Authors: Vasilia Liota, Evangelos Chytis

Title: Performance of Information Technology (IT) Companies before and during the Financial Crisis: The Case of Greece

Abstract

This study aims to explore the impact of the financial crisis on the Information, Communication and Technology (IT) sector in Greece. For this purpose the performance of a sample of listed and unlisted on the Athens Stock Exchange (ASE) companies was examined the three year period before (2007-2009), and during  the financial crisis (2010-2012). Non parametric tests showed a statistical significant differentiation of performance and asset turnover of listed companies before and after the crisis and a statistical significant differentiation of asset turnover of unlisted companies.

In addition, the impact of firm-specific and macro-economic factors, which included - the financial crisis, Gross Domestic Product (GDP) and asset turnover- on the performance of IT companies during the aforementioned years was explored. Regression analysis for the period 2007-2012 showed, for the whole sample of the companies, a statistical positive relationship between performance and GDP and asset turnover and a significant negative relationship between performance and crisis

Keywords: Efficiency (ROE), of Financial Statements Analysis, IT Sector, Greece, Financial Crisis

JEL classifications: M40, M41, L29