SENSITIVITY OF AGRI-FOOD SECTOR TO THE FINANCIAL CRISIS: EMPIRICAL EVIDENCE FROM A BALKAN COUNTRY

摘要

In post-communist economies, agri-food sector can suffer financial instability in periods of external shocks, such as the global financial crisis of 2008–2010. By applying two different approaches, authors examine the financial response of the listed and unlisted Macedonian agri-food companies to the crisis. The results show that the crisis had no great effects over the Macedonian agri-food companies, except for the reduction of the production volume of the unlisted companies and the decreased investment activities of the listed companies. Finally, this paper suggests an understanding of the financial behaviour of the agri-food companies when faced with systematic risk factors, and sets grounds for further researches in the context of other post-communist economies.