Does state ownership enhance corporate resilience? Evidence from the COVID-19 pandemic

ABSTRACT

This paper investigates how state ownership affects corporate resilience during the COVID-19 pandemic. Using data from Chinese listed firms, we find that state ownership enhances corporate resilience during the pandemic. Mechanism tests indicate that state ownership enables state-owned-enterprises to access more government subsidies and bank loans, which help to increase their resilience.

KEYWORDS:

• Corporate resilience
• SOE
• China
• COVID-19

JEL CLASSIFICATION:

• G32
• G34

Disclosure statement

No potential conflict of interest was reported by the author(s).

Additional information

Funding

This work was supported by the National Natural Science Foundation of China under Grant [No. 71974019]; Ministry of Education of China under Grant of Humanities and Social Science [No. 20YJA630035]; the Educational Department of Liaoning Province under the Grant of Social Science [No. LN2019J09]; the Department of Social Science of Liaoning Province under the Grant of Social Science of Liaoning [No. L18CGL009].