Impact of covid-19 on the performance of Central American firms: A first review.

The coronavirus pandemic has caused a disruption in global production chains. Therefore, it is important to examine the impact of this phenomenon on companies from different economic sectors, especially in countries with a lower response capacity to face this public health emergency. With that in mi...

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Autores:: Botello-Peñaloza, Héctor Alberto
Guerrero, Isaac

Tipo de recurso:: Article of investigation

Fecha de publicación:: 2021

Institución:: Universidad Sergio Arboleda

Repositorio:: Repositorio U. Sergio Arboleda

Idioma:: spa

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dc.title.eng.fl_str_mv	Impact of covid-19 on the performance of Central American firms: A first review.
dc.title.translated.spa.fl_str_mv	Impacto del covid-19 en el desempeño de las empresas centroamericanas: una primera revisión
title	Impact of covid-19 on the performance of Central American firms: A first review.
spellingShingle	Impact of covid-19 on the performance of Central American firms: A first review. Covid 19 (Enfermedad) – Aspectos económicos – América central Crecimiento empresarial - América central COVID-19 (Disease) – Social aspects – Central America Corporations—Growth - Central America covid-19 desempeño empresarial liquidez tamaño de las empresas pandemia crisis económica firm performance liquidity firm size pandemic economic crisis
title_short	Impact of covid-19 on the performance of Central American firms: A first review.
title_full	Impact of covid-19 on the performance of Central American firms: A first review.
title_fullStr	Impact of covid-19 on the performance of Central American firms: A first review.
title_full_unstemmed	Impact of covid-19 on the performance of Central American firms: A first review.
title_sort	Impact of covid-19 on the performance of Central American firms: A first review.
dc.creator.fl_str_mv	Botello-Peñaloza, Héctor Alberto Guerrero, Isaac
dc.contributor.author.spa.fl_str_mv	Botello-Peñaloza, Héctor Alberto Guerrero, Isaac
dc.subject.lemb.spa.fl_str_mv	Covid 19 (Enfermedad) – Aspectos económicos – América central Crecimiento empresarial - América central
topic	Covid 19 (Enfermedad) – Aspectos económicos – América central Crecimiento empresarial - América central COVID-19 (Disease) – Social aspects – Central America Corporations—Growth - Central America covid-19 desempeño empresarial liquidez tamaño de las empresas pandemia crisis económica firm performance liquidity firm size pandemic economic crisis
dc.subject.lemb.eng.fl_str_mv	COVID-19 (Disease) – Social aspects – Central America Corporations—Growth - Central America
dc.subject.proposal.spa.fl_str_mv	covid-19 desempeño empresarial liquidez tamaño de las empresas pandemia crisis económica
dc.subject.proposal.eng.fl_str_mv	firm performance liquidity firm size pandemic economic crisis
description	The coronavirus pandemic has caused a disruption in global production chains. Therefore, it is important to examine the impact of this phenomenon on companies from different economic sectors, especially in countries with a lower response capacity to face this public health emergency. With that in mind, the objective of this work is to determine how the covid-19 pandemic has affected business performance in four Central American countries. Using longitudinal data from the World Bank business survey, a differences model was implemented in order to estimate the impact of this pandemic, considering both internal and external characteristics. According to our findings, the studied four-month impact of the pandemic was significant, with about 2% of businesses in the studied countries closing permanently and 60% temporarily. Sales and sales per employee dropped about 30%, with the situation being worse for companies that closed temporarily due to restrictions. However, the immediate response of governments through tax credits and incentives has been well geared to meeting short-term liquidity needs of firms.
