We survived this! What managers could learn from SMEs who successfully navigated the Greek economic crisis

COVID-19 challenges and firm responses: Analysis of a city-wide census in a developing country

We use the unique data set of 16,300 firms' responses for the large-scale census survey in an urban area at Ho Chi Minh City (Vietnam) to study how firms perceived their problems and responded to during the COVID-19 pandemic. We provide estimates of 65 cross-associations between a firm's challenges during the pandemic and their responses. We find several firm characteristics that suggest increased likelihood of pandemic response, including some, such as state ownership, which are typically associated with being slow to respond to market conditions. A theoretical model is posited that matches with the rapidly declared survey response.

Survivability Scenario of SMEs in Facing COVID-19 Crisis Based on the Social Commerce Framework

Government regulations that limit social and community activities to reduce the spread of COVID-19 have a very negative impact on the economy. This negative impact has a more profound effect on small and medium-sized enterprises (SMEs) because their business models are highly dependent on sales flows. Falling demand will significantly threaten the survival of SMEs. To overcome this impact, SMEs need to consider digital technology to better market their products. Social commerce, a new e-commerce business model, is becoming an online sales platform that helps businesses connect with customers and gain a competitive edge. This study aimed to develop scenarios for the ability of SMEs to survive the impact of the COVID-19 pandemic. We created scenarios based on a social commerce framework with four components: customer, platform, merchant, and context. These components were mapped in the Information Technology Infrastructure Library (ITIL) 4 to obtain scenarios of practical and well-documented actions by SMEs affected by the COVID-19 pandemic. This study used canonical action research to apply scenarios to an affected SME and then evaluated how these scenarios can help the SME survive based on its financial performance. This study proposes applicable social commerce scenarios to encourage the ability of SMEs to withstand the impacts of the COVID-19 pandemic.

Impacts, lessons learnt and envisioning the future of firms under COVID-19 – implications for knowledge management

Purpose

The purpose of this study is to examine the significance of knowledge management as a tool for firms to adapt to an ongoing unprecedented crisis. Moreover, in considering the knowledge-based view of the firm, the study will ascertain the impacts, lessons learnt and how firms envisage their future under the current unpredictable regime from the viewpoints of firm owners/managers.

Design/methodology/approach

A qualitative data collection approach was selected, with face-to-face and online interviews undertaken with owners/managers of 33 firms operating in Singapore.

Findings

The data analysis reveals as many as eight dimensions pertaining to impacts, lessons learnt and the envisioned future of the firms. The relevance of knowledge management emerged, for instance, in supporting firms and staff to overcome initial challenges after the crisis became apparent. Knowledge management was also an exemplar of lessons learnt, through new knowledge development, strengthening links with consumers, through operational skilfulness and awareness, as well as in explaining how firms envision their future. These findings also underscore key tenets of the knowledge-based view of the firm.

Originality/value

Conceptually, the proposed dimensions stemming from the three examined research questions, together with the propositions and theoretical framework, contribute to a deeper understanding of the links between knowledge management and how firms confront a severe crisis. Empirically, the findings’ highlighted associations with knowledge management elements to illuminate how firms address the impacts of the COVID-19 crisis, as well as the lessons learnt and the envisioned future of firms operating under severe crisis conditions.

Analyzing the impact of COVID-19 on environmental innovations in manufacturing firms

COVID-19 has had a significant impact on the manufacturing industry, and manufacturers have responded to the crisis in different ways. This study investigates Norwegian manufacturers' response to the crisis, particularly how it has influenced their adoption of environmental innovations. More specifically, the study investigates whether firms choose "general" or "green" strategic responses to the crisis and how this influences the overall adoption of environmental innovations. In addition, the study investigates how the degree of environmental innovation adoption occurring before COVID-19 affects how the crisis impacted firms. The study adopts a quantitative research approach using survey data from 526 manufacturing firms-a representative sample of manufacturers in Norway. The findings reveal that those manufacturers the most environmentally innovative before COVID-19 were more impacted by the crisis. Moreover, firms adopted both general and green responses to the crisis, and the overall conduction of environmental innovations decreased during the pandemic. The main contribution is the empirical findings related to the overall impact of COVID-19 on sustainability-oriented manufacturing. The implications are discussed for both theory and practice.

Managing restaurants during the COVID-19 crisis: Innovating to survive and prosper

This research examines the experiences of small- and medium-sized enterprise (SME) owners in the food service sector during the COVID-19 crisis. We collected authentic opinion through semi-structured interviews with restaurant owners in the Outaouais region (Quebec, Canada). Qualitative analysis of the interviews revealed that restaurant owners suffered from several issues: stress, shortage of employees, financial losses, liquidity problems, closures, reopenings, and difficulties in adapting to change. To overcome this crisis, entrepreneurs had to demonstrate resilience, innovation, and strategic management. Meanwhile, through its assistance programs, the government greatly supported entrepreneurs. While Canadian federal programs performed well, the Quebec government's support remained limited. We suggest that public administrators and program evaluators should address the shortcomings raised in this research. Lastly, this study contributes to the literature by providing a new perspective on the strategic management of SMEs during crisis and new managerial insights. Furthermore, we provide new perspectives on inclusive policy and program design during crisis.

From Challenges to Creativity: Enhancing SMEs’ Resilience in the Context of COVID-19

COVID-19 pandemic has brought significant and multiple challenges for SMEs. While SMEs have traditionally faced financial and non-financial crises, the pandemic has brought about additional uncertainties on how to maintain business continuity. The purpose of this paper is to examine how SMEs can mitigate against COVID-19-related crisis by examining the impacts that the pandemic has had on them through a review of 34 articles. The thematic analysis from the literature covered three overarching and inter-related challenges including (i) cost and finance-related challenges, (ii) disruption of activities, and (iii) existential difficulties. The paper’s value lies in addressing the gap between the espoused literature’s claim of the beneficial impact of new technological advancements and SMEs’ ability to survive in the context of the COVID-19 pandemic. The additional value of this paper is a framework of recommendations to help enhance SMEs’ resilience and responsiveness in the context of COVID-19. These recommendations include collaboration, openness, taking advantage of opportunities/victory, and durability.

