The impact of government financial aid and digital tools on firm survival during the COVID-19 pandemic
基于16个欧洲国家5469家中小企业的调查数据，研究发现政府财政援助多样化和采用多种数字工具能提高企业生存概率，但政府援助并不调节数字工具对生存的影响。
Abstract This study explores the effect of bailout capital and digital diversification by small- and medium-sized enterprises (SMEs) on their propensity to survive during and after the COVID-19 pandemic. Using a random sampling of 5469 SMEs from 16 European countries, collected by the World Bank Enterprise Survey in May 2020, January 2021, and May 2021, we conduct a two-stage estimation to examine factors that first affected the propensity of SMEs to access bailout capital, and second, factors that increased the propensity of SMEs to survive longer during and after crises. Two key findings emerge. Diversification of government financial aid and the adoption of various digital tools to leverage the effect of shock by SMEs increase their propensity to survive by sized firms. Moreover, government financial aid does not moderate the effect of digital tool adoption on the propensity to survive. Policy insights and implications are also discussed.