publishDate	2021
dc.date.created.spa.fl_str_mv	2021-12-23
dc.date.accessioned.spa.fl_str_mv	2022-07-14T16:57:54Z
dc.date.available.spa.fl_str_mv	2022-07-14T16:57:54Z
dc.date.spa.fl_str_mv	2021
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dc.type.local.spa.fl_str_mv	Artículo de revista
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dc.identifier.citation.eng.fl_str_mv	Botello-Peñaloza, H. A., Guerrero, I. (2021). Impact of covid-19 on the performance of Central American firms: A first review. Civilizar Ciencias Sociales y Humanas; 21(41), 93-104. https://doi.org/10.22518/jour.ccsh/2021.2a08
dc.identifier.issn.spa.fl_str_mv	1657-8953 2619-189X
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dc.identifier.doi.eng.fl_str_mv	https://doi.org/10.22518/jour.ccsh/2021.1a04
dc.identifier.instname.spa.fl_str_mv	instname:Universidad Sergio Arboleda
dc.identifier.reponame.spa.fl_str_mv	reponame:Repositorio Institucional Universidad Sergio Arboleda
dc.identifier.repourl.eng.fl_str_mv	repourl: https://repository.usergioarboleda.edu.co/
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identifier_str_mv	Botello-Peñaloza, H. A., Guerrero, I. (2021). Impact of covid-19 on the performance of Central American firms: A first review. Civilizar Ciencias Sociales y Humanas; 21(41), 93-104. https://doi.org/10.22518/jour.ccsh/2021.2a08 1657-8953 2619-189X instname:Universidad Sergio Arboleda reponame:Repositorio Institucional Universidad Sergio Arboleda repourl: https://repository.usergioarboleda.edu.co/
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dc.relation.ispartof.spa.fl_str_mv	Revista Civilizar Ciencias Sociales y Humanas; vol. 21, núm. 41 (2021)
dc.relation.references.eng.fl_str_mv	Alonso, A. D., Kok, S. K., Bressan, A., O’Shea, M., Sakellarios, N., Koresis, A., Buitrago, M. A., & Santoni, L. J. (2020). Covid-19, aftermath, impacts, and hospitality firms: An international perspective. International Journal of Hospitality Management, 91, 102654. https://doi.org/10.1016/j.ijhm.2020.102654 Apergis, E., & Apergis, N. (2020). Can the covid-19 pandemic and oil prices drive the US Partisan conflict index? Energy Research Letters, 1(1), 13144. https://doi.org/10.46557/001c.13144 Asgharian, H. (2003). Are highly leveraged firms more sensitive to an economic downturn? The European Journal of Finance, 9(3), 219-241. https://doi.org/10.1080/13518470210132381 Asmelash, L., & Cooper, A. (2020, April 9). Nearly 80% of hotel rooms in the US are empty, according to new data. CNN. https://edition.cnn.com/2020/04/08/us/hotel-rooms-industry-coronavirus-trnd/index.html Bricongne, J. C., Fontagné, L., Gaulier, G., Taglioni, D., & Vicard, V. (2012). Firms and the global crisis: French exports in the turmoil. Journal of International Economics, 87(1), 134-146. https://doi.org/10.1016/j.jinteco.2011.07.002 Chaston, I. (2012). Recession and family firm performance: An assessment of small U.K. familyowned hotels. Journal of CENTRUM Cathedra, 5(1), 60-69. Chaston, I. (2012). Recession and family firm performance: An assessment of small U.K. family-owned hotels. Journal of CENTRUM Cathedra, 5(1), 60-69. Cuesta, J., & Pico, J. (2020). The gendered poverty effects of the covid-19 pandemic in Colombia. The European Journal of Development Research, 32(5), 1558-1591. https://doi.org/10.1057/s41287-020-00328-2 g, W., Levine, R., Lin, C., & Xie, W. (2020). Corporate immunity to the covid-19 pandemic (NBER Working Paper No. 27055). National Bureau of Economic Research. https://doi.org/10.3386/w27055 Donthu, N., & Gustafsson, A. (2020). Effects of covid-19 on business and research. Journal of Business Research, 117, 284-289. https://doi.org/10.1016/j.jbusres.2020.06.008 Erkens, D. H., Hung, M., & Matos, P. (2012). Corporate governance in the 2007-2008 financial crisis: Evidence from financial institutions worldwide. Journal of Corporate Finance, 18(2), 389-411. https://doi.org/10.1016/j.jcorpfin.2012.01.005 Fan, V. Y., Jamison, D. T., & Summers, L. H. (2016). The inclusive cost of pandemic influenza risk (NBER Working Paper No. 22137). National Bureau of Economic Research. https://doi.org/10.3386/w22137 Gil-Alana, L. A., & Monge, M. (2020). Crude oil prices and covid-19: Persistence of the shock. Energy Research Letters, 1(1), 13200. https://doi.org/10.46557/001c.13200 Gu, X., Ying, S., Zhang, W., & Tao, Y. (2020). How do firms respond to covid-19? First evidence from Suzhou, China. Emerging Markets Finance and Trade, 56(10), 2181-2197. https://doi.org/10.1080/1540496X.2020.1789455 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). National