Impact of the Global Financial Crisis on the IT Sector: The Case of Greece

Evangelos Chytis, Vasilia Liota, Spiridon Goumas and Aristidis Papagregoriou
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Evangelos Chytis: University of Ioannina, Greece & Hellenic Open University, Greece
Vasilia Liota: Hellenic Open University, Greece
Spiridon Goumas: University of West Attica, Greece
Aristidis Papagregoriou: University of West Attica, Greece

International Journal of Corporate Finance and Accounting (IJCFA), 2022, vol. 9, issue 1, 1-11

Abstract: The impact of the Information and Technology (IT) sector on the countries’ innovation development has been recognized as crucial in prior and recent research studies. Moreover, firms’ innovativeness affects positively countries’ economies. Nevertheless, the global economic crisis of the last decade constituted a significant barrier to the development of country economies and had a negative effect on firms’ performance. Specifically, the negative consequences of the global crisis became harder for Southern Europe Countries. More specifically the Greek economy was suffered by an extended period of crisis with harder consequences than those of other European countries. The main purpose of this study was to examine the financial performance of Greek IT firms in the early years of crisis. Our findings have been relevant to those of previous studies which observed negative effects of the financial recession on firms profitability.

Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:igg:jcfa00:v:9:y:2022:i:1:p:1-11

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