Journal
ECONOMICS LETTERS
Volume 229, Issue -, Pages -Publisher
ELSEVIER SCIENCE SA
DOI: 10.1016/j.econlet.2023.111224
Keywords
Social capital; Resilience; Family clans; Social distancing; COVID-19
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Data from 3,555 Chinese listed firms indicate that cities with stronger clan influence experienced lesser losses and faster recovery post-COVID-19. Clans were significantly associated with individual values that facilitated pandemic prevention, ensuring economic activities and protecting firms from the shock. This study highlights the role of social capital as a complement to formal institutions during crises.
Data from 3,555 Chinese listed firms show that firms in cities with greater clan strength faced smaller losses and swifter recovery following COVID-19. Clans were significantly related to individual values facilitating pandemic prevention; these ties guaranteed economic activities and sheltered firms from the shock. Our results frame social capital as a complementarity to formal institutions during crises.& COPY; 2023 Elsevier B.V. All rights reserved.
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