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Organizational Resources, Country Institutions, and National Culture behind Firm Survival and Growth during COVID-19 (Inglês)

This paper provides one of the first comprehensive and most updated studies on the effects of firms’ organizational resources, country institutions, and national culture on the survival and growth of private firms around the world during the COVID-19 pandemic. Analyzing World Bank Enterprise Follow-up Surveys on COVID-19 that cover 18,770 firms in 36 countries, the paper documents four sets of findings. (1) During the pandemic, firms with favorable organizational resources (state ownership and affiliation with parent companies) are more likely to survive and grow, whereas firms with foreign ownership or more financial obstacles are less likely to survive or grow. Firms in countries with a higher per capita income, a lower COVID-19 spread, and a less stringent COVID-19 control policy are more likely to survive and grow. (2) Favorable ownership and parent-company affiliations help cushion the pandemic shock during the pandemic. (3) The relationship between firm characteristics and firm survival/growth is significantly affected by the stringency of a country’s COVID-19 policy. (4) Firm survival and growth are positively related to a country’s cultural tendency in terms of long-term orientation and are not significantly related to uncertainty avoidance and individualism. The overall quality of country governance is negatively linked to the odds for firm survival as well as revenue and employment growth.


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    Liu,Yu, Peng,Mike W., Wei,Zuobao, Xu,Jian, Xu,L. Colin

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    Documento de trabalho sobre pesquisa de políticas

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    Regiões Mundiais,

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  • Nome do documento

    Organizational Resources, Country Institutions, and National Culture behind Firm Survival and Growth during COVID-19

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    development research group; corruption in bank lending; small and medium size enterprise; firm survival; access to finance; stock market decline; government policy response; Rule of Law; per capita income; global supply chain; employment growth rate; impact on sales; effect of governance; journal of finance; freedom of expression; total factor productivity; state-owned firms; lower mortality rate; access to financing; chance of survival; loss of revenue; enforcement of regulation; decline in revenue; loss in revenue; Learning and Innovation Credit; level of compliance; low debt ratio; emerging market finance; determinants of investment; corporate social responsibility; share of state; state ownership; organizational resource; stock return; firm growth; long-term orientation; country governance; firm size; national culture; parent company; corporate finance; sales growth; financial constraint; financial economics; social distance; negative shock; governance quality; financial obstacle; foreign ownership; exporting firms; standard deviation; National Institutions; natural logarithm; summary statistic; corruption control; baseline regression; government effectiveness; survey data; baseline model; financial shock; corporate culture; government mandate; quantitative analysis; cultural characteristics; firm sale; political stability; high probability; regulatory quality; cross-country study; financial flexibility; infection rate; cash holding; overall governance; finance research; empirical result; cultural dimension; several countries; study including; domestic demand; aged people; export demand; lower leverage; high profitability; international business; price decline; small stock; old population; modern education; management research; institutional environment; political consideration; Public Transport; publicity campaign; testing policies; government income; international travel; descriptive statistic; public events; confirmed case; democratic government; average score; quality measure; in economics; political corruption; correlation matrix; financial distress; financial pressure; cross-sectional regression; fixed effect; standard error; economic freedom; research community; smaller number; conference call; autocratic government; governance measure; human life; bribe payment; firm innovation; financial market; government intervention; global pandemic; real time; medium-size enterprise; Infectious Disease; loan loss; societal resources; firm level; institutional resource; mitigation measure; good governance; employment loss; open access; medical goods; export restrictions; Transition economies; transition economy; industrial cluster; political participation; development policy; government support; management science; asset pricing; equity return; financing pattern; legal constraint; Research Support; literature studies; political connections; government ownership; ownership structure; higher growth; firm performance; high employment; low employment; literature review; recent studies; regression results; business model; unique identifier; labor-intensive industry; firm ownership; equity market; Social Sciences; institutional framework; corrupt countries; standard practice; government revenue; mutual help; country variation; business environment; self reliance; higher uncertainty; relative performance; low risk; regression model



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