{
  "id": "ark:/99999/dp-mpb-xlsx.v1",
  "concept": "ark:/99999/dp-mpb-xlsx",
  "type": "datasetpaper",
  "title": "Financial leverage is weakly but consistently negatively associated with profitability in a cross-section of Polish firms (2008-2010)",
  "discipline": "corporate finance / empirical economics",
  "description": "Using audited financial statements of Polish firms (2008-2010), we pre-registered and tested a single association: whether financial leverage (total debt…",
  "url": "https://datasetpapers.com/papers/leverage-profitability-polish-firms/",
  "status": "gated",
  "trust_distance": 0,
  "gate": {
    "passed": true,
    "version": "gate-0.1",
    "novelty_grade": "C",
    "failed": []
  },
  "verification": {
    "claims": 5,
    "self_reported_re_executed": 0,
    "independent_reexecution": {
      "status": "matched",
      "reproduced": true,
      "method": "re_execution",
      "ran_at": "2026-07-13T08:41:10Z",
      "values_compared": 98,
      "numeric_mismatches": 0,
      "record": "verification.json"
    }
  },
  "byline": {
    "software_agent": {
      "name": "Claude Opus 4.8",
      "model_id": "claude-opus-4-8"
    },
    "data_creators": [
      "Grzegorz Michalski"
    ],
    "data_creator_orcids": {
      "Grzegorz Michalski": "0000-0002-8211-4057"
    },
    "question_asker": "Mark Hahnel"
  },
  "source_dataset": {
    "title": "MPB.xlsx",
    "doi": "10.6084/m9.figshare.92633.v1",
    "license": "CC BY 4.0",
    "landing_url": "https://doi.org/10.6084/m9.figshare.92633.v1",
    "download_url": "https://ndownloader.figshare.com/files/94217"
  },
  "components": [
    {
      "name": "analysis",
      "type": "code",
      "path": "analysis.py",
      "ark": "ark:/99999/dp-mpb-xlsx.v1/analysis",
      "produced_by": null
    },
    {
      "name": "fig-1",
      "type": "figure",
      "path": "figures/fig-1-primary-spearman.png",
      "ark": "ark:/99999/dp-mpb-xlsx.v1/fig-1",
      "produced_by": null
    },
    {
      "name": "fig-2",
      "type": "figure",
      "path": "figures/fig-2-year-replication.png",
      "ark": "ark:/99999/dp-mpb-xlsx.v1/fig-2",
      "produced_by": null
    },
    {
      "name": "fig-3",
      "type": "figure",
      "path": "figures/fig-3-winsorization-sensitivity.png",
      "ark": "ark:/99999/dp-mpb-xlsx.v1/fig-3",
      "produced_by": null
    },
    {
      "name": "fig-4",
      "type": "figure",
      "path": "figures/fig-4-firm-level.png",
      "ark": "ark:/99999/dp-mpb-xlsx.v1/fig-4",
      "produced_by": null
    },
    {
      "name": "tbl-1",
      "type": "table",
      "path": "tables/tbl-1-sample-profile.csv",
      "ark": "ark:/99999/dp-mpb-xlsx.v1/tbl-1",
      "produced_by": null
    },
    {
      "name": "tbl-2",
      "type": "table",
      "path": "tables/tbl-2-primary-result.csv",
      "ark": "ark:/99999/dp-mpb-xlsx.v1/tbl-2",
      "produced_by": null
    },
    {
      "name": "tbl-3",
      "type": "table",
      "path": "tables/tbl-3-year-replication.csv",
      "ark": "ark:/99999/dp-mpb-xlsx.v1/tbl-3",
      "produced_by": null
    },
    {
      "name": "tbl-4",
      "type": "table",
      "path": "tables/tbl-4-winsorization.csv",
      "ark": "ark:/99999/dp-mpb-xlsx.v1/tbl-4",
      "produced_by": null
    },
    {
      "name": "tbl-5",
      "type": "table",
      "path": "tables/tbl-5-firm-level.csv",
      "ark": "ark:/99999/dp-mpb-xlsx.v1/tbl-5",
      "produced_by": null
    },
    {
      "name": "narrative",
      "type": "narrative",
      "path": "narrative.md",
      "ark": "ark:/99999/dp-mpb-xlsx.v1/narrative",
      "produced_by": null
    }
  ],
  "claims": [
    {
