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

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  • 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
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    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).
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