COVID-19 and Corporate Finance Resilience

Dimitar Rafailov ()
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Dimitar Rafailov: University of Economics - Varna, Varna, Bulgaria

Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, 2023, issue 1, 59-68

Abstract: The COVID-19 pandemic had significant global negative effects and posed significant challenges to corporate financial management. Firms that were more adaptable and robust achieved superior financial performance, underscoring the importance of resilience in corporate finance. Financial reserves, including cash holdings, played a substantial role in financial resilience serving as a buffer against negative external and internal shocks. Flexible investments and financing were another source of stability, enabling a quicker response to a rapidly changing environment. Furthermore, the accelerated pace of digitalization and the application of sustainable development principles also aided firms in navigating the crisis period more effectively. Overall, greater corporate financial resilience is essential for the successful long-term development of the company.

Keywords: COVID-19; firm resilience; financial management (search for similar items in EconPapers)
JEL-codes: G31 G32 (search for similar items in EconPapers)
Date: 2023
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