International firms and COVID-19: evidence from a global survey

Floriana Borino (), Eric Carlson (), Valentina Rollo () and Olga Solleder
Additional contact information
Floriana Borino: International Trade Centre
Eric Carlson: The Economic Innovation Group
Valentina Rollo: International Trade Centre

Review of World Economics (Weltwirtschaftliches Archiv), 2024, vol. 160, issue 3, No 13, 1117-1150

Abstract: Abstract This paper explores how the international exposure of companies influenced their strategies in responding to the COVID-19 crisis, and the extent to which they were affected. Our conceptual framework formulates two hypotheses that can be empirically tested. First, we posit that international companies, due to their connections with domestic and foreign markets, are more vulnerable to the crisis, being affected through both demand and supply channels. Second, despite their heightened exposure, we anticipate that international companies will exhibit greater resilience during the crisis compared to their domestic counterparts. This resilience can be attributed to their enhanced global connectivity and productivity. The empirical analysis, based on a large firm-level survey undertaken in 2020 in 133 countries, documents how different types of firms were affected by COVID-19 crisis and how they reacted to the disruptions, providing empirical support for both hypotheses.

Keywords: COVID-19; International business; Heterogeneous firms; External shock; Globalization (search for similar items in EconPapers)
JEL-codes: F12 F23 F61 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/s10290-024-00525-9

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