COVID-19 and Corporate Finance

IF 1.9 Q2 BUSINESS, FINANCE

Review of Corporate Finance Studies Pub Date : 2022-08-13 DOI:10.1093/rcfs/cfac025

Marco Pagano, Josef Zechner

引用次数: 0

Abstract

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) Received August 1, 2022; Editorial decision August 1, 2022 by editor Andrew Ellul.

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COVID-19与企业融资

我们提取了有关COVID-19对公司影响的证据。不同公司对冲击的股价反应差异很大，这取决于它们对社交距离、财务灵活性和企业文化的适应能力。同样的特征影响了企业的销售、就业和资产增长的反应。尽管受到了冲击，但企业通过从银行、债券和股票市场筹集资金，扩大了资产负债表和流动性。上市企业杠杆率降低的同时，非上市企业尤其是中小企业杠杆率却在上升。政府支持项目帮助企业获得外部资金。最后，我们确定了关于COVID-19对公司的长期影响的未探索的研究问题。(JEL: G11、G12、G13、G21、G24、G28、G32、G33、G35、G38、H81、H84) 2022年8月1日收稿;编辑决定，2022年8月1日，编辑Andrew Ellul。

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.