Developing Business Model Competences in the Enterprise

Despite the COVID-19 pandemic, 2021 saw a growing interest in starting own business: as per the Census Bureau's Business Formation Statistics, the number of applications to form new businesses filed in the U.S. was the highest compared to any other year on record, reaching the total of 5.4 million (Economic Innovation Group, 2022), while in the EU, after an initial downward trend recorded in the first and second quarters of 2020, the number of new business registrations grew again in the third quarter of that year, and this upward trend continued throughout 2021 (Eurostat, 2022). Of course, as a result of Russia's invasion on Ukraine and related economic crisis, a downward tendency could be observed, but business registration levels in the EU in the first quarter of 2022 were still higher than during the pre-COVID 19 pandemic period (2015-2019) (Eurostat, 2022) and online searches indicating and intent to open a business spiked by 76% from 2018 to 2022 (Search Engine Journal, 2022). This shows that despite many external impediments, people are still tempted to start their own business, and many influencers, motivational speakers and coaches, as well as various popular TV shows broadcast worldwide (like the Apprentice, Dragons' Den, Shark Tank or Planet of the Apps) encourage them to do so. Becoming an entrepreneur has become a goal many people, especially 20-, 30- and 40-year-olds, strive to achieve. However, many of those people fail to realise that the very entry in the business register does not automatically make them entrepreneurs or their business successful. Neither does a good (or even excellent and innovative) business idea that attracts customers, as it was in Kodak's, Blockbuster's, or Ask Jeeves' case. What is required, is the ability to stay attractive to existing and prospective customers, i.e., the ability to win and retain customers, and to adapt to the changing demands, trends and economic conditions. All this can be achieved thanks to a meticulously designed and regularly reviewed and updated business model. The aim of this paper is to present and analyse the learning process of acquiring and building competences in the area of business models with the use of different innovative tools. The results presented and discussed in this article come from surveys as well as face-to-face and on-line meetings conducted in the ProBM 2 ERASMUS+ project (Understanding and Developing Business Models in the Era of Globalisation), in which the total of 261 respondents from seven (7) European countries, i.e. Poland, Italy, Greece, Romania, Portugal, Malta, and Switzerland, took part between 2019 and 2022. From the meetings and surveys it follows that much more awareness of business models needs to be encouraged and developed, particularly as regards improving competences helping future business owners and their employees assess profitability and efficiency of their operations and ensure that the business will be a going concern. © 2022 Authors. All rights reserved.

Financial Crisis and its Effect on Psychological Well-Being, Health, Satisfaction, and Financial Incapability, A Systematic Review

Background and Objectives: The decline in GDP caused by the global economic recession of 2008 and that caused by the COVID-19 pandemic has resulted in the poor economy of countries around the globe with increased rates of unemployment and adverse job conditions. This systematic review aims to identify the impact of a Financial crisis on Psychological well-being, Life satisfaction, Health Satisfaction, and Financial Incapability. Methodology: The literature included in the review was searched from Feb 1, 2023, to March 26, 2023, by using the PUBMED database as the search engine. Studies discussing the impact of the financial or economic crisis on psychological well-being, Health, Life satisfaction, and Financial Incapabilities published in the English Language were included in this review whereas systematic reviews and metanalysis, case reports, articles published in languages other than English and articles with limited access were excluded. Result(s): Of the 26 articles found eligible for the study, there were 22 Quantitative studies, 2 qualitative studies, and 2 Mixed Method Studies. Most of the articles included in this study discussed the Global Economic crisis caused by COVID-19 and the Global Financial Crisis of 2008. Almost 80% of the studies included in this review discussed psychological well-being and the prevalence of psychological disorders including Depression, Anxiety, Stress, Fear, Loneliness, Burnout, and Suicide whereas the rest of the articles discussed mortality regarding mental disorders. Conclusion(s): Financial crisis or economic recession results in an increased prevalence of common mental disorders affecting psychological well-being by increasing rates of unemployment and adverse job conditions. Policymakers with competitive financial behavior and knowledge are essential elements for psychological well-being and life satisfaction.Copyright © 2023 Lahore Medical And Dental College. All rights reserved.

