Martins, Pedro SilvaSasso, AlessandroKentrup, Jakob Noah2025-08-272025-08-272025-01-102024-12-17http://hdl.handle.net/10362/186953This Master Thesis investigates the impact of COVID-19 state aid measures (COVID aid) on firm performance in Spain, with a focus on employment, turnover, profitability, and profit margin. Using a difference-in-differences (DiD) approach, the study compares firms that received COVID-19 aid with those that did not receive any state aid during the analyzed period. The results demonstrate that COVID state aid significantly improved firm performance metrics post-2020, highlighting the aid’s role in helping businesses navigate the turbulence of the pandemic. The findings highlight the critical importance of targeted state interventions in maintaining employment and improving economic resilience during crises.engCovid-19 pandemicState aidSpainItalyTemporary Framework (TF)Firm performanceEmployment impactOrbis DatabaseDifference in Differences (DID)Propensity Score Matching (PSM)master thesis203992121