新冠疫情期间的企业倒闭

IF 7.2 1区经济学 Q1 BUSINESS, FINANCE

Journal of Corporate Finance Pub Date : 2025-03-07 DOI:10.1016/j.jcorpfin.2025.102766

Shradha Bindal, Kissan Joseph, Felix Meschke

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引用次数: 0

摘要

本研究探讨了在新冠肺炎大流行的最初几个月里，标准普尔500指数（s&p 500）公司决定关闭公司总部的因素。使用手机数据来估计停工时间，我们发现财务灵活性和CEO特征，如薪酬持续时间、过度自信、权力、年龄或性别，不影响停工决策。相反，在家工作的适应性、当地避难所的授权和政治联盟成为关键的驱动因素。倾向民主党的公司，尤其是那些由倾向民主党的首席执行官领导的公司，倒闭的时间明显早于其他公司。这些发现强调了政治和监管动态在影响企业在危机期间的反应方面的重要性。

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Corporate shutdowns in the time of Covid-19

This study examines the factors driving corporate headquarters shutdown decisions among S&P 500 firms during the early months of the Covid-19 pandemic. Using mobile phone data to estimate shutdown timing, we find that financial flexibility and CEO characteristics, such as pay duration, overconfidence, power, age or gender, do not influence shutdown decisions. Instead, work-from-home adaptability, local shelter-in-place mandates, and political alignment emerge as critical drivers. Democratic-leaning firms, particularly those led by Democratic-leaning CEOs, shut down significantly earlier than their counterparts. These findings highlight the importance of political and regulatory dynamics in shaping corporate responses during crises.

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来源期刊

Journal of Corporate Finance BUSINESS, FINANCE-

CiteScore

11.80

自引率

3.30%

发文量

期刊介绍： The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.