Social insecurity and varieties of family resilience strategies during the COVID-19 pandemic

PurposeThis study is aimed at developing an understanding of the consequences of the pandemic on families' socioeconomic resilience, and the strategies adopted by the families in overcoming social vulnerabilities amid uncertainty.Design/methodology/approachThe materials for this study consist of semi-structured interviews with 21 families spread across the South Sumatra Province, Indonesia. Families in the study represent four different income levels, namely very high, high, middle and low, and who also work in the informal sector. Each family has at least 1 or more members who fall into the vulnerable category (children, the elderly, people with disabilities unemployed or having potential economic vulnerability).FindingsTwo main findings are outlined. Regardless of their socioeconomic status, many of the families analyzed adopted similar strategies to remain resilient. Among the strategies are classifying the urgency of purchasing consumer goods based on financial capacity rather than needs, leveraging digital economic opportunities as alternative sources of income, utilizing more extensive informal networks and going into debt. Another interesting finding shows that the pandemic, to some extent, has saved poor families from social insecurity. This is supported by evidence showing that social distancing measures during the pandemic have reduced the intensity of sociocultural activities, which require invited community members to contribute financially. The reduction of sociocultural activities in the community has provided more potential savings for the poor.Research limitations/implicationsIn this study, informants who provided information about their family conditions represent a major segment of the workforce and tend to be technologically savvy and younger, due to the use of Zoom as a platform for conducting interviews. Therefore, there may be a bias in the results. Another limitation is that since the interviewees were recommended by our social network in the fields, there is a risk of a distorted selection of participants.Originality/valueThis study offers insights that are critical in helping to analyze family patterns in developing countries in mitigating the risks and uncertainties caused by COVID-19. In addition, the literature on social policy and development could benefit from further research on COVID-19 as an alternative driver to identify mechanisms that could bring about change that would result in "security.” Critical questions and limitations of this study are presented at the end of the paper to be responded to as future research agenda.

University–Industry Linkages in Agriculture: The Case of Palestine

The usual crisis mode of economic operations in Palestine intersects with the adverse consequences of COVID-19 and necessitates an innovative response to survive. This research builds on potential synergies between industry and university to expand the Palestinian agriculture sector resilience. We report on an explorative study that sought to understand the reality of the university–industry linkages (UILs) by considering information and experience gathered from 29 interviews in January 2020 and April 2021. Interviewees represent five key actor groups: farmers and agribusinesses, private institutions, universities, the Ministry of Agriculture, and NGOs. Content analysis revealed a nascent collaboration scope and uncovered the lack of a confident attitude among farmers towards agriculture research efforts, the poor communication performance, and misalignment of purpose. University actors need to encompass the UILs in their mission and touch farmers' needs by providing novelty evidence research. Yet, farmers and agribusinesses may take the initiative to communicate their problems and search for renovation. We developed a framework of underpinnings to enhance collaboration and a healthier agriculture sector. We suggest activating the cooperatives and diversifying farmers' income as deemed more resilient to face the pandemic.

FAIR TAXATION UNDER THE GLOBAL ANTI-BASE EROSION RULES?

In 2021 the OECD launched the Global Minimum Company Tax to implement the Action 1 of the BEPS Project. This instrument has seen as a good mechanism to prevent company avoiding taxes at the global level and to stop existence of the harmful tax regimes worldwide, as well as a good mechanism to achieve fair taxation in the era of global digitalization. However, the broke-out of the COVID-19 pandemic and, consequently, the close of the national borders, then armed conflict between Russia and Ukraine, boost financial crisis and the crises in almost all social and industrial spheres at the global level. Such unwilling trend, between all, has influenced behavior of the companies and the initial optimism of the OECD and other international organizations that the global minimum company tax, at the very end, would end existence of the harmful tax regimes, tax avoidance and unfair taxation, dropped significantly. Therefore, at the very end of the 2022 and the beginning of the 2023, the OECD launched consultation document on tax certainty in the application of the Pillar Two of the global minimum tax known as a GloBE (Global Anti-Base Erosion) Model Rules. This paper deals with mentioned issue and actual problems that the application of the GLoBE rules is faced with.

