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 : 2023-12-07 DOI:10.2139/ssrn.4636862

Michael Böhm, Pamela Qendrai

引用次数: 0

Abstract

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

摘要本文研究新冠肺炎疫情对企业绩效的影响。利用大量德国公司的财务账目，我们证明行业从属关系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，即系统相关性，该法规允许企业在封锁和其他限制期间保持营业。差异中差异估计策略显示，由于COVID，系统相关公司的相对收入增加了6 - 9%，利润增加了17 - 25%。控制那些不受系统相关监管驱动的渠道，对收入的影响会减少，但仍然很大。总体而言，研究结果表明，在疫情引发的危机期间，影响运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.