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https://doi.org/10.56556/gssr.v2i2.448 

                                                                  
 

Global Scientific Research                                                                              22 
 

 

Financial Performance Analysis of Engineering Companies: An Empirical Study 

during the COVID-19 Pandemic in Bangladesh 

Fahmida Begum 

 

Accounting & Information Systems, Comilla University, Bangladesh 

 

Corresponding author: Fahmida Begum; fahmida.chowdhury@yahoo.com 

Received: 26 February, 2023, Accepted: 16 April, 2023, Published: 19 April, 2023 

Abstract 

As the largest crisis of the current world, the global pandemic “COVID-19” has wreaked havoc on the global economy, 

disrupting people's lives and wreaking havoc on financial markets and business industries. This scenario is almost the 

same in engineering companies. Due to the lockdown, a significant portion of construction activities were mostly 

restricted in the previous year, which had a massive impact on this sector. The pandemic's impact has caused numerous 

setbacks in this sector around the world. This study focused on 40 engineering firms and analyzed data from the COVID-

19 period of 2019-2021. The key purpose of this study was to analyse the financial performance based on the 

determinants that have the most influence on the financial performance of the company. The findings of generalized 

linear model (GLM) show that, during the COVID-19 period, LNGPR had a positive impact on LNFP in engineering 

firms in Bangladesh, indicating that a 1% increase in LNGPR can increase LNFP by 0.80%. The variables LNLR and 

LNNPR have a positive impact on LNFP in engineering firms in Bangladesh, with estimated coefficient values of 0.44 

and 1.22, respectively. LNDR has a significant impact on LNFP in engineering firms and a 1% increase in LNDR can 

enhance LNFP by 0.76 percent. However, variable sales growth has a negative impact during the COVID-19 pandemic. 

It is a positive sign that most of the variables have a significant and positive association with financial performance, 

except for sales growth. The authority should implement policies to restore sales growth and consistency in production 

distribution across countries.  

Keywords: COVID-19; Engineering Companies; Financial Performance; Profit Ratio; Sales Growth 

Introduction 

The Corona virus (COVID-19) pandemic has brought 

significant challenges to the development of the world 

economy and has had an unprecedented impact on the 

construction industry (Yilmazkuday, 2022). According 

to Ogunnusi et al. (2020), COVID-19 has disrupted 

many industrial sectors, but the construction industry has 

been particularly hard hit. Construction site employees 

and professionals are at a high risk of exposure to aerosol 

and droplet contamination as well as infection. The 

COVID-19 crisis has stakeholders concerned about the 

construction sector's stagnation (Gamil & Alhagar, 

2020). Pathirana (2020) noted that because the virus 

prevented all humans from participating in any industrial 

work, the construction sector was initially targeted. 

According to Bsisu (2020), the “restrictions placed on 

construction projects as a result of the pandemic crisis 

have slowed economic growth, increased 

unemployment, disrupted the supply chain for 

construction materials, and increased investment losses.” 

These effects are all due to the negative effects of 

COVID-19. As a result, this year's growth in the 

construction industry has been reduced from 3.1% to 

0.5% (Global Data, 2020). Due to the corona virus 

pandemic, Bangladesh's engineering industry is 

currently experiencing difficult times, including a 

decline in the economy, haphazard development efforts, 

and the loss of jobs for workers. According to Financial 

Express, the construction industry is one of the 15 sectors 

that contribute to Bangladesh's GDP (gross domestic 

product). According to data from the “Bangladesh 

Bureau of Statistics (BBS),” the construction industry 

made up 7.8% ($16.686 billion) of Bangladesh's overall 

GDP in the 2019–20 fiscal years. In the event of 

employment, this is yet another massive sector that will 

generate job opportunities. According to the labor force 

survey, BBS (2017), the published that in the fiscal year, 

mailto:fahmida.chowdhury@yahoo.com


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2.1% of the total labor force was occupied in this sector, 

while it was 5.5% in the fiscal year 2017. Supporting this 

statement, Financial Express (2021) reported that around 

3.5 million people are concerned in this sector, of which 

100,000 are directly engaged in various professional 

activities like architects, graduate engineers, diploma 

engineers, and other human resources. Massive 

infrastructure development, including mega construction 

projects, has been undertaken by the country to become 

a developing country in 2026 (Yeasin, 2021; Aijaz et al., 

2022). Business Standard (2021) published a report on 

the Real Estate and Housing Association of Bangladesh, 

where the findings showed that this pandemic situation 

has delayed around 50–60% of the construction projects, 

caused a delay in finishing projects, increased the budget 

for materials, and raised the issue of a workers' shortage. 

