Based on the considerable pressure placed on CEOs during the pandemic, this article breaks down the decision-making biases that were revealed by a survey of over 500 Chinese firms during February and March. The survey focused on background and firm characteristics, how CEOs responded to the spread of COVID-19 and their expectations for the post-pandemic future. The article explores managerial implications of optimists and pessimists, awareness of the pandemic’s deteriorating effects on employment conditions and attitudes and long- vs short-term biases.

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