BazEkon - Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie

BazEkon home page

Meny główne

Autor
Kryeziu Liridon (Heimerer College, Kosovo), Bağış Mehmet (Sakarya University of Applied Sciences, Turkey), Kurutkan Mehmet Nurullah (Duzce University, Turkey), Krasniqi Besnik A. (University of Prishtina, Kosovo), Haziri Artan (Pjeter Budi" College, Kosovo)
Tytuł
COVID-19 Impact and Firm Reactions Towards Crisis: Evidence from a Transition Economy
Źródło
Journal of Entrepreneurship, Management and Innovation (JEMI), 2022, vol. 18, nr 1, s. 169-196, tab., bibliogr. s. 188-193
Tytuł własny numeru
Entrepreneurship and Innovation in the Age of Digital Transformation
Słowa kluczowe
COVID-19, Zarządzanie strategiczne, Praktyka zarządzania
COVID-19, Strategic management, Management practice
Uwagi
Klasyfikacja JEL: L2, L26
streszcz., summ.
Abstrakt
CEL: Nowa sytuacja wynikająca z pandemii COVID-19 przyniosła firmom na całym świecie wiele trudności. Aby zwalczyć pandemię, rządy wprowadziły blokadę i zamykanie przedsiębiorstw, a w odpowiedzi firmy opracowały różne strategie reagowania, aby zapewnić sobie przetrwanie. Cel tego badania jest dwojaki: zbadanie wpływu COVID-19 na firmy i zbadanie ich reakcji na kryzys COVID-19. Ponadto analiza wpływu COVID-19 na wielkość firmy, rodzaj własności i charakterystykę branży oraz reakcje firm w oparciu o cztery elementy: preferencje technologiczne, zachowania strategiczne, praktyki zarządzania i sieci społeczne. METODYKA: Niniejsze badanie wykorzystuje metodę ilościową z wykorzystaniem ankiety przeprowadzonej w Kosowie przez Instytut Przedsiębiorczości i Małego Biznesu wśród 320 właścicieli i menedżerów firm. WYNIKI: Ustalenia sugerują, że w oparciu o wielkość firmy dochód w przypadku MŚP znacznie spadł. Na podstawie cech branżowych wyniki pokazują, że wszystkie branże zostały dotknięte negatywnym wpływem. Jeśli chodzi o rodzaj własności, ustalenia sugerują, że firmy rodzinne są bardziej dotknięte przez COVID-19 niż firmy nierodzinne. Analiza czynnikowa sugeruje, że preferencje technologiczne, praktyki menedżerskie i zachowania strategiczne oraz sieci społeczne skutecznie zareagowały na kryzys wywołany przez COVID-19. Wyniki sugerują również, że firmy nie zastosowały jednej reakcji (np. zmiany technologicznej), ale połączyły kilka reakcji, w których jedna reakcja doprowadziła do innej, która okazała się skuteczna i doprowadziła do przetrwania firmy podczas kryzysu. IMPLIKACJE: Po pierwsze, badanie to analizuje wpływ COVID-19 i jednocześnie stanowcze reakcje na kryzys. Po drugie, w przeciwieństwie do poprzednich badań, niniejsze badanie pokazuje, że wszystkie branże zostały dotknięte negatywnym wpływem, w tym wszystkie MŚP. Po trzecie, badanie to pokazuje, że rodzaj własności był ważnym czynnikiem wpływu COVID-19, gdzie firmy rodzinne były pod większym wpływem niż firmy nierodzinne; wynika to z wyraźnej charakterystyki struktury organizacyjnej firm rodzinnych, w tym zaangażowania członków firm rodzinnych. Wreszcie, badanie to pokazuje, że pojedyncza reakcja firm nie prowadzi do przetrwania, ale łańcuch reakcji w połączeniu z przedstawionymi powyżej wymiarami. ORYGINALNOŚĆ/WARTOŚĆ: Pomimo rosnącej literatury teoretycznej i empirycznej na temat COVID-19 i firm, badanie to pokazuje wpływ i stanowczą reakcję na kryzys związany z COVID-19. Ponadto, koncentrując się na kontekście Kosowa, badanie przyczynia się do wyzwań, przed jakimi stają firmy w różnych kontekstach kulturowych i instytucjonalnych. (abstrakt oryginalny)

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. IMPLICATIONS: The implications of this study are as follows: firstly, this study examines the impact of COVID-19 and, at the same time, firm reactions to the crisis; secondly, contrary to previous studies, this study shows that all industries have been influenced negatively, including all SMEs; thirdly, this study shows that ownership type was an important factor concerning the impact of COVID-19, where family firms were influenced more than non-family firms; this is due to the distinct characteristic of organizational structure that family firms have, including the involvement of members of family firms. Last, this study shows that a single reaction of firms does not lead to survival, but the chain of reactions combined with dimensions shown above. 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. (original abstract)
Pełny tekst
Pokaż
Bibliografia
Pokaż
  1. Ahmad, A., Alshurideh, M. T., Al Kurdi, B. H., & Salloum, S. A. (2021). Factors impacts organization digital transformation and organization decision making during Covid19 pandemic. In M.T. Alshurideh, Aboul Ella Hassanien, & Ra'ed Masa'deh (Eds.), The Effect of Coronavirus Disease (COVID-19) on Business Intelligence (pp. 95-106). Cham: Springer. https://doi.org/10.1007/978-3-030-67151-8_6.
