THE EFFECT OF THE COVID-19 PANDEMIC ON THE FINANCIAL PERFORMANCE OF THE 15 TOP LISTED GREEK COMPANIES AND ON ENTREPRENEURSHIP

Abstract

Even companies with high stock market values suffered financial setbacks due to the COVID19 pandemic that swept the globe in early 2020. During the COVID-19 period, the environment was characterized as hostile and complex, where the confluence of rapid technological developments on the international chessboard and the rapid globalization of markets brought about universal changes in the status of businesses and their ability to survive in an increasingly and constantly changing competitive global environment. Entrepreneurship is the pillar of business survival, prosperity, and economic growth and is the most critical factor in reducing this negative phenomenon. The study examines the evolution of key accounting indicators found in the financial statements of the fifteen largest companies by market capitalization listed on the Greek stock exchange in 2021. The results of the survey revealed that the fuel production companies HELLENIC PETROLEUM and MOTOR OIL as well as the vehicle rental company AUTOHELLAS were the most negatively impacted due to the significant decline in turnover. The study analysed data before and during the pandemic in 2018–2019 and 2020–2021. PPC (public power corporation), on the other hand, benefited greatly from the pandemic as a result of lower electricity generation costs from falling oil prices.