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Dissertation Report: DIVERSITY OF FINANCIAL MANAGEMENT FROM THE

ASPECT OF PANDEMIC CRISIS

Thesis · July 2024

DOI: 10.13140/RG.2.2.11025.24164/1

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 COMENIUS UNIVERSITY BRATISLAVA

FACULTY OF MANAGEMENT

Mgr. Natália Barteková

Dissertation report

DIVERSITY OF FINANCIAL MANAGEMENT

FROM THE ASPECT OF PANDEMIC CRISIS

to obtain
the academic degree of doctor (philosophiae doctor, PhD.)
in the doctoral study programme
Management

Bratislava 2024
The dissertation was prepared in the full-time form of doctoral
studies
at the Department of Economics and Finance, Faculty of
Management, Comenius University Bratislava.

Submitter: Mgr. Natália Barteková

FM Comenius University Bratislava
Odbojárov 10
Bratislava, 820 05

Supervisor: doc. Ing. Jana Kajanová, PhD.

FM Comenius University Bratislava
Odbojárov 10
Bratislava, 820 05

Opponents: prof. RNDr. Ing. Ľudomír Šlahor, CSc.

FM Comenius University Bratislava
Odbojárov 10
Bratislava, 820 05

prof. Ing. Marek Potkány, PhD.

Technical University in Zvolen
Ul. T. G. Masaryka 24
Zvolen, 960 01

doc. Ing. Monika Zatrochová, PhD.

Slovak University of Technology
Vazovova 5
Bratislava, 811 07

2
Content

Abstrakt ....................................................................... 4

Abstract........................................................................ 5

Introduction ................................................................. 6

1 The Current State of Corporate Financial

Management ....................................................... 7

2 Aims of the Dissertation ..................................... 9

3 Methodology ..................................................... 10

4 Results and Discussion ..................................... 13

Conclusions ................................................................ 18

List of Main Sources Used ......................................... 19

List of Published Works of PhD Student .................. 22

3
Abstrakt
Obsahom tejto práce je skúmať diverzitu finančného
manažmentu podnikov počas krízy a predstaviť princípy
na vytvorenie účinného finančného riadenia vo vybraných
odvetviach so zámerom zlepšiť finančnú situáciu firiem v
budúcich krízach. Výskum tejto práce sa zameriava,
prostredníctvom dotazníka, na zber informácií o reakciách
finančného manažmentu vyše 350 podnikov v období
pandémie v štyroch ekonomických odvetviach. Skúmané
odvetvia sú automobilový, chemický, potravinársky
priemysel a odvetvie informačných a komunikačných
technológií. Prostredníctvom hypotéz sú skúmané vzťahy
medzi vykazovaním pozitívneho zisku pred úrokmi
a zdanením, a poberaním štátnej finančnej pomoci,
ťažkosťami s cash flow, odkladom úhrady
dodávateľských faktúr, čerpaním úveru, investovaním do
projektov. Hypotézy sú testované metódou chí kvadrát
a následne je vypočítaný phi koeficient. Štatisticky
významné potvrdenie alternatívnych hypotéz je prítomné
vo výsledkoch z chemického a potravinárskeho odvetvia.
Predpokladaným prínosom dizertačnej práce je pomoc
podnikom na trhu pri predchádzaní budúcich finančných
problémov v krízovom období.

Kľúčové slová: finančný manažment, kríza, efektívne

hospodárenie

4
Abstract
The content of this thesis is to investigate the diversity of
financial management of companies during crisis and to
present principles to establish effective financial
management in selected industries with the intention of
improving the financial situation of companies in future
crises. The research of this thesis focuses on collecting
information about the financial management responses of
over 350 enterprises during the pandemic period in four
economic sectors through a questionnaire. The industries
studied are the automotive, chemical, food processing, and
information and communication technology industries.
Through hypotheses, the relationships between reporting
positive EBIT and receiving government financial aid,
cash flow difficulties, delaying payment of supplier
invoices, acquiring credit, and investing in projects are
examined. The hypotheses are tested by chi-square
method and then the phi coefficient is calculated.
Statistically significant confirmation of the alternative
hypotheses is present in the results from the chemical and
food industries. The anticipated contribution of the
dissertation is to help companies in the market to prevent
future financial problems in crisis period.

