Janzen Benedikt, Radulescu Doina
University of Bern, KPM Center for Public Management, Switzerland.
University of Bern, KPM Center for Public Management, OCCR and CESifo., Schanzeneckstr.1, 3001 Bern, Switzerland.
Econ Anal Policy. 2022 Dec;76:129-145. doi: 10.1016/j.eap.2022.07.013. Epub 2022 Aug 6.
In this paper we employ survey information on more than 10,000 Southern and Eastern European firms to assess the effects of the COVID-19 related lockdown and government support policies on the business operations of enterprises. Our findings reveal considerable size- and sector-related heterogeneity, with small firms, and firms such as hotels and restaurants operating in the facilities sector reporting the largest losses in terms of sales when governments increase the strictness of confinement measures. Fixed effects regression estimates suggest that a complete lockdown results in an average year-on-year sales growth that is approximately 63 percentage points lower than it would be without any curtailment measures. The magnitude of the coefficient on year-on-year sales change for a complete lockdown is 14 percentage points higher for small compared to large enterprises. Furthermore, our results suggest that state aid in the form of deferral of payments or wage subsidies are associated with firms' firms' labor market and financial outcomes in times of crisis. For instance, deferrals of payments are linked to between 0.7 and 1.5 fewer layoffs per firm in the surveyed enterprises compared to other types of support.
在本文中，我们利用对1万多家南欧和东欧公司的调查信息，来评估与新冠疫情相关的封锁措施和政府支持政策对企业商业运营的影响。我们的研究结果显示出相当大的规模和行业异质性，当政府提高限制措施的严格程度时，小公司以及设施部门的酒店和餐馆等公司报告的销售额损失最大。固定效应回归估计表明，全面封锁导致的年销售额平均增长率比不采取任何缩减措施时低约63个百分点。与大企业相比，小公司全面封锁时的年销售额变化系数幅度高出14个百分点。此外，我们的结果表明，以延期付款或工资补贴形式提供的国家援助与危机时期企业的劳动力市场和财务状况相关。例如，与其他类型的支持相比，延期付款与被调查企业中每家公司少0.7至1.5次裁员相关。