The power of shared positivity: organizational psychological capital and firm performance during exogenous crises

This study examines the influence of organizational psychological capital on the performance of small and medium-sized companies (SMEs) during crises. We argue that SMEs use their intangible resources to cope with difficult situations such as the COVID-19 pandemic. Therefore, we investigate how organizational psychological capital impacts performance and creative innovation through such intangible resources, namely, organizational citizenship behavior, solidarity, and cooperation. Methodologically, we combine structural equation modelling and regression analysis on a dataset of 379 SMEs. Our results support the notion that organizational psychological capital positively influences creative innovation of SMEs and thus performance during crises. Our research contributes to the organizational behavior literature by showing that psychological resources of SMEs can strengthen performance in times of crisis and help to prepare for future ones.

Financial performances, entrepreneurial factors and coping strategy to survive in the COVID-19 pandemic: case of Vietnam

Vietnam has been one of a few countries that successfully contained the COVID-19 pandemic. However, aggressive measurements against the pandemic were at the expense of economic activities and companies' financial performances. This cross-sectional study uses a survey of 672 companies in Vietnam and the logistic regression model to explore companies' coping strategy choices based on their degree of financial distress, companies' profiles, entrepreneurial factors, and the interactions between them. The results suggest that companies predominantly selected cost-cutting strategies to deal with the economic shutdown. However, the interactions between financial and entrepreneurial factors could significantly increase the likelihood of selecting growth-focused strategies. Besides, when facing a global pandemic such as COVID-19, managers' perceptions about the spillover effects of global risks were much more impactful than local risks on companies' coping strategy selections. This paper can help to inform managers to better deal with the aftermath of the COVID-19 outbreak.

Ghanaian SMEs Amidst the COVID-19 Pandemic: Evaluating the Influence of Entrepreneurial Orientation

Entrepreneurial orientation has recently been touted as a tool for solving enterprise failures in emerged and emerging economies especially during and after an epidemic. This study aims at understanding the impact of entrepreneurial orientation on enterprise performance in the Ghanaian food processing industry by assessing the mediating effects of innovation types and intellectual property. Data were collected from 702 owners/managers in the food processing industry via survey questionnaires. The data were analyzed using the partial least squares structural equation modeling (PLS-SEM) to test the hypothesis via the Smart PLS software. The findings show that entrepreneurial orientation, innovation types, and intellectual property positively and significantly influenced enterprise performance. Furthermore, the results indicated that the mediation effects of innovation types and intellectual property were full and partial, respectively. Useful policy implications are further proposed and discussed based on the study results.

Getting Through COVID-19: The Pandemic's Impact on the Psychology of Sustainability, Quality of Life, and the Global Economy - A Systematic Review

The COVID-19 pandemic may affect the world severely in terms of quality of life, political, environmental, and economic sustainable development, and the global economy. Its impact is attested to by the number of research studies on it. The main aim of this study is to evaluate the impact of COVID-19 on the psychology of sustainability (quality of life), on sustainable development, and on the global economy. A computerized literature search was performed, and journal articles from authentic sources were extracted, including MEDLINE (PubMed), Google Scholar, Science Direct, ProQuest, and Emerald Insight. The references in selected articles were screened to identify any relevant studies. The following inclusion criteria were followed: research articles based on the COVID-19 pandemic, and articles, research papers, journals, and news articles published 2010 to 2020. The exclusion criteria were as follow: psychology research, articles, and journals published before 2010 and research articles having no link with the current pandemic's impact on the psychology of sustainability, quality of life, and the global economy. Of the initial 350 articles identified, only 61 studies were found to be relevant and meet the inclusion criteria. Based on these articles, the review highlights that compared to developed countries, the developing nations and poor nations such as African countries with compromised health structures have been greatly affected. There are close associations between health, economic, environmental, and political issues globally. The pandemic can be managed if we follow new policies that implement economic and public health changes worldwide. A planned, coordinated approach between the public-private sector is required, designed according to each country's health system and economy. We can come out of this crisis if we work together and support both developed and developing nations.

Artificial Intelligence in the Urban Environment: Smart Cities as Models for Developing Innovation and Sustainability

Climate change, overpopulation and the squandering of resources currently pose problems of such magnitude that they require a change in the trend to mitigate their effects. It is essential to make society aware of the facts and to educate the population about the advantages that new technologies can provide for efficient urban development. We therefore ask whether an ordinary medium-sized city can become a Smart City. In order to assess this possibility, our study analyzes different models of Smart Cities implemented in Spain (e.g., Madrid, Barcelona, Valencia, Malaga and Santander), contrasting them with the specific case of one city that is not yet a Smart City (Granada) in order to discuss which strategic technological actions to implement in different topical areas of action: the economy, sustainability, mobility, government, population, and quality of life. The study uses Cohen’s wheel to give researchers in the field a series of indicators and factors that can be used to analyze public data with statistical methods in order to obtain clear positive scores for Madrid and Barcelona. The analysis shows Granada’s deficiencies in the scores for digital government, accessibility, the efficiency of public transport, and mobility, among others. Finally, the data obtained demonstrate the need to implement an integrated dashboard with different proposals in the strategic areas analyzed in order to achieve the transformation of conventional cities into Smart Cities.