中国金融学术研究网

所属栏目：公司金融/资本结构

DOI号：https://doi.org/10.1016/j.iref.2024.103651

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

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发布日期：2024年11月24日上次修订日期：2024年11月24日

Obaid Ur Rehman bluechip1122@gmail.com 兰州财经大学 Wu Kai wukai8759@cufe.edu.cn School of Finance, Central University of Finance and Economics Liu Jia jia.liu@port.ac.uk University of Portsmouth

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 COVID-19 exposure adversely impacts corporate liquidity, default risk, and financial flexibility. Our findings highlight the role of exogenous shocks in shaping corporate financing decisions.

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关键词：

Capital structure Leverage adjustment COVID-19 Financial flexibility

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