Bureau of Economic Research. https://doi.org/10.3386/w26918 Halling, M., Yu, J., & Zechner, J. (2020). How did covid-19 affect firms’ access to public capital markets? The Review of Corporate Finance Studies, 9(3), 501-533. https://doi.org/10.1093/rcfs/cfaa008 Haroon, O., & Rizvi, S. A. R. (2020). covid-19: Media coverage and financial markets behavior— A sectoral inquiry. Journal of Behavioral and Experimental Finance, 100343. https://doi.org/10.1016/j.jbef.2020.100343 Hassan, T. A., Hollander, S., van-Lent, L., & Tahoun, A. (2020). Firm-level exposure to epidemic diseases: Covid-19, SARS, and H1N1 (NBER Working Paper No. w26971). National Bureau of Economic Research. https://doi.org/10.3386/w26971 Hepburn, C., O’Callaghan, B., Stern, N., Stiglitz, J., & Zenghelis, D. (2020). Will covid-19 fiscal recovery packages accelerate or retard progress on climate change? Oxford Review of Economic Policy, 36(S1), S359-S381. https://doi.org/10.1093/oxrep/graa015 Hudson, J., Williams, C., Orviska, M., & Nadin, S. (2012). Evaluating the impact of the informal economy on businesses in South East Europe: Some lessons from the 2009 World Bank Enterprise Survey. South East European Journal of Economics and Business, 7(1), 99-110. https://doi.org/10.2478/v10033-012-0010-x Ilzetzki, E., Reinhart, C. M., & Rogoff, K. S. (2020). Will the secular decline in exchange rate and inflation volatility survive covid-19? (NBER Working Paper No. w28108). National Bureau of Economic Research. https://doi.org/10.3386/w28108 Jandik, T., & Makhija, A.K. (2005). Debt, debt structure and corporate performance after unsuccessful takeovers: Evidence from targets that remain independent.Journal of Corporate Finance, 11(5), 882-914. https://doi.org/10.1016/j.jcorpfin.2004.04.002 Mitton, T. (2002). A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis.Journal of Financial Economics, 64(2), 215-241. https://doi.org/10.1016/S0304-405X(02)00076-4 Narayan, P. K. (2020). Oil price news and COVID-19 — Is there any connection? Energy Research Letters, 1(1), 13176. https://doi.org/10.46557/001c.13176 Qiu, Y., Chen, X., & Shi, W. (2020). Impacts of social and economic factors on the transmission of coronavirus disease 2019 (covid-19) in China.Journal of Population Economics, 33, 1127-1172. https://doi.org/10.1007/s00148-020-00778-2 Seetharaman, P. (2020). Business models shifts: Impact of Covid-19. International Journal of Information Management, 54, 102173. https://doi.org/10.1016/j.ijinfomgt.2020.102173 Tucker, H. (2020, May 3). Coronavirus bankruptcy tracker: These major companies are failing amid the shutdown. Forbes. https://www.forbes.com/sites/hanktucker/2020/05/03/coronavirus-bankruptcy-tracker-these-major-companies-are-failing-amid-theshutdown/#5649f95d3425 Verikios, K., McCaw, J., McVernon, J., & Harris, A. (2010). H1N1 influenza in Australia and its macroeconomic effects (COPS Working Paper No. G-212). Centre of Policy Studies/IMPACT Centre. https://www.copsmodels/com/ftp/workpapr/g-212.pdf. Wang, Y. (2016). What are the biggest obstacles to growth of SMEs in developing countries? An empirical evidence from an enterprise survey. Borsa Istanbul Review, 16(3), 167-176. https://doi.org/10.1016/j.bir.2016.06.001 World Bank. (2020). Enterprises Surveys. World Bank Group. https://www.enterprisesurveys.org/en/enterprisesurveys
dc.relation.references.spa.fl_str_mv	Bandrés-Goldáraz, E., Conde-Casado, M., & Iniesta-Alemán, I. (2021). El impacto de la covid-19 en las pequeñas y medianas empresas de comunicación en España. Retos. Revista de Ciencias de la Administración y Economía, 11(21), 25-40. https://doi.org/10.17163/ret.n21.2021.02 Botello, H. A. (2014). Condiciones y determinantes de la internacionalización de las empresas industriales latinoamericanas. Apuntes, 41(75), 47-78. https://doi.org/10.21678/apuntes.75.716 Botello, H. A. (2020). Normas contables NIIF y la valoración del riesgo de las empresas colombianas. Desarrollo Gerencial, 13(1), 1-20. https://doi.org/10.17081/dege.13.1.4049 Botello, H. A., & Guerrero, I. G. (2014). Condiciones y determinantes de la internacionalización de las empresas industriales colombianas: una aproximación cuantitativa en el ámbito de la firma. Apuntes del CENES, 33(57), 257-286. https://doi.org/10.19053/22565779.2910 Cepal (2020). Informe sobre el impacto económico en América Latina y el Caribe de la enfermedad por coronavirus (covid-19). Cepal. Masacón, N. Ú. H., Terranova, K. T. T., & Ulloa, W. L. O. (2020). Impacto del covid-19 en la planeación estratégica de las pymes ecuatorianas. RECIMUNDO, 4(3), 76-85.
