IDEAS home Printed from https://ideas.repec.org/a/gam/jecomi/v12y2024i1p14-d1313309.html

Economic Shocks and Perceptions of Efficiency Changes: The Cases of Lithuania and Latvia

Author

Listed:
  • Rasa Subačienė

    (Department of Accounting and Audit, Faculty of Economics and Business Administration, Vilnius University, LT-10222 Vilnius, Lithuania)

  • Ramunė Budrionytė

    (Department of Accounting and Audit, Faculty of Economics and Business Administration, Vilnius University, LT-10222 Vilnius, Lithuania)

  • Jolanta Žemgulienė

    (Department of Business, Faculty of Economics and Business Administration, Vilnius University, LT-10222 Vilnius, Lithuania)

  • Ivita Faituša

    (Department of Economics and Finance, Faculty of Business and Economics, RISEBA University of Applied Sciences, LV-1048 Riga, Latvia)

  • Kristina Rudžionienė

    (Institute of Social Sciences and Applied Informatics, Kaunas Faculty, Vilnius University, LT-44280 Kaunas, Lithuania)

Abstract

In recent years, economic uncertainty has been heightened, including as a result of the economic shocks generated by the COVID-19 pandemic, the Russia–Ukraine War, and the unstable international political situation. These had a global impact on various spheres and influenced all economic processes. However, the lack of available data has made it difficult to investigate the latest global events and their consequences. The latest studies continue to concentrate on the COVID-19 economic crisis. This study investigates accounting specialists’ perceptions of the changes in employee and company efficiency and changes in the main performance indicators during the economic crisis provoked by the COVID-19 pandemic. The research employed an online questionnaire administered to accountants at various levels. Descriptive statistical data analysis methods were used for the evaluation of the survey results. The results show that 86% of respondents had the possibility of working online before the quarantine period, around 30% of respondents indicated an increase in work efficiency when working online, and more than 40% of respondents indicated that the company’s main performance indicators (revenue, cost of sales, profit) remained stable under the quarantine regime. During the pandemic, Latvia experienced greater fluctuations than Lithuania in the main performance indicators, but overall, both countries maintained a positive tendency toward stability and recovery.

