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The effects of COVID-19 on Polish enterprises

Author

Listed:
  • Kuryłek Wojciech

    (University of Warsaw, 1/3 Szturmowa Street, 02-678 Warszawa, Poland)

  • Shachmurove Yochanan

    (The City University of New York, The City College and the Graduate Center, 365 Fifth Avenue, 10016 New York, NY, USA)

Abstract

The COVID-19 pandemic had massive impacts on economic sectors. This paper explores the economic effects of COVID-19 on 150,000 Polish enterprises. The paper analyses financial data from the Polish National Court Register and explores heterogenous impacts brought by the COVID-19 pandemic across multiple sectors. Its innovative contribution lies in adopting a granular perspective to assess the sector-specific impacts of COVID-19. This approach distinguishes the paper from much of the existing literature, which predominantly emphasises global or macroeconomic outcomes. The paper compares financial ratios across 2019 and 2020, applying Wilcoxon and Mann-Whitney tests to measure changes in profitability, liquidity, working capital, and leverage ratios. Key findings indicate a disparity in revenues across sectors, with some showing resilience in adapting to pandemic-induced challenges. The analysis reveals that 28 PKD divisions experienced significant revenue reductions (up to −70% in tourism-related sectors), while 25 divisions experienced gains (up to +23% in Information Technology sectors). Notably, while working capital metrics deteriorated across most sectors, with Days Receivables Outstanding increasing substantially, liquidity ratios improve across 80% of sectors.

Suggested Citation

  • Kuryłek Wojciech & Shachmurove Yochanan, 2025. "The effects of COVID-19 on Polish enterprises," Economics and Business Review, Sciendo, vol. 11(1), pages 82-107.
    • Handle: RePEc:vrs:ecobur:v:11:y:2025:i:1:p:82-107:n:1006
    DOI: 10.18559/ebr.2025.1.1899
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    References listed on IDEAS

    as
    1. Martikainen, Teppo & Perttunen, Jukka & Yli-Olli, Paavo & Gunasekaran, A., 1995. "Financial ratio distribution irregularities: Implications for ratio classification," European Journal of Operational Research, Elsevier, vol. 80(1), pages 34-44, January.
    2. McKibbin, Warwick & Fernando, Roshen, 2023. "The global economic impacts of the COVID-19 pandemic," Economic Modelling, Elsevier, vol. 129(C).
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    COVID-19; economic sectors; Wilcoxon test;
    All these keywords.

    JEL classification:

    • A30 - General Economics and Teaching - - Multisubject Collective Works - - - General
    • C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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