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      Does COVID-19 state aid reach the right firms? COVID-19 state aid, turnover expectations, uncertainty and management practices

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          Abstract

          A much debated issue in the discussion about COVID-19 state aid to firms is the extent to which these measures keep non-viable firms afloat. What are the characteristics of firms that receive aid and are they viable in the long term? Based on a survey of 1,151 firms in the Netherlands, mainly SMEs, we find that on average, government support goes to better-managed firms and to those with low turnover expectations and high turnover uncertainty. This suggests that COVID-19 state aid tends to go to firms that are most in need of it now and are more likely to be viable in the long term, as indicated by the quality of their management practices.

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          Measuring and Explaining Management Practices Across Firms and Countries

          N Varda-Bloom, J. Van Reenen (2007)
          Article 0 comments Cited 370 times – based on 0 reviews     Review now
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            Intangible Assets: Computers and Organizational Capital

            Erik Brynjolfsson, Lorin M. (Lorin Moultrie) Hitt, Shinkyu Yang (2002)
            Article 0 comments Cited 79 times – based on 0 reviews     Review now
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              Did you save some cash for a rainy COVID-19 day? The crisis and SMEs

              Marc Cowling, Ross Brown, Augusto Rocha (2020)
              As COVID-19 spreads across the globe, a common public policy response has been to enforce the temporary closure of non-essential business activity. In some countries, governments have underwritten a proportion of the wage income for staff forced to furlough or broadened their welfare systems to accommodate newly laid off workers or small business owners. While these actions are helpful, they do not explicitly address the lack of sales trading activity on business income and cash balances. In commentary, we identify what types of businesses have been increasing their cash holdings in the lead up to COVID-19 as an indication of what types of small and medium-sized enterprises (SMEs) are most at risk if the lockdown extends for a protracted period of time. We find that only 39% of the of businesses were bolstering their cash balances leading up to COVID-19 which suggests that 61% of businesses may run out of cash, including 8.6% that had no retained earnings whatsoever with micro firms at particular risk. The importance of precautionary saving for SMEs is critical to enhance resilience when Black Swan events occur.
              Article 0 comments Cited 63 times – based on 0 reviews     Review now
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                Author and article information

                Journal
                Title: Journal of Business Venturing Insights
                Publisher: Published by Elsevier Inc.
                ISSN (Print): 2352-6734
                ISSN (Electronic): 2352-6734
                Publication date PMC-release: 10 July 2021
                Publication date (Print): November 2021
                Publication date (Electronic): 10 July 2021
                Volume: 16
                Page: e00262
                Affiliations
                [a ]RaboResearch, Croeselaan 18, 3521 CB, Utrecht, the Netherlands
                [b ]Utrecht University School of Economics, Kriekenpitplein 21-22, PO Box 80125, 3508 TC, Utrecht, the Netherlands
                [c ]IMT School of Advanced Studies Lucca, Italy
                Author notes
                [∗ ]Corresponding author. Utrecht University School of Economics, Kriekenpitplein 21-22, PO Box 80125, 3508 TC, Utrecht, the Netherlands.
                Article
                Publisher Item ID: S2352-6734(21)00040-8 Publisher ID: e00262
                DOI: 10.1016/j.jbvi.2021.e00262
                PMC ID: 8447835
                SO-VID: c79b5880-a36b-4dea-b001-3a62dea3cbc2
                Copyright © © 2021 Published by Elsevier Inc.
                License:

                Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID-19. The COVID-19 resource centre is hosted on Elsevier Connect, the company's public news and information website. Elsevier hereby grants permission to make all its COVID-19-related research that is available on the COVID-19 resource centre - including this research content - immediately available in PubMed Central and other publicly funded repositories, such as the WHO COVID database with rights for unrestricted research re-use and analyses in any form or by any means with acknowledgement of the original source. These permissions are granted for free by Elsevier for as long as the COVID-19 resource centre remains active.

                History
                Date received : 18 April 2021
                Date revision received : 7 July 2021
                Date accepted : 8 July 2021
                Categories
                Subject: Article

                Keywords: covid-19,state aid,business support,management practices,uncertainty
                Data availability:
                Keywords: covid-19, state aid, business support, management practices, uncertainty

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