Response strategies for SMEs in the time of pandemic COVID-19
Palabras clave:
Pandemic COVID-19, SMEs, crisis, response strategiesResumen
The COVID-19 pandemic has had a major effect on people’s lives and economies worldwide, presenting numerous challenges to private, public, and business organizations. To date, small and medium enterprises have been hit hardest. On the other hand, governments all over the world are actively encouraging and supporting SME growth as part of their overall development strategy, since SMEs are the most important business sector in any world economy. Therefore, resolving the challenges that SMEs face in the context of COVID-19 is critical. This paper seeks to shed light on the main strategic responses to crisis, especially for SMEs. Although, deeper research is needed to better understand crisis strategy-making.
Descargas
Citas
Amankwah-Amoah, J., Khan, Z. & Wood, G. (2020). COVID-19 and business failures: The paradoxes of experience, scale, and scope for theory and practice. European Management Journal, 39(2), 179-184. https://doi.org/10.1016/j.emj.2020.09.002
Bartik, A. W., Bertrand, M., Cullen, Z. B., Glaeser, E. L., Luca, M. & Stanton, C. T. (2020). How are small businesses adjusting to COVID-19? Early evidence from a survey (No. w26989). National Bureau of Economic Research, [Online], Available: https://www.nber.org/system/files/working_papers/w26989/w26989.pdf [25 Mar 2021].
Bougheas, S. (2020). The Economy on Ice: Meeting the Economic Challenges during and after the COVID-19 Crisis. Available at SSRN 3563536. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3563536
Bourletidis, K., & Triantafyllopoulos, Y. (2014). SMEs survival in time of crisis: strategies, tactics and commercial success stories. Procedia-Social and Behavioral Sciences, 148, 639-644. https://doi.org/10.1016/j.sbspro.2014.07.092
Caballero-Morales, S.-O. (2021). Innovation as recovery strategy for SMEs in emerging economies during the COVID-19 pandemic. Research in International Business and Finance, 57, 101396. https://doi.org/10.1016/j.ribaf.2021.101396
CCSA (2020). How COVID-19 is changing the world: a statistical perspective (Volume II). Committee for the Coordination of Statistical Activities, United Nations, [Online], Available: https://unstats.un.org/unsd/ccsa/documents/covid19-report-ccsa_vol2.pdf [27 Mar 2021].
Culkin, N. & Smith, D. (2000). An emotional business: a guide to understanding the motivations of small business decision takers. Qualitative Market Research: An International Journal, 3(3), 145-157. https://doi.org/10.1108/13522750010333898
Dai, L., Eden, L. & Beamish, P. W. (2017). Caught in the crossfire: Dimensions of vulnerability and foreign multinationals' exit from war‐afflicted countries. Strategic Management Journal, 38(7), 1478-1498. https://doi.org/10.1002/smj.2599
Dai, R., Feng, H., Hu, J., Jin, Q., Li, H., Wang, R., Wang, R., Xu, L. & Zhang, X. (2021). The impact of COVID-19 on small and medium-sized enterprises (SMEs): Evidence from two-wave phone surveys in China. China Economic Review, 67, 101607. https://doi.org/10.1016/j.chieco.2021.101607
Do, B., Nguyen, N., D’Souza, C., Bui, H.D. & Nguyen, T.N.H. (2021). Strategic responses to COVID-19: The case of tour operators in Vietnam. Tourism and Hospitality Research, in press. https://doi.org/10.1177/1467358421993902
European Investment Bank (2020). Does this change everything? Small business gets sick. [Online], Available: https://www.eib.org/en/stories/smes-coronavirus [28 Mar 2021].
