The Impact of the COVID-19 Pandemic on Firm Performance

Huayu Shen, Mengyao Fu, Hongyu Pan, Zhongfu Yu and Yongquan Chen

Emerging Markets Finance and Trade, 2020, vol. 56, issue 10, 2213-2230

Abstract: Using the financial data of listed Chinese companies, we study the impact of COVID-19 on corporate performance. We show that COVID-19 has a negative impact on firm performance. The negative impact of COVID-19 on firm performance is more pronounced when a firm’s investment scale or sales revenue is smaller. We show, in an additional analysis, that the negative impact of COVID-19 on firm performance is more pronounced in serious-impact areas and industries. These findings are among the first empirical evidence of the association between pandemic and firm performance.

Date: 2020
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DOI: 10.1080/1540496X.2020.1785863

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