As a result of the adverse impact on the national 

economy of this virus, 3.24% of the budget allocation for 

the ongoing megaprojects has been reduced in the 2020–

21 fiscal year (The Daily Star, 2020).For the engineering 

industry, determining the performance of engineering 

firms has become a research issue. The evaluation of a 

firm’s performance as assess of the company's 

excellence includes two major aspects: financial 

performance and non-financial performance. When 

discussing the company's performance, several 

researchers, including Horta et al. 2018; Tripathi & Jha 

(2018) have focused on its financial performance. Since 

such an appraisal is crucial for a company's owners, 

shareholders, and financial institutions because it clearly 

defines the company's true status, performance reviews 

of engineering companies can offer an assessment of the 

business’s operations. Due to the drastic pandemic, the 

construction sector is facing massive uncertainty. The 

effects of the COVID-19 pandemic on the world’s 

construction industry have drawn important attention for 

research since the construction industry suffered from 

project setbacks, labor shortages, job cutbacks, increased 

costs, and financial uncertainty as a result of this crisis 

(Gamil & Alhagar, 2020). Several researchers have 

reviewed the effects of COVID-19 on the construction 

industry in their study. Gan and Koh (2021) reviewed the 

precautionary activities taken by the legal authority such 

as government, labour organizations, and trade union to 

protect the labor rights and maintain the minimum wage 

rate. Through a meticulous examination, Al Mansoori et 

al. (2021) found that the cost of labor and project prices 

is both increasing in the United Arab Emirates (UAE) 

due to COVID-19. Like other countries, in Bangladesh 

the pandemic has caused considerable delays in 

development projects across the country as the lockdown 

has limited both people and material supplies, causing 

many employees to lose their employment and others to 

be unable to work (Dhaka Tribune, 2022). According to 

a survey result, 90% of respondents felt that the 

pandemic was a curse on the construction sector, with 

roughly 51% of projects having partial stops and 40% 

experiencing total halts (Prothom Alo, 2022). 

Furthermore, this pandemic is pushing some engineering 

and construction enterprises to consolidate debt, pursue 

other sources of funding, or face bankruptcy. The current 

study aims to investigate the before and after effects of 

the pandemic (COVID-19) on the financial performance 

of Bangladesh's listed engineering companies. The study 

targets all companies listed under the engineering 

category on the Dhaka and Chittagong stock exchanges. 

However, the main objective of this study is to examine 

the financial performance of listed engineering 

companies in Bangladesh during the COVID-19 

pandemic. The main aspects of the engineering industry 

and COVID-19's impact on it have been examined and 

cited with short descriptions. (a) To find out the 

significant determinants of the firm’s financial 

performance of listed engineering companies during the 

pandemic period. (b) To find out the impact of 

determinants on the firm’s financial performance of 

listed engineering companies during the pandemic 

period. In addition, this research has been following the 

structure where section two presents literature review, 

section three for methodology, section four for result 

analysis and discussion and section five for conclusion 

and recommendations.  

Literature Review 

Wuhan, the capital of central China, was the first place 

where COVID-19, a virus-borne infection brought on by 

the SARS-CoV-2 virus, struck. The World Health 

Organization (WHO) affirmed COVID-19 a global 

pandemic on March 11, 2020. The social, economic, and 

health sectors were particularly hard hit, and researchers 

found that the COVID-19 epidemic has slowed GDP 

growth and increased unemployment, inequality, and 

poverty nationwide (Kumar & Pinky, 2020; Amin et al., 

2021; Ikram et al., 2021). The average GDP loss 

experienced by the 178 countries in the world as a result 

of COVID-19 was 83,765.17 million dollars. On 

average, the economies of these nations would contract 

16.04% of their total GDP, and on average, their 

economies would degrade by 7.67 years in 2020. The 

global recessionary phase began when the world's GDP 

shrank by 17.07% of its overall value over a seven-year 

period, reflecting a sharply declining trend brought on by 

COVID-19. Lockdowns, domestic tourism margins, air 



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travel bans, unemployment, and changes in the human 

quality index as a result all had a negative impact on 

global economic growth (Rahman & Hossain, 2021; 

Majumder & Rahman, 2022). Before COVID-19, 

Bangladesh had a dynamic economy partaking in an 

exceptional increase in neediness decrease, instructive 

fulfilment, orientation uniformity, and other financial 

markets that upheld this turn of events. The GDP growth 

rate in FY 2019–20 was only 5.24%, down from 8.15% 

the previous year. However, the engineering sector of 

Bangladesh assumes an undeniably crucial role in the 

economy because of the progress of urbanization and a 

variety of huge framework projects attempted by the 

public authority. The development market is one of the 

15 significant areas contributing to the GDP, and it 

includes projects such as infrastructure, transportation, 

trade and organization, energy and power plant 

development. The engineering sector posted 9.92% 

growth in 2017–18, up from 8.77% in 2017 and 7.50% 

in 2016–17. Because of the increased emphasis on 

urbanization and the numerous infrastructure projects 

undertaken by the government, the development industry 

in Bangladesh contributed to the pre-pandemic situation. 

