COVID-19 带来的系统相关性和公司绩效

IF 1.2 4区 经济学 Q3 ECONOMICS
Michael Böhm, Pamela Qendrai
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引用次数: 0

摘要

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。
System Relevance and Firm Performance Due to COVID-19
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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来源期刊
CiteScore
2.30
自引率
9.10%
发文量
17
期刊介绍: German Economic Review, the official publication of the German Economic Association (Verein für Socialpolitik), is an international journal publishing original and rigorous research of general interest in a broad range of economic disciplines, including: - macro- and microeconomics - economic policy - international economics - public economics - finance - business administration The scope of research approaches includes theoretical, empirical and experimental work. Innovative and thought-provoking contributions, in particular from younger authors, are especially welcome.
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