  2. Alves, J. C., Lok, T. C., Luo, Y., & Hao, W. (2020). Crisis challenges of small firms in Macao during the COVID-19 pandemic. Frontiers of Business Research in China, 14(1), 1-23. https://doi.org/10.1186/s11782-020-00094-2.
  3. Apedo-Amah, M.C., Avdiu, B., Cirera, X., Cruz, M.; Davies, E., Grover, A., Iacovone, L., Kilinc, U., Medvedev, D., Maduko, F. O., Poupakis, S., Torres, J., & Tran, T. T. (2020). Unmasking the impact of COVID-19 on businesses: Firm level evidence from across the world. Policy Research Working Paper; No. 9434. World Bank, Washington, DC. Retrieved from https://openknowledge.worldbank.org/handle/10986/34626.
  4. Astrachan, J. H. (2010). Strategy in family business: Toward a multidimensional research agenda. Journal of Family Business Strategy, 1(1), 6-14. https://doi.org/10.1016/j.jfbs.2010.02.001.
  5. Bartz, W., & Winkler, A. (2016). Flexible or fragile? The growth performance of small and young businesses during the global financial crisis-Evidence from Germany. Journal of Business Venturing, 31(2), 196-215. https://doi.org/10.1016/j.jbusvent.2015.10.002.
  6. Belhadi, A., Kamble, S., Jabbour, C. J. C., Gunasekaran, A., Ndubisi, N. O., & Venkatesh, M. (2021). Manufacturing and service supply chain resilience to the COVID-19 outbreak: Lessons learned from the automobile and airline industries. Technological Forecasting and Social Change, 163, 120447. https://doi.org/10.1016/j.techfore.2020.120447.
  7. Burger, A, Damijan, J.P., Kostevc, Cˇ., & Project, M. (2017). Determinants of firm performance and growth during economic recession: The case of Central and Eastern European countries. Economic Systems, 41(4), 569-590. https://doi.org/10.1016/j.ecosys.2017.05.003.
  8. Castro, M. P., & Zermeño, M. G. G. (2020). Being an entrepreneur post-COVID-19-resilience in times of crisis: A systematic literature review. Journal of Entrepreneurship in Emerging Economies, 13(4), 721-746. https://doi.org/10.1108/JEEE-07-2020-0246.
  9. Chowdhury, M. T., Sarkar, A., Paul, S. K., & Moktadir, M. A. (2020). A case study on strategies to deal with the impacts of COVID-19 pandemic in the food and beverage industry. Operations Management Research, 1-13. https://doi.org/10.1007/s12063-020-00166-9.
  10. Cirera, X., Cruz, M., Davies, E., Grover, A., Iacovone, L., Lopez Cordova, J. E., Medvedev, D., Maduko, F. O., Nayyar, G., Ortega, S. R., & Torres, J. (2021). Policies to Support Businesses through the COVID-19 Shock: A Firm-Level Perspective. Policy Research Working Paper; No. 9506. World Bank, Washington, DC. World Bank. Retrieved from https://openknowledge.worldbank.org/handle/10986/35012.
