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Performance of Slovenian Listed Firms during COVID-19 Out-break

Author

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  • Tomislava Pavic Kramaric

    (University of Split, University Department of Forensic Sciences)

Abstract

This research aims to estimate the determinants of firm performance during the COVID-19 pandemic. For this purpose, the sample of Slovenian non-financial listed firms operating in the period 2017 – 2021 is used. Firm performance is expressed with market-based as well as accounting-based performance measures, including Tobin's Q, ROA, and ROE, while potential determinants encompass several firm-oriented variables. These are the firm size, liquidity expressed with the current ratio, leverage, tangibility, sales growth, age of the firm as well as COVID-19 dummy variable. The results of dynamic panel analysis disclose that liquidity, leverage, sales growth, and COVID-19 dummy are statistically significant in explaining firm performance. Specifically, liquidity and leverage are found to be significant in explaining Tobin's q, sales growth is a statistically significant determinant of both ROA and ROE while the latter is also negatively impacted by leverage and the COVID-19 dummy.

Suggested Citation

  • Tomislava Pavic Kramaric, 2023. "Performance of Slovenian Listed Firms during COVID-19 Out-break," International Journal of Economic Sciences, European Research Center, vol. 12(1), pages 146-160, May.
    • Handle: RePEc:aop:jijoes:v:12:y:2023:i:1:p:146-160
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    References listed on IDEAS

    as
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    firm performance; dynamic panel analysis; Tobin’s Q; ROA; ROE; listed firms; COVID-19; Slovenia;
    All these keywords.

    JEL classification:

    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models

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