Evaluating the Change in Performance of Ocean and Fishery Businesses During the COVID-19 Pandemic

• Published in: Journal of coastal research 2024-01, Vol.116 (sp1), p.363-367
• Main Authors: Kim, Juhyeoun, Kim, Taehan, Chang, Jeong-In, Lim, Byeongho, Kim, Gisu
• Format: Article
• Language: English
• Subjects: Analysis; Coastal management; Coastal research; COVID-19; Data collection; Economic change; Economics; Financial statement analysis; Fisheries; Fishery industry; Gap analysis; Growth rate; Indicators; Ocean and fisheries industry; Pandemics; Productivity; Profitability; SPECIAL SESSION #5: OCEAN ECONOMY & STATISTICS; Stability; Stability analysis
• ISSN: 0749-0208; 1551-5036
• DOI: 10.2112/JCR-SI116-074.1

Kim, J.; Kim, T.; Chang, J.-I.; Lim, B., and Kim, G., 2023. Evaluating the change in performance of ocean and fishery businesses during the COVID-19 pandemic. In: Lee, J.L.; Lee, H.; Min, B.I.; Chang, J.-I.; Cho, G.T.; Yoon, J.-S., and Lee, J. (eds.), Multidisciplinary Approaches to Coastal and Marine Management. Journal of Coastal Research, Special Issue No. 116, pp. 363-367. Charlotte (North Carolina), ISSN 0749-0208. Due to recent social and economic changes, the business performance of the ocean and fisheries industry has deteriorated, and the performance gap between businesses has expanded. The proportion of mid-sized ocean and fishery businesses has been falling annually, whereas that of small-sized businesses has increased, revealing bias in the industrial structure. The government has generated evidence-based data to support policymaking through statistical surveys. However, these data possess limitations in analyzing the structure of the industry and the status of related businesses. This study collected data on the financial statements of businesses from 2017 to 2020, divided them into pre-COVID-19 (2017–2019) and COVID-19 (2020), and conducted a business performance analysis and performance gap analysis by industry and business size. The business performance analysis was conducted using financial statement analysis indicators of stability, profitability, productivity, and activity, and the performance gap with an income polarization index of the Gini coefficient and quintile share ratio. Compared to the previous three years (2017–2019), ocean and fishery businesses maintained external growth in 2020, with five indicators showing a positive Compound Annual Growth Rate (CAGR), including the number of employees, revenue, operating profit, capital, and assets. In addition, indicators of stability, productivity, and activity improved, whereas profitability indicators deteriorated in 2020. The 2020 CAGR of the Gini coefficient and quintile share ratio increased by 0.04% and decreased by 11.4%, respectively, representing a wider performance gap. This study found that, on average, the larger the business size, the better the productivity and activity, and the smaller the business size, the higher the stability and profitability. Therefore, specific policies are needed for the small but highly profitable businesses to increase productivity and for large companies with high productivity and activity to improve profitability.