There were also development projects undertaken by 

general individuals and individuals with a confidential 

interest in lodging, which contributed 9.6% to the 

development work. According to Voumik et al. (2022), 

during the pandemic period, the progress of these 

ventures generally ceased, as well as other ongoing 

megaprojects being redacted at Payra, Maheskhali, and 

Matarbari. Bangladesh has undertaken a few 

megaprojects to lay out a prepared and unhampered 

correspondence network in the nation, including the 

“metro rail projects, the Padma Bridge, the passage 

under the Karnaphuli Stream, and the Dhaka Raised 

Freeway from Hazrat Shahjalal International Air 

Terminal to the Kutubkhali Dhaka-Chattogram thruway” 

which are likewise stopped in this emergency. However, 

the public authority takes different approaches to 

supporting the development work of activities impacted 

by the Corona virus. Alongside mega projects, the 

infrastructural development of Bangladesh additionally 

relies on the land area, including different forward and 

reverse linkage businesses. The Financial Express 

(2021) revealed that the commitment by land area and 

alongside the forward and reverse linkage enterprises in 

gross domestic product was 8% of gross domestic 

product, while the gift goes up to 12–14%. However, 

because of the pandemic, this area took a gigantic hit 

during the primary lockdown, which caused devastation 

in the housing market. The obvious reason for this is that 

merchants began withdrawing properties from the 

market, anticipating lower costs, and property looking 

was dialled back and nearly slowed down as people 

became more concerned about their health security. 

The COVID-19 pandemic forced the entire world to 

visage it, which inevitably led to significant changes in 

all regions, from economics to social (Chen & Yeh, 

2021). Every business sector and industry suffered as a 

result of the COVID-19 epidemic on a global scale 

(Brodeur et al., 2021). Policies were implemented to 

reduce the impact of the COVID-19 lockdown and social 

distancing measures (Wang et al., 2020). Khatib and 

Nour (2021) saw that the corona virus pandemic 

altogether affects a few parts of business, for example, 

execution, administration, construction, liquidity, and 

influence level. Shen et al. (2020) examined the effects 

of Corona virus on organizational execution using 

financial data and discovered that Corona virus had a 

negative impact on organizational execution. In India, 

Das and Patnaik (2020) found that different enterprises 

like telecom, the travel industry, avionics, the auto 

industry, and transportation are the most affected by the 

current crisis. Various researchers examined the 

association between COVID-19 and economic 

performance through their studies (Goswami et al., 2021; 

Debata et al., 2020). According to Fu and Shen (2020), 

COVID-19 has had a significant negative impact on the 

performance of China's energy industries. “The listed 

companies' poor performance immediately following 

COVID-19 may be attributed to organizational culture in 

dealing with challenges and crises.” According to Forbes 

(2002), the company's financial performance may have 

been negatively impacted by the low income level of the 

population at the time of the pandemic. Because of the 

extreme pandemic development, the area is confronting 

enormous vulnerability. According to the International 

Monetary Fund (IMF), the global GDP will fall by up to 

3% in 2018 due to the ongoing pandemic situation. The 

corona virus threatens a wide range of laborer 

occupations around the world. In the event of a 

pandemic, limited human development has had a 

negative impact on development efficiency as well as 

development firm execution, which unavoidably falls. 

To decrease the frosty impact of the corona virus 

pandemic, the government was compelled to stop 

numerous development projects. During this present 

circumstance, numerous enormous development 

organizations as well as little development organizations 

confronted financial misfortunes. Jallow et al. (2020) 

showed that challenges in overseeing exercises, bringing 

about delays. In Ghana, development projects 

experienced a decreased work rate, delays in instalments, 

and an expansion in material expenses during the 



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pandemic time frame (Agyekum et al., 2021). In India, 

Alsamhi et al. (2022) found a massive contrast in 

complete pay, net deals, net benefit, profit per share, and 

weakened profit per share when the pandemic hit the 

travel industry, neighbourliness, and shopper areas. The 

review added that a massive distinction was made in 

complete pay-net deals when the pandemic was in 

developing and food areas, whereas there was no huge 

contrast between net benefit, profit per share, and 

weakened income per share when the pandemic was in 

building and food areas. Besides, Endrijatno and 

Surjandari (2022) found that in Indonesia, the pandemic 

condition didn't essentially influence the decrease in that 

frame of mind of the development organization, where 

the organization could make do with its capacities and 

keep up with its presentation. According to a survey 

response by 28% of individuals from the Associated 

General Contractors of America (AGC), ventures in the 

United States were also delayed or stopped. 