  11. Cowling, M., Brown, R., & Rocha, A. (2020). Did you save some cash for a rainy COVID-19 day? The crisis and SMEs. International Small Business Journal, 38(7), 593-604. https://doi.org/10.1177/0266242620945102.
  12. Cowling, M., Liu, W., Ledger, A., & Zhang, N. (2015). What really happens to small and medium-sized enterprises in a global economic recession? UK evidence on sales and job dynamics. International Small Business Journal, 33(5), 488-513. https://doi.org/10.1177/0266242613512513.
  13. Crick, J. M., & Crick, D. (2020). Coopetition and COVID-19: Collaborative business-to-business marketing strategies in a pandemic crisis. Industrial Marketing Management, 88, 206-213. https://doi.org/10.1016/j.indmarman.2020.05.016.
  14. De Massis, A., & Rondi, E. (2020). COVID-19 and the future of family business research. Journal of Management Studies, 57(8), 1727-1731. https://doi.org/10.1111/joms.12632.
  15. De Nicola, F., Mattoo, A., Timmis, J., & Tran, T. T. (2021). Productivity in the Time of COVID-19: Evidence from East Asia and Pacific. Research and Policy Brief; No. 46. World Bank, Washington, DC. Retrieved from https://openknowledge.worldbank.org/handle/10986/35528.
  16. Domi, A., & Krasniqi, B. (2019). Entrepreneurs' responses to an economic crisis: Evidence from a transitional economy. In L.-P. Dana & V. Ratten (Eds.), Societal Entrepreneurship and Competitiveness (pp. 185-202). Bingley: Emerald Publishing Limited. https://doi.org/10.1108/978-1-83867-471-720191013.
  17. Donthu, N., & Gustafsson, A. (2020). Effects of COVID-19 on business and research. Journal of Business Research, 117, 284-289. https://doi.org/10.1016/j.jbusres.2020.06.008.
  18. Ebersberger, B., & Kuckertz, A. (2021). Hop to it! The impact of organization type on innovation response time to the COVID-19 crisis. Journal of Business Research, 124, 126-135. https://doi.org/10.1016/j.jbusres.2020.11.051.
  19. Eggers, F. (2020). Masters of disasters? Challenges and opportunities for SMEs in times of crisis. Journal of Business Research, 116, 199-208. https://doi.org/10.1016/j.jbusres.2020.05.025.
  20. Fath, B., Fiedler, A., Sinkovics, N., Sinkovics, R. R.. & Sullivan-Taylor, B. (2021). International relationships and resilience of New Zealand SME exporters during COVID-19. Critical Perspectives on International Business, 17(2), 359-379. https://doi.org/10.1108/cpoib-05-2020-0061.
  21. Ferrigno, G., & Cucino, V. (2021). Innovating and transforming during COVID-19: Insights from Italian firms. R&D Management. https://doi.org/10.1111/radm.12469.
  22. Foss, N. J. (2020). The impact of the COVID-19 pandemic on firms' organizational designs. Journal of Management Studies. https://doi.org/10.1111/joms.12643.
  23. Gu, X., Ying, S., Zhang, W., & Tao, Y. (2020). How do firms respond to COVID-19? First evidence from Suzhou, China. Emerging Markets Finance and Trade, 56(10), 2181-2197. https://doi.org/10.1080/1540496X.2020.1789455.
  24. Guderian, C. C., Bican, P. M., Riar, F. J., & Chattopadhyay, S. (2021). Innovation management in crisis: Patent analytics as a response to the COVID-19 pandemic. R&D Management, 51(2), 223-239. https://doi.org/10.1111/radm.12447.
  25. Guo, H., Yang, Z., Huang, R., & Guo, A. (2020). The digitalization and public crisis responses of small and medium enterprises: Implications from a COVID-19 survey. Frontiers of Business Research in China, 14(1), 1-25. https://doi.org/10.1186/s11782-020-00087-1.
  26. Hair, J. F., Black, W. C., Babin, B. J., Anderson, R. E., & Tatham, R. (2013). Multivariate Data Analysis: Pearson Education. New Jersey: Hoboken.
  27. Hanisch, M., & Rake, B. (2021). Repurposing without purpose? Early innovation responses to the COVID-19 crisis: Evidence from clinical trials. R&D Management. https://doi.org/10.1111/radm.12461.
