COVID-19'un firmaların finansal performansına etkisi: Filistin örneği

Yıl 2022, , 398 - 407, 30.10.2022

Tariq Darabee

https://doi.org/10.30855/gjeb.2022.8.3.001

Öz

Bu çalışma, COVID-19 pandemisinin Filistinli firmaların finansal performansı üzerindeki etkisini araştırmayı amaçlamaktadır. Bu çalışmada sanayi, yatırım ve hizmet sektörlerine ait 15 firmanın ikincil finansal verileri kullanılmıştır. Finansal performansın ölçümü birçok finansal oranın hesaplanmasından oluşur: likidite ölçüleri olarak cari oran, nakit oranı ve ortalama tahsilat süresi; kaldıraç veya ödeme gücünün bir göstergesi olarak borç / öz sermaye oranı; karlılığın bir göstergesi olarak net kar marjı. Wilcoxon Signed Rank Testini ile finansal oranları kullanan bu çalışma, 2018 ve 2019 yılları (COVID-19 salgını öncesi) ile 2020 ve 2021 yılları (COVID-19 salgını sırasında) arasındaki oranları karşılaştırmaktadır. Sonuçlar, sanayi ve yatırım sektörlerinde likiditede önemli bir düşüşe ve hizmet sektöründe likiditede iyileşmeye işaret etmektedir. Hizmet sektörlerinde de önemli bir borç artışına işaret ederken, diğer sektörlerde bu oran aynı kalmaktadır. Ancak kârlılık oranı, COVID-19 salgını öncesi ve salgını sırasında önemli bir farklılık göstermektedir. Son olarak, bu çalışma, Filistinli şirketlerde COVID-19 Pandemisi nedeniyle en çok etkilenen sektörler hakkında yöneticilere ve karar vericilere değerli kanıtlar sunmaktadır.

Anahtar Kelimeler

COVID-19, Finansal performans, Filistin Menkul Kıymetler Borsası

The Impact of COVID-19 on the Financial Performance of the Listed Firms in Palestine

Öz

The study aims to investigate the impact of the COVID-19 pandemic on the financial performance of Palestinian firms. The study uses secondary financial data from 15 firms that belong to the industrial, investment, and services sectors. The measurement of financial performance consists of calculating many financial ratios: current ratio, cash ratio, and average collection period as liquidity measures; debt to equity ratio as an indicator of leverage or solvency; net profit margin as an indicator of profitability. Using Wilcoxon Signed Rank Test and financial ratio analysis, the study compares ratios between the years 2018 and 2019 (pre the outbreak of COVID-19) and the years 2020 and 2021 (during the outbreak of COVID-19). The results indicate a significant decline in liquidity in the industrial and investment sectors and an improvement in liquidity in the service sector. The results also show a significant increase in debt in service sectors, while this ratio remains the same in other sectors. However, the profitability ratio does not show any significant difference before and during the outbreak of COVID-19. Finally, this study provides valuable evidence to regulators and decision-makers about the most affected sectors due to the COVID-19 pandemic in Palestinian listed firms.

