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COVID-19 pandemic and firm performance: Cross-country evidence

Shiwei Hu and Yuyao Zhang

International Review of Economics & Finance, 2021, vol. 74, issue C, 365-372

Abstract: Using financial data on firms worldwide, we assess the impact of COVID-19 on corporate performance. We show that firm performance deteriorates during the COVID-19 pandemic. The adverse effects of COVID-19 on firm performance are less pronounced in countries with better healthcare systems, more advanced financial systems, and better institutions. Finally, uncertainty avoidance strengthens the adverse effect of the COVID-19 pandemic.

Keywords: Pandemic; Firm performance; Governance; Uncertainty avoidance (search for similar items in EconPapers)
JEL-codes: G3 I10 M14 (search for similar items in EconPapers)
Date: 2021
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DOI: 10.1016/j.iref.2021.03.016

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