  28. Hashi, I., & Krasniqi, B. A. (2011). Entrepreneurship and SME growth: Evidence from advanced and laggard transition economies. International Journal of Entrepreneurial Behavior & Research. 17(5), 456-487. https://doi.org/10.1108/13552551111158817.
  29. Jap, Sandy D., & Anderson, Erin M. (2004). Challenges and advances in marketing strategy field research. In Ch. Moorman & D. R. Lehmann (Eds.), Assessing Marketing Strategy Performance (pp. 269-292). Cambridge, MA: Marketing Science Institute.
  30. Karagöz, Y. (2014). SPSS 21.1 applied biostatistics. Ankara, Turkey: Nobel Academic Publishing.
  31. Karagöz, Y. (2017). SPSS and AMOS Applied Qualitative-Quantitative-Mixed Scientific Research Methods and Publication Ethics. Ankara, Turkey: Nobel, Academic Publishing.
  32. Krasniqi, B. A. (2007). Barriers to entrepreneurship and SME growth in transition: The case of Kosova. Journal of Developmental Entrepreneurship, 12(01), 71-94. https://doi.org/10.1142/S1084946707000563.
  33. Krasniqi, B. A. (2010). Are small firms really credit constrained? Empirical evidence from Kosovo. International Entrepreneurship and Management Journal, 6(4), 459-479. https://doi.org/10.1007/s11365-010-0135-2.
  34. Krasniqi, B. A., & Desai, S. (2016). Institutional drivers of high-growth firms: Country-level evidence from 26 transition economies. Small Business Economics, 47(4), 1075-1094. https://doi.org/10.1007/s11187-016-9736-7.
  35. Krasniqi, B. A., Kryeziu, L., Bağış, M., Kurutkan, M. N., & Idrizi, S. (2021). COVID-19 and SMEs in Kosovo: Assessing effect and policy preferences. Journal of Developmental Entrepreneurship, 26(1)2150005, 1-19. https://doi.org/10.1142/S1084946721500059.
  36. Kraus, S., Clauss, T., Breier, M., Gast, J., Zardini, A., & Tiberius, V. (2020). The economics of COVID-19: Initial empirical evidence on how family firms in five European countries cope with the corona crisis. International Journal of Entrepreneurial Behavior & Research, 26(5), 1067-1092. https://doi.org/10.1108/IJEBR-04-2020-0214.
  37. Kryeziu, L., & Coşkun, R. (2018). Political and economic institutions and economic performance: Evidence from Kosovo. South East European Journal of Economics and Business, 13(2), 84-99. https://doi.org/10.2478/jeb-2018-0013.
  38. Kuckertz, A., Brändle, L., Gaudig, A., Hinderer, S., Reyes, C. A. M., Prochotta, A., & Berger, E. S. (2020). Startups in times of crisis-A rapid response to the COVID-19 pandemic. Journal of Business Venturing Insights, 13, e00169. https://doi.org/10.1016/j.jbvi.2020.e00169.
  39. La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance, 54(2), 471-517. https://doi.org/10.1111/0022-1082.00115.
  40. Lajqi, S., & Krasniqi, B.A. (2017). Entrepreneurial growth aspirations in challenging environment: The role of institutional quality, human and social capital. Strategic Change, 26(4) 385-401. https://doi.org/10.1002/jsc.2139.
  41. Liu, W., Beltagui, A., & Ye, S. (2021). Accelerated innovation through repurposing: Exaptation of design and manufacturing in response to COVID-19. R&D Management. https://doi.org/10.1111/radm.12460.
  42. Morgan, T., Anokhin, S., Ofstein, L., & Friske, W. (2020). SME response to major exogenous shocks: The bright and dark sides of business model pivoting. International Small Business Journal, 38(5), 369-379. https://doi.org/10.1177/0266242620936590.
  43. Nagarajan, V., & Sharma, P. (2021). Firm internationalization and long-term impact of the COVID-19 pandemic. Managerial and Decision Economics, 42, 1477-1491. https://doi.org/10.1002/mde.3321.
  44. Nguyen, H. H., Ngo, V. M., & Tran, A. N. T. (2021). Financial performances, entrepreneurial factors and coping strategy to survive in the COVID-19 pandemic: Case of Vietnam. Research in International Business and Finance, 56, 101380. https://doi.org/10.1016/j.ribaf.2021.101380.
