COVID-19 and Corporate Finance
| Autor: | Marco Pagano, Josef Zechner |
|---|---|
| Přispěvatelé: | Pagano, Marco, Zechner, Josef |
| Rok vydání: | 2022 |
| Předmět: |
History
Economics and Econometrics Polymers and Plastics COVID-19 pandemic firm resilience social distancing financial flexibility corporate culture credit supply leverage government support public loan guarantees Paycheck Protection Program Business and International Management Industrial and Manufacturing Engineering Finance |
| Zdroj: | The Review of Corporate Finance Studies. 11:849-879 |
| ISSN: | 2046-9136 2046-9128 |
| Popis: | We distill evidence about the effects of COVID-19 on companies. Stock price reactions to the shock differed greatly across firms, depending on their resilience to social distancing, financial flexibility, and corporate culture. The same characteristics affected the response of firms’ sales, employment, and asset growth. Despite the shock, firms expanded their balance sheets and liquidity by raising funds from banks, bonds, and equity markets. While listed firms reduced their leverage, unlisted ones, especially small and medium enterprises, increased it. Government support programs helped firms access external funding. We conclude by identifying unexplored research issues regarding the long-run effects of COVID-19 on companies. (JEL: G11, G12, G13, G21, G24, G28, G32, G33, G35, G38, H81, H84) |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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