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spelling	Atribución-NoComercial-SinDerivadas 2.5 Colombia (CC BY-NC-ND 2.5 CO)https://repository.usergioarboleda.edu.co/bitstream/id/00793b61-4f6b-42a0-a3f1-053140e82aea/license.txthttp://creativecommons.org/licenses/by-nc-nd/2.5/co/http://purl.org/coar/access_right/c_abf2Botello-Peñaloza, Héctor AlbertoGuerrero, Isaac20212022-07-14T16:57:54Z2022-07-14T16:57:54Z2021-12-23Botello-Peñaloza, H. A., Guerrero, I. (2021). Impact of covid-19 on the performance of Central American firms: A first review. Civilizar Ciencias Sociales y Humanas; 21(41), 93-104. https://doi.org/10.22518/jour.ccsh/2021.2a081657-89532619-189Xhttp://hdl.handle.net/11232/1829https://doi.org/10.22518/jour.ccsh/2021.1a04instname:Universidad Sergio Arboledareponame:Repositorio Institucional Universidad Sergio Arboledarepourl: https://repository.usergioarboleda.edu.co/https://revistas.usergioarboleda.edu.co/index.php/ccsh/issue/view/20212v21n41The coronavirus pandemic has caused a disruption in global production chains. Therefore, it is important to examine the impact of this phenomenon on companies from different economic sectors, especially in countries with a lower response capacity to face this public health emergency. With that in mind, the objective of this work is to determine how the covid-19 pandemic has affected business performance in four Central American countries. Using longitudinal data from the World Bank business survey, a differences model was implemented in order to estimate the impact of this pandemic, considering both internal and external characteristics. According to our findings, the studied four-month impact of the pandemic was significant, with about 2% of businesses in the studied countries closing permanently and 60% temporarily. Sales and sales per employee dropped about 30%, with the situation being worse for companies that closed temporarily due to restrictions. However, the immediate response of governments through tax credits and incentives has been well geared to meeting short-term liquidity needs of firms.La pandemia de coronavirus ha provocado alteraciones en las cadenas de producción mundiales. Por ello, resulta importante analizar el impacto de este fenómeno en las empresas de diferentes sectores económicos, especialmente en aquellos países con menor capacidad de respuesta ante la emergencia sanitaria. Así, el objetivo de este trabajo es determinar el impacto de la pandemia de covid-19 sobre el desempeño de las empresas de cuatro países centroamericanos. Mediante el uso de datos longitudinales de la encuesta empresarial del Banco Mundial, se empleó un modelo de diferencias con el fin de estimar el impacto de este fenómeno global, considerando características tanto internas como externas. Los hallazgos muestran que las consecuencias económicas durante el período analizado de la pandemia es significativo, puesto que cerca de 2 % de las empresas cerraron permanentemente y 60 % de manera temporal. Las ventas totales y las ventas por empleado cayeron alrededor de 30 %, con resultados más adversos para las firmas que cerraron temporalmente debido a las restricciones impuestas. No obstante, la respuesta inmediata de los gobiernos por medio de créditos fiscales e incentivos ha permitido satisfacer las necesidades de liquidez a corto plazo de las compañías en los países analizados.12Digitalapplication/pdfspaUniversidad Sergio ArboledaRevista Civilizar Ciencias Sociales y Humanas; vol. 21, núm. 41 (2021)Alonso, A. D., Kok, S. K., Bressan, A., O’Shea, M., Sakellarios, N., Koresis, A., Buitrago, M. A., & Santoni, L. J. (2020). Covid-19, aftermath, impacts, and