The COVID-19 Crises: The Threats, Uncertainties and Risks in Entrepreneurial Development

The COVID-19 pandemic and its different waves brought several complications to people's social lives and massively affected business activities worldwide. Accordingly, in this study, we explored the various COVID-19 threats, uncertainties, and risks that are faced by entrepreneurship, propensity, and development. We applied a deductive approach in this study and utilized cross-sectional data that we collected through a questionnaire. We based this study's findings on 320 valid cases. By employing structural equation modeling (SEM), we reveal that factors, such as quality of business environment (QoBE) and access to financial resources (AtFR,) have a positive and significant impact on entrepreneurial propensity (EP). On the other hand, the findings reveal that two factors, namely the uncertainties caused by the COVID-19 pandemic (UoCOVID-19) and the risk perceptions of the COVID-19 pandemic (RPoCOVID-19), have a negative effect on EP. This study's findings provide valuable information about the COVID-19 pandemic and, on particular, on the development of EP among university students. In addition, this study's findings guide and support policymakers and higher authorities in understanding the impact of the COVID-19 pandemic and other business-related factors for developing EP. Further, these findings support the creation of conducive business environments even during a global pandemic or another natural disaster. Finally, this study's findings contribute other empirical evidence to enrich previous research on health, business, and management.

Factors of Development and Success of Digital Platforms

Digitalization of the economy is one of the factors and manifestations of globalization processes. However, the possibilities which give use of digital platforms in the long term enable the formation of a national information space that is safe from external threats. This study summarizes the current approaches to the classification of digital platforms, their description and functionality, and their importance for the economy. The study focused on modern approaches to the typology of digital platforms and the specifics of their integration into public administration and business structures. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2022

Corporate Social Responsibility and Corporate Performance: Does Financial Reporting Quality Matter?

This study aims to analyze the role of social responsibility in times of crisis, where the study examines whether the role of social responsibility in the corporate performance will depend on its interaction with other basic aspects of the corporate business environment. In the contemporary economic context, information environment considers important aspects of the business environment, therefore, it can be suggested that the impact of social responsibility on the company's performance will be clearer when considering its interaction with financial reporting quality. To test this argument, data from the Saudi business environment for the year 2020 was collected to explore the relationship between social responsibility and the company's financial performance during the Corona pandemic, and the role of the financial reporting quality in that relationship. The results were largely consistent with the general argument of the study, the results showed that social responsibility does not affect the financial performance, but the interaction between it and the financial reporting quality positively affects the financial performance of the company during the pandemic period. Therefore, financial reporting quality play a major role in the extent to which social responsibility affects performance. The results represent a motivation for the various parties in the business environment to pay attention to the general framework of the company's business aspects when analyzing performance. © 2023 NSP Natural Sciences Publishing Cor.

Productivity and firm exit during the COVID-19 crisis: cross-country evidence

This paper examines whether the economic crisis induced by the COVID-19 pandemic exhibits a Schumpeterian "cleansing” of less productive firms. Using firm-level data collected for 34 economies up to 18 months into the crisis, the study finds that less productive firms have a higher probability of permanently closing during the crisis, suggesting that the process of cleansing out unproductive activities is occurring. The paper also uncovers strong and negative relationships of firm exit with digital presence and with innovation. These relationships are driven by small firms. The study further finds that a burdensome business environment increases the probability of firm exit, also driven by small firms, and that a negative relationship exists between firm exit and age. Finally, evidence shows that the cleansing process is disrupted in countries which have introduced policies imposing a moratorium on insolvency procedures.Plain English SummaryThe purpose of this analysis is to investigate whether firms that are more productive are less likely to cease operation during the economic crisis induced by the COVID-19 pandemic. To verify this hypothesis, the paper uses data on firm characteristics, productivity, and status of operation from 34 countries. The data on firm characteristics and productivity were collected before the crisis, while data on the operating status were collected within 18 months since the appearance of the coronavirus. The results of the paper show that indeed, more productive firms are more likely to survive the crisis. In addition, businesses that have been in operation for longer, or ones which have a website or have introduced a new product in the years before the crisis are more likely to continue existing. The positive role of digitalization and innovation is true especially for small firms. Conversely, those businesses which have to spend more time in compliance with government regulations are less likely to survive. The policy implications show the importance of digitalization and innovation, the vulnerabilities of small firms, and the significance of good governance.

