ECONOMIC CRISIS AND FIRMS’ PERFORMANCE: EMPIRICAL EVIDENCE FOR THE GREEK CHEESE INDUSTRY

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Published: 03-12-2017

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Achilleas KONTOGEORGOS
University of Patras, Greece
Greece
Konstantina PENDARAKI
University of Patras, Greece
Greece
Fotios CHATZITHEODORIDIS
Technological Educational Institute of Western Macedonia Terma Kontopoulou 53100 Florina, Greece
Vol 26 No 1 (2017), Articles, pages 73-82
DOI: https://doi.org/10.15304/rge.26.1.4454
Submitted: 03-12-2017 Accepted: 03-12-2017 Published: 03-12-2017
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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.

Keywords:

Greece, Economic Crisis, Cheese industry, Firm performance, Panel Data Analysis
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