DISTRIBUTION OF STATE AID FOR MEDIUM-SIZED ENTERPRISES IN POLAND DURING COVID-19 CRISIS
Słowa kluczowe:
COVID-19, state aid, SME, corporate financeAbstrakt
Purpose – The aim of this paper is to assess the legitimacy of state aid granted to medium-sized enterprises in Poland. The fundamental point raised in our study became the answer to the question of whether the companies that received aid actually needed it.
Research method – In our research, we used a comparative analysis of the financial situation of companies that obtained Covid state aid with that of companies not covered by Covid state-aid.
Results – Our research shows that the aid did not only reach the companies that needed it. At the same time, more than 30 per cent of medium-sized enterprises that experienced a drop in sales did not receive such assistance. This demonstrates the imperfect distribution of Covid state aid.
Originality /value / implications /recommendations – The value of the research lies in the combined use of Covid state-aid data and information on the financial health of medium-sized enterprises. Our study covers more than 75% of the population of medium-sized enterprises in Poland.
Bibliografia
Act of 2 March 2021 on specific solutions related to preventing, counteracting, and combating COVID-19, other infectious diseases and crisis situations caused by them, National Journal of Laws of 2021, item 2095.
Barrero J.M., Bloom N., Davis S.J., 2020, COVId-19 is also a reallocation shock, Bureau of Economic Research. No. w27137.
Baek S., Mohanty S.K., Glambosky M., 2020, COVID-19 and stock market volatility: An industry level analysis, “Finance Research Letters”, 37, s. 101748
Baldwin, R., Weder di Mauro, B., 2020, Economics in the time of COVID-19, CEPR Press.
Bennedsen M., Larsen B., Schmutte I., Scur D., 2020, Preserving job matches during the COVID-19 pandemic: firm-level evidence on the role of government aid, GLO Discussion Paper Series 588, Global Labor Organization GLO
Bloom N., Bunn P., Chen S., Minzen P., Smietanka P., 2020, The economic impact of coronavirus on UK businesses: early evidence from the decision maker panel, https://cepr.org/voxeu/columns/economic-impact-coronavirus-uk-businesses-early-evidence-decision-maker-panel [date of entry: 20.09.2022].
Buchheim L., Dovern J., Krolage C., Link S., 2020, Firmlevel expectations and behavior in response to the COVID-19 crisis, CESifo Working Paper 8304.
Campello M., Graham J. R, Harvey C.R., 2010, The real effects of financial constraints: Evidence from a financial crisis, “Journal of financial Economics” 97, pp. 470–87
Cowling M., Brown R., Rocha A., 2020, Did you save some cash for a rainy COVID-19 day? The crisis and SMEs, “International Small Business Journal: Researching Entrepreneurship”, 38(7), pp. 593–604. https://doi.org/10.1177/0266242620945102
Cros M., Epaulard A., Martin P., 2021, Will Schumpeter catch COVID-19?, CEPR Press Discussion Paper No. 15834. https://cepr.org/publications/dp15834 [date of entry: 20.09.2022].
Durst S., Henschel T. (eds.), 2022, Crisis management for small and medium-sized enterprises (SMEs): Strategies for external crises, Springer International Publishing.
https://doi.org/10.1007/978-3-030-91727-2
Dvouletý O., Srhoj S., Pantea S., 2021, Public SME grants and firm performance in European Union: A systematic review of empirical evidence, “Small Business Economics”, 57(1), pp. 243–263. https://doi.org/10.1007/s11187-019-00306-x
Federal Reserve Bank of New York, 2020, Can small firms weather the economic effects of COVID-19?, Federal Resvere Bank of New York, https://www.fedsmallbusiness.org/medialibrary/fedsmallbusiness/files/2019/20191211-ced-minority-owned-firms-report.pdf [date of entry: 20.09.2022]
Fumagalli Ch., Motta M., Peitz M., 2020, Which role for state aid and merger control during and after the Covid crisis?, “Journal of European Competition Law & Practice”, Volume 11, Issue 5-6, May-June 2020, pp. 294–301, https://doi.org/10.1093/jeclap/lpaa036
Golubeva O., 2021, Firms’ performance during the COVID-19 outbreak: International evidence from 13 countries, “Corporate Governance: The International Journal of Business in Society”, 21(6), 1011–1027. https://doi.org/10.1108/CG-09-2020-0405
Gourinchas P.O., Kalemli-Ozcan Ṣ., Penciakova V., Sander N., 2020, COVID-19 and SME Failures, NBER Working Paper w27877.