Fabeil, N.F., Pazim, K.H. & Langgat, J. (2020). The Impact of Covid-19 Pandemic Crisis on Micro-Enterprises: Entrepreneurs’ Perspective on Business Continuity and Recovery Strategy. Journal of Economics and Business, 3(2), 837-844. http://doi.org/10.31014/aior.1992.03.02.241
Federal Reserve Bank of New York (2020), Can small firms weather the economic effects of COVID-19?. [Online], Available: https://www.fedsmallbusiness.org/medialibrary/fedsmallbusiness/files/2019/20191211-ced-minority-owned-firms-report.pdf [30 Mar 2021].
Goolsbee, A. & Syverson, C. (2020). Fear, Lockdown, and Diversion: Comparing Drivers of Pandemic Economic Decline 2020. University of Chicago, Becker Friedman Institute for Economics Working Paper, (2020-80). https://doi.org/10.1016/j.jpubeco.2020.104311
Hofer, C.W. (1980). Turnaround Strategies. The Journal of Business Strategy, 1(1), 19-31. https://doi.org/10.1108/eb038886
ILO (2021). ILO Monitor: COVID-19 and the world of work. 7th edition. International Labour Organization, [Online], Available: https://www.ilo.org/global/topics/coronavirus/impacts-and-responses/WCMS_767028/lang--en/index.htm [3 Apr 2021].
Liu, Y., Wei, S. & Xu, J. (2021). COVID-19 and Women-Led Businesses around the World. Finance Research Letters, 102012, in press. https://doi.org/10.1016/j.frl.2021.102012
Maleki, M., Norouzi, Z., & Maleki, A. (2022). COVID-19 Infection: A Novel Fatal Pandemic of the World in 2020. In Practical Cardiology, 731-735. https://doi.org/10.1016/B978-0-323-80915-3.00003-X
Mont, O., Curtis, S.K. & Palgan, Y.V (2021). Organisational Response Strategies to COVID-19 in the Sharing Economy. Sustainable Production and Consumption, 28, 52-70. https://doi.org/10.1016/j.spc.2021.03.025
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
OECD (2020). Coronavirus (COVID-19): SME policy responses. [Online], Available: https://www.oecd.org/coronavirus/policy-responses/coronavirus-covid-19-sme-policy-responses-04440101/ [28 Mar 2021].
Rashid, S. & Ratten, V. (2021). Entrepreneurial ecosystems during COVID-19: the survival of small businesses using dynamic capabilities. World Journal of Entrepreneurship, Management and Sustainable Development, in press. https://doi.org/10.1108/WJEMSD-09-2020-0110
Ratten, V. (2020). Coronavirus and international business: An entrepreneurial ecosystem perspective. Thunderbird International Business Review, 62(5), 629-634. https://doi.org/10.1002/tie.22161
Ren, C.R., Hu, Y. & Cui, T.H. (2019). Responses to rival exit: Product variety, market expansion, and preexisting market structure. Strategic Management Journal, 40(2), 253-276. https://doi.org/10.1177/2631454119888092
Rico, M., Pandit, N.R. & Puig, F. (2020). SME insolvency, bankruptcy, and survival: an examination of retrenchment strategies. Small Business Economics, 1-16. https://doi.org/10.1007/s11187-019-00293-z
Saadatjoo, S., Miri, M., Hassanipour, S., Ameri, H., & Arab-Zozani, M. (2021). Knowledge, attitudes, and practices of the general population about Coronavirus disease 2019 (COVID-19): A systematic review and meta-analysis with policy recommendations, Public Health, in press. https://doi.org/10.1016/j.puhe.2021.03.005
Van Gils, A. (2005). Management and governance in Dutch SMEs. European Management Journal, 23(5), 583-589. https://doi.org/10.1016/j.emj.2005.09.013
Wenzel, M., Stanske, S., & Lieberman, M. B. (2020). Strategic responses to crisis. Strategic Management Journal, 42(2), O16-O27. https://doi.org/10.1002/smj.3161
World Health Organization (2021). WHO Coronavirus (COVID-19) Dashboard. [Online], Available: https://covid19.who.int/ [4 Apr 2021].
