COVID-19 风险敞口、财务灵活性和公司杠杆调整

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2024-09-27 DOI:10.1016/j.iref.2024.103651

Obaid Ur Rehman , Kai Wu , Jia Liu

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引用次数: 0

摘要

本研究探讨了从 2019 年第一季度到 2022 年第一季度，公司层面的 COVID-19 大流行风险如何影响 3260 家美国上市公司的杠杆调整速度。通过使用一种新的 COVID-19 风险度量方法，我们发现较高的风险度会显著降低企业向目标水平调整杠杆率的速度。这种影响对于财务受限的企业和在竞争性市场中运营的企业更为明显。我们进一步表明，COVID-19 风险敞口会对企业流动性、违约风险和财务灵活性产生不利影响。我们的研究结果凸显了外生冲击在影响企业融资决策中的作用。

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COVID-19 exposure, financial flexibility, and corporate leverage adjustment

This study examines how firm-level exposure to the COVID-19 pandemic affects the speed of leverage adjustment among 3260 US-listed firms from 2019q1 to 2022q1. Using a novel measure of COVID-19 exposure, we find that higher exposure significantly reduces the speed at which firms adjust their leverage towards target levels. This effect is more pronounced for financially constrained firms and those operating in competitive markets. We further show that COVID-19 exposure adversely impacts corporate liquidity, default risk, and financial flexibility. Our findings highlight the role of exogenous shocks in shaping corporate financing decisions.

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来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.