The Impact of COVID-19 Pandemic on Firms Performance: Analysis of the Companies from the MBI10 Index

  • Elena Veselinova
  • Marija Gogova Samonikov
Keywords: Firms Performance, COVID-19, MBI10 Index, EBIT, Profit Margin, Share Price, DPS


The purpose of this paper is to evaluate the effect of Covid-19 pandemic on firms’
performance with a special focus on companies whose shares form the MBI10 index at the
Macedonian Stock Exchange. The objective of the study is to examine a set of firms’
characteristics implying the firms’ performance, such as: ROA, ROE, EBIT, profit margin,
leverage, liquidity, share price and dividend per share in order to determine the difference
prior and post Covid-19 pandemic. Тhe hypotheses are tested according to the
constructed model and, based on financial data of companies from MBI10 index,
descriptive and regression analysis is used in order to investigate the pandemic impact
on firms’ performance. The results and conclusions reveal the extent of Covid-19
pandemic influence on firms’ performance. This paper contributes to the limited literature
by providing empirical evidence on the impact of the ongoing pandemic on the firms’
performance in the Macedonian economy.


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