Firm Finances and the Spread of COVID-19: Evidence from Nursing Homes

IF 1.9 Q2 BUSINESS, FINANCE

Review of Corporate Finance Studies Pub Date : 2022-12-02 DOI:10.1093/rcfs/cfac041

Taylor A Begley, Daniel Weagley

引用次数: 0

Abstract

We find that firms’ financial resources play an important role in mitigating the spread of COVID-19. We study nursing homes—whose residents account for over one-third of all U.S. COVID-19 deaths—at a time when investment in risk mitigation was costly and critical. Facilities with less liquidity and those experiencing more severe cash flow shocks had more cases of COVID-19. The importance of cash flow is further supported by tests exploiting state-level variation in Medicaid reimbursement expansion. Evidence on personal protective equipment supplies suggests a lack of financial resources leads to lower investment in risk mitigation.

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公司财务与COVID-19的传播:来自养老院的证据

我们发现，企业的财务资源在缓解COVID-19的传播方面发挥着重要作用。我们研究了疗养院——其居民占美国COVID-19死亡总人数的三分之一以上——在降低风险的投资成本高昂且至关重要的时候。流动性较低和现金流冲击更严重的机构的COVID-19病例更多。现金流的重要性进一步得到了各州在医疗补助报销扩展方面的差异测试的支持。关于个人防护装备供应的证据表明，缺乏财政资源导致减少风险方面的投资。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Corporate Finance Studies BUSINESS, FINANCE-

CiteScore

17.80

自引率

1.80%

发文量

期刊介绍： The Review of Corporate Finance Studies (RCFS) is dedicated to publishing high-quality research in the expansive field of Corporate Finance. The journal seeks original contributions, reviewing papers based on their unique insights into Corporate Finance. This encompasses a wide spectrum, including a firm's interactions with stakeholders, capital markets, internal organization structure, compensation mechanisms, corporate governance, and capital management. RCFS also welcomes research in financial intermediation, financial institutions, microstructure, and the implications of asset pricing for Corporate Finance. The journal considers theoretical, empirical, and experimental papers for review.