000108545 001__ 108545
000108545 005__ 20230519145511.0
000108545 0247_ $$2doi$$a10.1108/AEA-11-2020-0157
000108545 0248_ $$2sideral$$a125201
000108545 037__ $$aART-2021-125201
000108545 041__ $$aeng
000108545 100__ $$0(orcid)0000-0001-8405-1056$$aSalas-Fumás, Vicente$$uUniversidad de Zaragoza
000108545 245__ $$aSpanish non-financial corporations and the COVID pandemic: vulnerability, resilience and transformation
000108545 260__ $$c2021
000108545 5060_ $$aAccess copy available to the general public$$fUnrestricted
000108545 5203_ $$aPurpose
This paper aims to assess the vulnerability and resilience of the Spanish non-financial corporations (NFC) to the shock from the COVID pandemic with consolidated income accounts data, and shows comparative labor productivity and endowment of organizational capital of Spanish firms, as indicators of their capabilities at the outset of the new digital transformation wave proposed by the next generation EU program.
Design/methodology/approach
The paper first describes the recent evolution (quarterly 2020 data) of the Spanish non-financial corporate sector (gross value added, labor cost, capital formation, profits) in the assessment of the vulnerability and resilience of the sector to the shock of the COVID pandemic. Then second, it estimates a probit model to evaluate the EU country effects in the explanation of the different propensity firms in the European Company Survey database to adopt innovative management and organization practices.
Findings
In the Spring of 2020, the Spanish NFC were still recovering from the great recession (low resilience), and the severe contraction in value-added and profits of the corporate sector in the first three quarters of the year evidences its high vulnerability. The proved complementarity between organizational and information related assets implies that the low endowment of organizational capital of Spanish firms, could be a severe limitation for the advancement toward digitalization.
Research limitations/implications
The aggregate corporate sector data used in the analysis of vulnerability and resilience of Spanish firms does not account for the heterogeneous effects of the pandemic across economic sectors (manufacturing and services, for example) and across firms (large versus small ones).
Originality/value
The paper complements the country-level analysis of the impact of the COVID pandemic in the Spanish economy with the analysis of the impact of the pandemic in the performance of the corporate sector. It provides one of the first analysis of the current endowment of organization capital of Spanish firms and highlights its relevance for productivity growth.
000108545 536__ $$9info:eu-repo/grantAgreement/ES/DGA/S42-17R-CREVALOR$$9info:eu-repo/grantAgreement/ES/MINECO-FEDER/ECO2017- 86305-C4-3-R
000108545 540__ $$9info:eu-repo/semantics/openAccess$$aby$$uhttp://creativecommons.org/licenses/by/3.0/es/
000108545 590__ $$a1.042$$b2021
000108545 592__ $$a0.333$$b2021
000108545 594__ $$a1.2$$b2021
000108545 591__ $$aECONOMICS$$b316 / 382 = 0.827$$c2021$$dQ4$$eT3
000108545 593__ $$aEconomics, Econometrics and Finance (miscellaneous)$$c2021$$dQ2
000108545 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/publishedVersion
000108545 7102_ $$14012$$2650$$aUniversidad de Zaragoza$$bDpto. Direcc.Organiza.Empresas$$cÁrea Organización de Empresas
000108545 773__ $$g29, 85 (2021), 42-57$$pAppl. econ. anal.$$tApplied Economic Analysis$$x2632-7627
000108545 8564_ $$s644163$$uhttps://zaguan.unizar.es/record/108545/files/texto_completo.pdf$$yVersión publicada
000108545 8564_ $$s2022359$$uhttps://zaguan.unizar.es/record/108545/files/texto_completo.jpg?subformat=icon$$xicon$$yVersión publicada
000108545 909CO $$ooai:zaguan.unizar.es:108545$$particulos$$pdriver
000108545 951__ $$a2023-05-18-15:11:32
000108545 980__ $$aARTICLE