The effects of COVID-19 on firms’ liquidity: evidence from the Athens Stock Exchange
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.
Keyword : Greek firms, liquidity, stress test, financial shock, quick flexibility, quantile regression
How to Cite
Nerantzidis, M., Koutoupis, A., Tzeremes, P., Drogalas, G., & Mitskinis, D. (2023). The effects of COVID-19 on firms’ liquidity: evidence from the Athens Stock Exchange. Journal of Business Economics and Management, 24(1), 155–176. https://doi.org/10.3846/jbem.2023.18637
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Fassas, A., Bellos, S., & Kladakis, G. (2021). Corporate liquidity, supply chain and cost issues awareness within the Covid-19 context: Evidence from us management reports’ textual analysis. Corporate Governance: The International Journal of Business in Society, 21(6), 1155–1171. https://doi.org/10.1108/CG-09-2020-0399
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Hoitash, R., & Hoitash, U. (2009). The role of audit committees in managing relationships with external auditors after SOX: Evidence from the USA. Managerial Auditing Journal, 24(4), 368–397. https://doi.org/10.1108/02686900910948206
Jones, P., & Comfort, D. (2020). The COVID-19 crisis and sustainability in the hospitality industry. International Journal of Contemporary Hospitality Management, 32(10), 3037–3050. https://doi.org/10.1108/IJCHM-04-2020-0357
Joseph, A., Kneer, C., & van Horen, N. (2020). All you need is cash: Corporate cash holdings and investment after a crisis. https://doi.org/10.2139/ssrn.3592376
Karim, M. R., Shetu, S. A., & Razia, S. (2021). COVID-19, liquidity and financial health: Empirical evidence from South Asian economy. Asian Journal of Economics and Banking, 5(3), 307–323. https://doi.org/10.1108/AJEB-03-2021-0033
Keogh‐Brown, M. R., Wren‐Lewis, S., Edmunds, W. J., Beutels, P., & Smith, R. D. (2010). The possible macroeconomic impact on the UK of an influenza pandemic. Health Economics, 19(11), 1345–1360. https://doi.org/10.1002/hec.1554
Keynes, J. M. (1936). The general theory of employment, interest, and money. Springer.
Khan, S. U. (2022). Financing constraints and firm-level responses to the COVID-19 pandemic: International evidence. Research in International Business and Finance, 59, 101545. https://doi.org/10.1016/j.ribaf.2021.101545
Kim, S. Y., & Upneja, A. (2014). Predicting restaurant financial distress using decision tree and Ada Boosted decision tree models. Economic Modelling, 36, 354–362. https://doi.org/10.1016/j.econmod.2013.10.005
Koenker, R., & Bassett, Jr. G. (1978). Regression quantiles. Econometrica, 46(1), 33–50. https://doi.org/10.2307/1913643
Kollias, C., Manou, E., Papadamou, S., & Stagiannis, A. (2011). Stock markets and terrorist attacks: Comparative evidence from a large and a small capitalization market. European Journal of Political Economy, 27, S64–S77. https://doi.org/10.1016/j.ejpoleco.2011.05.002
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La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (1997). Legal determinants of external finance. The Journal of Finance, 52(3), 1131–1150. https://doi.org/10.1111/j.1540-6261.1997.tb02727.x
La Porta, R. L., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113–1155. https://doi.org/10.1086/250042
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58(1–2), 3–27. https://doi.org/10.1016/S0304-405X(00)00065-9
Lalinsky, T., & Pál, R. (2022). Distribution of COVID-19 government support and its consequences for firm liquidity and solvency. Structural Change and Economic Dynamics, 61, 305–335. https://doi.org/10.1016/j.strueco.2022.03.008
Lazarides, T., & Drimpetas, E. (2011). Evaluating corporate governance and identifying its formulating factors: The case of Greece. Corporate Governance: The International Journal of Business in Society, 11(2), 136–148. https://doi.org/10.1108/14720701111121010
Li, M., & Song, L. (2018). Corporate governance, accounting information environment and investment-cash flow sensitivity. International Journal of Accounting & Information Management, 26(4), 492–507. https://doi.org/10.1108/IJAIM-04-2017-0049
Li, K., Zhou, C., Luo, X. (R.), Benitez, J., & Liao, Q. (2022). Impact of information timeliness and richness on public engagement on social media during COVID-19 pandemic: An empirical investigation based on NLP and machine learning. Decision Support Systems, 162, 113752. https://doi.org/10.1016/j.dss.2022.113752
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