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The COVID-19 pandemic had significant global negative effects and posed significant challenges to corporate financial management. Firms that were more adaptable and robust achieved superior financial performance, underscoring the importance of resilience in corporate finance. Financial reserves, including cash holdings, played a substantial role in financial resilience serving as a buffer against negative external and internal shocks. Flexible investments and financing were another source of stability, enabling a quicker response to a rapidly changing environment. Furthermore, the accelerated pace of digitalization and the application of sustainable development principles also aided firms in navigating the crisis period more effectively. Overall, greater corporate financial resilience is essential for the successful long-term development of the company. [ABSTRACT FROM AUTHOR]

Credit rating agencies are an important element of the informational financial infrastructure, which is essential for the stability of the financial system. In the absence of conflicts of interest and the importance of the established reputation for the rating agencies, self-regulation is sufficient to guarantee high-accuracy ratings. The payment for ratings by issuers and their use in financial regulations create distorted incentives to pursue higher profits at the expense of the quality of ratings. The demonstrated failures of the rating agencies confirm the need for strict regulations to restore investor confidence in the ratings. [ABSTRACT FROM AUTHOR]

Financial development is a major factor that determines the economic situation and income level in different countries. Improving the financial infrastructure is a prerequisite for a more developed financial sector and its impact is an important issue to explore. For this purpose, data from 149 countries for the period 2010 - 2017 are analyzed, outlining the main trends in the development of financial infrastructure around the world. The econometric analysis of panel data shows that financial infrastructure has a significant positive impact on financial development. The main conclusion is that the better financial infrastructure will have a beneficial effect on the financial system and economic development. [ABSTRACT FROM AUTHOR]