COVID-19 Impact and Firm Reactions Towards Crisis: Evidence from a Transition Economy

• Autorzy: Liridon Kryeziu , Mehmet Bağış , Mehmet Nurullah Kurutkan , Besnik A. Krasniqi , Artan Haziri
• Języki publikacji: EN

Abstrakty

EN

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)

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)

Słowa kluczowe

EN

COVID-19; Strategic management; Management practice

PL

COVID-19; Zarządzanie strategiczne; Praktyka zarządzania

• Czasopismo: Journal of Entrepreneurship, Management and Innovation (JEMI)
• Rocznik: 2022
• Tom: 18
• Numer: nr 1 Entrepreneurship and Innovation in the Age of Digital Transformation
• Strony: 169--196

Twórcy

autor

Liridon Kryeziu

• Heimerer College, Kosovo

autor

Mehmet Bağış

• Sakarya University of Applied Sciences, Turkey

autor

Mehmet Nurullah Kurutkan

• Duzce University, Turkey

autor

Besnik A. Krasniqi

• University of Prishtina, Kosovo

autor

Artan Haziri

• Pjeter Budi" College, Kosovo

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Identyfikatory

DOI

https://doi.org/10.7341/20221816