Operating, financial and investment impacts of Covid-19 in SMEs: Public policy demands to sustainable recovery considering the economic sector moderating effect

Currently, many institutions and academics are working to establish strategies of economic recovery with the aim of mitigating the short- and long-term impacts of the COVID-19 crisis. The main aim of this study is to analyze how this crisis has impacted Spanish SMEs, considering their operating, financial, and investment activities. We also analyze the initiatives or public policies that SME managers consider necessary in order to face the effects of COVID-19. To do this, an empirical study has been carried out based on information from 612 Spanish SMEs, estimating a PLS research model and multigroup analysis that considers the activity sector as a moderating variable. The results are useful to companies and different economic and social agents, providing information to facilitate decision-making to overcome pandemic crisis mainly in the economic and strategic spheres.