A number of empirical researches have been demeanour 

to explore the impacts of COVID-19 on different sectors 

in Bangladesh’s economy. In light of both essential and 

optional information, Islam (2020) concentrated on the 

effect of Corona virus on the piece of clothing area in 

Bangladesh, and found that because of Corona virus, the 

piece of clothing area in Bangladesh confronted a 3.18 

billion dollar drop in orders, the store network of 

unrefined substances was seriously upset, and the 

products of the RMG area are 11.43% lower compared 

with the earlier year, but 72.4% lower than the earlier 

month in July 2020. This concentrate additionally added 

that the month-to-month development pace of the 

commodities in the RMG area was negative in FY 2019–

20. In her review, Elahi and Rahman (2021), Rahman & 

Dilanchiev, (2021) distinguished the eruption of the 

worldwide inventory network as the fundamental 

explanation that is seriously impacted by the time period. 

Because of work in Bangladesh, Islam (2020) cantered 

that because of Corona virus, the economy's 

development rate dropped sharply, causing the financial 

emergency and a large number of individuals lost their 

positions, all the more explicitly, 11 million positions 

were lost amid the time of lockdowns, and consequently, 

the economy suffered by 3% of the workforce losing 

their positions, of which a portion of 1,000,000 positions 

were looted. In his review, Saha et al. (2020) saw the 

danger of joblessness because of the Corona virus. The 

researcher discovered that the global and local economic 

downturns are to blame for a shortage of jobs in the 

clothing, transportation, travel industry, banking, 

security, and training sectors. On account of the RMG 

sector, the orders from worldwide purchasers were 

contracted, industrial facilities stayed shut, and laborers' 

contracts were ended. Genoni et al. (2021) saw that the 

labor market in Bangladesh, both at the broad and 

concentrated edges, including significant variety across 

regions and orientations, is impacted by the Corona 

virus. At the same time, long-term outcomes of 

neediness, food security, and future income are also 

influenced by market laborers' long-term job losses. This 

pandemic is additionally connected with elevated 

degrees of vulnerability in the gig market, producing 

pressure and tension that might cause wellbeing and 

mental issues. 

Observing the socioeconomic impact of COVID-19 and 

its policy inferences for Bangladesh Pak et al. (2020) 

found specific sectors, including the leather, textile, and 

apparel sectors, have suffered reduced output, while 

agriculture product, manufacturing, services, and other 

sectors have been faced a reduction of output. The result 

is supported by other studies. During the period of the 

COVID-19 pandemic, “garments and knitwear products, 

petroleum, cement, and other non-metallic mineral 

products declined sharply while drug and 

pharmaceutical products increased.” In addition, “the 

nominal wage rates in the industry and service sectors 

declined, the export of goods, imports of goods, and 

service payments had fallen, and the exports of the RMG 

sector had fallen largely due to the COVID-19 

pandemic” (Hossain & Alam, 2022). Horaira (2021), 

Sufian and Hoque (2022) and Nekmahmud et al. (2022) 

added that because of the pestilence, both domestic and 

guests dropped their visits, and many flights have been 

cancelled due to different travel limitations. Therefore, 

organizations lose cash and laborers lose positions. 

According to Mohiuddin (2020), the per capita daily pay 

of metropolitan slums and provincial poor has dropped 

by 80% as a result of the current countrywide closure 

authorized by the government, where a large portion of 

this population (40 percent to 50 percent) took credit to 

meet day-to-day expenses in Bangladesh. Once more, 

Ali et al. (2021), Elahi and  Rahman (2021), Majumder 

and Rahman (2022) concentrated on the effects of 

Corona virus on Bangladesh's economy, where he found 

that because of Corona virus in Bangladesh, the Gross 

Domestic Product, trade volume, and settlements had a 

slump of 18.09%, 18.08%, and 19.73% separately, 

causing a downgrade of $40,984.34 million, $6540.97 

million, and $3941.45 million in the year 2020, 

respectively, and this downturn went on for 3 years, 2 

years, and 2 years from 2019 separately. Once again, the 

global unemployment rate would rise by 1.38%, while in 

Bangladesh it would rise by 2.43%. Shahriar et al. (2021) 

saw that the corona virus caused an unfavourable effect 



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on Bangladesh's economy, which impacted the lives of a 

large number of individuals when their pay sources were 

hampered. Furthermore, it was normal that the yearly 

misfortune of 53 million dollars was raised because the 

pace of the graduate joblessness rate expanded from 47% 

to 58% in 2020. Ali et al. (2021) added that understudies 

at Bangladeshi colleges have been experiencing 

unlimited mental stress side effects as the fear of 

academic postponement has progressed throughout the 

Corona virus time frame. 

