model applied to research. In the 1st panel (dependent variable ROA) the results indicate around three times higher impact of firm- in comparison to industry-level effects. In the 2nd panel (dependent variable ROS) the difference between these two types of variables is approximately 15%.