IDEAS home Printed from https://ideas.repec.org/a/aop/jijoes/v12y2023i1p146-160.html
   My bibliography  Save this article

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

Author

Listed:
  • 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
    as

    Download full text from publisher

    File URL: https://eurrec.org/RePec/aop/jijoes/0085ES.rdf117050
    Download Restriction: no
    File URL: https://eurrec.org/RePec/aop/jijoes/0085ES.rdf117050?download=8
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Gary S. Hansen & Birger Wernerfelt, 1989. "Determinants of firm performance: The relative importance of economic and organizational factors," Strategic Management Journal, Wiley Blackwell, vol. 10(5), pages 399-411, September.
    2. Chen, Pei-Fen & Lin, Chun-Wei & Lee, Chien-Chiang, 2019. "Financial crises, globalization, and insurer performance: Some international evidence," The North American Journal of Economics and Finance, Elsevier, vol. 48(C), pages 835-856.
    3. de Carvalho, Antonio Gledson & Dal'Bó, Filipe & Sampaio, Joelson, 2021. "Determinants of corporate governance practices in Brazil," Emerging Markets Review, Elsevier, vol. 48(C).
    4. Zunaidah Sulong & John C. Gardner & Amariah Hanum Hussin & Zuraidah Mohd Sanusi & Carl B. McGowan, Jr., 2013. "Managerial Ownership, Leverage And Audit Quality Impact On Firm Performance: Evidence From The Malaysian Ace Market," Accounting & Taxation, The Institute for Business and Finance Research, vol. 5(1), pages 59-70.
    5. Goodell, John W., 2020. "COVID-19 and finance: Agendas for future research," Finance Research Letters, Elsevier, vol. 35(C).
    6. Sami, Heibatollah & Wang, Justin & Zhou, Haiyan, 2011. "Corporate governance and operating performance of Chinese listed firms," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 20(2), pages 106-114.
    7. Shijun Cheng & John Evans & Nandu Nagarajan, 2008. "Board size and firm performance: the moderating effects of the market for corporate control," Review of Quantitative Finance and Accounting, Springer, vol. 31(2), pages 121-145, August.
    8. Zhao, Jinsong & Li, Xinghao & Yu, Chin-Hsien & Chen, Shi & Lee, Chi-Chuan, 2022. "Riding the FinTech innovation wave: FinTech, patents and bank performance," Journal of International Money and Finance, Elsevier, vol. 122(C).
    9. Asmaul Husna & Ibnu Satria, 2019. "Effects of Return on Asset, Debt to Asset Ratio, Current Ratio, Firm Size, and Dividend Payout Ratio on Firm Value," International Journal of Economics and Financial Issues, Econjournals, vol. 9(5), pages 50-54.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. 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 163-177, May.
    2. Marwa Elnahass & Kamil Omoteso & Aly Salama & Vu Quang Trinh, 2020. "Differential market valuations of board busyness across alternative banking models," Review of Quantitative Finance and Accounting, Springer, vol. 55(1), pages 201-238, July.
    3. Mohamed Sherif & Mahmoud Elsayed, 2016. "The Impact Of Intellectual Capital On Corporate Performance: Evidence From The Egyptian Insurance Market," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 20(03), pages 1-47, April.
    4. Tiziana La Rocca & Maurizio La Rocca & Francesco Fasano & Alfio Cariola, 2023. "Does a country's environmental policy affect the value of small and medium sized enterprises liquidity in the energy sector?," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(1), pages 277-290, January.
    5. Tarek Roshdy Gebba & Mohamed Gamal Aboelmaged, 2016. "Corporate Governance of UAE Financial Institutions: A Comparative Study between Conventional and Islamic Banks," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 6(5), pages 1-7.
    6. Lewkowicz, Jacek & Woźniak, Michał & Wrzesiński, Michał, 2022. "COVID-19 and erosion of democracy," Economic Modelling, Elsevier, vol. 106(C).
    7. Chang, Chia-Lin & Hsu, Hui-Kuang, 2013. "Modelling Volatility Size Effects for Firm Performance: The Impact of Chinese Tourists to Taiwan," MPRA Paper 45691, University Library of Munich, Germany.
    8. Bouteska, Ahmed & Sharif, Taimur & Abedin, Mohammad Zoynul, 2023. "COVID-19 and stock returns: Evidence from the Markov switching dependence approach," Research in International Business and Finance, Elsevier, vol. 64(C).
    9. Florentina Melnic & Daniel Juravle, 2020. "Governance And Access To Finance," Review of Economic and Business Studies, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, issue 25, pages 151-168, June.
    10. Heyden, Kim J. & Heyden, Thomas, 2021. "Market reactions to the arrival and containment of COVID-19: An event study," Finance Research Letters, Elsevier, vol. 38(C).
    11. Goodell, John W. & Goutte, Stephane, 2021. "Co-movement of COVID-19 and Bitcoin: Evidence from wavelet coherence analysis," Finance Research Letters, Elsevier, vol. 38(C).
    12. Bruno Marques & Jacqueline McIntosh & Chitrakala Muthuveerappan & Krzysztof Herman, 2022. "The Importance of Outdoor Spaces during the COVID-19 Lockdown in Aotearoa—New Zealand," Sustainability, MDPI, vol. 14(12), pages 1-17, June.
    13. Christian Espinosa-Méndez & José Arias, 2021. "Herding Behaviour in Asutralian stock market: Evidence on COVID-19 effect," Applied Economics Letters, Taylor & Francis Journals, vol. 28(21), pages 1898-1901, December.
    14. Jiang, Jie & Hou, Jack & Wang, Cangyu & Liu, HaiYue, 2021. "COVID-19 impact on firm investment—Evidence from Chinese publicly listed firms," Journal of Asian Economics, Elsevier, vol. 75(C).
    15. Brada, Josef C. & Gajewski, Paweł & Kutan, Ali M., 2021. "Economic resiliency and recovery, lessons from the financial crisis for the COVID-19 pandemic: A regional perspective from Central and Eastern Europe," International Review of Financial Analysis, Elsevier, vol. 74(C).
    16. Yi-Min Chen, 2008. "How Much Does Country Matter?," International Regional Science Review, , vol. 31(4), pages 404-435, October.
    17. Yu-Muo Lee & Jin-Li Hu, 2018. "Integrated Approaches for Business Sustainability: The Perspective of Corporate Social Responsibility," Sustainability, MDPI, vol. 10(7), pages 1-20, July.
    18. Pagano, Michael S. & Sedunov, John & Velthuis, Raisa, 2021. "How did retail investors respond to the COVID-19 pandemic? The effect of Robinhood brokerage customers on market quality," Finance Research Letters, Elsevier, vol. 43(C).
    19. Fan, Chenguang & Bae, Seongho & Liu, Yu, 2024. "Can FinTech transform corporate liquidity? Evidence from China," Innovation and Green Development, Elsevier, vol. 3(2).
    20. Ashok, Shruti & Corbet, Shaen & Dhingra, Deepika & Goodell, John W. & Kumar, Satish & Yadav, Miklesh Prasad, 2022. "Are energy markets informationally smarter than equity markets? Evidence from the COVID-19 experience," Finance Research Letters, Elsevier, vol. 47(PB).

    More about this item

    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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aop:jijoes:v:12:y:2023:i:1:p:146-160. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Jiri Rotschedl (email available below). General contact details of provider: https://ijoes.eurrec.org/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.