Firms’ Profitability in the Period of Crisis: Evidence from Greek Food and Beverage Listed Firms in the Athens Stock Exchange

Abstract

Food and beverage industry has a fundamental role in the Greek manufacturing sector and also for the Greek economy. Even in the period of economic crisis the food and beverage industry has demonstrated competitiveness extroversion and dynamic development in Greece and also in the global market. This study investigates the impact of economic crisis on F&B firms’ profitability and value. We explored the listed F&B firms in the Athens Stock Exchange for the sub periods before and during the crisis. We found evidence that F&B firms’ profitability has been affected by the economic crisis, however, their book and market value doesn’t seem to be significantly affected. Also impact of crisis on the relationship between the debt and profitability has been detected.