EIB Working Paper 2022/01 Firm-level policy support during the crisis

• المؤلف الرئيسي: European Investment Bank (auth)
• مؤلفون آخرون: Harasztosi, Péter (auth), Maurin, Laurent (auth), Pál, Rozália (auth), Revoltella, Debora (auth), van der Wiel, Wouter (auth)
• التنسيق: الكتروني فصل الكتاب
• اللغة: الإنجليزية
• منشور في: European Investment Bank 2022
• الموضوعات: Corporate finance; Business & Economics; Corporate Finance
• الوصول للمادة أونلاين: DOAB: download the publication; DOAB: description of the publication

الملخص

During the COVID-19 crisis, the European corporate ecosystem avoided major disruptions, and corporate bankruptcy rates even declined. This outcome mostly resulted from the strength of support from monetary, financial supervisory and fiscal policies. Using the 2021 vintage of the EIB Investment Survey (EIBIS) matched with balance sheet data on firms' profits and losses, this paper investigates what has driven the allocation of fiscal policy support and the impact of this support during the investment recovery. It finds that support was largely directed towards firms that were most affected by the crisis in terms of lost sales, and was not tilted firms already weak before the crisis. It also shows that the firms that benefitted from this support tend to be more optimistic in their investment plans, especially with regard to digital technologies.

ردمك

/doi.org/10.2867/24308
9789286152108

وصول

Open Access