The future of consumer behavior post COVID-19

The COVID-19 virus, which emerged in December 2019, has been labeled a worldwide epidemic (pandemic) due to its speed of spread and lethality, like all epidemics in history. It will surely be remembered as one of the most influential. According to the World Health Organization (WHO), the coronavirus has infected 308.458.509 around the world and caused 5.5 million people to die as of January 11, 2022. The implementation of lockdowns, social and physical distancing policies has led to a slowdown in economic activities and caused panic buying by people who thought that shortages came. The slowdown in the economy triggered changes in global trends. The way people behave, buy goods, and live has changed. The overall e-commerce around the world has grown rapidly due to the virus. Panic buying due to the thought of shortage or unnecessity of some products during the pandemic caused the rapid demand changes either as an increase or decrease in sales of many products. The COVID-19 pandemic disordered many people and industries globally. This study investigates the future of consumer behavior post COVID-19 from the perspective of impacts of vaccination, changing business environment, and consumer expectations from brands with the new normal period. It also argues whether these rapid changes will be permanent or temporary. © 2022 by Nova Science Publishers, Inc. All rights reserved.

Nexus between drivers of COVID-19 and country risks.

COVID-19 has disrupted all spheres of life, including country risk regarding the exposure of economies to multi-dimensional risk drivers. However, it remains unexplored how COVID-19 has impacted different drivers of country risk in a probabilistic network setting. This paper uses two datasets on country-level COVID-19 and country risks to explore dependencies among associated drivers using a Bayesian Belief Network model. The drivers of COVID-19 risk, considered in this paper, are hazard and exposure, vulnerability and lack of coping capacity, whereas country risk drivers are economic, financing, political, business environment and commercial risks. The results show that business environment risk is significantly influenced by COVID-19 risk, whereas commercial risk (demand disruptions) is the least important factor driving COVID-19 and country risks. Further, country risk is mainly influenced by financing, political and economic risks. The contribution of this study is to explore the impact of various drivers associated with the country-level COVID-19 and country risks in a unified probabilistic network setting, which can help policy-makers prioritize drivers for managing the two risks.

Anchoring on dynamic auditing capabilities to manage small and medium audit practices in a Covid-19-induced turbulent business environment

Purpose>The purpose of the study is to examine how small and medium audit practices (SMPs) in emerging economies build and anchor on dynamic auditing capability to operate in a turbulent business environment occasioned by the Covid-19 pandemic.Design/methodology/approach>The study adopts an exploratory qualitative methodology using qualitative data collected with the aid of an open-ended instrument. With the help of a qualitative data analysis software QSR NVivo9, data were analyzed following Gioia's methodology with a four-stage coding process that combines both a deductive and an inductive approach.Findings>The findings of the study show that to manage operations during the Covid-19 pandemic, SMPs developed and anchored on dynamic auditing capabilities. Specifically, the findings show that this required transformation of existing operational capabilities, shiftiness, flexibility and innovativeness of the SMPs as well as leveraging networking and adaptive sub-capabilities.Originality/value>The study produces a pioneer result of how to develop and anchor on the dynamic auditing capability by the SMP subsector of the audit industry to continue operations in a turbulent business environment the magnitude of the Covid-19 pandemic.

Pandemic Era and Its Impact on the Investment and Business Environment -Georgian Case

In the modern world, which is experiencing more globalization, the entrepreneurship and its development are important. Business at the modern stage is one of the most promising areas to stimulate the economy, business support and its perfection should be one of the main priorities of the state, because as a result of its development the country develops both economically and socially. Objectives: To clarify what kind of impact did the pandemic have on previously mentioned issues and what were other development hindering factors. A study was conducted to analyze the situation of small and medium business sectors, which aims to identify the problems that Georgian entrepreneurship is facing today Methods/Approach: Both qualitative and quantitative studies carried out in business sector in Georgia Results: The results gained within the study and further recommendations significantly define the role of small and medium-sized business sectors for Georgia. The paper gives us a clear conception on the current situation and enables us to make relevant conclusions based on the obtained results.

Resilience in hospitality and tourism: issues, synthesis and agenda

Purpose>This paper aims to identify research approaches and issues in relation to the main paradigms of resilience: engineering resilience, ecological resilience and socio-ecological resilience. This paper provides a synthesis of the core elements of each resilience approach and their implications.Design/methodology/approach>A critical thematic review was undertaken of the hospitality and tourism resilience literature.Findings>Resilience is a contested boundary object with different understandings according to conceptual and disciplinary position. The dominant approach in hospitality and tourism studies is primarily informed by engineering resilience with the focus at the organizational level. The ontological and epistemological understanding of resilience and change concepts appears limited leading to a lack of appreciation of the multi-scaled nature of resilience and the importance of slow change.Research/limitations/implications>The research has important implications for understanding the key elements of different approaches to resilience.Practical implications>The research synthesis may help improve resilience strategy and policymaking, including indicator selection.Social implications>The research notes the relationship of resilience to sustainability, the potential for learning and decision-making practices.Originality/value>In addition to thematic analysis, a model of the multi-scaled nature of resilience is provided and the key elements of the three main approaches with implications for theory and practice.

