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- Publisher Website: 10.1017/S0022109023001047
- Scopus: eid_2-s2.0-85171848721
- WOS: WOS:001115461300001
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Article: Subsidizing Failing Firms: Evidence from Chinese Restaurants
| Title | Subsidizing Failing Firms: Evidence from Chinese Restaurants |
|---|---|
| Authors | |
| Issue Date | 12-Sep-2023 |
| Publisher | Cambridge University Press |
| Citation | Journal of Financial and Quantitative Analysis, 2023, p. 1 How to Cite? |
| Abstract | Using data on nearly 20,000 restaurants in China during the Covid-19 outbreak, we find evidence that the government-sponsored rent reduction program reduced debt overhang problems. Rent reductions, which averaged 36,000 RMB per restaurant, increase the open rate of restaurants by 3.7%, revenue by 11,000 RMB, and the number of employees by 0.36. Larger restaurants with higher committed costs benefit more from the rent reduction. The stimulus has a positive spillover effect that boosts the revenue of restaurants in the immediate vicinity of subsidized restaurants. The treatment effect varies with organizational structure |
| Persistent Identifier | http://hdl.handle.net/10722/337755 |
| ISSN | 2023 Impact Factor: 3.7 2023 SCImago Journal Rankings: 3.980 |
| ISI Accession Number ID |
| DC Field | Value | Language |
|---|---|---|
| dc.contributor.author | Deng, Yinglu | - |
| dc.contributor.author | Lu, Fangzhou | - |
| dc.contributor.author | Yu, Jiaheng | - |
| dc.contributor.author | Zheng, Hao | - |
| dc.date.accessioned | 2024-03-11T10:23:38Z | - |
| dc.date.available | 2024-03-11T10:23:38Z | - |
| dc.date.issued | 2023-09-12 | - |
| dc.identifier.citation | Journal of Financial and Quantitative Analysis, 2023, p. 1 | - |
| dc.identifier.issn | 0022-1090 | - |
| dc.identifier.uri | http://hdl.handle.net/10722/337755 | - |
| dc.description.abstract | <p>Using data on nearly 20,000 restaurants in China during the Covid-19 outbreak, we find evidence that the government-sponsored rent reduction program reduced debt overhang problems. Rent reductions, which averaged 36,000 RMB per restaurant, increase the open rate of restaurants by 3.7%, revenue by 11,000 RMB, and the number of employees by 0.36. Larger restaurants with higher committed costs benefit more from the rent reduction. The stimulus has a positive spillover effect that boosts the revenue of restaurants in the immediate vicinity of subsidized restaurants. The treatment effect varies with organizational structure<br>in a manner consistent with an information frictions hypothesis.<br><br></p> | - |
| dc.language | eng | - |
| dc.publisher | Cambridge University Press | - |
| dc.relation.ispartof | Journal of Financial and Quantitative Analysis | - |
| dc.title | Subsidizing Failing Firms: Evidence from Chinese Restaurants | - |
| dc.type | Article | - |
| dc.identifier.doi | 10.1017/S0022109023001047 | - |
| dc.identifier.scopus | eid_2-s2.0-85171848721 | - |
| dc.identifier.epage | 1 | - |
| dc.identifier.eissn | 1756-6916 | - |
| dc.identifier.isi | WOS:001115461300001 | - |
| dc.identifier.issnl | 0022-1090 | - |