Groenewegen J., Hardeman S., Stam E., 2021, Does COVID-19 state aid reach the right firms? COVID-19 state aid, turnover expectations, uncertainty and management practices, “Journal of Business Venturing Insights”, Vol. 16, e00262. https://doi.org/10.1016/j.jbvi.2021.e00262
Guerrieri V., Lorenzoni G., Straub L., Werning I., 2020, Macroeconomic implications of COVID-19: Can negative supply shocks cause demand shortages? NBER Working Paper No. 26918
GUS, 2021, Działalność przedsiębiorstw niefinansowych w 2020 roku, Warszawa, 2021
Hu S., Zhang Y., 2021, COVID-19 pandemic and firm performance: Cross-country evidence, “International Review of Economics & Finance”, 74, p. 365–372.
Ichev R., Marinic M., 2018, Stock prices and geographic proximity of information: evidence from the Ebola outbreak, “International Review of Financial Analysis”, Vol. 56, p. 153-166.
Ivashina V., Scharfstein D., 2010, Bank lending during the financial crisis of 2008, “Journal of Financial Economics” 97, p. 319–38.
Harberger A.C., 1971 Three basic postulates for applied welfare economics: an interpretive essay, “Journal of Economic Literature” 9 (3), p. 785–797.
Khan S. U. ,2022, Financing constraints and firm-level responses to the COVID-19 pandemic: International evidence, “Research in International Business and Finance”, 59, p. 101545. https://doi.org/10.1016/j.ribaf.2021.101545
Kluzek M., 2021, State aid for SMEs during the pandemic in Poland, “Annales Universitatis Mariae Curie-Skłodowska. Sectio H, Oeconomia”, Vol. 55, 4, s. 23-35. http://dx.doi.org/10.17951/h.2021.55.4.23-35
Just M., Echaust K., 2020, Stock market returns, volatility, correlation and liquidity during the COVID-19 crisis: Evidence from the Markov switching approach, “Finance Research Letters”, Vol. 37, 101775. https://doi.org/10.1016/j.frl.2020.101775
Lalinsky T., Pál R., 2022, Distribution of COVID-19 government support and its consequences for firm liquidity and solvency, “Structural Change and Economic Dynamics”, 61, pp. 305–335. https://doi.org/10.1016/j.strueco.2022.03.008
Levy D.L., 2020, COVID-19 and global governance, “Journal of Management Studies”, 58: 562-566. https://doi.org/10.1111/joms.12654
Manteu C., Monteiro N., Sequeira A., 2020, The short-term impact of the COVID-19 pandemic on Portuguese companies, Occasional Paper 03, Banco de Portugal
Motta M., Peitz M.,2020, State aid policies in response to the Covid-19 shock: observations and guiding principles, “Intereconomics”, Vol. 55, Iss. 4, pp. 219-222, http://dx.doi.org/10.1007/s10272-020-0902-4
Narayan., Phan D.H.B., Liu G., (2020), COVID-19 lockdowns, stimulus packages, travel bans, and stock returns, “Finance Research Letters”, Vol. 38, 101732. https://doi.org/10.1016/j.frl.2020.101732
Narayan P.K, Phan D.H.B., 2020, Country responses and the reaction of the stock market to COVID-19 – a preliminary exposition, “Emerging Markets Finance and Trade”, 56 (10) (2020), pp. 2138-2150. https://doi.org/10.1080/1540496X.2020.1784719
OECD (2021), Strengthening economic resilience following the COVID-19 crisis: a firm and industry perspective, OECD Publishing, Paris, https://doi.org/10.1787/2a7081d8-en
OECD, 2020, Coronavirus (COVID-19): SME policy responses, OECD, Paris, https://www.oecd.org/coronavirus/policy-responses/coronavirus-covid-19-sme-policy-responses-04440101/ [date of entry: 20.09.2022].
Santarelli E., Vivarelli M., 2002, Is subsidizing entry an optimal policy?, “Industrial and Corporate Change”, 11 (1), 39–52. https://doi.org/10.1093/icc/11.1.39
Shen H., Fu M., Pan H., Yu Z., Chen Y., 2020, “The impact of the COVID-19 pandemic on firm performance”, “Emerging Markets Finance and Trade”, 56(10), pp. 2213–2230. https://doi.org/10.1080/1540496X.2020.1785863
Temporary Framework for State aid measures to support the economy in the current COVID-19 outbreak. (2020, March 20). https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52020XC0320(03)&from=PL [date of entry: 20.09.2022].
