Abstract
The changes that have been triggered in market economies by COVID-19 have increased the importance of assessing the financial standing of companies and sectors. It is essential for managers, lenders, and investors to properly evaluate the financial condition of companies. Therefore, it is crucial to select indicators that show the differences in the values of market sectors before, and during, the COVID-19 pandemic (checking the stability of ratios over time). We used parametric and nonparametric analyses of variance (ANOVA) to single out indicators. The sample consists of listed companies in six sectors from the Visegrad group: manufacturing, construction, retail, wholesale trade, transportation and warehousing, and energy. We applied yearly and quarterly analyses in the periods from Q1 2017–Q1 2021. The analyses take into account 82 indicators. The results of the parametric ANOVA indicate that only the ratio of the company size shows the differences between the sectors in most of the periods of quarterly analysis. In comparison, the results of the nonparametric ANOVA demonstrate that five ratios show differences between the sectors in the quarterly analysis, and nine show differences in the yearly analysis. On the basis of the results, the construction and energy sectors are the least effective in managing their assets.
Highlights
The COVID-19 pandemic has its origins in China at the end of 2019, from where it spread across the world
In the Visegrad group (Czech Republic, Hungary, Poland, and Slovakia), COVID-19 appeared at the end of the first quarter of 2020
Outliers were removed from the sample in order to obtain an estimation of a normal distribution for the indicators
Summary
The COVID-19 pandemic has its origins in China at the end of 2019, from where it spread across the world. In the Visegrad group (Czech Republic, Hungary, Poland, and Slovakia), COVID-19 appeared at the end of the first quarter of 2020. COVID-19 infections in the Visegrad group (V4) occurred at a similar time: according to the Worldometer Coronavirus Update, the first case appeared in the Czech Republic on. March 2020, in Hungary and Poland on 4 March 2020, and later in Slovakia on 6. The COVID-19 crisis has revealed to the world that natural disasters can create direct global deadly economic impacts of a remarkable range [2]. The escalation of the pandemic has had a negative influence on global economic activity and has revealed the possibility of financial instability [3]. The coronavirus mutations are still unpredictable, which generates difficulties for policymakers to work out fitting macroeconomic policy responses [4] to stabilize the economy by ensuring long-term sustainable growth [5]
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