  45. Pedauga, L., Sáez, F., & Delgado-Márquez, B. L. (2021). Macroeconomic lockdown and SMEs: The impact of the COVID-19 pandemic in Spain. Small Business Economics, 1-24. https://doi.org/10.1007/s11187-021-00476-7.
  46. Podsakoff, P. M., MacKenzie, S. B., Lee, J. Y., & Podsakoff, N. P. (2003). Common method biases in behavioral research: A critical review of the literature and recommended remedies. Journal of Applied Psychology, 88(5), 879-903. https://doi.org/10.1037/0021-9010.88.5.866.
  47. Rapaccini, M., Saccani, N., Kowalkowski, C., Paiola, M., & Adrodegari, F. (2020). Navigating disruptive crises through service-led growth: The impact of COVID-19 on Italian manufacturing firms. Industrial Marketing Management, 88, 225-237. https://doi.org/10.1016/j.indmarman.2020.05.017.
  48. Rindfleisch, A., Malter, A. J., Ganesan, S., & Moorman, C. (2008). Cross-sectional versus longitudinal survey research: Concepts, findings, and guidelines. Journal of Marketing Research, 45(3), 261-279. https://doi.org/10.1509/jmkr.45.3.261.
  49. Roper, S., & Turner, J. (2020). R&D and innovation after COVID-19: What can we expect? A review of prior research and data trends after the great financial crisis. International Small Business Journal, 38(6), 504-514. https://doi.org/10.1177/0266242620947946.
  50. Rovelli, P., Ferasso, M., De Massis, A., & Kraus, S. (2021). Thirty years of research in family business journals: Status quo and future directions. Journal of Family Business Strategy, 100422. https://doi.org/10.1016/j.jfbs.2021.100422.
  51. Sharma, M., Luthra, S., Joshi, S., & Kumar, A. (2020). Developing a framework for enhancing survivability of sustainable supply chains during and post-COVID-19 pandemic. International Journal of Logistics Research and Applications, 1-21. https://doi.org/10.1080/13675567.2020.1810213.
  52. Shen, H., Fu, M., Pan, H., Yu, Z., & Chen, Y. (2020). The impact of the COVID-19 pandemic on firm performance. Emerging Markets Finance and Trade, 56(10), 2213-2230. https://doi.org/10.1080/1540496X.2020.1785863.
  53. Soluk, J., Kammerlander, N., & De Massis, A. (2021). Exogenous shocks and the adaptive capacity of family firms: Exploring behavioral changes and digital technologies in the COVID-19 pandemic. R&D Management. https://doi.org/10.1111/radm.12471.
  54. Stephan, U., Zbierowski, P., & Hanard, P.-J. (2020). Entrepreneurship and COVID-19: Challenges and opportunities. KBS COVID-19 Research Impact Papers, No. 4 https://doi.org/10.13140/RG.2.2.27289.44640.
  55. Tabachnick, B. G., Fidell, L. S., & Ullman, J. B. (2007). Using Multivariate Statistics (Vol. 5, pp. 481-498). Boston, MA: Pearson.
  56. Tortorella, G., Narayanamurthy, G., & Staines, J. (2021). COVID-19 ımplications on the relationship between organizational learning and performance. Knowledge Management Research & Practice, 19(4), 551-564. https://doi.org/10.1080/14778238.2021.1909430.
  57. World Bank. (2021). Global Economic Prospects, January 2021. Washington, DC: World Bank. Retrieved from https://openknowledge.worldbank.org/handle/10986/34710.
  58. World Bank. (2020). Global Economic Prospects, June 2020. Washington, DC: World Bank. Retrieved from https://openknowledge.worldbank.org/handle/10986/34710.
  59. Zahra, S. A., & Sharma, P. (2004). Family business research: A strategic reflection. Family Business Review, 17(4), 331-346.
  60. Zainal, M. (2020). Innovation orientation and performance of Kuwaiti family businesses: Evidence from the initial period of COVID-19 pandemic. Journal of Family Business Management. https://doi.org/10.1108/JFBM-09-2020-0086.
Cytowane przez
Pokaż
ISSN
2299-7075
Język
eng
URI / DOI
https://doi.org/10.7341/20221816
Udostępnij na Facebooku Udostępnij na Twitterze Udostępnij na Google+ Udostępnij na Pinterest Udostępnij na LinkedIn Wyślij znajomemu