Business resilience: Lessons from government responses to the global COVID-19 crisis

IF 5.9 1区 管理学 Q1 BUSINESS International Business Review Pub Date : 2023-10-01 DOI:10.1016/j.ibusrev.2023.102166
Harvey Nguyen , Anh Viet Pham , Man Duy (Marty) Pham , Mia Hang Pham
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引用次数: 3

Abstract

This study explores the survival of firms across countries, and what factors contribute to their ability to withstand large-scale exogenous shocks, focusing on the COVID-19 pandemic. Using corporate default risk as a measure of non-resilience, our empirical results from 97 countries reveal that stringent COVID-19 containment measures created a significant resilience test for businesses worldwide. Further tests suggest that cash holdings, knowledge assets, international sales, and access to foreign capital markets are crucial for global businesses to pull through exogenous shocks. Country-level institutional qualities also play an essential role in shaping business resilience during a crisis. Our study is the first to comprehensively analyze the drivers of business resilience across diverse countries using the COVID-19 outbreak as a major global crisis, providing a nuanced understanding of this topic in international business.

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商业韧性:政府应对全球COVID-19危机的经验教训
本研究以COVID-19大流行为重点,探讨了各国企业的生存状况,以及影响企业抵御大规模外源冲击能力的因素。将企业违约风险作为非弹性的衡量标准,我们对97个国家的实证结果表明,严格的COVID-19遏制措施为全球企业带来了重大的弹性考验。进一步的测试表明,现金持有量、知识资产、国际销售和进入外国资本市场对全球企业渡过外部冲击至关重要。国家层面的制度质量在塑造企业在危机期间的复原力方面也发挥着至关重要的作用。我们的研究首次将COVID-19疫情作为一场重大的全球危机,全面分析了不同国家商业弹性的驱动因素,为国际商业中这一主题提供了细致的理解。
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来源期刊
CiteScore
14.10
自引率
6.90%
发文量
95
审稿时长
62 days
期刊介绍: The International Business Review (IBR) stands as a premier international journal within the realm of international business and proudly serves as the official publication of the European International Business Academy (EIBA). This esteemed journal publishes original and insightful papers addressing the theory and practice of international business, encompassing a broad spectrum of topics such as firms' internationalization strategies, cross-border management of operations, and comparative studies of business environments across different countries. In essence, IBR is dedicated to disseminating research that informs the international operations of firms, whether they are SMEs or large MNEs, and guides the actions of policymakers in both home and host countries. The journal warmly welcomes conceptual papers, empirical studies, and review articles, fostering contributions from various disciplines including strategy, finance, management, marketing, economics, HRM, and organizational studies. IBR embraces methodological diversity, with equal openness to papers utilizing quantitative, qualitative, or mixed-method approaches.
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