However, from the literature review, it can be said that 

existing studies focused on the impacts of COVID-19 on 

the manufacturing, engineering, construction, and 

service sectors of Bangladesh and the economy as a 

whole. In these studies, the researchers analyzed the 

effect of COVID-19 on the financial performance of 

selected factors based on secondary data and explained 

it qualitatively. These studies are too narrow in scope to 

draw any firm conclusions about the effects of COVID-

19 on a specific sector of Bangladesh. Because the urban 

informal economy, particularly the construction sector, 

has been severely impacted by COVID-19, the urban 

informal economy is seriously affected by the 

lockdowns. As a result, this study was the first to 

examine the impact of COVID-19 on the performance of 

listed engineering companies in Bangladesh during the 

pandemic period.  

Methodology of the Study 

Scope and Data  

The study considers the engineering sector listed on the 

Dhaka Stock Exchange (DSE). The time period studied 

is 2019–2021. Secondary data were obtained from the 

Dhaka Stock Exchange website, journals, theory books, 

and so on. This study's cross-sectional unit is engineering 

firms listed on the DSE. While the data used in this study 

is listed on the Dhaka Stock Exchange and the 

Chittagong Stock Exchange in 2018–2021, the 

Company’s selection process used a simple selection 

process based on random process. The criteria used for 

selecting the cross section units are as follows: (a) 

selected companies listed on the Dhaka Stock Exchange 

before 2019. (b) Selected companies publish financial 

and annual reports on the Dhaka Stock Exchange 

consecutively from 2019 to 2021. (c) Selected 

companies are not delisting. (d) Companies that provide 

complete data according to the required variables.  

 

Variable Justification and Calculation Process 

a. Sales Growth: The primary source of capital for 

the businesses is sales revenue. Additionally, sales 

revenue affects the financial health of manufacturing 

companies (Wamiori et al., 2016; Rahman & Majumder, 

2021). 

b. Liquidity Ratio: Current ratio is a “measure of 

relative liquidity that takes into account differences in 

absolute size. It is used to compare companies with 

different total current assets and liabilities”. Current ratio 

can be measured by the formula: 

CR = (𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡𝑠/ 𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠) x 100.  

c. Debt Policy: Debt policy is a choice made by 

the company's executive management regarding the 

amount of external funding obtained through debt as a 

source of command and control funding for the business 

(Enekwe et al., 2014; Harahap et al. 2020). The 

following formula can be used to gauge debt policy. 

DER = 𝑇𝑜𝑡𝑎𝑙 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠 /𝑇𝑜𝑡𝑎𝑙 𝐸𝑞𝑢𝑖𝑡y 

d. Gross Profit Ratio: GPR calculated by using the 

formula (Gross Profit or Income / Sales) x 100.  

e. Net Profit Ratio: NPR calculated by using the 

formula (Net Profit or Income / Net Sales x 100) where 

net profit determined by Total Sales – Sales Returns.  

f. Financial performance: Financial performance 

serves as the study's dependent variable. An analysis of 

financial performance is done to determine whether the 

company's rules regarding the proper and correct use of 

finance are being followed (Fatihudin, 2018; Oskouei, 

2019). Creating a report that complies with “General 

Accepted Accounting Principles (GAAP)” requirements. 

Financial performance can be measured by the formula. 

ROA = (𝐸𝑎𝑟𝑛𝑖𝑛𝑔𝑠 𝑎𝑓𝑡𝑒𝑟 𝑇𝑎𝑥 /𝑇𝑜𝑡  ) x 100. 

Generalized Linear Model (GLM)  

Multivariate regression analysis is important where we 

have used GLM to see how the independent variables 

affect the dependent variable. An analysis known as 

multivariate regression analysis links the dependent 

variable to two or more independent variables (Rahman 

et al., 2022; Rahman & Habib, 2021; Majumder & 

Rahman, 2020; Rahman & Majumder, 2022). To 

understand how the independent variable affects the 

dependent variable, use the GLM regression analysis. 

Equations 1 and 2's error terms' normal distribution was 

followed by the GLM. 

μit = δ0 + δ1xit                                                     (1) 

yi ~N (μi, ε)                                                              (2) 



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However, the econometric model of selected variables 

is presented in equation 3 to 5.  

