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Download Darkside I39 2022 Pdf

Related studies find that the COVID-19 crisis has sharply differing impacts on corporations based on the degree of their pre-pandemic financial flexibility, leverage, cash holdings, and institutional ownership. Using a sample of U.S. firms, Ramelli and Wagner (2020) examine the cross section of stock price reactions to COVID-19. They find that exposure to China resulted in lower stock returns during the early pandemic period (January 2 to February 21), but the effect is insignificant, or even positive, during the crisis (February 24 to March 20). The authors also find that firms with high leverage and low cash holdings perform poorly during the crisis period. Fahlenbrach et al. (2021) show that firms with high financial flexibility (Hadlock & Pierce, 2010; Kaplan & Zingales, 1997; Whited & Wu, 2006) and liquidity (Huang & Ritter, 2022) suffer significantly lower stock price declines than more financially constrained firms.

Download Darkside I39 2022 pdf

MNCs would benefit from research that analyzes further what aspects of industries and businesses helped them recover more quickly than others. What aspects of government responses were more beneficial to MNC recovery (Guedhami, Knill, Megginson, & Senbet 2022) and was there a trade-off between short-term pain and long-term gain in that regard? Further, our paper should be of interest to top executives of MNCs as they prepare for future global crises, pandemic-born or otherwise. Finally, while we document the dark side of globalization, we also take note of the positive moderating effect of well-functioning financial systems. The policy implication is further awakening by COVID-19 for robust development of financial systems, and research into ingredients for development and financial inclusion is warranted. This has the potential to extend research to link the current theories of multinationality to financial development outcomes. 041b061a72


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