hospitality firms: An international perspective. International Journal of Hospitality Management, 91, 102654. https://doi.org/10.1016/j.ijhm.2020.102654Apergis, E., & Apergis, N. (2020). Can the covid-19 pandemic and oil prices drive the US Partisan conflict index? Energy Research Letters, 1(1), 13144. https://doi.org/10.46557/001c.13144Asgharian, H. (2003). Are highly leveraged firms more sensitive to an economic downturn? The European Journal of Finance, 9(3), 219-241. https://doi.org/10.1080/13518470210132381Asmelash, L., & Cooper, A. (2020, April 9). Nearly 80% of hotel rooms in the US are empty, according to new data. CNN. https://edition.cnn.com/2020/04/08/us/hotel-rooms-industry-coronavirus-trnd/index.htmlBricongne, J. C., Fontagné, L., Gaulier, G., Taglioni, D., & Vicard, V. (2012). Firms and the global crisis: French exports in the turmoil. Journal of International Economics, 87(1), 134-146. https://doi.org/10.1016/j.jinteco.2011.07.002Chaston, I. (2012). Recession and family firm performance: An assessment of small U.K. familyowned hotels. Journal of CENTRUM Cathedra, 5(1), 60-69. Chaston, I. (2012). Recession and family firm performance: An assessment of small U.K. family-owned hotels. Journal of CENTRUM Cathedra, 5(1), 60-69.Cuesta, J., & Pico, J. (2020). The gendered poverty effects of the covid-19 pandemic in Colombia. The European Journal of Development Research, 32(5), 1558-1591. https://doi.org/10.1057/s41287-020-00328-2g, W., Levine, R., Lin, C., & Xie, W. (2020). Corporate immunity to the covid-19 pandemic (NBER Working Paper No. 27055). National Bureau of Economic Research. https://doi.org/10.3386/w27055Donthu, N., & Gustafsson, A. (2020). Effects of covid-19 on business and research. Journal of Business Research, 117, 284-289. https://doi.org/10.1016/j.jbusres.2020.06.008Erkens, D. H., Hung, M., & Matos, P. (2012). Corporate governance in the 2007-2008 financial crisis: Evidence from financial institutions worldwide. Journal of Corporate Finance, 18(2), 389-411. https://doi.org/10.1016/j.jcorpfin.2012.01.005Fan, V. Y., Jamison, D. T., & Summers, L. H. (2016). The inclusive cost of pandemic influenza risk (NBER Working Paper No. 22137). National Bureau of Economic Research. https://doi.org/10.3386/w22137Gil-Alana, L. A., & Monge, M. (2020). Crude oil prices and covid-19: Persistence of the shock. Energy Research Letters, 1(1), 13200. https://doi.org/10.46557/001c.13200Gu, X., Ying, S., Zhang, W., & Tao, Y. (2020). How do firms respond to covid-19? First evidence from Suzhou, China. Emerging Markets Finance and Trade, 56(10), 2181-2197. https://doi.org/10.1080/1540496X.2020.1789455Guerrieri, 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). National Bureau of Economic Research. https://doi.org/10.3386/w26918Halling, M., Yu, J., & Zechner, J. (2020). How did covid-19 affect firms’ access to public capital markets? The Review of Corporate Finance Studies, 9(3), 501-533. https://doi.org/10.1093/rcfs/cfaa008Haroon, O., & Rizvi, S. A. R. (2020). covid-19: Media coverage and financial markets behavior— A sectoral inquiry. Journal of Behavioral and Experimental Finance, 100343. https://doi.org/10.1016/j.jbef.2020.100343Hassan, T. A., Hollander, S., van-Lent, L., & Tahoun, A. (2020). Firm-level exposure to epidemic diseases: Covid-19, SARS, and H1N1 (NBER Working Paper No. w26971). National Bureau of Economic Research. https://doi.org/10.3386/w26971Hepburn, C., O’Callaghan, B., Stern, N., Stiglitz, J., & Zenghelis, D. (2020). Will covid-19 fiscal recovery packages accelerate or retard progress on climate change? Oxford Review of Economic Policy, 