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Evidence from Two-Wave Global Surveys


This study examines how firms have
made strategic choices and performed during the COVID-19
pandemic. Drawing on the organizational resources and
strategic change literature, it uses World Bank Enterprise
Surveys and the COVID-19 Follow-up Enterprise Surveys to
examine how different endowments in organizational resources
affected firm performance as measured by their survival
status and sales growth, and how these resources interact
with and affect strategic responses in the supply of inputs,
response to changing demand, liquidity management, and
innovation. The results indicate that larger firms, firms
with foreign or state ownership, and subsidiary companies
performed better during the pandemic by more effectively
stabilizing supply, managing liquidity, and fostering new
product development. Chief executive officers with longer
tenure improved survival rates. Firms in richer countries
have coped with the pandemic better and stringent government
COVID-19 control policies have tended to hurt firms’ performance.


“Fang, Sheng; Goh, Chorching; Li, Shaomin; Xu, L. Colin. 2022. Firm Resources, Strategies, and Survival and Growth during COVID-19 : Evidence from Two-Wave Global Surveys. Policy Research Working Paper;9997. World Bank, Washington, DC. © World Bank. License: CC BY 3.0 IGO.”


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