FP = F(DR, GPR, LR, NPR, SG)                                 (3) 

FPit = δ0 + δ1DRit + δ2GPRit + δ3LRit + δ4NPRit +

δ5SGit + εit           (4) 

LnFPit = δ0 + δ1LnDRit + δ2LnGPRit + δ3LnLRit +

δ4LnNPRit + δ5LnSGit + εit     (5) 

Where i indicates cross unit, ε is error term, and the t is 

the time. Ln= Natural Log for all the selected variables, 

FP = Financial Performance, δ0 = Constant, δ1 to δ5 = 

Regression coefficients, LnDR = Debt Policy, LnLR = 

Liquidity Ratio, LnSG = Sales Growth, LnGPR= Gross 

Profit Ratio and LnNPR= Net Profit Ratio.  

Result Analysis 

This study has considered several factors, such as debt 

policy, liquidity ratio, sales growth, and gross and net 

profit ratios, to measure the financial performance of 

engineering companies during the COVID-19 period 

because those factors play a key role in ensuring the 

performance of a company. However, Table 1 displays 

descriptive statistics results using several criteria, 

including mean, maximum and minimum value, 

standard deviation, and skewness with kurtosis value and 

sum sq. deviation. However, the estimated mean value 

of the variable LNFP is -2.55, the median value is -3.17, 

the maximum value is 2.50 with a minimum value of -

8.08, the skewness is 0.34 with a kurtosis value of 3.24, 

the standard deviation is 2.37, and the sum sq. deviation 

is 264.37. The mean value of the variable LNDR is 0.06, 

the median value is 0.09, the maximum value is 2.16, the 

minimum value is -2.28, the skewness is -0.27 with a 

kurtosis value of 2.94, and the sum sq. deviation is 44.01. 

The anticipated mean value of the data LNGPR is -1.59, 

the median value is -1.54, the maximum value is -0.89 

with a minimum value of -2.55, the skewness is -0.48 

with a kurtosis value of 2.62, the standard deviation is 

0.42, and the sum sq. deviation is 8.20. The estimated 

median value of the data LNLR is 0.41, the mean value 

is 0.46, the maximum value is 2.20, the minimum value 

is -0.86, the skewness is 0.81 with a kurtosis value of 

2.62, the standard deviation is 0.55, and the sum sq. 

deviation is 14.26. However, the estimated mean value 

of the variable LNNPR is -2.92, the median value is -

2.86, the maximum value is -1.45, the minimum value is 

-5.09, the skewness is 0.54 with a kurtosis value of 3.22, 

the standard deviation is 0.87, and the sum sq. deviation 

is 35.41. The anticipated mean value of the variable 

LNSG is -1.76, the median value is -1.89, the maximum 

value is -0.69 with a minimum value of -3.85, the 

skewness is -0.14 with a kurtosis value of 3.21, the 

standard deviation is 0.90, and the sum sq. deviation is 

38.02.

 

Table 1: Descriptive Statistics of the Variables 

 LNFP LNDR LNGPR LNLR LNNPR LNSG 

 Mean -2.55 0.06 -1.59 0.46 -2.92 -1.76 

 Median -3.17 0.09 -1.54 0.41 -2.86 -1.79 

 Maximum 2.50 2.16 -0.89 2.20 -1.45 0.69 

 Minimum -8.08 -2.28 -2.55 -0.86 -5.09 -3.85 

 Std. Dev. 2.37 0.97 0.42 0.55 0.87 0.90 

 Skewness 0.34 -0.27 -0.48 0.81 -0.54 -0.14 

 Kurtosis 3.24 2.94 2.62 5.32 3.22 3.21 

 Sum Sq. Dev. 264.37 44.01 8.20 14.26 35.41 38.02 

Source: Authors Estimation 

 

 

 



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Table 2: Correlation Matrix among the Variables 

 LNFP LNDR LNGPR LNLR LNNPR LNSG 

LNFP 1 0.164 0.288 0.221 0.489 0.020 

LNDR 0.164 1 -0.325 -0.405 -0.050 0.221 

LNGPR 0.288 -0.325 1 0.551 0.478 0.119 

LNLR 0.221 -0.405 0.551 1 0.339 -0.102 

LNNPR 0.489 -0.050 0.478 0.339 1 0.252 

LNSG 0.020 0.221 0.119 -0.102 0.252 1 

Source: Authors Estimation 

Table 2 shows the correlation matrix, where the statistics 

show the correlation between the variables. There is 

some positive and negative correlation among the 

variables. LNFP and LNDR, for example, have a 

positive relationship with a correlation value of 0.164; 

