Crisis resilience study of Polish listed companies after the pandemic

Abstract

Businesses’ response to black swans is crucial to developing a country’s economy. Resilience can be defined as the company’s ability to adapt and survive despite sudden shocks and environmental changes. Crisis resilience allows companies to overcome emerging shocks, remain competitive, and maintain a sound financial position. Theoretical considerations focus on the essence of crises and the concept of resilience in management sciences. The article aims to assess Polish companies’ resilience from the construction sector to the shock caused by the Covid-19 pandemic. The empirical study of Polish listed companies was conducted based on financial statements for 2017-2021, divided into stable and unstable periods. The indicators of liquidity, operational efficiency, and profitability were evaluated. In addition, competitors’ market share was considered, using the Herfindahl- Hirschman index to measure industry concentration.

Keywords

• resilience
• crisis management
• construction industry
• Covid-19