Corporate Assistance Policies for the Post-Pandemic Era: Lessons from the Global Financial Crisis

Sangkyu Lee ()
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Sangkyu Lee: Korea Institute for Industrial Economics and Trade, Postal: Sejong National Research Complex, Korea Institute for Industrial Economics and Trade, 370 Sicheong Dae-ro C-dong 8-12F 30147, Republic of Korea, http://www.kiet.re.kr

No 22-11, Industrial Economic Review from Korea Institute for Industrial Economics and Trade

Abstract: In Korea, the COVID-19 pandemic has transitioned into a different phase. Even though infection numbers are higher than ever before, the government has relaxed its anti-disease measures, such as its Distancing in Daily Life policy. This change in policy direction was prompted by high national vaccination rates, with 86.8 percent of the population having received a second dose of a COVID-19 vaccine and 64.7 percent having gotten a booster shot, as of May 14, 2022. This follows the global trend of countries gradually relaxing disease control measures. From an economic perspective, the global economy is expected to recover, which means that the Korean economy should prepare for the global bounce back and subsequent changes to the economic environment. To this end, this paper suggests firm support policies by analyzing the firms’ management activities and evaluating three stages of policy in the recovery, stabilization, and growth periods following the global financial crisis (GFC). First, this paper critically describes the structural impact of the COVID-19 pandemic on Korean firms compared to the global financial crisis. Second, in order to explore the economic recovery and development that followed the global financial crisis, this paper specifies how the firms allocated management activities at the respective stages. At the same time, this paper describes how firms evaluated corporate management related government support policies in the three stages. Finally, this paper synthesizes the analytical results and suggests which support policies should be promoted for supporting firms’ management activities.

Keywords: COVID-19; industrial policy; corporate governance; enterprise policy; SMEs; small and medium-sized enterprises; venture policy; venture firms; corporate governance; governance; regulation; COVID-19; global financial crisis (search for similar items in EconPapers)
JEL-codes: K20 K21 K22 L25 L50 L53 (search for similar items in EconPapers)
Pages: 13 pages
Date: 2022-06-01
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