Влияние пандемии Ковид-19 на компании европейских стран / Influence of Covid-19 pandemic on the European companies

Аннотация

This paper examines the impact of the COVID-19 pandemic on firm survival using a sample of small and medium-sized enterprises in the European Union. We estimate two regression models during three time periods to analyze the determinants of firm survival during the pandemic. Our results suggest that reduced demand for firms' products and disruptions in the supply of their raw materials are the key factors that determine the severity of the pandemic's impact on each firm, while other firm-level factors have a moderate impact that generally depends on the time observation was taken. For instance, state-owned enterprise were found to better survive the initial parts of the outbreak and struggle later, while exporting firms were more resilient during the most dangerous phases of the pandemic. Based on our findings, we provide policy implications for policymakers to help firms manage and mitigate the negative effects of the pandemic.