Stakeholders' Involvement, Organizational Learning and Social Innovation: Factors for Strengthening the Resilience of Moroccan Cooperatives in the Post-COVID-19 Era

The Moroccan cooperative sector is increasingly important, not only in the social and economic fabric of Morocco, but also in the sustainable development of the Kingdom. With the advent of COVID, the cooperative sector offers more inclusive and sustainable economic alternatives than ever before. In this context, organizational resilience is essential to preserve the sustainability of cooperatives and anticipate potential crises. This study addresses the following issue: What are the organizational factors necessary to strengthen the organizational resilience of the Moroccan cooperative in the Fez-Meknes region in times of COVID-19 crisis? The purpose of this paper was to test the hypothesized relationships between a set of latent constructs (actor involvement and mobilization, organizational learning in times of a crisis and social innovation) and the organizational resilience of cooperatives in times of a COVID-19 crisis. The methodology adopted is structural equation modeling based on the PLS-SEM method under the "SmartPLS Version 3” used on data collected through a printed questionnaire administered to 160 cooperatives in the Fez-Meknes region. The results show the significant and positive influence between the exogenous constructs on the strengthening of organizational resilience of cooperatives as an endogenous construct. The novelty of the study lies in the identification of the organizational resources needed to strengthen the organizational resilience of cooperatives in the Moroccan context. The results show that organizational resilience depends on three selected organizational factors: stakeholder involvement and mobilization, organizational learning in the times of a crisis and social innovation.

Converging Crises and the Cost of Exclusion: Unveiling the Invisible Women of Sri Lanka's Economy

In Sri Lanka, womens labor force participation has never exceeded 35% in over three decades. As of 2022, the country was ranked 110 out of 146 countries in the World Economic Forums Gender Gap Index. The gaps in womens participation in the formal economy alongside womens limited political empowerment are two leading causes for the country to be lagging in such global gender equality indicators. At a large cost to the economy, the existence of archaic gender norms that promulgate womens unpaid care work often exclude women from the formal labor force. This paper dissects the socio-economic and socio-political factors that lead to the invisibility of women in Sri Lankas economy, while seeking to understand how such underlying causes have been aggravated within the precarity of the post-pandemic context. It is important, now more than ever, to recognize the invisibility of women in Sri Lankas formal economy, while bringing about a transformative vision with a multi-pronged approach to address existing gaps and challenges. With reference to key principles of feminist economics, including the theoretical foundations of Claudia Goldin, Nancy Folbre, and Diane Elson, among others, the paper will make a case for inclusivity and intersectionality in policy recommendations aimed at encouraging womens entry, active engagement, contribution, and retention in Sri Lankas economy. The paper reaches a conclusion that when women lead, participate, and benefit equally in all aspects of life, societies and economies will thrive, thereby contributing to sustainable development and inclusive economic growth.

Green Revolution and Ecological Transition: Italy's Response to the Pandemic

As a consequence of the economic crisis caused by the Covid-19 Pandemic, Italy and other member States of the European Union have suffered consider-able economic damage. To redress this situation, the European Commission authorized the return of a large amount of financial resources to European countries, in the form of loans and subsidies, as means for implementing the Next Generation EU, an ambitious program allowing member States to launch significant public spending policies. According to these initiatives, Italy ad-opted the National Recovery and Resilience Plan (Pnrr), which includes six primary missions to modernize the country. The second mission, called the green revolution and ecological transition, is one of the pillars of the EU Next Generation project and constitutes an essential guideline for the future development of the country.

Relationship among economic crisis, stock market crashes and accounting scandals

Purpose: This work investigates the relationships between stock exchange crashes and accounting scandals.Design/methodology: We analyze the main accounting scandals and stock exchange crashes that occurred between 1980 and 2020. Findings: First of all, it was verified that a stock market crash occurred in the years in which most of the accounting scandals took place (or within the next three years). This evidence is consistent with much of the previous literature. Second, an average of 5.4 years has been estimated as the period of time that elapses between the time a company starts engaging in accounting deception and the moment when it is discovered and the scandal breaks out. Third, it has been found that accounting deception is more likely to occur in years with stock market crashes and in the years immediately following. The literature review revealed no evidence supporting the two latter hypotheses.Research limitations/implications: This exploratory work has several limitations. First of all, only scandals that have been reported on websites in Spanish and English have been analyzed. Therefore, the sample may be biased, giving more weight to companies from Anglo-Saxon and Spanish-speaking countries. Second, the sample was made up of a small number of companies (53), which are those that have met the search criteria used.Practical implications: The findings of this work are relevant today, since a major stock exchange crash has occurred as a result of the coronavirus. Therefore, if the pattern of the most recent decades is repeated, it would be expected that more accounting scandals will come to light in the coming years.Social implications: The conclusions obtained are of great relevance for the different users of the financial information from companies, and also for auditors, consultants and supervisory bodies, since due to the stock exchange crash triggered by COVID-19, they will need to exercise extreme caution in the coming years in relation to financial information.Originality/value: The work provides evidence on the relationship between stock market crashes and accounting scandals, which is a highly relevant topic. The literature review revealed no study using the same methodology or a similar sample of companies.