Key words: financial management, crisis, efficient

management

5
Introduction
Managing corporate finances has never been a
particularly easy task, but the spread of the Covid-19
pandemic has made it even more difficult. The company's
existing plans and assumptions had to be reassessed in the
face of a rapidly changing global health situation that
created uneven economic effects across all sectors. The
financial management of each company had to respond to
the changes in the crisis period.
To investigate the reactions of financial
management, in the framework of our research in the
conditions of the crisis, a questionnaire is used, which also
includes the formulation of hypotheses and subsequent
testing through statistical chi-square analysis. The
questionnaire examines the main items and indicators
from 4 selected industries that reflect the decisions of
financial management and significantly affect the
company's management. These are liquidity, debt,
profitability, sales, cash flow, expenses and earnings
before interest and taxes (EBIT). As part of the research,
the dependence of variables from 350 companies from the
selected 4 industries in the critical year 2021 is also
examined. The dependence between selected items of
financial structure and EBIT is examined through chi-
square test and by calculating the phi coefficient. The
output of this work is a set of principles for setting up
effective financial management of enterprises in selected

6
economic sectors during the crisis period and then
ensuring the transfer of theoretical knowledge into
economic practice for financial managers.
1 The Current State of Corporate
Financial Management
Financial management is concerned with decisions
relating to raising the necessary finance for the business,
arranging assets and managing operations to maximise the
market value of the business (Brealey et al., 2023;
Majdúchová et al., 2020). Corporate finance reflects all
business processes in monetary units, in other words, it
reflects the value side of the transformation process
(Klement and Klementová, 2020). The global pandemic
and the subsequent crisis period demanded a high degree
of flexibility in decision-making and adaptability from
businesses. Managers' decisions were dependent on
market and legislative developments.
The supply chain disruption caused by the Covid-19
pandemic has radically changed the automotive industry
by adversely affecting and severely disrupting its global
networks (Aldrighetti et al., 2023; Hägele et al., 2023;
Ramani et al., 2022). The results show that car
manufacturers in Central Europe had higher losses during
the Covid-19 pandemic than the year before. In addition,
they were more indebted in 2020 and had a lower return
on sales than in 2019 (Kučera and Tichá, 2022).

7
 The slowdown in manufacturing activities due to the
lockdown has led to a reduction in demand for chemicals
used in industries such as construction and automotive
(Kaitwade, 2021; Ogunnusi et al., 2021). This decline has
been offset slightly by increased demand for chemicals
used to produce critical supplies for public health (Ayati
et al., 2020; Khot, 2020). Nevertheless, the total capacity
of the EU27 chemical industry in 2020 was down by
around 6 % compared to 2019, and EU27 chemical sales
were 34.8 billion lower (SARIO, 2020).
Demand for the devices sector, such as PCs and
tablets, grew by 4.6 % year-on-year to December 2020.
Similarly, demand for the remote collaboration software
market has also increased, based on consumer experience
gained from work-from-home policies (ITRE, 2021).
The food supply chain has been threatened by a
variety of factors, including changes in consumer
purchasing behavior, disruption of the transportation
network, labor shortages, and the closure of various food
manufacturing industries (Cranfield, 2020). Consumption
habits have also shifted from eating out to meals prepared
and consumed at home (Goddard, 2020). Consumers have
also experienced shopping shock or panic buying
behaviour and hoarding of staple foods (Hobbs, 2020).
European countries have demanded 76 % more fresh bread
and 52 % more vegetables since the start of the Covid-19
pandemic (Barrett et al., 2021).

