Arta Hoti Arifaj

This paper investigates the impact of operating cash flows, company size, and debt (including both cash and operating flows) on the financial performance of Kosovo’s ten most prominent publicly traded companies. Various analytical techniques were employed for hypothesis testing, including OLS linear regression analysis, correlation analysis between variables, and statistical tests such as the T-test and Ratio test. The financial performance analysis involves utilizing Return on Assets (ROA) as the dependent variable, while the independent variables encompass operating cash flows (CFO), firm size, and financial leverage.
The study’s findings reveal noteworthy insights. Although cash flow (p > 0.05) is not observed to have a significant impact, larger company size (p < 0.01) is associated with diminished financial performance. Conversely, higher debt leverage (p < 0.01) is linked to enhanced financial performance. Consequently, the results underscore the significant economic implications that firm size and financial leverage hold for the financial performance of corporations in Kosovo, as indicated by ROA.
The observation that firms size plays a substantial role in financial performance aligns cohesively with established economic theory. As companies expand, they often encounter challenges related to efficient resource management.

Type of the article: Research Article

Abstract
This study synthesises findings from 56 research articles published between 2010 and 2024 to examine how digital marketing affects the performance of small and medium-sized enterprises (SMEs). Using a random-effects model estimated with restricted maximum likelihood (REML), the analysis shows a clear and moderately strong positive relationship (r = 0.3715, 95% CI [0.3443, 0.3884], p < 0.0001). The lack of variability across studies is remarkable, with an I² value of only 0.09%. This suggests a strong consistency in the observed relationship, even though the studies used different contexts and research methods.
Mixed-effects moderation analyses show that the impact of digital marketing varies depending on industry structure. Specifically, service-sector companies see greater performance improvements than small and medium-sized manufacturing businesses. In contrast, the geographic setting, the research design, and the type of performance metric used do not significantly change the observed relationship. To assess the possibility of publication bias, the study used Egger’s regression test and funnel plot analysis. Neither method showed any signs of systematic bias.
The combined results suggest that digital marketing is a strong and broadly effective way to improve the performance of small and medium-sized enterprises (SMEs), especially in service-based industries where digital interactions with customers are crucial. However, the lack of diversity requires further investigation, as it could indicate hidden similarities in how the studies were designed or how they measured things. Future research would benefit from more detailed studies over time, as well as a closer look at how different sectors or organizations might affect the results of digital marketing.