Thorgren S., Williams T. A., 202, Staying alive during an unfolding crisis: How SMEs ward off impending disaster, “Journal of Business Venturing Insights”, Vol. 14, e00187. https://doi.org/10.1016/j.jbvi.2020.e00187
UOKiK, 2021, Raport o pomocy publicznej w Polsce udzielonej przedsiębiorcom w 2020 roku, Warszawa, grudzień 2021. https://uokik.gov.pl/raporty_i_analizy2.php [date of entry: 20.09.2022].
Barrero J.M., Bloom N., Davis S.J., 2020, COVId-19 is also a reallocation shock, Bureau of Economic Research. No. w27137.
Baek S., Mohanty S.K., Glambosky M., 2020, COVID-19 and stock market volatility: An industry level analysis, “Finance Research Letters”, 37, s. 101748
Baldwin, R., Weder di Mauro, B., 2020, Economics in the time of COVID-19, CEPR Press.
Bennedsen M., Larsen B., Schmutte I., Scur D., 2020, Preserving job matches during the COVID-19 pandemic: firm-level evidence on the role of government aid, GLO Discussion Paper Series 588, Global Labor Organization GLO
Bloom N., Bunn P., Chen S., Minzen P., Smietanka P., 2020, The economic impact of coronavirus on UK businesses: early evidence from the decision maker panel, https://cepr.org/voxeu/columns/economic-impact-coronavirus-uk-businesses-early-evidence-decision-maker-panel [date of entry: 20.09.2022].
Buchheim L., Dovern J., Krolage C., Link S., 2020, Firmlevel expectations and behavior in response to the COVID-19 crisis, CESifo Working Paper 8304.
Campello M., Graham J. R, Harvey C.R., 2010, The real effects of financial constraints: Evidence from a financial crisis, “Journal of financial Economics” 97, pp. 470–87
Cowling M., Brown R., Rocha A., 2020, Did you save some cash for a rainy COVID-19 day? The crisis and SMEs, “International Small Business Journal: Researching Entrepreneurship”, 38(7), pp. 593–604. https://doi.org/10.1177/0266242620945102
Cros M., Epaulard A., Martin P., 2021, Will Schumpeter catch COVID-19?, CEPR Press Discussion Paper No. 15834. https://cepr.org/publications/dp15834 [date of entry: 20.09.2022].
Durst S., Henschel T. (eds.), 2022, Crisis management for small and medium-sized enterprises (SMEs): Strategies for external crises, Springer International Publishing.
https://doi.org/10.1007/978-3-030-91727-2
Dvouletý O., Srhoj S., Pantea S., 2021, Public SME grants and firm performance in European Union: A systematic review of empirical evidence, “Small Business Economics”, 57(1), pp. 243–263. https://doi.org/10.1007/s11187-019-00306-x
Federal Reserve Bank of New York, 2020, Can small firms weather the economic effects of COVID-19?, Federal Resvere Bank of New York, https://www.fedsmallbusiness.org/medialibrary/fedsmallbusiness/files/2019/20191211-ced-minority-owned-firms-report.pdf [date of entry: 20.09.2022]
Fumagalli Ch., Motta M., Peitz M., 2020, Which role for state aid and merger control during and after the Covid crisis?, “Journal of European Competition Law & Practice”, Volume 11, Issue 5-6, May-June 2020, pp. 294–301, https://doi.org/10.1093/jeclap/lpaa036
Golubeva O., 2021, Firms’ performance during the COVID-19 outbreak: International evidence from 13 countries, “Corporate Governance: The International Journal of Business in Society”, 21(6), 1011–1027. https://doi.org/10.1108/CG-09-2020-0405
Gourinchas P.O., Kalemli-Ozcan Ṣ., Penciakova V., Sander N., 2020, COVID-19 and SME Failures, NBER Working Paper w27877.
Groenewegen J., Hardeman S., Stam E., 2021, Does COVID-19 state aid reach the right firms? COVID-19 state aid, turnover expectations, uncertainty and management practices, “Journal of Business Venturing Insights”, Vol. 16, e00262. https://doi.org/10.1016/j.jbvi.2021.e00262
Guerrieri V., Lorenzoni G., Straub L., Werning I., 2020, Macroeconomic implications of COVID-19: Can negative supply shocks cause demand shortages? NBER Working Paper No. 26918
GUS, 2021, Działalność przedsiębiorstw niefinansowych w 2020 roku, Warszawa, 2021
Hu S., Zhang Y., 2021, COVID-19 pandemic and firm performance: Cross-country evidence, “International Review of Economics & Finance”, 74, p. 365–372.
