Firm Resiliency: The Role of Spillovers

被引：0

作者：

Ayyagari, Meghana ^{[1
]}

Cheng, Yuxi ^{[2
]}

Weinberger, Ariel ^{[1
]}

机构：

[1] George Washington Univ, Sch Business, Washington, DC 20052 USA

[2] Univ Liverpool, Management Sch, Liverpool, England

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2025年 / 60卷 / 03期

关键词：

LENDING RELATIONSHIPS; INNOVATION; DISTANCE; CITIES; TRADE;

D O I：

10.1017/S0022109024000978

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using high-frequency data on over 7 million import transactions, we study the disruptions to U.S. firms' trade patterns and growth immediately following the initial COVID-19 trade shock. While large firms were not direct recipients of government fiscal support, they experienced fewer disruptions when located in counties where small businesses (SMEs) received government stimulus loans under the Paycheck Protection Program. These effects were largest in counties with greater share of SMEs and stronger input-output linkages between large firms and SMEs. Our results point to local spillovers between SMEs and large firms as being an important determinant of firm resiliency during crises.

引用

页码：1527 / 1557

页数：31

共 71 条

[1] The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID [J].