Exploring the Impact of the COVID-19 Pandemic on Firms’ Financial Performance and Cash Holding: New Evidence from China’s Agri-food Sector

The objective of this paper is to investigate the impact coronavirus disease 2019 (COVID-19) on financial performance and cash holdings Chinese agri-food companies. We also examine whether or not company ownership, affected areas, leverage level affect relationship. empirical results show that COVID-19 outbreak has had no significant cash-holding In addition, state-owned companies enhanced during such a crisis, whereas reduced privately owned middle- high-risk pandemic negative performance, while it positive in low-risk areas. holding greater highly leveraged than been low-leveraged This may provide some new insights for managers ensure smooth operation improve firms’ order overcome crisis.