Agroecologia e segurança alimentar em tempos de pandemia de Covid-19

Este artigo tem por objetivo aprofundar o debate sobre a insegurança alimentar durante a pandemia da Covid-19, relatar a iniciativa social extensionista do Plantio Agroecológico Solidário (PAS) da Universidade Federal de Santa Catarina e o consequente impacto no acesso e distribuição de alimentos orgânicos em Florianópolis, SC, Brasil. No contexto da crise sanitária, com mais de 645.000 mortos por Covid-19 no Brasil, aliada à crise econômica, acentuaram-se as desigualdades sociais que aprofundaram o cenário de fome no país. O atual cenário pandêmico indica um momento singular para que a nossa sociedade possa repensar o direito global ao acesso a alimentos saudáveis e sobre qual modelo de agricultura se espera fomentar. A agricultura agroecológica é um modelo viável e necessário para a produção digna e consciente de alimentos, fornecendo mecanismos para a promoção da Soberania e Segurança Alimentar e Nutricional, através da democratização ao acesso a alimentos saudáveis e sem agrotóxicos.Alternate :This article aims it is contribute the debate on food insecurity during the COVID-19 pandemic, to report on the social extension initiative of the Solidarity Agroecological Planting (PAS) of the Federal University of Santa Catarina and the consequent impact on the access and distribution of organic food in Florianopolis, SC, Brazil. In the context of the health crisis, with more than 645,000 deaths from Covid-19 in Brazil, allied to the economic crisis, social inequalities were accentuated that deepened the hunger scenario in the country. The current pandemic scenario indicates a unique moment for our society to rethink the global right to access to healthy food and on which model of agriculture it is expected to promote. Agroecological agriculture is a viable and necessary model for the dignified and conscious production of food, providing mechanisms for the promotion Sovereignty and Food and Nutritional Security, through the democratization of access to healthy and pesticide-free food.

A Bibliometric Analysis of Sustainable Food Consumption: Historical Evolution, Dominant Topics and Trends

The major goal of this study is to trace the emergence of SFC-related research across time, using a thematic map and a list of corresponding publications. In addition, this study aims to determine the author who has made the most significant contribution to this particular field. This study provides a comprehensive bibliometric analysis of the historical development and current trends in sustainable food consumption research, examining 2265 articles published between 1990 and 2023. Using the bibliometrics package of R Studio software version 4.2.1 and its Biblioshiny package, articles from the Scopus and Web of Science databases are examined. In the field of sustainable food consumption, we identify five distinct research phases: initial stagnation, infant growth, post-economic crisis, expanding phase and COVID-19 and post-pandemic. While research on broader sustainability topics can be traced back to the early 20th century, a very limited number of articles on sustainable food consumption was published in the 1990s. However, the number of publications increased incrementally over time, with a notable uptick in interest around 2015, and the subject was still being discussed in 2022. The emergence of the COVID-19 pandemic marked the beginning of the most recent phase of research, which analyzed the consumption patterns of consumers before and after the pandemic. Our study highlights key authors, documents and sources related to sustainable food consumption. The United States, Italy and the United Kingdom emerged as the most active contributors to the research on sustainable food consumption and were additionally the countries with the largest global market shares for organic products. Major sub-themes including organic food, food waste, sustainable development and food security, together with consumer behavior and organic products appeared as being the most researched sub-themes of recent times. The results of this study suggest that more research is related to sustainable food consumption in countries with a low organic food market share. In addition, the investigation of actual data on food waste, carbon footprints and greenhouse gas emissions resulting from food production and consumption is essential to gain holistic insights.

