ABSTRACT
Internal control is an important internal governance mechanism of enterprises and plays an important role in preventing and controlling corporate risks. This paper utilizes COVID-19 shocks and uses data from listed companies in China for 2019–2021 in order to study the impact of internal control on enterprise resilience and its functioning mechanism. The findings show that internal control significantly improves enterprise resilience during a crisis. By using firm characteristic quantile regressions, it is found that under a crisis, larger firms with sufficient cash flow from operating activities are more protected by internal control and more resilient. Mechanistic analysis suggests that internal control further increases enterprise resilience by improving resource allocation efficiency, reducing operating risk, and increasing innovation output. Further analysis shows that government support can enhance the resilience of firms during crises through tax and fiscal policies;a better business environment enhances firms' ability to withstand risks in crisis situations and helps them gain a competitive advantage in crisis situations. Based on this, this paper provides empirical evidence for revising and improving the internal control system of enterprises to reduce the negative impact of public health emergencies in the context of epidemics. © 2022 by the authors.
ABSTRACT
This article examines the service concession within the context of the provisions of Spain’s Law 9/2017, of 8 November, on public sector procurement, with special emphasis on the concept of operational risk as a characteristic component thereof. The operational risk is differentiated from the concept of the contractor’s own risk (riesgo y ventura), and it is analysed from the perspective of its impact upon contractor remuneration and the economic equilibrium of the contract. It also makes reference to the changes occurring in the field over the course of 2020, as a consequence of the COVID-19 pandemic and the measures implemented by the European Union via the European Recovery Fund (NextGenerationEU). © 2022, Escola d'Administracio Publica de Catalunya. All rights reserved.