The Role of Corporate Culture in Bad Times: Evidence from the COVID-19 Pandemic

Li, Kai; Liu, Xing; Mai, Feng; Zhang, Tengfei

doi:10.2139/ssrn.3632395

Cited by 81 publications

(14 citation statements)

References 52 publications

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“…A careful scrutiny of the literature suggests that COVID-19 effects have been investigated on several close, yet distinct financial market variables. These studies focus on equity markets ( Al-Awadhi et al, 2020 ; Goodell, 2020 ; Li et al, 2020 ; Pavlyshenko, 2020 ; Sharif et al, 2020 ; Topcu and Gulal, 2020 ), commodities such as oil and gold, and alternative assets, such as cryptocurrencies ( Bakas and Triantafyllou, 2020 ; Corbet et al, 2020; Umar et al, 2020 , Umar and Gubareva, 2020 ), the debt market ( Arellano et al, 2020 ; Qiang et al, 2020 ; Sène et al, 2020 ) and mutual funds ( Mirza et al, 2020 ; Yarovaya et al, 2020 ).…”

Section: Literature Reviewmentioning

confidence: 99%

COVID-19, government policy responses, and stock market liquidity around the world: A note

Zaremba

Aharon

Demir

et al. 2021

Research in International Business and Finance

178

137

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Unprecedented non-pharmaceutical interventions targeted to curb the spread of COVID-19 exerted a dramatic impact on the global economy and financial markets. This study is the first attempt to investigate the influence of these government policy responses on global stock market liquidity. To this end, we examine daily data from 49 countries for the period January-April 2020. We demonstrate that the impact of the interventions is limited in scale and scope. Workplace and school closures deteriorate liquidity in emerging markets, while information campaigns on the novel coronavirus facilitate trading activity.

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Section: Literature Reviewmentioning

confidence: 99%

COVID-19, government policy responses, and stock market liquidity around the world: A note

Zaremba

Aharon

Demir

et al. 2021

Research in International Business and Finance

178

137

View full text Add to dashboard Cite

show abstract

“…They interpret these results as indication that government policy intervention could have mixed effects on the economy. Many recent studies have also focused on the impact of different firm fundamentals on company performance during the COVID-19 pandemic (e.g., Acharya and Steffen 2020;Albuquerque et al 2020;Ding et al 2020aDing et al , 2020bFahlenbrach et al 2020;Hassan et al 2020;Li et al 2021;Pagano et al 2020;Papanikolaou and Schmidt 2020;Ramelli and Wagner 2020;Shan and Tang 2020).…”

Section: Literature Reviewmentioning

confidence: 99%

The COVID-19 Pandemic and Commercial Property Rent Dynamics

Allan¹,

Liusman

Lu³

et al. 2021

JRFM

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This paper utilizes timely proprietary data to examine the contemporary impact of the COVID-19 pandemic on commercial property rent dynamics in the Asia–Pacific region. Given that the Asia–Pacific region was the first to be impacted by the public health crisis, it is important to examine how the COVID-19 pandemic has affected the real estate markets in this region and to assess how the region has been recovering since then. Our regression analysis, controlling for different macroeconomic fundamentals and city and property type fixed effects, documents substantial declines in rents of approximately 15% during the first six months of 2020 across the Asia–Pacific commercial property market. We further observe that the most significant declines in rent occur in regions where exposure to the COVID-19 pandemic is the more severe, and in the retail property sector, where we have been observing continued declines of over 30%, with little recovery as of the second quarter of 2020. In additional analysis, we examine capital values and show that while capital targeting the retail property sector has been muted, there is some evidence showing capital flows into the residential and industrial sectors. We also show that fiscal stimuli imposed by governments have moderated the adverse impact of the pandemic. Overall, our study shows that while the effect of the COVID-19 public health crisis is detrimental to commercial real estate, its impact varies significantly across different regions and property sectors.

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“…Shan and Tang (2020) find that Chinese listed firms with more satisfied employees perform better during COVID-19 than those with less satisfied employees. Li et al (2020) examine U.S. listed firms using the conference call data from January to April 2020 and find that firms with a strong corporate culture are more resilient to the pandemic shock.…”

Section: Effects Of Organizational Resourcesmentioning

confidence: 99%