Joanna Lizińska

Poznań University of Economics and Business, 

Poland

joanna.lizinska@ue.poznan.pl 

ORCID 0000-0002-0738-4639

Managing company value in times of COVID-19 turbulences: winners and losers in Central Europe

Leszek Czapiewski

Poznań University of Economics and Business, 

Poland

leszek.czapiewski@ue.poznan.pl 

ORCID 0000-0003-3215-4090

Jarosław Kubiak

Poznań University of Economics and Business, 

Poland

jaroslaw.kubiak@ue.poznan.pl 

ORCID 0000-0001-6479-7811

Abstract. This research adds to the growing literature on impact of the COVID-19 global turmoil on corporate financial performance. Changes in company value are continuous market processes. However, the pandemic has triggered many shock changes, including unprecedented turbulences in most business mechanisms. Our research provides empirical assessment of the market process of value migration across industries in Central Europe in several dimensions. The estimates of market value added and synthetic measure of value migration show substantial differences between industries. The study provides a classification of business designs by development stages and details significant changes in operating performance in response to the health and economic turmoil. Our findings on differences in industries’ vulnerability to shock changes have important implications for managers, shareholders, lenders, and other company stakeholders.

Received: October, 2021

1st Revision: June, 2022

Accepted: September, 2022

DOI: 10.14254/2071-8330.2022/15-3/2

JEL Classification: F65, G12, G32, O16, O57

Keywords: market value, financial performance, value migration, COVID-19, crisis