Part of the series :
Description
The COVID-19 shock had a strong negative effect on aggregate economic performance, with the average firm taking a hit on sales revenues and financial performance. However, the effects varied from firm to firm. Were already-struggling firms hit hardest, threatening their very survival? Or did the COVID-19 shock disproportionately deter tomorrow’s superstars at the upper end of the distribution, thus sacrificing future growth potential? This paper investigates where the COVID-19 shock hit the firm growth distribution, using graphical techniques and quantile regressions to analyse the full distribution of firm growth rates. We investigate how the COVID-19 shock relates to growth outcomes for four dependent variables: growth of sales, value added, employment, and labour productivity. Our results confirm that COVID-19 policy support reached its intended recipients.
All publications in this series
- EIB Working Paper 2024/07 - How regional spillovers shape EU firms’ climate investments
- EIB Working Paper 2024/06 - Intangible differences: Investment during the pandemic and the role of financial constraints
- EIB Working Paper 2024/05 - A positive trade-off: Emissions reduction and costs under Phase IV of the Emissions Trading System
- EIB Working Paper 2024/04 - The impact of the digital and green transitions on investment inefficiency
- EIB Working Paper 2024/03 - Investment decisions in a high-inflation environment
- EIB Working Paper 2024/02 - The effect of uncertainty on investment
- EIB Working Paper 2024/01 - Dynamics of productive investment and gaps between the United States and EU countries
- EIB Working Paper 2023/06 - Quantifying credit gaps using survey data on discouraged borrowers
- EIB Working Paper 2023/04 - Complementarities between local public and private investment in EU regions
- EIB Working Paper 2023/03 - The effect of EIB operations on private sector lending outside the European Union
- EIB Working Paper 2023/02 - Trade disruptions in Europe
- EIB Working Paper 2023/01 - Advanced digital technologies and investment in employee training
- EIB Working Paper 2022/15 - Estimating financial integration in Europe
- EIB Working Paper 2022/14 - The scarring effects of major economic downturns
- EIB Working Paper 2022/13 - COVID-19 and the resilience of European firms
- EIB Working Paper 2022/12 - Determinants of the exchange rate, its volatility and currency crash risk in Africa’s low and lower middle-income countries
- EIB Working Paper 2022/11 - A structural analysis of foreign exchange markets in sub-Saharan Africa
- EIB Working Paper 2022/10 - How do firms cope with losses from extreme weather events?
- EIB Working Paper 2022/09 - Productivity and responses to the pandemic
- EIB Working Paper 2022/08 - Are EU firms climate-ready?
- EIB Working Paper 2022/07 - Corporate training and skill gaps
- EIB Working Paper 2022/06 - Hot off the press
- EIB Working Paper 2022/05 - How much is too much?
- EIB Working Paper 2022/04 - Investment expectations by vulnerable European firms
- EIB Working Paper 2022/03 - Estimating conditional treatment effects of EIB lending to SMEs in Europe
- EIB Working Paper 2022/02 - How to foster climate innovation in the European Union
- EIB Working Paper 2022/01 - Firm-level policy support during the crisis
- EIB Working Paper 2021/12 - Complementarities in capital formation and production
- EIB Working Paper 2021/10 - The simpler, the better: Measuring financial conditions for monetary policy and financial stability
- EIB Working Paper 2021/09 - Market finance as a spare tyre? Corporate investment and access to bank credit in Europe
- EIB Working Paper 2021/07 - Can European businesses achieve productivity gains from investments in energy efficiency?
- EIB Working Paper 2021/08 - Do capacity constraints trigger high growth for enterprises?
