Noel Michael D
Department of Economics Texas Tech University Lubbock Texas USA.
J Econ Manag Strategy. 2022 Spring;31(1):3-24. doi: 10.1111/jems.12446. Epub 2021 Aug 18.
In the face of COVID-19, the federal government scrambled to provide emergency funding to businesses, but did not always take into account the heterogeneous nature of firms, especially within industries. Using the lodging industry as the application, this article shows that businesses' failure risk in a pandemic depends on a business' native ability to adapt to changing safety needs, in particular its ability to provide a socially distanced environment. Hotels not well suited to social distancing-for example, destination-type hotels with large gathering spaces and many personalized services-offered deeper price discounts or closed down altogether during the pandemic. Simpler hotels with fewer ancillary services were more likely to remain open, with a substantial proportion actually increasing prices. Area infection rates mattered little. Effects are identified by comparing prepandemic expectations of outcomes to updated within-pandemic expectations of outcomes, all while holding the place and the time of consumption fixed.
面对新冠疫情，联邦政府匆忙为企业提供紧急资金，但并不总是考虑到企业的异质性，尤其是行业内企业的异质性。以酒店业为例，本文表明，疫情期间企业的倒闭风险取决于企业自身适应不断变化的安全需求的能力，特别是提供社交距离环境的能力。不太适合保持社交距离的酒店——例如拥有大型聚集空间和众多个性化服务的度假型酒店——在疫情期间提供了更大幅度的价格折扣或干脆停业。附属服务较少的简易酒店更有可能继续营业，实际上相当一部分酒店还提高了价格。地区感染率影响不大。通过比较疫情前对结果的预期与疫情期间更新后的结果预期来确定影响，同时保持消费地点和时间不变。
