System Relevance and Firm Performance Due to COVID-19

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2023-12-06 DOI:10.1515/ger-2023-0070

Michael J. Böhm, Pamela Qendrai

引用次数: 0

Abstract

We study the impact of COVID-19 on firm performance. Using financial accounts of a large number of German firms, we document that industry affiliation is an important economic dimension of the crisis. Motivated by this fact, we analyze an important industry-specific regulation, system relevance, which allows businesses to remain open in times of lockdown and other restrictions. A difference-in-differences estimation strategy shows that relative revenues of system-relevant firms increase by 6–9 percent and profits by 17–25 percent due to COVID. Controlling for channels that are arguably not driven by the system-relevance regulation, the impact on revenues decreases but remains significant. Overall, results indicate that regulations affecting the ability to operate as well as industry-level shocks play important roles for firm performance during a pandemic-induced crisis.

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COVID-19 带来的系统相关性和公司绩效

我们研究了 COVID-19 对公司业绩的影响。利用大量德国企业的财务账目，我们记录了行业关联是危机的一个重要经济维度。基于这一事实，我们分析了一项重要的行业特定法规--系统相关性，该法规允许企业在封锁和其他限制措施下继续营业。差分估算策略显示，由于 COVID，系统相关性企业的相对收入增加了 6-9%，利润增加了 17-25%。在控制了可以说并非由系统相关性法规驱动的渠道后，对收入的影响有所下降，但仍然显著。总之，研究结果表明，在大流行病引发的危机中，影响经营能力的法规以及行业层面的冲击对企业绩效起着重要作用。

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

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.