Impact of operational fragility on stock returns: Lessons from COVID-19 crisis

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2022-02-03 DOI:10.1111/irfi.12374

Avijit Bansal, Balagopal Gopalakrishnan, Joshy Jacob, Pranjal Srivastava

引用次数: 1

Abstract

We examine how the market valuation of firms varies on account of their operational fragility that makes them vulnerable to the COVID-19 pandemic. Using the data on plant location that uniquely identifies the vulnerability of firms to operational disruptions, we find that firms with plants located in zones susceptible to higher infections earn significantly lower returns. For firms with high operational fragility, the marginal value of financial flexibility and operating flexibility is higher. The adverse impact of the operational fragility is lower for firms affiliated with the larger business groups. The paper identifies unique channels associated with the pandemic that impact firm value.

Abstract Image

查看原文本刊更多论文

运营脆弱性对股票回报的影响:来自COVID - 19危机的教训

我们研究了企业的市场估值如何因其运营脆弱性而变化，这使它们容易受到新冠肺炎疫情的影响。利用工厂位置的数据，我们发现，工厂位于易受感染地区的公司获得的回报要低得多。对于经营脆弱性较高的企业，财务灵活性和经营灵活性的边际值较高。对于隶属于较大企业集团的公司来说，运营脆弱性的不利影响较小。该论文确定了与疫情相关的影响企业价值的独特渠道。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

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.