The role of the COVID-19 pandemic and economic crisis in insomnia and post-traumatic stress symptoms in the Lebanese population: A cross-sectional assessment

Based on an online cross-sectional survey, this study aimed to evaluate the role of the coronavirus disease 2019 (COVID-19) pandemic and economy-related factors in post-traumatic stress symptoms (PTSSs) and sleep in a sample of the general Lebanese population using the post-traumatic stress disorder checklist. The online survey was conducted between May 10, and May 20, 2020, and 502 Lebanese adults who have access to the internet were enrolled. Results highlighted that positive correlates of PTSS were fear of COVID-19, female gender, and waterpipe smoking;negative correlates were higher family satisfaction, higher financial wellness, older age, having access to healthcare, and never having to work. When including insomnia as an independent variable to explain PTSS, the model did not substantially change. Positive correlates of insomnia included fear of poverty, fear of COVID-19, violence at home, the number of dependent children, having a job, and having a chronic disease. Conversely, higher family satisfaction and financial wellness were associated with lower likelihood of insomnia. When entering PTSS, insomnia remained positively associated with fear of poverty, PTSS, and violence at home. However, fear of COVID-19 was no longer associated with insomnia. We concluded that both the fear of COVID-19 and the economic crisis are correlated with PTSS and insomnia. © 2023 Author(s).

Feminist Governance in the European Parliament: The Political Struggle over the Inclusion of Gender in the EU's COVID-19 Response

The research objective of this article is to analyze the European Parliament's response to the COVID-19 pandemic from the perspective of feminist governance. Feminist governance can either play a role in ensuring the inclusion of a gender perspective in crisis responses, or, quite the opposite, crises may weaken or sideline feminist governance. The empirical analysis focuses on two aspects of feminist governance: (1) a dedicated gender equality body and (2) gender mainstreaming. In addition to assessing the effectiveness of feminist governance, the analysis sheds light on the political struggles behind the policy positions. The article argues that feminist governance in the European Parliament was successful in inserting a gender perspective into the COVID-19 response. The article pinpoints the effects of the achievements of the European Parliament's Women's Rights and Gender Equality Committee and gender mainstreaming on gendering the pandemic crisis response.

Economic policy uncertainty, governance institutions and economic performance in Africa: are there regional differences?

In recent years, the global economy has witnessed several uncertainty-inducing events. However, empirical evidence in Africa on the effects of economic policy uncertainty (EPU) on economic activities remains scanty. Besides, the moderating effect of governance institutions on the uncertainty-economic performance relationship in Africa and the likelihood of regional differences in the response of economic activities to EPU on the continent are yet to be investigated. To address these gaps, we applied system GMM and quantile regressions on a panel of forty-seven African countries from 2010 to 2019. We find that while global EPU and EPUs from China, USA and Canada exert considerable influence on economic performance in Africa, the effects of domestic EPU and EPUs from Europe, UK, Japan, and Russia were negligible, suggesting that African economies are resilient to these sources of uncertainty shocks. We also find that governance institutions in Africa are not significantly moderating the uncertainty-economic performance relationship. However, our results highlighted regional differences in the response of economic activities to uncertainty, such that when compared to East and West Africa, economic performance in Central, North and Southern Africa is generally more resilient to global EPU and EPUs from China, USA, Europe and UK. We highlighted the policy implications of these findings.

Two Major Economic Crises in the Early Twenty-First Century and their Impact on Central Bank Independence

Two major economic crises in the early twenty-first century have had a serious impact on monetary policy and CB independence. Disruption in financial intermediation and associated deflationary pressures caused by the global financial crisis of 2007–2009 and European financial crisis of 2010–2015 pushed central banks (CBs) in major currency areas towards adoption of unconventional monetary policy measures, including large-scale purchase of government bonds (quantitative easing). The same approach has been taken by CBs in response to the COVID-19 crisis in 2020 even if the characteristics of this crisis differ from the previous one. As a result of both crises, CBs have become major holders of government bonds and de facto – main creditors of governments. Against rapidly deteriorating fiscal balances, CBs have become hostages of fiscal policies, which compromises their independence. Risks to the CB independence also come from their additional mandates (beyond price stability) and populist political pressures.

Potential Output and Output Gap in a Period of Economic Crises

The article investigates potential output and output gap modelling and estimation in the Czech Republic in the period 1996-2021, including the global recession from 2008 and the recent crisis caused by government measures against the COVID-19 pandemic. The unobserved components (UC) methodology is applied, coefficients are estimated by the maximum likelihood method, unobserved variables are estimated using the Kalman filter. The standard UC model is modified in an original way to nonlinearly describe the hysteresis effect by allowing the output gap to have an asymmetrical influence on potential output. The econometric model verification proved significance of the hysteresis effect and showed a substantial inertia of negative consequences of both crises. Predictions of an impact of the War in Ukraine on the gap were also calculated and the uncertainty associated with these predictions was quantified.

The Bank of Japan's exchange traded fund purchases: a help or hindrance to market efficiency?

