Globally Engaged Firms in the COVID-19 Crisis
This paper analyzes the initial impact and recovery of globally engaged firms from the COVID-19 crisis. It uses rich survey data of nearly 65,000 firm-year observations in 45 countries spanning three waves of data collection. The findings are organ...
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World Bank, Washington, DC
2022
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| Online Access: | http://documents.worldbank.org/curated/en/099358404042267302/IDU0ee5e862a091220479d0ab0a016c582c2bd2a http://hdl.handle.net/10986/37272 |
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okr-10986-372722022-04-08T05:10:35Z Globally Engaged Firms in the COVID-19 Crisis Constantinescu, Cristina Fernandes, Ana Margarida Grover, Arti Poupakis, Stavros Reyes, Santiago GLOBAL VALUE CHAINS COVID-19 PANDEMIC IMPACT ON FIRMS CORONAVIRUS TRADE EXPORT COVID IMPACT ON EXPORTERS RECOVERY BUSINESS DISRUPTION SUPPLY CHAIN DISRUPTION GLOBALLY ENGAGED FIRMS This paper analyzes the initial impact and recovery of globally engaged firms from the COVID-19 crisis. It uses rich survey data of nearly 65,000 firm-year observations in 45 countries spanning three waves of data collection. The findings are organized in a series of stylized facts, which suggest that although the pandemic had an immediate adverse impact on most firms, the globally engaged ones are recovering faster, possibly due to their higher capabilities. Among globally engaged firms, those directly involved with international markets show better recovery than the ones that were indirectly involved. These results mask wide variation by firm traits, sectoral attributes, and country characteristics. At the core of the recovery of globally engaged firms is their heightened response to the crisis by finding novel ways to adapt supply chains even in the presence of lockdowns and uncertainty. These firms swiftly digitalized, introduced new products and changed their markets and sources of inputs. Over and above their capabilities, global engagement cushions firms against shocks. Policymakers could therefore facilitate global linkages by providing information on potential markets and products, by making production flexible in terms of facilitating remote work, reducing the rigidity of contracts; and incentivizing financial institutions to issue instruments that reduce uncertainty risk. 2022-04-07T15:25:32Z 2022-04-07T15:25:32Z 2022-04 Working Paper http://documents.worldbank.org/curated/en/099358404042267302/IDU0ee5e862a091220479d0ab0a016c582c2bd2a http://hdl.handle.net/10986/37272 English Policy Research Working Paper;9991 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Policy Research Working Paper Publications & Research |
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Digital Repository |
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Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
GLOBAL VALUE CHAINS COVID-19 PANDEMIC IMPACT ON FIRMS CORONAVIRUS TRADE EXPORT COVID IMPACT ON EXPORTERS RECOVERY BUSINESS DISRUPTION SUPPLY CHAIN DISRUPTION GLOBALLY ENGAGED FIRMS |
| spellingShingle |
GLOBAL VALUE CHAINS COVID-19 PANDEMIC IMPACT ON FIRMS CORONAVIRUS TRADE EXPORT COVID IMPACT ON EXPORTERS RECOVERY BUSINESS DISRUPTION SUPPLY CHAIN DISRUPTION GLOBALLY ENGAGED FIRMS Constantinescu, Cristina Fernandes, Ana Margarida Grover, Arti Poupakis, Stavros Reyes, Santiago Globally Engaged Firms in the COVID-19 Crisis |
| relation |
Policy Research Working Paper;9991 |
| description |
This paper analyzes the initial
impact and recovery of globally engaged firms from the
COVID-19 crisis. It uses rich survey data of nearly 65,000
firm-year observations in 45 countries spanning three waves
of data collection. The findings are organized in a series
of stylized facts, which suggest that although the pandemic
had an immediate adverse impact on most firms, the globally
engaged ones are recovering faster, possibly due to their
higher capabilities. Among globally engaged firms, those
directly involved with international markets show better
recovery than the ones that were indirectly involved. These
results mask wide variation by firm traits, sectoral
attributes, and country characteristics. At the core of the
recovery of globally engaged firms is their heightened
response to the crisis by finding novel ways to adapt supply
chains even in the presence of lockdowns and uncertainty.
These firms swiftly digitalized, introduced new products and
changed their markets and sources of inputs. Over and above
their capabilities, global engagement cushions firms against
shocks. Policymakers could therefore facilitate global
linkages by providing information on potential markets and
products, by making production flexible in terms of
facilitating remote work, reducing the rigidity of
contracts; and incentivizing financial institutions to issue
instruments that reduce uncertainty risk. |
| format |
Working Paper |
| author |
Constantinescu, Cristina Fernandes, Ana Margarida Grover, Arti Poupakis, Stavros Reyes, Santiago |
| author_facet |
Constantinescu, Cristina Fernandes, Ana Margarida Grover, Arti Poupakis, Stavros Reyes, Santiago |
| author_sort |
Constantinescu, Cristina |
| title |
Globally Engaged Firms in the COVID-19 Crisis |
| title_short |
Globally Engaged Firms in the COVID-19 Crisis |
| title_full |
Globally Engaged Firms in the COVID-19 Crisis |
| title_fullStr |
Globally Engaged Firms in the COVID-19 Crisis |
| title_full_unstemmed |
Globally Engaged Firms in the COVID-19 Crisis |
| title_sort |
globally engaged firms in the covid-19 crisis |
| publisher |
World Bank, Washington, DC |
| publishDate |
2022 |
| url |
http://documents.worldbank.org/curated/en/099358404042267302/IDU0ee5e862a091220479d0ab0a016c582c2bd2a http://hdl.handle.net/10986/37272 |
| _version_ |
1764486845181198336 |