Journal of
Accounting and Taxation

  • Abbreviation: J. Account. Taxation
  • Language: English
  • ISSN: 2141-6664
  • DOI: 10.5897/JAT
  • Start Year: 2009
  • Published Articles: 209

Full Length Research Paper

Do firm-specific factors moderate the impact of COVID-19 on firm performance? An empirical study from listed companies in North America

Kousay Said
  • Kousay Said
  • Lawrence Kinlin School of Business, Fanshawe College, P.O. Box 7005, London, Ontario, Canada.
  • Google Scholar

  •  Received: 16 September 2023
  •  Accepted: 21 March 2024
  •  Published: 31 March 2024


In the face of unprecedented economic challenges posed by the COVID-19 pandemic, this pioneering study examines how firm-specific factors shape the pandemic's impact on firm financial performance. By analyzing data from 12,826 firm-year observations across 14 sectors in North America from 2019 to 2023, the study investigates the moderating role of company size, leverage, earnings management, CEO compensation, and industry sector on this relationship. Regression analysis reveals significant moderation effects from industry sectors, firm size, CEO compensation and earnings management on the influence of the pandemic on firm financial performance. These findings offer valuable insights for policymakers, practitioners, and researchers navigating economic uncertainties. Notably, while leverage's impact appears statistically insignificant, other factors play pivotal roles in firms' resilience during crises. In conclusion, this study provides valuable contributions to understanding the multifaceted effects of the COVID-19 pandemic on firm financial performance and the role of firm-specific factors in moderating the relationship between COVID-19 and firm performance.


Key words: COVID-19 pandemic (CVID_19), earnings management, total CEO compensations (TCC), return on assets (ROA), leverage, firm size, industry sectors.