@TechReport{iza:izadps:dp16606,
            	author={Böhm, Michael Johannes and Qendrai, Pamela},
            	title={System Relevance and Firm Performance Due to COVID-19},
            	year={2023},
	month={Nov},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={16606},
            	url={https://www.iza.org/index.php/publications/dp16606},
	abstract={We study the impact of COVID-19 on firm performance. Using financial accounts of a large number of German firms, we document that industry affiliation is an important economic dimension of the crisis. Motivated by this fact, we analyze an important industry-specific regulation, system relevance, which allows businesses to remain open in times of lockdown and other restrictions. A difference-in-differences estimation strategy shows that relative revenues of system-relevant firms increase by 6-9 percent and profits by 17-25 percent due to COVID. Controlling for channels that are arguably not driven by the system-relevance regulation, the impact on revenues decreases but remains significant. Overall, results indicate that regulations affecting the ability to operate as well as industry-level shocks play important roles for firm performance during a pandemic-induced crisis.},
	keywords={system relevance;industry shocks;firm performance;COVID-19},
            }