PERFORMANCE OF SLOVENIAN LISTED FIRMS DURING COVID-19 OUT-BREAK
TOMISLAVA PAVIC KRAMARIC
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.
Keywords:
firm performance; dynamic panel analysis; Tobin’s Q; ROA, ROE; listed firms, COVID-19, Slovenia
DOI: 10.52950/ES.2023.12.1.008
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APA citation:
TOMISLAVA PAVIC KRAMARIC (2023). Performance of Slovenian Listed Firms during COVID-19 Out-break. International Journal of Economic Sciences, Vol. XII(1), pp. 146-160. , DOI: 10.52950/ES.2023.12.1.008
Data:
Received: 3 Feb 2023
Revised: 18 Mar 2023
Accepted: 17 Apr 2023
Published: 1 May 2023
Copyright © 2023, Tomislava Pavic Kramaric et al, tpkramaric@forenzika.unist.hr