Anahtar Kelimeler

COVID-19, Financial performance, Palestine Stock Exchange

Kaynakça

• Ahmed, S. Y. (2020). Impact of COVID-19 on Performance of Pakistan Stock Exchange. In Munich Personal RePEc Archive.
• Alareeni, B., and Branson, J. (2013). Predicting Listed Companies' Failure in Jordan Using Altman Models : A Case Predicting Listed Companies' Failure in Jordan Using Altman Models. International Journal of Business and Managemen, 8(1). https://doi.org/10.5539/ijbm.v8n1p113
• Altman, E. I., Iwanicz-Drozdowska, M., Laitinen, E. K., and Suvas, A. (2017). Financial Distress Prediction in an International Context: A Review and Empirical Analysis of Altman's Z-Score Model. Journal of International Financial Management and Accounting, 28(2), 131–171. https://doi.org/10.1111/jifm.12053
• Anadolu Agency. (2020). Palestine 2020the economic "difficult" year. Retrieved from https://www.aa.com.tr/ar/
• D’Orazio, P., and Dirks, M. (2020). COVID-19 and financial markets: Assessing the impact of the coronavirus on the eurozone. https://doi.org/10.4419/86788995
• Dastoli, C. (2020). COVID-19 and Cash Flow Management. Strategic Finance Magazine, 1–7.
• Demirhan, H. G., and Anwar, W. (2014). Factors Affecting the Financial Performance of the Firms during the Financial Crisis: Evidence from Turkey. Ege Stratejik Araştırmalar Dergisi, 5(2), 65. https://doi.org/10.18354/esam.70099
• Devi, S., Warasniasih, N. M. S., and Masdiantini, P. R. (2020). The Impact of COVID-19 Pandemic on the Financial Performance of Firms on the Indonesia Stock Exchange. Journal of Economics, Business, and Accountancy Ventura, 23(2), 226–242. https://doi.org/10.14414/jebav.v23i2.2313
• El-khatib, R., and Samet, A. (2021). The COVID-19 Impact : Evidence from Emerging Markets. SSRN Electronic Journal, 1–39.
• Elmabrok, A. A., and Kim-soon, N. (2012). Using Altman's Model and Current Ratio to Assess the Financial Status of Companies Quoted In the Malaysian Stock Exchange. International Journal of Scientific and Research Publications, 2(7), 1–12.
• Fu, M., and Shen, H. (2020). COVID-19 and Corporate Performance in the Energy Industry. Energy RESEARCH LETTERS, 1(1), 1–5.
• Gibson, C. H. (2013). Financial Reporting and Analysis Using Financial Accounting Information (13th edition). Mason, OH, USA: South-Western Cengage Learning.
• Hayes, S. K., Hodge, K. A., and Hughes, L. W. (2010). A Study of the Efficacy of Altman's Z To Predict Bankruptcy of Specialty Retail Firms Doing Business in Contemporary Times. Economics and Business Journal, 3(1), 120–134.
• Kabir, M. R., and Saleh, O. Bin. (2020). Measuring the Immediate Impact of COVID 19 on the Financial Performances of the Listed Companies in Bangladesh. International Journal of Business and Technopreneurship, 10(3), 369–376.
• Klose, J., and Tillmann, P. (2020). COVID-19 and Financial Markets : A Panel Analysis for European Countries. Joint Discussion Paper Series in Economics by the Universities of Aachen ∙ Gießen ∙ Göttingen No. 25-2020.
• Madaleno, M., and Bărbuţă-Mişu, N. (2019). The Financial Performance of European Companies: Explanatory Factors in the Context of Economic Crisis. Ekonomika, 98(2), 6–18.
• Notta, O., and Vlachvei, A. (2014). The Impact of Financial Crisis on Firm Performance in Case of Greek Food Manufacturing Firms. Procedia Economics and Finance, 14(14), 454–460. https://doi.org/10.1016/s2212-5671(14)00734-5
• Palestinian Central Bureau of Statistics (PCBS). (2021). State of Palestine COVID-19 Data Hub. Retrieved from https://pcbs-coronavirus-response-pcbs.hub.arcgis.com/
• Rababah, A., Al-Haddad, L., Sial, M. S., Chunmei, Z., and Cherian, J. (2020). Analyzing the effects of the COVID-19 pandemic on the financial performance of Chinese listed companies. Journal of Public Affairs, 20(4), 1–6. https://doi.org/10.1002/pa.2440
• Shahzad Ijaz, M., Imran Hunjra, A., Hameed, Z., Maqbool, A., and Rauf-i-Azam. (2013). Assessing the financial failure using Z-score and current ratio: A case of sugar sector listed companies of Karachi stock exchange. World Applied Sciences Journal, 23(6), 863–870. https://doi.org/10.5829/idosi.wasj.2013.23.06.2243
• Shen, H., Fu, M., Pan, H., Yu, Z., and Chen, Y. (2020). The Impact of the COVID-19 Pandemic on Firm Performance. Emerging Markets Finance and Trade, 56(10), 2213–2230. https://doi.org/10.1080/1540496X.2020.1785863
• Subramanyam, K. R., and Wild, J. J. (2009). Financial Statement Analysis (10th edition.). Retrieved from http://marefateadyan.nashriyat.ir/node/150
• Tan, T. K. (2012). Financial distress and firm performance : Evidence from the Asian financial crisis. Journal of Finance and Accountancy, 11, 1–11.
• World Health Organization (WHO) (2021). Numbers at a glance. Retrieved March 15, 2021, from https://www.who.int/emergencies/diseases/novel-coronavirus 2019 ?gclid =Cj0KCQjwrs GCBhD1ARIsALILBYpJ7Dqf9f5LWHa08Wz3krBs5kdKM6gnlYqyB65ex1LQuAY3LOIXqssaAj2jEALw_wcB
• Yağlı, İ. (2020). Covid-19’un Gelişmekte Olan Pay Piyasası Oynaklığına Etkisi: Borsa İstanbul’dan Ampirik Bulgular. Journal of Research in Economics, Politics and Finance, 5 (Special Issue), 269–279. https://doi.org/10.30784/epfad.826736
• Yap, B. C., Mohamed, Z., and Chong, K.-R. (2014). The Effects of the Crisis on the Financial Performance of Malaysian Companies. Asian Journal of Finance and Accounting, 6(1), 1–15. https://doi.org/10.5296/ajfa.v6i1.5314