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Business in times of crisis

Author

Listed:
  • Mary Johnstone-Louis
  • Bridget Kustin
  • Colin Mayer
  • Judith Stroehle
  • Boya Wang

Abstract

Government bailouts of corporate sectors in the COVID-19 crisis are part of a tripartite arrangement between government, business and institutional investors. Business should respond to the changing preferences of customers, employees and societies by identifying value propositions that justify the provision of risk capital by institutional investors. Critical to this is the determination and implementation of corporate purposes by owners and board directors that focus on inter-generational horizons. Family owners are particularly well placed to do this, but institutional investors need to make it part of their stewardship function as well. Measurement is key and significant reforms are required in the areas of accounting, valuation and reporting. Consistent with these observations, companies that had strong environmental, social and governance records performed better during the initial stages of the crisis, as did family owned firms and those that avoided high levels of leverage prior to the crisis.

Suggested Citation

  • Mary Johnstone-Louis & Bridget Kustin & Colin Mayer & Judith Stroehle & Boya Wang, 2020. "Business in times of crisis," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 36(Supplemen), pages 242-255.
    • Handle: RePEc:oup:oxford:v:36:y:2020:i:supplement_1:p:s242-s255.
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    File URL: http://hdl.handle.net/10.1093/oxrep/graa021
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    Citations

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    Cited by:

    1. Sam Hampton & Richard Blundel & Aqueel Wahga & Tina Fawcett & Christopher Shaw, 2022. "Transforming small and medium‐sized enterprises to address the climate emergency: The case for values‐based engagement," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 29(5), pages 1424-1439, September.
    2. Wang, Ting & Zhang, Huaxi, 2024. "Unveiling the timeless potential: A comprehensive analysis of ESG integration in Chinese listed firms," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 1211-1225.
    3. Amore, Mario Daniele & Pelucco, Valerio & Quarato, Fabio, 2022. "Family ownership during the Covid-19 pandemic," Journal of Banking & Finance, Elsevier, vol. 135(C).
    4. Ian Taylor, 2023. "Responsible government and responsible business: the challenge of harnessing CSR in a new epoch," International Journal of Corporate Social Responsibility, Springer, vol. 8(1), pages 1-10, December.
    5. Martin Ritter & Heiner Schanz, 2021. "Carsharing Business Models’ Strategizing Mindsets Regarding Environmental Sustainability," Sustainability, MDPI, vol. 13(22), pages 1-18, November.
    6. Taewoo Kim & Hyuk Shawn, 2022. "Conservative Financial Reporting and Resilience to the Financial Crisis," Sustainability, MDPI, vol. 14(14), pages 1-11, July.

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