Ownership, Diversity and the Effectiveness of Government‐backed Financial Support during a Systemic Crisis: Evidence from One Million UK SMEs
Using proprietary data on over one million UK Small and Medium‐Sized Enterprises (SMEs) from 2017 to 2024, we examine how ownership composition and director diversity condition the impact of government‐backed Covid‐19 loan programmes on normal (non‐Covid) loan default outcomes. Building on the Behavioural Theory of t...