We examine the impact of the Bank of Japan's exchange traded fund (ETF) purchases on two aspects of market efficiency—long-range dependence and price delay—of the TOPIX and Nikkei 225 indices. An increase in ETF purchases results in lower long-range dependence for both indices while the impact on the price delay varies according to index and measure. A sub-period analysis shows that the impact on market efficiency varies over time, with the dominant pattern being a delayed harmful effect, followed by a positive impact and thereafter a negative effect. The implications of these findings are discussed.

Fiscal deficits and the socioeconomic consequences of rebalancing: Insights from a TVP‐VAR with stochastic volatility

This article connects two salient economic features: (i) Fiscal shocks have asymmetric effects across business cycle phases (Gechert, Horn, & Paetz, 2019);(ii) the unemployment‐output trade‐off is time varying and may be unstable. The intertwined dynamic behaviour of fiscal deficit shocks and the unemployment‐output trade‐off is studied in this article using a time‐varying parameter (TVP) vector autoregression (VAR) with stochastic volatility techniques applied to the analysis of data from Canada, France, Germany, Japan, Spain, Sweden, United Kingdom and the United States of America. We confirm the trade‐off heterogeneity across country, and its time‐varying nature across time, showing in addition its fluctuation around a long‐run reference value. We document significant short‐run impacts of fiscal shocks on the unemployment‐output trade‐off which, based on the experience of the Global Financial Crisis, becomes larger in periods of economic turmoil. Policy‐wise, the rebalancing of public finances may have unexpected adverse effects on job creation if implemented during slumps, precisely when the labour market sensitivity with respect to the performance of the product market is likely to be more acute. This message is particularly relevant in the aftermath of the Covid‐19 pandemic.

Global economic crisis, energy use, CO2 emissions, and policy roadmap amid COVID-19.

The COVID-19 pandemic has emerged as one of the deadliest infectious diseases on the planet. Millions of people and businesses have been placed in lockdown where the main aim is to stop the spread of the virus. As an extreme phenomenon, the lockdown has triggered a global economic shock at an alarming pace, conveying sharp recessions for many countries. In the meantime, the lockdowns caused by the COVID-19 pandemic have drastically changed energy consumption patterns and reduced CO2 emissions throughout the world. Recent data released by the International Monetary Fund and International Energy Agency for 2020 further forecast that emissions will rebound in 2021. Still, the full impact of COVID-19 in terms of how long the crisis will be and how the consumption pattern of energy and the associated levels of CO2 emissions will be affected are unclear. This review aims to steer policymakers and governments of nations toward a better direction by providing a broad and convincing overview on the observed and likely impacts of the pandemic of COVID-19 on the world economy, world energy demand, and world energy-related CO2 emissions that may well emerge in the next few years. Indeed, given that immediate policy responses are required with equal urgency to address three things-pandemic, economic downturn, and climate crisis. This study outlines policy suggestions that can be used during these uncertain times as a guide.

Weathering the crash: Do customer-company relationships pay off during economic crises?

Do stronger relationships with customers (customer-company relationships [CCR]) help firms better weather economic crises? To answer this question, we examine firm performance during the stock market crashes associated with the two most severe economic crises of the last 15 years-the protracted Great Recession crisis (2008-2009) and the shorter but extreme COVID-19 pandemic crisis (2020). Juxtaposing the predominant expected utility theory perspective with observed deviations in investor behavior during crises, we find that both pre-crash firm-level customer satisfaction and customer loyalty are positively associated with abnormal stock returns and lower idiosyncratic risk during a market crash, while pre-crash firm-level customer complaint rate negatively affects abnormal stock returns and increases idiosyncratic risk. On average, we find that one standard deviation higher CCR is associated with between $0.9 billion and $2.4 billion in market capitalization on an annualized basis. Importantly, we find that these effects are weaker for firms with higher market share during the COVID-19 crash, but not during the Great Recession crash. These results are found to be robust to a variety of alternate model specifications, time periods, sub-samples, accounting for firm strategies during the crises, and endogeneity corrections. When compared to relevant non-crash periods, we also find that such effects are equally strong during the Great Recession crash and even stronger during the COVID-19 pandemic crash. Contributing to both the marketing-finance interface literature and the nascent literature on marketing during economic crises, implications from these findings are provided for researchers, marketing theory, and managers. Supplementary information: The online version contains supplementary material available at 10.1007/s11747-023-00947-1.