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Economic Crisis And Firms’ Performance: Empirical Evidence For The Greek Cheese Industry

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  • KONTOGEORGOS, Achilleas
  • PENDARAKI, Konstantina
  • CHATZITHEODORIDIS, Fotios

Abstract

The main purpose of this paper is to empirically explore the characteristics of the cheese sector that lead businesses in Greece to profitability. It is also important to evaluate the impact 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 of almost 100 companies operating in the cheese sector for the period 2006 to 2011. The first results show that during this economic crisis period, the profitability of cheese businesses has been affected adversely. Moreover, the smaller sized businesses are presenting the most significant efficiency and profitability losses.

Suggested Citation

  • KONTOGEORGOS, Achilleas & PENDARAKI, Konstantina & CHATZITHEODORIDIS, Fotios, 2017. "Economic Crisis And Firms’ Performance: Empirical Evidence For The Greek Cheese Industry," Revista Galega de Economía, University of Santiago de Compostela. Faculty of Economics and Business., vol. 26(1), pages 73-82.
    • Handle: RePEc:sdo:regaec:v:26:y:2017:i:1_6
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    File URL: https://revistas.usc.gal/index.php/rge/article/view/4454
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    References listed on IDEAS

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    1. Pavlatos, Odysseas & Kostakis, Hara, 2015. "Management accounting practices before and during economic crisis: Evidence from Greece," Advances in accounting, Elsevier, vol. 31(1), pages 150-164.
    2. Daniel Hoechle, 2007. "Robust standard errors for panel regressions with cross-sectional dependence," Stata Journal, StataCorp LP, vol. 7(3), pages 281-312, September.
    3. Luc Laeven & FabiÁn Valencia, 2013. "The Real Effects of Financial Sector Interventions during Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(1), pages 147-177, February.
    4. Bricongne, Jean-Charles & Fontagné, Lionel & Gaulier, Guillaume & Taglioni, Daria & Vicard, Vincent, 2012. "Firms and the global crisis: French exports in the turmoil," Journal of International Economics, Elsevier, vol. 87(1), pages 134-146.
    5. F. Voulgaris & G. Agiomirgianakis & T. Papadogonas, 2015. "Job creation and job destruction in economic crisis at firm level: the case of Greek manufacturing sectors," International Economics and Economic Policy, Springer, vol. 12(1), pages 21-39, March.
    6. Bardsley, Douglas K. & Bardsley, Annette M., 2014. "Organising for socio-ecological resilience: The roles of the mountain farmer cooperative Genossenschaft Gran Alpin in Graubünden, Switzerland," Ecological Economics, Elsevier, vol. 98(C), pages 11-21.
    7. repec:hal:pseose:hal-00639897 is not listed on IDEAS
    8. Achilleas Kontogeorgos & Fotios Chatzitheodoridis & Spyridon Arvanitakis & George Theodossiou, 2014. "Greek Small & Medium Sized Dairy &Cheese Enterprises: A Strategic Assessment Under The Economic Crisis," JOURNAL STUDIA UNIVERSITATIS BABES-BOLYAI NEGOTIA, Babes-Bolyai University, Faculty of Business.
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    Cited by:

    1. Yehui Tong & Ramon Saladrigues, 2022. "An analysis of factors affecting the profits of new firms in Spain: Evidence from the food industry," Agricultural Economics, Czech Academy of Agricultural Sciences, vol. 68(1), pages 28-38.
    2. Joel , ISABIRYE, 2021. "Impact Of Economic Crises On Firms: A Literature Review," Annals of Spiru Haret University, Economic Series, Universitatea Spiru Haret, vol. 21(3), pages 225-250.
    3. Sara Fernández‐López & David Rodeiro‐Pazos & Lucía Rey‐Ares, 2020. "Effects of working capital management on firms' profitability: evidence from cheese‐producing companies," Agribusiness, John Wiley & Sons, Ltd., vol. 36(4), pages 770-791, October.

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    More about this item

    Keywords

    Greece; Economic Crisis; Cheese industry; Firm performance; Panel Data Analysis.;
    All these keywords.

    JEL classification:

    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • Q13 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agricultural Markets and Marketing; Cooperatives; Agribusiness
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models

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