Suggested Citation

  • Rasa Subačienė & Ramunė Budrionytė & Jolanta Žemgulienė & Ivita Faituša & Kristina Rudžionienė, 2024. "Economic Shocks and Perceptions of Efficiency Changes: The Cases of Lithuania and Latvia," Economies, MDPI, vol. 12(1), pages 1-22, January.
    • Handle: RePEc:gam:jecomi:v:12:y:2024:i:1:p:14-:d:1313309
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2227-7099/12/1/14/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2227-7099/12/1/14/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Elnahass, Marwa & Trinh, Vu Quang & Li, Teng, 2021. "Global banking stability in the shadow of Covid-19 outbreak," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 72(C).
    2. Clark, John & Mauck, Nathan & Pruitt, Stephen W., 2021. "The financial impact of COVID-19: Evidence from an event study of global hospitality firms," Research in International Business and Finance, Elsevier, vol. 58(C).
    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. Karim Iddouch & Sara Loukili, 2026. "Geopolitical risk and global banking stability: the role of financial architecture, institutional quality, and regional integration," Journal of Banking Regulation, Palgrave Macmillan, vol. 27(3), pages 1-25, September.
    2. Nurhuda Nizar & Ahmad Danial Zainudin & Siti Zaitun Saddam & Muhammad Ridzuan Abdul Aziz, 2023. "The utilization of CAMEL framework in analyzing the financial soundness of commercial banks in Malaysia: Pre and in the time of Covid 19," Information Management and Business Review, AMH International, vol. 15(2), pages 186-196.
    3. Mohamed Albaity & Ray Saadaoui Mallek & Hasan Mustafa, 2022. "Bank Stock Return Reactions to the COVID-19 Pandemic: The Role of Investor Sentiment in MENA Countries," Risks, MDPI, vol. 10(2), pages 1-15, February.
    4. Md. Abu Issa Gazi & Md. Nahiduzzaman & Iman Harymawan & Abdullah Al Masud & Bablu Kumar Dhar, 2022. "Impact of COVID-19 on Financial Performance and Profitability of Banking Sector in Special Reference to Private Commercial Banks: Empirical Evidence from Bangladesh," Sustainability, MDPI, vol. 14(10), pages 1-23, May.
    5. Galil, Koresh & Varon, Eva, 2024. "National culture and banks stock volatility," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 91(C).
    6. Polyzos, Stathis & Samitas, Aristeidis & Kampouris, Ilias, 2021. "Economic stimulus through bank regulation: Government responses to the COVID-19 crisis," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 75(C).
    7. Albina Kalimashi & Driton Balaj, 2023. "COVID-19 Impact on the Capital Structure of Commercial Banks: Evidence from the Western Balkans," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 6, pages 76-88.
    8. Naima Lassoued & Imen Khanchel & Imen Fakhfakh, 2026. "Does every cloud have a silver lining?The effect of digitalization and government measures on bank efficiency during the pandemic," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 12(1), pages 1-40, December.
    9. Hajdaraj Besa & Balaj Driton & Nikolić Helena, 2026. "Post-COVID Digital Banking Adoption in Kosovo: The Roles of Trust, Utility, and Physical Channels," Business Systems Research, Sciendo, vol. 17(1), pages 243-264.
    10. Heitmann, Dennis & Chowdhury, Mohammad Ashraful Ferdous & Islam, Mohammad Saiful, 2023. "Heterogeneous impact of Covid-19 on the US banking sector," The North American Journal of Economics and Finance, Elsevier, vol. 68(C).
    11. Heitmann, Dennis & Koch, Jascha-Alexander & Islam, Mohammad Saiful & Eva, Sharmin Akter, 2025. "The impact of central bank digital currencies on the financial stability of banks: Dynamic panel estimation," Finance Research Letters, Elsevier, vol. 84(C).
    12. Guo, Wen-Chung & Tseng, Ping-Lun, 2023. "COVID-19, bank risk, and capital regulation: The aggregate shock and social distancing," The Quarterly Review of Economics and Finance, Elsevier, vol. 92(C), pages 155-173.
    13. Moura, Bruna Gonçalves Fonseca & Ferreira, Bruno Pérez & Corrêa, Ana Carolina Costa, 2024. "Brazilian banks risk-taking and systemic risk," The Quarterly Review of Economics and Finance, Elsevier, vol. 98(C).
    14. Maryam Alhalboni & Kenneth Baldwin, 2025. "The impact of new millennium crises on the power of Islamic banks in deposit markets," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 30(3), pages 3230-3260, July.
    15. Md. Mominur Rahman, 2023. "The Effect of Business Intelligence on Bank Operational Efficiency and Perceptions of Profitability," FinTech, MDPI, vol. 2(1), pages 1-21, February.
    16. Liu, An-Chi & Lien, Yung-Chih & Li, Yang, 2025. "An empirical investigation of ESG dimensions and bank performance: Evidence from the COVID-19 crisis," Pacific-Basin Finance Journal, Elsevier, vol. 93(C).
    17. ATM Adnan & Sameer Al Johani, 2023. "Stock Market Reaction to COVID-19: A Cross-Sectional Industry Analysis in Frontier Market," IIM Kozhikode Society & Management Review, , vol. 12(2), pages 157-181, July.
    18. Pejman Peykani & Mostafa Sargolzaei & Mohammad Hashem Botshekan & Camelia Oprean-Stan & Amir Takaloo, 2023. "Optimization of Asset and Liability Management of Banks with Minimum Possible Changes," Mathematics, MDPI, vol. 11(12), pages 1-24, June.
    19. Sant'Anna, Dário A.L.M. & Figueiredo, Paulo N., 2024. "Fintech innovation: Is it beneficial or detrimental to financial inclusion and financial stability? A systematic literature review and research directions," Emerging Markets Review, Elsevier, vol. 60(C).
    20. Riccardo Savio & Edoardo D’Andrassi & Francesca Ventimiglia, 2023. "A Systematic Literature Review on ESG during the COVID-19 Pandemic," Sustainability, MDPI, vol. 15(3), pages 1-17, January.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    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:gam:jecomi:v:12:y:2024:i:1:p:14-:d:1313309. 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: MDPI Indexing Manager The email address of this maintainer does not seem to be valid anymore. Please ask MDPI Indexing Manager to update the entry or send us the correct address (email available below). General contact details of provider: https://www.mdpi.com .

    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.