36(S1), S359-S381. https://doi.org/10.1093/oxrep/graa015Hudson, J., Williams, C., Orviska, M., & Nadin, S. (2012). Evaluating the impact of the informal economy on businesses in South East Europe: Some lessons from the 2009 World Bank Enterprise Survey. South East European Journal of Economics and Business, 7(1), 99-110. https://doi.org/10.2478/v10033-012-0010-xIlzetzki, E., Reinhart, C. M., & Rogoff, K. S. (2020). Will the secular decline in exchange rate and inflation volatility survive covid-19? (NBER Working Paper No. w28108). National Bureau of Economic Research. https://doi.org/10.3386/w28108Jandik, T., & Makhija, A.K. (2005). Debt, debt structure and corporate performance after unsuccessful takeovers: Evidence from targets that remain independent.Journal of Corporate Finance, 11(5), 882-914. https://doi.org/10.1016/j.jcorpfin.2004.04.002Mitton, T. (2002). A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis.Journal of Financial Economics, 64(2), 215-241. https://doi.org/10.1016/S0304-405X(02)00076-4Narayan, P. K. (2020). Oil price news and COVID-19 — Is there any connection? Energy Research Letters, 1(1), 13176. https://doi.org/10.46557/001c.13176Qiu, Y., Chen, X., & Shi, W. (2020). Impacts of social and economic factors on the transmission of coronavirus disease 2019 (covid-19) in China.Journal of Population Economics, 33, 1127-1172. https://doi.org/10.1007/s00148-020-00778-2Seetharaman, P. (2020). Business models shifts: Impact of Covid-19. International Journal of Information Management, 54, 102173. https://doi.org/10.1016/j.ijinfomgt.2020.102173Tucker, H. (2020, May 3). Coronavirus bankruptcy tracker: These major companies are failing amid the shutdown. Forbes. https://www.forbes.com/sites/hanktucker/2020/05/03/coronavirus-bankruptcy-tracker-these-major-companies-are-failing-amid-theshutdown/#5649f95d3425Verikios, K., McCaw, J., McVernon, J., & Harris, A. (2010). H1N1 influenza in Australia and its macroeconomic effects (COPS Working Paper No. G-212). 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RECIMUNDO, 4(3), 76-85.Revista Civilizar Ciencias Sociales y Humanas214193104Impact of covid-19 on the performance of Central American firms: A first review.Impacto del covid-19 en el desempeño de las empresas centroamericanas: una primera revisiónCovid 19 (Enfermedad) – Aspectos económicos – América centralCrecimiento empresarial - América centralCOVID-19 (Disease) – Social aspects – Central AmericaCorporations—Growth - Central Americacovid-19desempeño empresarialliquideztamaño de las empresaspandemiacrisis económicafirm performanceliquidityfirm sizepandemiceconomic crisishttp://purl.org/coar/version/c_970fb48d4fbd8a85http://purl.org/coar/resource_type/c_2df8fbb1https://purl.org/redcol/resource_type/ARTArtículo de revistaORIGINALImpact of Covid 19 on the performance of Central American firms.htmlImpact of Covid 19 on the performance of Central American firms.htmlartículotext/html282https://repository.usergioarboleda.edu.co/bitstream/11232/1829/1/Impact%20of%20Covid%2019%20on%20the%20performance%20of%20Central%20American%20firms.html584eaaebdddfb7504610efa471ad1813MD51open accessLICENSElicense.txtlicense.txttext/plain; charset=utf-81180https://repository.usergioarboleda.edu.co/bitstream/11232/1829/2/license.txt08af4d860568f825b35a06c69dc734dcMD52open access11232/1829oai:repository.usergioarboleda.edu.co:11232/18292022-07-16 11:16:35.617open accessRepositorio Institucional Universidad Sergio Arboledadspace-help@myu.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

Impact of covid-19 on the performance of Central American firms: A first review.

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