Corporate bankruptcy during economic crisis: A financial analysis of the Greek construction sector

Spyros Repousis, Petros Lois, Demetris Vrontis, Alkis Thrassou, Savvas Meggios

Research output: Contribution to journalArticlepeer-review


This research analyses financial data from published statements on the performance of the four largest companies operating in the Greek construction sector and uses Altman Z-score to predict corporate bankruptcy. Findings show that companies’ financial positions were substantially adversely affected by the recession in Greek economy and that companies were in an unsafe position or directly at risk of bankruptcy over the mid-late 2010s. Secondary data analysis showed that in the latter part of the decade (2018+) the Greek construction industry recovered, driven by positive developments in economic conditions, which led to a revival in both investor and consumer confidence. The country’s construction industry registered growth of 7.9% in 2018, in real terms, which was up from 0.4% in 2017. The research’s prediction is that the government plans to invest €2.8 billion in transport networks during the period of 2019–2027 will effectively boost the construction sector.

Original languageEnglish
Pages (from-to)152-176
Number of pages25
JournalJournal for International Business and Entrepreneurship Development
Issue number2
Publication statusPublished - 2021


  • Altman Z-score
  • Bankruptcy
  • Construction sector
  • Financial analysis
  • Greece


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