LNFP and LNGPR have a positive relationship with a 

correlation value of 0.288; LNFP and LNLR have a 

positive liaison with a correlation value of 0.221; LNFP 

and LNNPR have a positive association with a 

correlation value of 0.489; and LNFP and LNSG have a 

positive link with a correlation value of 0.020. LNDR 

and LNGPR have negative relations, and the correlation 

value is -0.325; LNDR and LNLR have negative 

relations, and the correlation value is -0.405; LNDR and 

LNNPR have negative relations, and the correlation 

value is -0.050; and LNDR and LNSG have positive 

relations, and the correlation value is 0.221. LNGPR and 

LNFP have a positive relation, and the correlation value 

is 0.288; LNGPR and LNNPR have a positive relation, 

and the correlation value is 0.478; and LNGPR and 

LNSG have a positive relation, and the correlation value 

is 0.119. LNLR and LNFP have positive relations, and 

the correlation value is 0.221; LNLR and LNNPR have 

positive relations, and the correlation value is 0.339; 

LNLR and LNSG have negative relations, and the 

correlation value is -0.102. LNSG and LNGPR have a 

positive association, with a correlation of 0.119; LNSG 

and LNNPR have a positive relationship, with a 

correlation of 0.252. A test for equality between the 

series has been presented in Table 3. Anova F-test and 

Welch F-test are used to continue the test, where the tests 

are significant at the 1% level to show mean equality 

between the series. 

Table 3: Test for Equality of Means between Series 

Method df Value Probability 

Anova F-test (5, 597) 131.10 0.00 

Welch F-test* (5, 245) 299.92 0.00 

Source: Authors Estimation 

 

Figure 1: Representation of Data Dimensions/Growth during the Time Period 

 

 

 

 

 

 

 

  

-10.0

-7.5

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0.0

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21

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20

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21

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19

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- 2
1

LNFP LNDR LNGPR
LNLR LNNPR LNSG



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Global Scientific Research                                                                              29 
 

Figure 1 shows the data dimensions and growth during 

the COVID-19 time period of 2019–2021 to estimate the 

econometric model; the variables are in log form. 

However, the maximum variables are showing a 

negative trend over the time period. Using negligible 

variables and the selected cross-section unit, firms have 

negative growth for selected variables. However, the 

results of the generalized linear model (GLM) have been 

presented in Table 4, where the dependent variable is 

financial performance (LNFP). During the COVID-19 

period, engineering companies in Bangladesh have 

played a vital role in ensuring sustainable growth and 

development. The independent variable, such as LNDR, 

has a significant impact on LNFP in engineering 

companies, and the estimated value of the coefficient is 

0.76, which indicates that a one percent increase in 

LNDR has been able to boost LNFP by 0.76 percent. 

There is a positive interlink between the variables LNDR 

and LNFS; this sign is expected for a company. 

However, the pandemic crisis did not hamper the 

maintenance of the relation between those variables, 

which is suggested by the accounting theories. 

Table 4: Results of Generalized Linear Model (GLM) 

Variable Coefficient Std. Error z-Statistic Prob. 

Dependent variable: LNFP 

LNDR 0.76 0.35 2.16 0.03 

LNGPR 0.80 0.95 0.84 0.40 

LNLR 0.44 0.70 0.63 0.53 

LNNPR 1.22 0.41 2.97 0.00 

LNSG -0.44 0.36 -1.23 0.22 

C 1.26 1.71 0.74 0.46 

Model Fit Evidences 

Mean dep.  var -2.55     S.D. dep. var 2.37 

Akaike info criterion (AIC) 4.40     Schwarz criterion (SIC) 4.64 

LR statistic 20.66     Prob(LR statistic) 0.00 

Pearson SSR 177.20     Pearson statistic 4.22 

Source: Authors Estimation 

Table 5: Confidence Interval Estimation of Generalized Linear Model (GLM) 

