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The Effect of COVID-19 on Consumer Goods Sector Performance: The Role of Firm Characteristics

Author

Listed:
  • Irwansyah

    (Department of Accounting, Mulawarman University, Samarinda 75123, Indonesia)

  • Muhammad Rinaldi

    (Department of Accounting, Mulawarman University, Samarinda 75123, Indonesia)

  • Abdurrahman Maulana Yusuf

    (Department of Accounting, Mulawarman University, Samarinda 75123, Indonesia)

  • Muhammad Harits Zidni Khatib Ramadhani

    (Department of Accounting, Mulawarman University, Samarinda 75123, Indonesia)

  • Sitti Rahma Sudirman

    (Department of Accounting, Mulawarman University, Samarinda 75123, Indonesia)

  • Rizky Yudaruddin

    (Department of Management, Mulawarman University, Samarinda 75123, Indonesia)

Abstract

This study investigates the impact of the COVID-19 pandemic on company performance in the consumer goods industry. Additionally, it explores how company characteristics influence the relationship between the pandemic and company performance based on industry type and region. Analyzing data from 1491 companies across 79 countries between 2018 and 2022, we utilized ordinary least squares (OLS) with robust standard errors. Our findings confirm the pandemic’s overall adverse effect on the performance of consumer goods companies. However, variations emerged when examining diverse industries and regions. Notably, larger companies, particularly in the Americas, Europe, and Asia–Pacific, demonstrated greater resilience and performance during the pandemic. Furthermore, effective leveraging, especially in the Americas and Asia–Pacific, contributed to supporting performance amid the pandemic. These results hold crucial policy implications for companies aiming to enhance their performance in the face of health crises.

Suggested Citation

  • Irwansyah & Muhammad Rinaldi & Abdurrahman Maulana Yusuf & Muhammad Harits Zidni Khatib Ramadhani & Sitti Rahma Sudirman & Rizky Yudaruddin, 2023. "The Effect of COVID-19 on Consumer Goods Sector Performance: The Role of Firm Characteristics," JRFM, MDPI, vol. 16(11), pages 1-18, November.
    • Handle: RePEc:gam:jjrfmx:v:16:y:2023:i:11:p:483-:d:1279669
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    References listed on IDEAS

    as
    1. Huynh, Toan Luu Duc & Foglia, Matteo & Doukas, John A., 2022. "COVID-19 and Tail-event Driven Network Risk in the Eurozone," Finance Research Letters, Elsevier, vol. 44(C).
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