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This study examines the performance effect of working capital for a large sample of Indian manufacturing firms in light of supply chain disruption, i.e. the COVID-19 pandemic.

This study is based on secondary data collected from the Prowess database on Indian manufacturing firms listed on the Bombay Stock Exchange (BSE) 500. Panel data regression analyses are used to estimate all models. Moreover, this study has employed robust standard errors to consider for heteroscedasticity concerns.

The results challenge the current notion of working capital investment and reveal that higher working capital has a positive and significant impact on firm performance. Further, it highlights that Indian manufacturing firms suffered financially post-COVID-19 as they significantly lack the working capital to run day-to-day operations.

This research contributes to the scant literature by examining the association between working capital financing and firm performance in light of the COVID-19 pandemic, representing typical developing economies like India.

Unlike other types of corporate disclosure, corporate political disclosure (CPD), which is the disclosure of corporate political contributions and the related governing policies and oversight mechanisms, does not provide completely new information to stakeholders. Some of the information disclosed in CPD is available from other public records (e.g. the Federal Election Committee website or OpenSecrets website). Given this unique feature of CPD, it is interesting to investigate the cost and benefit tradeoff for firms of altering their CPD practice in response to policy and political uncertainty.

This study employs recently developed indexes of aggregate economic policy uncertainty (EPU) and a novel dataset of CPD transparency to examine the impact of EPU on CPD transparency and how the proprietary cost of corporate political activities moderates this association. The sample consists of S&P 500 companies from the 2012 to 2019 period.

The authors document that firms mitigate the heightened information asymmetry associated with higher aggregate EPU by increasing CPD transparency. The positive association between EPU and CPD is less pronounced for firms that are more sensitive to EPU, for firms that more actively manage EPU through corporate political contributions or lobbying activities and for firms that are followed by more analysts. The authors also find that more transparent CPD helps to mitigate the information asymmetry caused by heightened EPU. This study’s results hold when the authors control for other types of voluntary corporate disclosure.

This study contributes to the emerging literature on the determinants of CPD transparency by identifying EPU's positive impact on CPD transparency. This study also provides empirical evidence that the proprietary costs arising from the controversial nature of corporate political activities dampen firms' incentives to provide transparent CPD in response to heightened EPU, and that information on corporate political activities gathered and processed by financial analysts seems to lower the marginal benefit to companies of publicizing CPD on their own website.

Healthcare workers’ (HCWs’) job-related high exposure to Covid-19 virus arouses fear of Covid-19 among them. Based on the Theory of Mind (ToM), the study predicts that fears will lead to negative psychological (psychological distress) and behavioral (withdrawal intentions) outcomes. ToM is also used to identify social intelligence as a means to counter fear of Covid-19 on heightened psychological distress and increased withdrawal intentions.

To investigate the study design, a sample of 262 HCWs, including doctors, nurses and technicians, were surveyed using standardized questionnaires.

As predicted, Covid-19 fear led to increased withdrawal intentions with heightened psychological distress partially mediating the relationship. The alleviating role of social intelligence on the effects of Covid-19 was supported as high social intelligence reduced HCWs’ turnover intentions, with decreased psychological distress partially mediating the relationship.

Given the universality of the Theory of Mind (ToM), the findings of this study are likely to be generalizable to all pandemics. The study results support the increased application of ToM in organizational settings and have both theoretical and practical implications for health administrators. Based on study results, health administrators are exhorted to develop ToM-based mental models to understand and deal with the fear of contagious diseases. Health administrators can also increase HCWs’ social intelligence to deal with the negative perceptual and behavioral outcomes arising from the emotions aroused by the nature of their work.