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      Corporate resilience to the COVID-19 pandemic: The role of digital finance

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          There is no author summary for this article yet. Authors can add summaries to their articles on ScienceOpen to make them more accessible to a non-specialist audience.

          Abstract

          This paper studies the role of digital finance in shaping corporate resilience to the COVID-19 pandemic by analyzing the stock prices of Chinese listed firms. We find that firms located in regions with higher levels of digital finance experience fewer losses and recover more quickly from the COVID-19 pandemic. Further analysis shows that digital finance helps build corporate resilience by facilitating firms' access to external financing and reducing financing costs. We further document that the positive effects of digital finance on corporate resilience are more pronounced for small firms, non-state-owned enterprises, and low cash holding firms. Overall, these findings suggest that digital finance improves corporate resilience by mitigating financing frictions.

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          The moderator-mediator variable distinction in social psychological research: conceptual, strategic, and statistical considerations.

          Reuben M. Baron, David A Kenny (1986)
          In this article, we attempt to distinguish between the properties of moderator and mediator variables at a number of levels. First, we seek to make theorists and researchers aware of the importance of not using the terms moderator and mediator interchangeably by carefully elaborating, both conceptually and strategically, the many ways in which moderators and mediators differ. We then go beyond this largely pedagogical function and delineate the conceptual and strategic implications of making use of such distinctions with regard to a wide range of phenomena, including control and stress, attitudes, and personality traits. We also provide a specific compendium of analytic procedures appropriate for making the most effective use of the moderator and mediator distinction, both separately and in terms of a broader causal system that includes both moderators and mediators.
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            Law and Finance

            Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer … (1998)
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              Asymptotic Confidence Intervals for Indirect Effects in Structural Equation Models

              Michael E. Sobel (1982)
              Article 0 comments Cited 813 times – based on 0 reviews     Review now
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                Author and article information

                Journal
                Title: Pacific-Basin Finance Journal
                Publisher: Published by Elsevier B.V.
                ISSN (Print): 0927-538X
                ISSN (Electronic): 0927-538X
                Publication date PMC-release: 2 June 2022
                Publication date (Electronic): 2 June 2022
                Electronic Location Identifier: 101791
                Affiliations
                [a ]School of Economics and Business Administration, Chongqing University, China
                [b ]School of Economics and Finance, Xi'an Jiaotong University, Xi'an, China
                [c ]School of Management, Northwestern Polytechnical University, Xi'an, China
                Author notes
                [* ]Corresponding author at: 127 West Youyi Road, Beilin District, Xi'an Shaanxi 710072, P.R. China.
                Article
                Publisher Item ID: S0927-538X(22)00086-5 Publisher ID: 101791
                DOI: 10.1016/j.pacfin.2022.101791
                PMC ID: 9159783
                SO-VID: e1cdf88a-579d-4da4-aa33-b8913b418df7
                Copyright © © 2022 Published by Elsevier B.V.
                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 : 7 July 2021
                Date revision received : 25 April 2022
                Date accepted : 27 May 2022
                Categories
                Subject: Article

                Keywords: digital finance,corporate resilience,financing frictions,the covid-19 pandemic
                Data availability:
                Keywords: digital finance, corporate resilience, financing frictions, the covid-19 pandemic

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