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

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

Evangelos Chytis (University of Ioannina, Greece & Hellenic Open University, Greece), Vasilia Liota (Hellenic Open University, Greece), Spiridon Goumas (University of West Attica, Greece) and Aristidis Papagregoriou (University of West Attica, Greece)
Copyright: © 2022 |Pages: 11
DOI: 10.4018/IJCFA.287909
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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.
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Literature Review

A large number of studies have explored the performance of companies during the economic crisis of 2008 and the factors that contributed to the dissemination of its successive shocks.

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