Financial Crises and Covid

This study investigates the resilience of Pakistan’s cement industry during the 2008 Financial Crisis and COVID-19 pandemic, focusing on seven firm-specific financial attributes and their impact on operational performance (ROA) and market efficiency (Asset Turnover). Results reveal both crises severely affected firms, with COVID-19 causing more pronounced operational disruptions. Larger and more leveraged firms showed greater resilience during the pandemic, while liquidity conservation proved crucial. Asset utilization remained a key driver of profitability in both crises. The findings emphasize the need for crisis-specific financial strategies and contribute to understanding how firm resources and capabilities influence resilience across different external shocks.