8
 The low debt policy mitigates the negative effects
caused by government restrictions in the crisis period.
High long-term debt reduces the financial stability and
resilience of firms (Nguyen et al., 2023). The economic
crisis provides particularly fruitful opportunities for
piloting or designing innovative approaches to selling to
customers, as they too have to re-evaluate the
appropriateness of their previous purchasing approaches
in a given situation (Ratten, 2022; Crespo et al., 2023;
Ianenko et al., 2022). Effectively adjusted financial
management of companies determines their success in the
market.
2 Aims of the Dissertation
The main objective of the dissertation is to examine
the diversity of financial management of enterprises
during the crisis and its aftermath, to present the principles
for creating effective financial management in selected
industries and to propose recommendations for financial
management with the intention of improving the financial
situation of enterprises in future crises.
The main objective of the dissertation will help to
fulfill the sub-objectives, which are:
- to present the key findings in the field of financial
management diversity by elaborating the views
of domestic and foreign authors,

9
 - to investigate by processing the views of
domestic and foreign authors in the subject
matter the reactions of financial management in
the pandemic period in different economic
sectors through a questionnaire,
- to propose recommendations for financial
management with a view to stabilising and
improving the financial situation of firms in the
context of the next possible crises.
3 Methodology
In the first part of the thesis, the opinions of domestic
and foreign authors were collected and analysed. Based on
the theoretical background, it was possible to determine
the gap in previous research and formulate the research
question: "What measures did the management of the
enterprise put in place during the pandemic to keep the
enterprise in good financial condition?" Whereby the good
financial condition of an enterprise is considered to be the
production of positive EBIT.
In order to develop the questionnaire for distribution,
it was necessary to identify the research sample to whom
the survey questions were then posed. The main
significance of the questionnaire was to investigate the
impact of the pandemic on financial management decision
making in different economic sectors. The reason for
examining companies from 4 specific industries was that
SARIO identifies the information and communication

10
technology, automotive, chemical and food industries as
fast-growing industries with potential for foreign
investment.
Six companies were randomly selected and piloted.
The pilot study was followed by a pre-survey which
focused not only on the content but also on the formality
and linguistic correctness of the questionnaire items.
The questionnaire was sent out to the target group of
respondents via email. The e-mail addresses of the
enterprises were available in the Finstat database. The pre-
survey was carried out on a smaller sample of 41
companies, which were companies from the target
economic areas but were not part of the research
population. Based on the pre-survey responses, minor
content or stylistic errors that were overlooked during
piloting were removed.
After conducting the pre-survey, hypotheses were
formulated and later tested through chi-square statistical
method and by calculating the phi coefficient. The
research through questionnaire was conducted on a sample
of 354 respondents. Subsequently, the responses of the
respondents were examined in order to analyze the
financial management of the selected economic sectors
and to assess the level of diversity of their financial
management.
Based on the responses from the pre-survey, the
following hypotheses were formulated. Null Hypothesis

11
A.H0: Receipt of government financial assistance during
a pandemic does not affect the production of positive
EBIT. Alternative Hypothesis A.H1: Receipt of state
financial assistance during a pandemic has an impact on
the production of positive EBIT.
Null Hypothesis B.H0: Cash flow difficulties in the
firm during the pandemic have no impact on the
production of positive EBIT. Alternative Hypothesis
B.H1: Cash flow difficulties in the firm during the
pandemic have an impact on the production of positive
EBIT.
Null Hypothesis C.H0: Delaying payment of supplier
invoices during a pandemic has no impact on the
production of positive EBIT. Alternative Hypothesis
C.H1: Deferring payment of supplier invoices during a
pandemic has an impact on the production of positive
EBIT.
Null Hypothesis D.H0: Drawing down credit during
a pandemic has no effect on the production of positive
EBIT. Alternative Hypothesis D.H1: Drawing on credit
during a pandemic has an impact on the production of
positive EBIT.
Null hypothesis E.H0: Investing in new investment
projects during the pandemic has no impact on the
production of positive EBIT. Alternative hypothesis E.H1:
Investing in new investment projects during the pandemic
has an impact on the production of positive EBIT.

