We investigate how the COVID-19 pandemic affected CFOs’ self-assessed uncertainty about revenue growth and its impact on investment and hiring plans, using data from two consecutive surveys of the same CFOs conducted
before and during the pandemic. Following the WHO’s declaration, firm-level uncertainty increased, and investment
plans were restrained. Furthermore, heightened firm-level uncertainty dampened firms’ investment and hiring plans, even after controlling for other pandemic-related factors, as well as financial and investment flexibility.
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