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International firms and COVID-19: evidence from a global survey

Author

Listed:
  • Floriana Borino

    (International Trade Centre)

  • Eric Carlson

    (The Economic Innovation Group)

  • Valentina Rollo

    (International Trade Centre)

  • Olga Solleder

    (United Nations Conference on Trade and Development, Palais des Nations)

Abstract

This paper explores how the international exposure of companies influenced their strategies in responding to the COVID-19 crisis, and the extent to which they were affected. Our conceptual framework formulates two hypotheses that can be empirically tested. First, we posit that international companies, due to their connections with domestic and foreign markets, are more vulnerable to the crisis, being affected through both demand and supply channels. Second, despite their heightened exposure, we anticipate that international companies will exhibit greater resilience during the crisis compared to their domestic counterparts. This resilience can be attributed to their enhanced global connectivity and productivity. The empirical analysis, based on a large firm-level survey undertaken in 2020 in 133 countries, documents how different types of firms were affected by COVID-19 crisis and how they reacted to the disruptions, providing empirical support for both hypotheses.

Suggested Citation

  • Floriana Borino & Eric Carlson & Valentina Rollo & Olga Solleder, 2024. "International firms and COVID-19: evidence from a global survey," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 160(3), pages 1117-1150, August.
    • Handle: RePEc:spr:weltar:v:160:y:2024:i:3:d:10.1007_s10290-024-00525-9
    DOI: 10.1007/s10290-024-00525-9
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    More about this item

    Keywords

    COVID-19; International business; Heterogeneous firms; External shock; Globalization;
    All these keywords.

    JEL classification:

    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies; Fragmentation
    • F61 - International Economics - - Economic Impacts of Globalization - - - Microeconomic Impacts

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