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Surviving and recovering in times of crisis: A resource dependence view of firm ownership

Author

Listed:
  • Liu, Yu
  • Peng, Mike W.
  • Wei, Zuobao
  • Xu, Jian
  • Xu, Lixin Colin

Abstract

Leveraging resource dependence theory, we examine the effects of state, foreign, and parental ownership on firm survival and recovery in the context of the COVID-19 pandemic. Utilizing data from World Bank surveys, conducted between May 2020 and August 2022, across 44 countries and focusing on small-and medium-sized enterprises (SMEs), we find that firms with state and parental ownership have a higher likelihood of surviving and growing during the pandemic, whereas foreign ownership exhibits a minimal impact. Furthermore, both state and parental ownership have a positive effect on firm growth during the pandemic but no significant effect in normal times. The nature of the ownership-performance relation changes as firms pass through the initial pandemic shocks and move onto the recovery stage. Overall, from a resource dependence perspective, our study highlights the effects of different ownership types on firm performance in the context of crisis.

Suggested Citation

  • Liu, Yu & Peng, Mike W. & Wei, Zuobao & Xu, Jian & Xu, Lixin Colin, 2025. "Surviving and recovering in times of crisis: A resource dependence view of firm ownership," Journal of Business Research, Elsevier, vol. 199(C).
    • Handle: RePEc:eee:jbrese:v:199:y:2025:i:c:s0148296325003388
    DOI: 10.1016/j.jbusres.2025.115515
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    More about this item

    Keywords

    Context; COVID-19; Firm survival and growth; Ownership; Resource dependence theory; SMEs;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance

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