The Impact of Financial Crisis on Firm Performance in Case of Greek Food Manufacturing Firms

Νόττα, Ουρανία; Vlachvei, Aspasia

doi:10.1016/s2212-5671(14)00734-5

Cited by 47 publications

(35 citation statements)

References 15 publications

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“…Dolenc, Grum, and Laporsek (2012) find that the global financial crisis in 2008 has the most visible impact on return on equity and economic value added of the firms. Notta and Vlachvei (2014) observe that market share, leverage and liquidity have a significant influence on the firm’s performance during the financial crisis of 2008.…”

Section: Review Of Literaturementioning

confidence: 99%

Corporate Performance during Business Cycles: Evidence from Indian Manufacturing Firms

Lagesh

Srikanth

Acharya

2018

Global Business Review

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The present study is an attempt to assess the ‘probability of incurring loss’ of manufacturing firms in India during different phases of business cycles. We use data on a sample of 87 manufacturing companies for the period from 2002 to 2014 (comprising 1131 firm years). We use the panel logit model with the dependent variable derived from the return on assets to empirically test the hypothesis. Besides, we use firm-specific variables and macroeconomic variables as independent variables in the model. Firm-specific variables, namely size of the firm and interest coverage ratio and macroeconomic variables namely exchange rate, bank credit, inflation, interest rate and index of industrial production are statistically significant in predicting the probability of incurring loss of the firms during the study period. The results are important for investors, corporate houses, managers, lenders, policymakers and the research community as business cycles have a visible impact on all functional areas of an organization. Our study assumes significance because of the importance of macroeconomic variables in the strategic decision-making of the corporate sector in general and manufacturing firms in particular.

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Section: Review Of Literaturementioning

confidence: 99%

Corporate Performance during Business Cycles: Evidence from Indian Manufacturing Firms

Lagesh

Srikanth

Acharya

2018

Global Business Review

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“…The results of another recent study about the Greek dairy industry (see, Notta & Vlachvei, 2014) have showed that before crisis (the period 2006 to 2008) only market share has affected positively and statistically significant the profitability of dairy firms. (i.e.…”

Section: Economic Crisis and Firms' Performancementioning

confidence: 99%

“…A first step towards this adaption is to study performance mechanisms and understand how the economic crisis has affected businesses' profitability. Notta and Vlachvei (2014) taking into account that firm performance deteriorates during a crisis, to a certain extent, estimate that firm performance will be impacted by the crisis. This paper attempts to identify the determinants of firms' performance and to investigate firstly if commercial, manufacturing firms and agricultural cooperatives confront the same effect of the economic crisis on their performance.…”

Section: Introductionmentioning

confidence: 99%

Economic Crisis and Firms’ Performance: Empirical Evidence for the Greek Cheese Industry

Kontogeorgos

Pendaraki

Chatzitheodoridis³

2017

RGE

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The main purpose of this paper is to empirically explore the characteristics of the cheesesector that lead businesses in Greece to profitability. It is also important to evaluate theimpact of the current economic crisis on the economic performance of cheese enterprises.This study uses a panel data set that come from balance sheets and income statements ofalmost 100 companies operating in the cheese sector for the period 2006 to 2011. Thefirst results show that during this economic crisis period, the profitability of cheesebusinesses has been affected adversely. Moreover, the smaller sized businesses arepresenting the most significant efficiency and profitability losses.

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“…More recently, academic research has focused on the following topics: How innovation and knowledge created by EU-funded research programs are translated into practice in industry (Protogerou, Caloghirou, & Siokas, 2010); the relationship between dynamic capabilities and firm performance (Protogerou, Caloghirou, & Lioukas, 2012); and the rise of creative industries (Protogerou et al, 2015). In addition, there is an interest in how the crisis has affected: on the one hand, certain sectors-as shown by research on food manufacturing firms (Notta & Vlachvei, 2014)-and, on the other, attitudes towards entrepreneurship as seen notably from a survey among Greek students (EY, AUEB, Endeavor Greece & Hellenic-American Chamber of Commerce, 2015).…”

Section: Literature Reviewmentioning

confidence: 99%

A break with the past? The shift from inward‐looking to internationally competitive and born global firms in Greece during the crisis

Pepelasis

Πρωτόγερου

2018

Manage Decis Econ

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This article analyzes the core features of the new, innovative, and outward‐looking entrepreneurial paradigm arising in Greece during the post‐2008 contraction of the economy. Through case studies of 21 selected firms, we demonstrate the ways in which the new paradigm differs from the pre‐2008 prevailing business practices and the reasons why it has appeared at this particular moment in time. We argue that if it expands, this phenomenon may have the potential to change the face of Greece but that at this moment in time, it is at a critical turning point.

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The Impact of Financial Crisis on Firm Performance in Case of Greek Food Manufacturing Firms

Cited by 47 publications

References 15 publications

Corporate Performance during Business Cycles: Evidence from Indian Manufacturing Firms

Corporate Performance during Business Cycles: Evidence from Indian Manufacturing Firms

Economic Crisis and Firms’ Performance: Empirical Evidence for the Greek Cheese Industry

A break with the past? The shift from inward‐looking to internationally competitive and born global firms in Greece during the crisis

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