A shot in the arm: Economic support packages and firm performance during COVID-19

Monetary policy easing appears to have been effective in supporting sales revenue, though at the marginal significance level of 10% (column 1).

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Panel C suggests that firms in the higher profitability group seem to benefit from fiscal and, to a lesser degree, from monetary support more than their lower-profitability counterparts do (see column 5 and 7, where the interaction terms are highly significant).

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