This paper delves into the evolving post-pandemic business arena, focusing on how liability options and social norms are reshaping industry structures. We anticipate lasting transformations due to the emergence of new safety standards that bridge the gap between corporate interests and societal welfare. To foster these changes, effective post-lockdown economic policies could encompass not only rigorous social standards but also specific financial incentives. Examples of such incentives include tax relief for businesses implementing comprehensive health protocols and subsidies for those transitioning to remote work or modifying production layouts to minimize infection risks. Our analysis delineates two predominant operational frameworks for firms in this new environment: the liability and property regimes. These are determined by each firm’s financial outcomes and the extent of damages incurred, all measured against societal expectations. Firms within the liability regime may exhibit only partial compliance, often attributed to ambiguous standards and prevailing uncertainties, potentially leading to a dip in profits. In contrast, entities operating under the property regime are likely to engage in more extensive organizational restructuring. A key insight from our study is the paradigm shift in investment behavior, increasingly influenced by risk management, particularly in the strategic choice between liability and property rules. This shift is evident in how firms now prioritize managing potential external liabilities, such as environmental hazards or evolving regulatory landscapes, in their investment decisions. Consequently, the traditional growth-centric investment paradigm is being supplemented by strategies that emphasize safeguarding against various external risks, marking a significant realignment in corporate investment philosophies post-pandemic. This transition underscores the intricate interplay between economic policies, corporate strategies, and societal dynamics in the contemporary business milieu.

中文翻译：

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新常态和流行病威胁：实物期权方法

本文深入探讨了大流行后不断变化的商业领域，重点关注责任选择和社会规范如何重塑行业结构。我们预计，由于新的安全标准的出现，弥合了企业利益和社会福利之间的差距，将会发生持久的转变。为了促进这些变化，有效的封锁后经济政策不仅可以包括严格的社会标准，还可以包括具体的财政激励措施。此类激励措施的例子包括为实施全面健康协议的企业提供税收减免，以及为那些过渡到远程工作或修改生产布局以尽量减少感染风险的企业提供补贴。我们的分析描绘了新环境下企业的两个主要运营框架：责任制度和财产制度。这些取决于每个公司的财务成果和造成的损失程度，所有这些都是根据社会预期来衡量的。责任制度内的公司可能仅表现出部分合规性，这通常归因于模糊的标准和普遍的不确定性，可能导致利润下降。相比之下，在产权制度下运营的实体可能会进行更广泛的组织重组。我们研究的一个重要见解是投资行为的范式转变，越来越多地受到风险管理的影响，特别是在责任和财产规则之间的战略选择方面。这种转变在企业现在如何在投资决策中优先考虑管理潜在的外部负债（例如环境危害或不断变化的监管环境）方面表现得很明显。因此，传统的以增长为中心的投资范式正在被强调防范各种外部风险的策略所补充，这标志着疫情后企业投资理念的重大调整。这一转变凸显了当代商业环境中经济政策、企业战略和社会动态之间错综复杂的相互作用。