- EIB Working Paper 2021/06 - Efficiency and effectiveness of the COVID-19 government support
- EIB Working Paper 2021/05 - The impact of bank loan terms on intangible investment in Europe
- EIB Working Paper 2021/04 - Aggregate productivity slowdown in Europe
- EIB Working Paper 2021/03 - Assessing climate change risks at the country level
- EIB Working Paper 2021/02 - The birth of new high growth enterprises
- EIB Working Paper 2021/01 - Towards a new growth model in CESEE
- EIB Working Paper 2020/09 - Investment vs debt trade-offs in the post-COVID-19 European economy
- EIB Working Paper 2020/08 - EIB Group Survey on Investment and Investment Finance
- EIB Working Paper 2020/07 - The growing digital divide in Europe and the United States
- EIB Working Paper 2020/06 - Digital technologies and firm performance: Evidence from Europe
- EIB Working Paper 2020/05 - Financing constraints and employers’ investment in training
- EIB Working Papers 2020/04 - Making a difference: Assessing the impact of the EIB's funding to SMEs
- EIB Working Papers 2020/03 - Employer provided training in Europe: Determinants and obstacles
- EIB Working Papers 2020/02 - Impact of FDI on economic growth: The role of country income levels and institutional strength
- EIB Working Papers 2020/01 - How can favourable financing improve energy efficiency investments? Evidence from new experimental data
- EIB Working Papers 2019/11 - Macro-based asset allocation: An empirical analysis
- EIB Working Papers 2019/10 - Structural and cyclical determinants of access to finance: Evidence from Egypt
- EIB Working Papers 2019/09 - The impact of international financial institutions on small and medium enterprises: The case of EIB lending in Central and Eastern Europe
- EIB Working Papers 2019/07 - What firms don’t like about bank loans: New evidence from survey data
- EIB Working Papers 2019/08 - Investment: What holds Romanian firms back?
- EIB Working Papers 2019/06 - Promoting energy audits: Results from an experiment
- EIB Working Papers 2019/05 - Skill shortages and skill mismatch in Europe: A review of the literature
- EIB Working Papers 2019/04 - Can survey-based information help to assess investment gaps in the EU?
- EIB Working Papers 2019/03 - Financing and obstacles for high growth enterprises: the European case
- EIB Working Papers 2019/02 - How energy audits promote SMEs’ energy efficiency investment
- EIB Working Papers 2019/01 - Blockchain, FinTechs and their relevance for international financial institutions
- EIB Working Papers 2018/08 - Debt Overhang and Investment Efficiency
- EIB Working Papers 2018/07 - Young SMEs: Driving Innovation in Europe?
- EIB Working Papers 2018/06 - Resource Misallocation in European Firms: The Role of Constraints, Firm Characteristics and Managerial Decisions
- EIB Working Papers 2018/05 - Sovereign risk and corporate cost of borrowing: Evidence from a counterfactual study
- EIB Working Papers 2018/04 – Investment of financially distressed firms: the role of trade credit
- EIB Working Papers 2018/03 – The corporate equity puzzle
- EIB Working Papers 2018/02 – Access to Finance and Innovative activity of EU firms: a Cluster Analysis
- EIB Working Papers 2018/01 – What Finance for What Investment? Survey-Based Evidence for European Companies
- EIB Working Papers 2017/03 – Loan characteristics, Firm Preferences and Investment: Evidence from a unique experiment
- EIB Working Papers 2017/02 – Credit Guarantee Schemes for SME lending in Western Europe
- EIB Working Papers 2017/01 – Stabilising virtues of central banks: (re)matching bank liquidity
- EIB Working Papers 2016/08 – Intangible investment in the EU and US before and since the Great Recession and its contribution to productivity growth
- EIB Working Papers 2016/07 – Cross border banking: pull-push effects of parent banks on subsidiaries’ credit extensions
- EIB Working Papers 2016/06 – Financing energy innovation: The role of financing constraints for directed technical change from fossil-fuel to renewable innovation
- EIB Working Papers 2016/05 – Banks Credit and Productivity Growth in the EU
- EIB Working Papers 2016/04 – Project Finance in Europe: An Overview and Discussion of Key Drivers
- EIB Working Papers 2016/03 – Collateral Regimes and Missing Job Creation in the MENA Region
- EIB Working Papers 2016/02 – International Financial Flows in the New Normal: Key Patterns (and Why We Should Care)
- EIB Working Papers 2016/01 – Infrastructure Investment in Europe and International Competitiveness
- EIB Working Papers 2015/01 – Competitiveness of the European economy
- EIB Working Papers 2013/02 - Private Infrastructure Finance and Investment in Europe
- EIB Working Papers 2013/01 - Infrastructure Investments in Eastern Neighbours and Central Asia (ENCA)
- EIB Working Papers 2012/05 - The costs of climate-change adaptation in Europe: a review
- EIB Working Papers 2012/04 – Green Electricity Investment in Europe: Development Scenarios for Generation and Transmission Investments
- EIB Working Papers 2012/03 – Choosing the optimal climate change policy in the presence of catastrophic risk
- EIB Working Papers 2012/02 – The Role of Economic Policy in Climate Change Adaptation
- EIB Working Papers 2012/01 – Strategic adaptation to climate change in Europe