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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
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Author(s): 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
Volume: 9
Issue: 1
Pages: 11
Source title: International Journal of Corporate Finance and Accounting (IJCFA)
Editor(s)-in-Chief: Apostolos G. Christopoulos (Department of Business Administration, University of the Aegean, Greece), Constantin Zopounidis (School of Production Engineering and Management, Technical University of Crete, Greece & Audencia Business School, France) and Kyriaki Kosmidou (Aristotle University of Thessaloniki, Greece)
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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