12
 4 Results and Discussion
From the automotive industry, the questionnaire
was answered mainly by companies that have been
operating on the Slovak market for 16 years or more.
Considering the size of the companies, we have presented
general recommendations that apply mainly to large long-
established companies in the Slovak automotive sector.
None of the factors we looked at influenced the
generation of positive EBIT. We see room for
improvement in the financial situation of the
companies in active efforts to motivate customers to pay
advance payments for orders in advance and thus support
cash flow. Only 35 % of enterprises tried to motivate
customers. Given that, according to the research,
postponing the payment of overdue supplier invoices
during a pandemic has no impact on the production of
positive EBIT in the Slovak automotive sector. We do not
recommend that companies disrupt their relationships with
suppliers in this way. Only 26 % of companies decided to
take out credit during the crisis. Credit served mostly as a
source of capital for investment. Only prosperous and
financially sound businesses could make such a decision.
For other businesses, we recommend internal financing in
times of pandemics. Only 37 % of enterprises confirmed
investment activity in new projects in the automotive
industry. In percentage terms, this was the lowest of all the
sectors we surveyed. According to the research, investing

13
in new investment projects during a pandemic has no
impact on the production of positive EBIT in the Slovak
automotive sector.
From the chemical industry, the questionnaire was
answered mainly by companies with a long-term presence
on the Slovak market. Considering the size of the
companies, we have presented general recommendations,
which are mainly valid for small and medium-sized
enterprises that have been operating for 16 years or more
in the Slovak chemical sector. Two factors examined
affected the generation of positive EBIT, namely cash
flow difficulties and investing in new investment projects.
Our research confirmed that cash flow difficulties
negatively affect the reporting of positive EBIT.
In this sector, we also see room for improvement of
the financial situation of companies in active efforts to
motivate customers to pay advance payments for orders in
advance and thus support cash flow. Despite the fact that
up to 58 % of enterprises experienced cash flow
difficulties, only 45 % of enterprises tried to motivate
customers. Improving inventory levels is key to
supporting positive cash flow. Inventory that has no
movement must not sit in stock. Sending invoices
promptly is also a good way to improve this. Delaying the
payment of overdue supplier invoices during a pandemic,
although it does not have an impact on the production of
positive EBIT in the Slovak chemical sector, does have a
positive impact on cash flow. When dealing sensitively

14
with supplier relationships, it is advisable to defer payment
of overdue supplier invoices to help cash flow. 32 % of
businesses decided to take out a loan during the crisis.
Credit was mostly used as a source of capital for
investment. Only prosperous companies could make such
a decision. For other businesses, we recommend internal
financing in times of pandemic. Investment activity in new
projects in the chemical industry was confirmed by up to
47 % of enterprises. According to the research, investing
in new investment projects during a pandemic has an
impact on the production of positive EBIT in the chemical
sector. Companies in the chemical industry that invested
in new investment projects were the most likely to produce
positive EBIT. Given this finding, financially healthy
firms should commit to investing in new investment
projects during a pandemic.
Information and communication technologies played
an important and irreplaceable role during the pandemic.
Considering the size of the enterprises, we have presented
general recommendations that are mainly valid for small
and medium-sized enterprises operating for 6-15 years in
the ICT sector in Slovakia. We see room for
improvement of the financial situation of enterprises
rather only as preventive measures, as this sector has
excellent values of the examined factors influencing the
financial situation of enterprises. Research has confirmed
to us that cash flow difficulties in IT companies during a
pandemic do not affect the production of positive EBIT.