      "n": 1,
      "subject": "financial leverage (total debt/assets)",
      "predicate": "is negatively rank-associated with",
      "object": "return on assets in the 2010 cross-section",
      "assertion_text": "In the 2010 cross-section of Polish firms, leverage and ROA are negatively rank-correlated (Spearman rho = -0.058, 95% CI [-0.092, -0.024], n = 3581, p = 5.03e-04).",
      "supported_by": [
        "fig-1",
        "tbl-2",
        "analysis"
      ],
      "confidence": 0.9,
      "novelty_grade": "C",
      "mode": "confirmatory",
      "verification_status": "unverified",
      "ark": "ark:/99999/dp-mpb-xlsx.v1/claim-1"
    },
    {
      "n": 2,
      "subject": "the 2010 leverage-profitability association",
      "predicate": "is",
      "object": "weak in magnitude (|rho| < 0.1)",
      "assertion_text": "The 2010 association is weak: Spearman rho = -0.058 implies the two rankings share under 1% of variance, so leverage is only a minor rank-predictor of profitability in that year.",
      "supported_by": [
        "fig-1",
        "tbl-2",
        "analysis"
      ],
      "confidence": 0.85,
      "novelty_grade": "C",
      "mode": "confirmatory",
      "verification_status": "unverified",
      "ark": "ark:/99999/dp-mpb-xlsx.v1/claim-2"
    },
    {
      "n": 3,
      "subject": "the negative leverage-profitability association",
      "predicate": "replicates across",
      "object": "all three primary-family cross-sections after Holm correction",
      "assertion_text": "The negative association holds in every primary-family year after Holm-Bonferroni correction: 2008 rho = -0.212 (p_Holm = 5.44e-38), 2009 rho = -0.068 (p_Holm = 1.01e-04), 2010 rho = -0.058 (p_Holm = 5.03e-04).",
      "supported_by": [
        "fig-2",
        "tbl-3",
        "analysis"
      ],
      "confidence": 0.92,
      "novelty_grade": "C",
      "mode": "confirmatory",
      "verification_status": "unverified",
      "ark": "ark:/99999/dp-mpb-xlsx.v1/claim-3"
    },
    {
      "n": 4,
      "subject": "the 2010 primary result",
      "predicate": "is robust to",
      "object": "winsorization and trimming of ratio outliers",
      "assertion_text": "The 2010 rho is essentially unchanged under 1/99% winsorizing (rho = -0.058) and trimming (rho = -0.060), so it is not an artifact of tiny-denominator outliers.",
      "supported_by": [
        "fig-3",
        "tbl-4",
        "analysis"
      ],
      "confidence": 0.9,
      "novelty_grade": "D",
      "mode": "confirmatory",
      "verification_status": "unverified",
      "ark": "ark:/99999/dp-mpb-xlsx.v1/claim-4"
    },
    {
      "n": 5,
      "subject": "the negative leverage-profitability association",
      "predicate": "persists under",
      "object": "firm-level aggregation (one observation per firm)",
      "assertion_text": "Averaging to one observation per registry-identified firm (n = 5710) preserves the negative association (Spearman rho = -0.186, 95% CI [-0.213, -0.158], p = 1.94e-45), so it is not an artifact of pseudoreplication.",
      "supported_by": [
        "fig-4",
        "tbl-5",
        "analysis"
      ],
      "confidence": 0.9,
      "novelty_grade": "C",
      "mode": "confirmatory",
      "verification_status": "unverified",
      "ark": "ark:/99999/dp-mpb-xlsx.v1/claim-5"
    }
  ],
  "exports": {
    "object_json": "object.json",
    "claims_json": "claims.json",
    "ro_crate": "ro-crate-metadata.json",
    "verification": "verification.json",
    "code": "analysis.py",
    "emissions": [
      {
        "format": "frictionless-tabular-data-package",
        "file": "datapackage.json"
      }
    ]
  }
}