COVID-19 exposure, financial flexibility, and corporate leverage adjustment☆ ☆

doi:10.1016/j.iref.2024.103651

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	COVID-19 exposure, financial flexibility, and corporate leverage adjustment☆ ☆
	Rehman, Obaid Ur 1; Wu, Kai 2; Liu, Jia3
	2024-11
发表期刊	INTERNATIONAL REVIEW OF ECONOMICS & FINANCE
卷号	96
摘要	This study examines how firm-level exposure to the COVID-19 pandemic affects the speed of leverage adjustment among 3260 US-listed firms from 2019q1 to 2022q1. Using a novel measure of COVID-19 exposure, we find that higher exposure significantly reduces the speed at which firms adjust their leverage towards target levels. This effect is more pronounced for financially constrained firms and those operating in competitive markets. We further show that COVID19 exposure adversely impacts corporate liquidity, default risk, and financial flexibility. Our findings highlight the role of exogenous shocks in shaping corporate financing decisions.
关键词	Capital structure Leverage adjustment COVID-19 Financial flexibility
DOI	10.1016/j.iref.2024.103651
收录类别	SSCI
ISSN	1059-0560
语种	英语
WOS研究方向	Business & Economics
WOS类目	Business, Finance ; Economics
WOS记录号	WOS:001333561100001
出版者	ELSEVIER
原始文献类型	Article
EISSN	1873-8036
文献类型	期刊论文
条目标识符	http://ir.lzufe.edu.cn/handle/39EH0E1M/38148
专题	会计学院
通讯作者	Wu, Kai
作者单位	1.Lanzhou Univ Finance & Econ, Sch Finance, Lanzhou, Peoples R China; 2.Cent Univ Finance & Econ, Sch Finance, Beijing, Peoples R China; 3.Univ Portsmouth, Portsmouth, England
第一作者单位	兰州财经大学
推荐引用方式 GB/T 7714	Rehman, Obaid Ur,Wu, Kai,Liu, Jia. COVID-19 exposure, financial flexibility, and corporate leverage adjustment☆ ☆[J]. INTERNATIONAL REVIEW OF ECONOMICS & FINANCE,2024,96.
APA	Rehman, Obaid Ur,Wu, Kai,&Liu, Jia.(2024).COVID-19 exposure, financial flexibility, and corporate leverage adjustment☆ ☆.INTERNATIONAL REVIEW OF ECONOMICS & FINANCE,96.
MLA	Rehman, Obaid Ur,et al."COVID-19 exposure, financial flexibility, and corporate leverage adjustment☆ ☆".INTERNATIONAL REVIEW OF ECONOMICS & FINANCE 96(2024).