ArticleSmall business economics2022
Small firms and the COVID-19 insolvency gap.
Article in Small business economics, 2022. The graph could read no effect estimate from its abstract, so it casts no vote on the map. Cited by 15 papers.
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Who cites it
15 citing papers in PubMed.
- Traversing the multiple nested geographies of NUTs based entrepreneurial ecosystems.The Journal of technology transfer · 2026Article
- Review
- How R&D intensive firms react to the COVID-19 pandemic: Evidence from a quasi-natural experiment.Heliyon · 2023Article
- Competition and firm recovery post-COVID-19.Small business economics · 2023Article
- Assessing the impact of COVID-19 on economic recovery: role of potential regulatory responses and corporate liquidity.Environmental science and pollution research international · 2023Article
- Productivity and firm exit during the COVID-19 crisis: cross-country evidence.Small business economics · 2023Article
- The Paycheck Protection Program and small business performance: Evidence from craft breweries.Small business economics · 2022Article
- Determinants and consequences of SME insolvency risk during the pandemic.Economic modelling · 2022Article
- COVID-19's impacts on business activities and female workers: Empirical evidence from global developing economies.Journal of international development · 2022Article
- Socio-Ecological Factors and Well-Being among Self-Employed in Europe during the COVID-19 Pandemic.International journal of environmental research and public health · 2022Article
- Has COVID-19 hindered small business activities? The role of Fintech.Economic analysis and policy · 2022Article
- Factors predicting companies' crisis in the engineering industry from the point of view of financial analysis.PloS one · 2022Article
- Economic effects of the COVID-19 pandemic on entrepreneurship and small businesses.Small business economics · 2022Article
- The disappointment of financial support measures during the COVID-19 pandemic among small business managers' in Sweden.SN business & economics · 2022Article
- Article
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Authors and funding
3 authors.
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No grant is acknowledged in the PubMed record.
Abstract
COVID-19 placed a special role on fiscal policy in rescuing companies short of liquidity from insolvency. In the first months of the crisis, SMEs as the backbone of Germany's economy benefited from large and mainly indiscriminate aid measures. Avoiding business failures in a whatever-it-takes fashion contrasts, however, with the cleansing mechanism of economic crises: a mechanism which forces unviable firms out of the market, thereby reallocating resources efficiently. By focusing on firms' pre-crisis financial standing, we estimate the extent to which the policy response induced an insolvency gap and analyze whether the gap is characterized by firms which were already struggling before the pandemic. With the policy measures being focused on smaller firms, we also examine whether this insolvency gap differs with respect to firm size. Our results show that the COVID-19 policy response in Germany has triggered a backlog of insolvencies that is particularly pronounced among financially weak, small firms, having potential long-term implications on entrepreneurship and economic recovery.
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