THE EFFECTS OF COVID-19 ON FIRMS’ LIQUIDITY: EVIDENCE FROM THE ATHENS STOCK EXCHANGE

IF 2.6 3区 经济学 Q1 Business, Management and Accounting
Michail Nerantzidis, Andreas G. Koutoupis, Panayiotis G. Tzeremes, Georgios Drogalas, Dimitrios Mitskinis
{"title":"THE EFFECTS OF COVID-19 ON FIRMS’ LIQUIDITY: EVIDENCE FROM THE ATHENS STOCK EXCHANGE","authors":"Michail Nerantzidis, Andreas G. Koutoupis, Panayiotis G. Tzeremes, Georgios Drogalas, Dimitrios Mitskinis","doi":"10.3846/jbem.2023.18637","DOIUrl":null,"url":null,"abstract":"Motivated by the recent study of De Vito and Gómez (2020), this paper examines how the COVID-19 pandemic could influence the liquidity of Greek listed firms. It also explores the main factors that drive the level of operating cash flow (OCF). By simulating a decrease of 50% and 75% in sales, we perform stress-tests on three liquidity ratios for 154 listed firms on Athens Stock Exchange considering their degree of flexibility. For these firms, we also investigate if industry sector matters. Finally, OLS and quantile regression analysis is performed to gain a more detailed and complete picture of the determinants of the OCF. The findings show that on average a firm with limited flexibility, in the worst scenario, would consume its cash reserves in about two months. Furthermore, approximately 9% of all firms would become illiquid in about one year, whereas about 12% would become illiquid within two years. It is also observed that liquidity does not significantly variate across sectors. On average, as revealed by OLS method, the findings support that Total Governance, ROA and Female board significantly affect the OCF. The paper enables policymakers to perceive the magnitude of liquidity risk and improve their decision making.","PeriodicalId":47594,"journal":{"name":"Journal of Business Economics and Management","volume":"64 1","pages":""},"PeriodicalIF":2.6000,"publicationDate":"2023-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Business Economics and Management","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.3846/jbem.2023.18637","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"Business, Management and Accounting","Score":null,"Total":0}
引用次数: 0

Abstract

Motivated by the recent study of De Vito and Gómez (2020), this paper examines how the COVID-19 pandemic could influence the liquidity of Greek listed firms. It also explores the main factors that drive the level of operating cash flow (OCF). By simulating a decrease of 50% and 75% in sales, we perform stress-tests on three liquidity ratios for 154 listed firms on Athens Stock Exchange considering their degree of flexibility. For these firms, we also investigate if industry sector matters. Finally, OLS and quantile regression analysis is performed to gain a more detailed and complete picture of the determinants of the OCF. The findings show that on average a firm with limited flexibility, in the worst scenario, would consume its cash reserves in about two months. Furthermore, approximately 9% of all firms would become illiquid in about one year, whereas about 12% would become illiquid within two years. It is also observed that liquidity does not significantly variate across sectors. On average, as revealed by OLS method, the findings support that Total Governance, ROA and Female board significantly affect the OCF. The paper enables policymakers to perceive the magnitude of liquidity risk and improve their decision making.
COVID-19对企业流动性的影响:来自雅典证券交易所的证据
受De Vito和Gómez(2020)最近研究的启发,本文研究了COVID-19大流行如何影响希腊上市公司的流动性。探讨了影响企业经营性现金流水平的主要因素。通过模拟销售额下降50%和75%,我们对雅典证券交易所154家上市公司的三个流动性比率进行了压力测试,考虑其灵活性程度。对于这些公司,我们还调查了行业部门是否重要。最后,进行OLS和分位数回归分析,以获得OCF决定因素的更详细和完整的图像。研究结果显示,在最糟糕的情况下,平均而言,一家灵活性有限的公司将在大约两个月内消耗掉其现金储备。此外,大约9%的公司将在大约一年内变得缺乏流动性,而大约12%的公司将在两年内变得缺乏流动性。还观察到,流动性在各个部门之间没有显着变化。平均而言,OLS方法显示,研究结果支持全面治理,ROA和女性董事会显著影响OCF。本文使决策者能够感知流动性风险的大小,并改善他们的决策。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 求助全文
来源期刊
CiteScore
5.80
自引率
3.80%
发文量
48
审稿时长
15 weeks
期刊介绍: The Journal of Business Economics and Management is a peer-reviewed journal which publishes original research papers. The objective of the journal is to provide insights into business and strategic management issues through the publication of high quality research from around the world. We particularly focus on research undertaken in Western Europe but welcome perspectives from other regions of the world that enhance our knowledge in this area. The journal publishes in the following areas of research: Global Business Transition Issues Economic Growth and Development Economics of Organizations and Industries Finance and Investment Strategic Management Marketing Innovations Public Administration.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信