Corporate flexibility in a time of crisis *
Corporate flexibility in a time of crisis *
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DOI：
10.1016/j.jfineco.2022.03.003
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发表时间：
2022-04-09
影响因子：
8.9
通讯作者：
Ma, Yueran
中科院分区：
文献类型：
--
作者：
Barry, John W.;Campello, Murillo;Ma, Yueran
我们利用COVID冲击来研究几种形式的公司灵活性对短期和长期真实的商业计划的直接和交互影响。我们发现：（1）工作场所的灵活性，即员工远程工作的能力，在健康危机期间决定企业的就业计划方面起着核心作用;（2）投资灵活性允许企业根据危机期间的业务前景增加或减少资本支出，其影响受工作场所灵活性的影响;以及iii）财务灵活性有助于加强就业和投资，特别是在固定成本高企的情况下。虽然工作场所灵活性在新冠疫情危机中的作用是新的，但首席财务官们预计未来几年将产生持久的影响：工作场所灵活性高的公司预计远程工作将持续下去，就业复苏将更加强劲，并从传统的资本投资中转移出来，而工作场所灵活性低的公司则更多地依赖自动化来取代劳动力。(c)2022作者由Elsevier B. V.发布。这是一个CC BY-NC-ND许可证下的开放获取文章（http://creativecommons.org/licenses/by-nc-nd/4.0/）
We use the COVID shock to study the direct and interactive effects of several forms of cor-porate flexibility on short-and long-term real business plans. We find that i) workplace flexibility, namely the ability for employees to work remotely, plays a central role in de-termining firms' employment plans during the health crisis; ii) investment flexibility allows firms to increase or decrease capital spending based on their business prospects in the cri-sis, with effects shaped by workplace flexibility; and iii) financial flexibility contributes to stronger employment and investment, in particular when fixed costs are high. While the role of workplace flexibility is new to the COVID crisis, CFOs expect lasting effects for years to come: high workplace flexibility firms foresee continuation of remote work, stronger employment recovery, and shifting away from traditional capital investment, whereas low workplace flexibility firms rely more on automation to replace labor.(c) 2022 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license ( http://creativecommons.org/licenses/by-nc-nd/4.0/ )