COVID-19 impact and firm reactions towards crisis: Evidence from a transition economy
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Dosyalar
Tarih
2022
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Wyzsza Szkola Biznesu, Natl Louis Univ
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
PURPOSE: The new situation arising from the COVID-19 pandemic has brought many difficulties for companies worldwide. To combat the pandemic, governments have enforced lockdown and closure of businesses, and in response, companies have developed various reactive strategies to ensure their survival. The purpose of this study is twofold: to examine the impact of COVID-19 on firms and examine firm reactions towards the COVID-19 crisis. The study analyses the impact of COVID-19 on firm size, ownership type, and industry characteristics. Secondly, to analyze firm reactions based on four components: technological preferences, strategic behavior, management practices, and social networks. METHODOLOGY: This study employs a quantitative method, using a survey of 320 firm owners and managers conducted in Kosovo by the Institute of Entrepreneurship and Small Business. FINDINGS: Findings suggest that income dropped significantly for SMEs based on the firm size. Based on industry characteristics, findings show that all industries have been influenced negatively. Regarding the ownership type, findings suggest that family firms are more affected by COVID-19 than non-family firms. Factor analysis suggests that the technological preferences, managerial practices and strategic behavior, and social networks effectively responded to the crisis derived from COVID-19. Findings also suggest that firms did not employ a single reaction (e.g., technological change) but combined several reactions where one reaction led to another reaction that proved effective and led to firm survival during the crisis. ORIGINALITY/VALUE: Despite growing theoretical and empirical literature about COVID-19 and firms, this study shows the impact and firm responses towards the crisis of COVID-19. Furthermore, focusing on the context of Kosovo, the study contributes to the challenges that firms face in different cultural and institutional settings.
Açıklama
Anahtar Kelimeler
Covid-19 Impact; Firm Reactions; Technological Preferences; Strategic Behavior; Management Practices; Social Networks; Kosovo, Sme Growth; Performance; Entrepreneurship; Innovation; Business
Kaynak
Journal of Entrepreneurship Management and Innovation
WoS Q Değeri
N/A
Scopus Q Değeri
Q2
Cilt
18
Sayı
1