15
Cash flow difficulties were experienced by 39 % of IT
businesses, and as many as 36 % of all businesses
struggled to motivate customers to prepay for orders.
Delaying payment of overdue supplier invoices during the
pandemic did not affect the production of positive EBIT in
the ICT sector. We do not recommend that businesses
disrupt their relationships with suppliers in this way. Only
12 % of businesses decided to take out credit during the
crisis. Credit served mostly as a source of capital for
investment. Given that 92 % of enterprises in the sector
reported positive EBIT in 2021. Most companies in this
sector are advised to use foreign capital for new
investment projects. Investment activity in new projects in
the IT sector was confirmed by 52 % of enterprises.
According to the research, investing in new investment
projects during a pandemic does not have an impact on the
production of positive EBIT in the IT sector. Financially
healthy enterprises should use the crisis as an opportunity
and invest, but this is not necessary to report positive
EBIT. Enterprises with financial difficulties, of which
there are not many in the IT sector, should focus on their
existing projects and try to make them more efficient.
From the food industry, we presented general
recommendations for small and medium-sized enterprises
operating for 16 years or more in the Slovak food sector.
The three factors examined influenced the generation of
positive EBIT, namely cash flow difficulties,
postponement of payment of overdue supplier invoices

16
and investing in new investment projects. Our research
confirmed that cash flow difficulties negatively affect the
reporting of positive EBIT. In the sector, we see room for
improvement in the financial situation of companies in
an active effort not to increase the volume of inventories
to a level higher than necessary. Funds held in inventories
negatively affect cash flow. As many as 52 % of
enterprises in the food sector experienced cash flow
difficulties, and as many as 57 % tried to motivate
customers to pay advance payments. Immediate sending
of invoices is also an appropriate means of improvement.
Because according to the research, delaying the payment
of overdue supplier invoices during a pandemic has an
impact on the production of positive EBIT in the Slovak
food sector. Enterprises in the food industry that did not
postpone payment of supplier invoices were the most
likely to produce positive EBIT. We do not recommend
that businesses improve cash flow in this way. During the
crisis, 36 % decided to take out a loan. The loan served
mostly as a source of capital for investment. Only
prosperous companies could make such a decision. For
other businesses, we recommend internal financing in
times of pandemics. Investment activity in new projects in
the food industry was confirmed by up to 47 % of
enterprises. According to the research, investing in new
investment projects during a pandemic has an impact on
the production of positive EBIT in the food industry.
Enterprises in the food industry that invested in new

17
investment projects were the most likely to produce
positive EBIT. Given this finding, financially healthy
enterprises should preferably commit to investing in new
investment projects during a pandemic.
Conclusions
The results of the tested hypotheses were addressed
to small and medium-sized enterprises operating in the
Slovak chemical industry for a long time. Two factors
examined had a statistically significant impact on the
generation of positive EBIT, namely cash flow difficulties
and investing in new investment projects. In the Slovak
food industry, the results were addressed to small and
medium-sized enterprises operating on the market for a
long time. Three factors were statistically significantly
influencing the generation of positive EBIT: cash flow
difficulties, postponement of payment of overdue supplier
invoices and investment in new investment projects.
The output of the research is to help businesses in
different sectors to be able to prevent future financial
problems in times of crisis. The contribution of the
dissertation was summarizing trends and research areas in
financial management from the perspective of current
authors, placing diversification in the active search field of
managers, presenting the possibilities of an active
response to dynamic changes resulting from an emergency
situation (often of a critical nature), assisting market

18
enterprises in avoiding future financial problems in a crisis
period during a pandemic.
The results of the thesis will be particularly
beneficial for persons in leading positions in economic
practice, who are looking for effective tools to manage
financial challenges in a dynamic and uncertain business
environment.
The limitations of the research were in the number of
5 factors selected, the impact of which was tested for
reporting positive EBIT. The research results are relevant
to a cross-section of respondents from the research sample,
but are not generalizable to the entire industry. The space
for future research is open for investigating the reactions
of companies to the crisis situation in other sectors that
have significantly affected the Slovak economy. Another
direction of research could focus on the comparison of
financial management in crisis period in selected sectors
in Slovakia and V4 countries. A deeper investigation of
specific aspects of financial management, for example,
corporate financing and management investment decisions
during the crisis period in selected sectors, would be
appropriate. Tracking long-term trends in financial
management and their impact on industries is essential for
managing the financial stability of firms in the future.
List of Main Sources Used
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resilience portfolio design in the supply chain with consideration

