Economic Crisis and Firms’ Performance: Empirical Evidence for the Greek Cheese Industry

The main purpose of this paper is to empirically explore the characteristics of the cheesesector that lead businesses in Greece to profitability. It is also important to evaluate theimpact of the current economic crisis on the economic performance of cheese enterprises.This study uses a panel data set that come from balance sheets and income statements ofalmost 100 companies operating in the cheese sector for the period 2006 to 2011. Thefirst results show that during this economic crisis period, the profitability of cheesebusinesses has been affected adversely. Moreover, the smaller sized businesses arepresenting the most significant efficiency and profitability losses.