This paper investigates the effect of economic uncertainty on the performance of small and medium enterprises (SMEs) over the period 2007–2016. This paper also examines the effects of ownership structure on the relation between Economic Uncertainty and firm performance. We find that an increase in economic uncertainty is negatively associated with the performance of SMEs. Our results also reveal that increased economic uncertainty is associated with a lower performance level for state‐owned SMEs, whereas foreign‐owned SMEs can better mitigate the negative impact of on their performance than domestic‐owned firms.

中文翻译：

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经济不确定性、股权结构与中小企业业绩

本文研究了 2007 年至 2016 年期间经济不确定性对中小型企业 (SME) 业绩的影响。本文还考察了所有权结构对经济不确定性和公司绩效之间关系的影响。我们发现经济不确定性的增加与中小企业的业绩呈负相关。我们的研究结果还表明，经济不确定性的增加与国有中小企业的业绩水平较低有关，而外资中小企业比内资企业可以更好地减轻对其业绩的负面影响。