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impacts of COVID-19 on the pharmaceutical sector. In DARU
Journal of Pharmaceutical Sciences, 2020, 28(1), 799– 805.
doi:10.1007/s40199-020-00358-5.
BARRETT, Ch. B. et al. COVID-19 pandemic lessons for agri-food
systems innovation. In Environmental Research Letters, 2021,
16(10). doi:10.1088/1748-9326/ac25b9.
BREALEY, R. et al. Principles of Corporate Finance. 14. vyd. New
York: McGraw-Hill Education, 2023. ISBN 9781264080946.
CRANFIELD, J. A. Framing consumer food demand responses in a
viral pandemic. In Canadian Journal of Agricultural
Economics/Revue canadienne d'agroeconomie, 2020, 68(2), 151-
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CRESPO, N. F. et al. Innovation in times of crisis: The relevance of
digitalization and early internationalization strategies. In
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GODDARD, E. The impact of COVID‐19 on food retail and food
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2020, 68(2), 157. doi:10.1111/cjag.12243.
HÄGELE, S., GROSSE, E. and IVANOV, D. Supply chain resilience:
a tertiary study. In Integrated Supply Management, 2023, 16(1),
52–81.
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Metal Powder Report, 2021, 76(3), 137–139.
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KHOT, U. N. Navigating healthcare supply shortages during the
COVID-19 pandemic: a cardiologist's perspective. In Circulation:
Cardiovascular Quality and Outcomes, 2020, 13(6).
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RATTEN, V. Digital platforms and transformational entrepreneurship
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List of Published Works of PhD Student

KAJANOVÁ, J., & BARTEKOVÁ, N. (2021). Vplyv pandémie
Covid-19 na likviditu podniku. In MANEKO Journal of Corporate
Management and Economics, 13(2), 174–181.
[Link]
BARTEKOVÁ, N., & TÓTH, D. (2021). Financial Management in
Slovak Telecommunications Sector in Covid-19 Crisis. In Aspekty
podnikania vo vybranom odvetví. Brno: Knowler, 2021, 130 (75-
82). ISBN 978-80-905988-6-7.
BARTEKOVÁ, N., & KAJANOVÁ, J. (2022). Differences in
Financial Management in Vehicle Industry from the Aspect of the
COVID-19 Crisis. In Hradec Economic Days. 12(1), page 30–page
41. [Link]
BARTEKOVÁ, N., & KAJANOVÁ, J. (2022). Financial
Management in the Slovak Health Insurance Sector during the
COVID-19 Pandemic. The 39th IBIMA Conference on 30-31 May
2022 Granada, Spain. Conference proceedings (ISBN: 978-0-
9998551-8-8) and (ISSN: 2767- 9640), Published in the USA.
KAJANOVÁ, J., & BARTEKOVÁ, N. (2022). The Impact of
Globalisation on the Slovak Electrical Engineering Sector from the
Aspect of Financial Management. The Conference Globalizacia
2022 on 12-13 October 2022 Rajecke Teplice, Slovakia.
Organizator University of Zilina, Slovak Republic.
KAJANOVÁ, J., & BARTEKOVÁ, N. (2022). Remote Work as a
New Standard? Cost Saving and Productivity Increase with
Remote Work in the Slovak Translations Services Sector.

22
 Conference Proceedings from International Scientific Conference
“The Poprad Economic and Management Forum 2022: Current
Trends and Challenges in the Field of Management of
Organisations.” 10th – 11th November 2022, Poprad, Slovak
Republic. Organizator Catolic University of Ružomberok, Slovak
Republic. Conference proceedings are still under evaluation by
Web of Science Editorial team, 2022, 318-326. ISBN
9788056109953.
KAJANOVÁ, J.& BARTEKOVÁ, N. (2022). Práca na diaľku ako
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