Ichev R., Marinic M., 2018, Stock prices and geographic proximity of information: evidence from the Ebola outbreak, “International Review of Financial Analysis”, Vol. 56, p. 153-166.
Ivashina V., Scharfstein D., 2010, Bank lending during the financial crisis of 2008, “Journal of Financial Economics” 97, p. 319–38.
Harberger A.C., 1971 Three basic postulates for applied welfare economics: an interpretive essay, “Journal of Economic Literature” 9 (3), p. 785–797.
Khan S. U. ,2022, Financing constraints and firm-level responses to the COVID-19 pandemic: International evidence, “Research in International Business and Finance”, 59, p. 101545. https://doi.org/10.1016/j.ribaf.2021.101545
Kluzek M., 2021, State aid for SMEs during the pandemic in Poland, “Annales Universitatis Mariae Curie-Skłodowska. Sectio H, Oeconomia”, Vol. 55, 4, s. 23-35. http://dx.doi.org/10.17951/h.2021.55.4.23-35
Just M., Echaust K., 2020, Stock market returns, volatility, correlation and liquidity during the COVID-19 crisis: Evidence from the Markov switching approach, “Finance Research Letters”, Vol. 37, 101775. https://doi.org/10.1016/j.frl.2020.101775
Lalinsky T., Pál R., 2022, Distribution of COVID-19 government support and its consequences for firm liquidity and solvency, “Structural Change and Economic Dynamics”, 61, pp. 305–335. https://doi.org/10.1016/j.strueco.2022.03.008
Levy D.L., 2020, COVID-19 and global governance, “Journal of Management Studies”, 58: 562-566. https://doi.org/10.1111/joms.12654
Manteu C., Monteiro N., Sequeira A., 2020, The short-term impact of the COVID-19 pandemic on Portuguese companies, Occasional Paper 03, Banco de Portugal
Motta M., Peitz M.,2020, State aid policies in response to the Covid-19 shock: observations and guiding principles, “Intereconomics”, Vol. 55, Iss. 4, pp. 219-222, http://dx.doi.org/10.1007/s10272-020-0902-4
Narayan., Phan D.H.B., Liu G., (2020), COVID-19 lockdowns, stimulus packages, travel bans, and stock returns, “Finance Research Letters”, Vol. 38, 101732. https://doi.org/10.1016/j.frl.2020.101732
Narayan P.K, Phan D.H.B., 2020, Country responses and the reaction of the stock market to COVID-19 – a preliminary exposition, “Emerging Markets Finance and Trade”, 56 (10) (2020), pp. 2138-2150. https://doi.org/10.1080/1540496X.2020.1784719
OECD (2021), Strengthening economic resilience following the COVID-19 crisis: a firm and industry perspective, OECD Publishing, Paris, https://doi.org/10.1787/2a7081d8-en
OECD, 2020, Coronavirus (COVID-19): SME policy responses, OECD, Paris, https://www.oecd.org/coronavirus/policy-responses/coronavirus-covid-19-sme-policy-responses-04440101/ [date of entry: 20.09.2022].
Santarelli E., Vivarelli M., 2002, Is subsidizing entry an optimal policy?, “Industrial and Corporate Change”, 11 (1), 39–52. https://doi.org/10.1093/icc/11.1.39
Shen H., Fu M., Pan H., Yu Z., Chen Y., 2020, “The impact of the COVID-19 pandemic on firm performance”, “Emerging Markets Finance and Trade”, 56(10), pp. 2213–2230. https://doi.org/10.1080/1540496X.2020.1785863
Temporary Framework for State aid measures to support the economy in the current COVID-19 outbreak. (2020, March 20). https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:52020XC0320(03)&from=PL [date of entry: 20.09.2022].
Thorgren S., Williams T. A., 202, Staying alive during an unfolding crisis: How SMEs ward off impending disaster, “Journal of Business Venturing Insights”, Vol. 14, e00187. https://doi.org/10.1016/j.jbvi.2020.e00187
UOKiK, 2021, Raport o pomocy publicznej w Polsce udzielonej przedsiębiorcom w 2020 roku, Warszawa, grudzień 2021. https://uokik.gov.pl/raporty_i_analizy2.php [date of entry: 20.09.2022].
Pobrania
Opublikowane
2023-04-14
Numer
Dział
Studia i rozprawy
Licencja
Autor zapoznał się i akceptuje warunki zawarte w umowie licencyjnej
