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Covid-19 pandemic and firm performance: evidence on industry differentials and impacting channels

Hang Thi Ngo (Faculty of Finance, Banking Academy of Vietnam, Hanoi, Vietnam)
Ha Ngan Duong (Faculty of Finance, Banking Academy of Vietnam, Hanoi, Vietnam)

International Journal of Social Economics

ISSN: 0306-8293

Article publication date: 14 September 2023

Issue publication date: 21 March 2024




This study explores the impacts of Covid-19 on the performance of firms operating in different industries, and further discovers suspected impacting channels through which Covid-19 is significantly associated with firm performance.


A dataset of 402 listed firms from 2017Q1 to 2021Q4 is proceeded with high dimensional fixed effect (firm-quarter fixed effects) models and difference-in-difference models supported by propensity score matching. A thorough robustness testing procedure with a falsification test with a hypothetical event is applied.


The study asserts that the pandemic has remarkably hurt the businesses in industries that are more vulnerable to the coronavirus and governmental response policies. Adding to the confirmation of sales and expense channels, new channels – competition and short-term receivables –through which the negative impact of the pandemic is passed on firms is also examined.


First, this study is to be the first comprehensively investigate and affirm the varying impact of Covid-19 on the business performance of listed firms from different industries in Vietnam, providing additional insight into this research field in Vietnam and emerging economies. Second, the authors examine possible channels paving the way for the impact of Covid-19 on firms' performance and especially explore new channels associated with competition and short receivables. Third, the findings help to form the recommendations for Vietnamese firms, and the study could be replicated for other emerging countries under other similar infectious diseases-driven crises.

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Ngo, H.T. and Duong, H.N. (2024), "Covid-19 pandemic and firm performance: evidence on industry differentials and impacting channels", International Journal of Social Economics, Vol. 51 No. 4, pp. 569-583.



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