Variable Coefficient 
90% CI 95% CI 99% CI 

Low High Low High Low High 

LNDR 0.76 0.17 1.36 0.05 1.48 -0.19 1.72 

LNGPR 0.80 -0.80 2.40 -1.12 2.72 -1.77 3.37 

LNLR 0.44 -0.74 1.61 -0.97 1.85 -1.45 2.32 

LNNPR 1.22 0.53 1.91 0.39 2.05 0.11 2.33 

LNSG -0.44 -1.05 0.16 -1.17 0.29 -1.42 0.53 

C 1.26 -1.62 4.13 -2.19 4.70 -3.35 5.87 

Source: Authors Estimation 

On the other hand, the independent variable, LNGPR, 

has also had a positive impact on LNFP in engineering 

firms in Bangladesh during the COVID-19 period, and 

the estimated value of the coefficient is 0.80, indicating 

that a 1% increase in LNGPR can enhance LNFP by 0.80 

percent. There is a positive correlation between the 

variables LNGPR and LNFS, which is a positive sign for 

a company. However, the pandemic crisis did not 

prevent the accounting theories from maintaining the 

relationship between those variables, such as LNGPR 

and LNFS. The variables LNLR and LNNPR have a 

positive impact on LNFP in engineering firms in 

Bangladesh during the COVID-19 period, and the 

estimated values of the coefficients are 0.44 and 1.22, 

where LNNPR is significant at the 1% level but LNLR 

is insignificant. There is a positive correlation among the 

variables LNLR, LNNPR, and LNFS; this is strength for 

a company. However, the pandemic crisis did not 



Global Sustainability Research 

Global Scientific Research                                                                              30 
 

prevent the accounting theories from maintaining the 

relationship between those variables, such as LNLR, 

LNNPR, and LNFS. The coefficient of the variable 

LNNPR is 1.22, which means a 1% increase in LNNPR 

enhances LNFP by 1.22 percent. However, the variable 

sales growth has a negative impact during the COVID-

19 pandemic situation. In Bangladesh, sales growth in 

the engineering sector faces a crisis because of the 

pandemic crisis, lockdown, and other restrictions. The 

coefficient of variable sales growth is negative to explain 

the financial performance, but this result is not 

significant. The model fit evidence shows no 

inconsistency, and the probability value of the LR 

statistic is significant at the 1% level when considering 

the minimum SIC and AIC criteria. In addition, the 

results of the confidence interval estimation of the GLM 

model presented in Table 5 consider 90%, 95%, and 99% 

intervals to justify the coefficient estimates and impact 

of the selected variables on the financial performance of 

engineering companies. 

Conclusion and Recommendation 

Due to the fact that businesses can now be run anywhere 

in the world, financial performance is the main criterion 

used by investors worldwide. In order to fulfil 

commitments and accomplish the objectives set by the 

organization's top management, management used 

financial performance techniques. The share price and 

investor interest will significantly rise as the company's 

financial performance improves. Financial performance 

gives investors and creditors crucial information they 

can use to decide whether to trust a company with their 

money. Financial performance is one of many indicators 

that can be used to assess an organization's present state 

and future potential. The stakeholder must examine the 

factors that affect financial performance. Management 

should be aware of the factors affecting a company's 

financial performance because it matters to both 

investors and internal stakeholders. Financial 

performance measures the company's overall financial 

health, including the effectiveness of the top 

management's leadership. The COVID-19 pandemic has 

negatively impacted the performance of many 

businesses and the economy as a whole in Bangladesh. 

Despite the fact that it experienced steady growth for the 

previous five years, the engineering sector is not immune 

to the recession. The goal of the current study is to 

determine how the pandemic (COVID-19) has affected 

the financial success of some engineering sectors in 

Bangladesh. All companies listed on the Dhaka Stock 

Exchange in Bangladesh are the subjects of the study. 

This study considered 40 engineering firms and analyzed 

data from the COVID-19 period of 2019–2021. Key 

findings during the COVID-19 period indicate that 

LNGPR has a positive impact on LNFP in engineering 

firms in Bangladesh, and the estimated value of the 

coefficient is 0.80, indicating that a 1% increase in 

LNGPR can increase LNFP by 0.80 percent. During the 

COVID-19 period, the variables LNLR and LNNPR 

have a positive impact on LNFP in engineering firms in 

Bangladesh, with estimated coefficient values of 0.44 

and 1.22, respectively. LNDR has a significant impact 

on LNFP in engineering firms, and the estimated value 

of the coefficient is 0.76, indicating that a 1% increase in 

LNDR can boost LNFP by 0.76 percent. During the 

COVID-19 pandemic, however, variable sales growth 

has a negative impact. Since the financial performance 

of engineering firms during the COVID-19 pandemic 

has not yet been examined in the context of Bangladesh, 

the study is distinctive in that it does so. Additionally, by 

examining Bangladeshi sectors, this study offers useful 

insights to regulators and policymakers about the 

adverse effects on industries as a result of the pandemic. 

Because COVID-19 has had a major effect on sales 

growth, the authority should concentrate on maintaining 

that growth. Government initiatives on domestic 

production and distribution would be a great addition to 

helping the country recover from this crisis. The key 

limitation of this study is the lack of updated data 

availability to compare post-COVID-19 scenarios. A 

future study should focus on the total number of firms 

and the post-COVID-19 evaluation of financial 

performance. 

Acknowledgment: none  

Funding: None 

Declaration of interests: The authors declare that they 

have no known competing financial interests or personal 

relationships that could have appeared to influence the 

work reported in this paper. 

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