Impact of COVID-19 on various areas of service operation in manufacturing companies: A pilot study

All manufacturers were affected by the COVID-19 pandemic. It can be assumed that producers were affected as much as the service operation field (based on company categories). This article aims to ascertain how COVID-19 affected various areas of service operations in manufacturing companies. So far, no literature is available identifying the impact of COVID-19 on various areas of service operations by current manufacturers. An electronic questionnaire was prepared and sent to the manufacturers. The questionnaire was completed by 88 respondents from four selected industrial areas. The findings show no statistically significant differences in the perception of the COVID-19 impact on various areas of service operations in manufacturing companies based on CZ-NACE, the number of employees, the type of customers and the type of services provided to products. However, in the area of the type of services, one statistically significant difference was found in the statement related to increasing interest in engaging in cooperation with suppliers in the field of smart services. Theoretical implication contributes to understanding the impact of COVID-19 on manufacturers in various areas of service operation. First, the research did not reveal any statistically significant difference in manufacturing companies sorted by their CZ-NACE, the number of employees and the predominant customers in the areas of service operations. It can be considered that the companies were hit by COVID-19 very similarly. Second, the research revealed statistically significant differences in the area of processing results according to the type of services, and in this case, only in the area of increasing interest in engaging in the cooperation with suppliers in the field of smart services. From a managerial viewpoint, this paper contributes to the field of impact of COVID-19 on areas of service operation in manufacturing companies. © 2022 L. Kaňovská and V. Vlčková.

Discovering the tutors' perspective on the quality of internship programs in a pandemic context

Digitalization of educational activities has emerged during the COVID-19 pandemic in all dimensions of the education system, including the higher education institutions. These were forced to adapt their teaching and research activities to an online format, as physical interactions were restricted in the Romanian case for two years (March 2020-March 2022). Internships are a strong tool for developing students' competences, and they also faced the challenges of forced digitalization. This paper investigates the quality of the internship programs delivered in a digital format during a pandemic context, as perceived by the tutors from academic environment. Using an online distributed questionnaire, data collection was conducted in the first months of 2022 and resulted in a sample of 60 respondents, all academics from the Bucharest University of Economic Studies. The analysis uses a mix of quantitative (statistical) and qualitative methods, making use of various visual representation tools. Principal component analysis (PCA) is also conducted in order to identify the main factors influencing the quality of internship programs from tutors' perspective. The five factors that resulted from the PCA are: knowledge transfer, collaborative activity, personal development, administrative environment, and student evaluation. The results show that most of the interrogated academics have a favorable opinion regarding the effectiveness of the internship programs in a pandemic context. They appreciate that most of the companies have the facilities for delivering internship programs in a hybrid or online format. Also, these programs are increasing students' competencies and self-confidence. However, tutors are more reluctant towards the personal development of students in a hybrid or full online format of the internship.

Impact Of Covid-19 on the Morale of the Employees: The Mediating Role of Self-Efficacy

The aim of this research paper is to analyse the influence of COVID-19 on the morale of the employees and simultaneously, assess the mediating role of self-efficacy. For this purpose, a questionnaire survey was conducted with 300 employees to comprehend their perception of how the pandemic crisis has affected their morale and self-efficacy. The questionnaire consisted of closed-ended questions which were developed on a five-point Likert Scale. The study findings indicated that COVID-19 significantly impacted employee morale and self-efficacy. Also, it was found that self-efficacy impacted employee morale. Finally, from the mediation analysis, it was affirmed that the association between COVID-19 and employee morale is mediated by self-efficacy. The study provided significant recommendations and suggestions that can be employed by HR managers to improve employee morale and self-efficacy in the unprecedented times of the COVID-19 crisis.

Financing SMEs and business development as new post Covid-19 economic recovery determinants

This study explores the relationship between the business environment, economic growth, and funding sources of Chinese small- and medium-sized enterprises (SMEs) to determine the relevance of the business environment for technological SMEs. The agency theory was used as a theoretical framework to describe how asymmetric information among SMEs and borrowers affects SMEs’ financial decisions as well as China’s investment climate and GDP growth. A binary logistic test was used to assess the financing of SMEs and business development for economic recovery after the pandemic in China. Data from the World Economic Forum and Development Bank were examined. According to the results, funding (e.g., formal and informal) under the banking structure and tax regulation may potentially boost standard credit choices and lower casual credit choices. Consequently, it has demonstrated a considerable impact on GDP growth for technologically small and medium-sized enterprises. This study is the first to examine the asymmetric information and institutional theory regarding funding a café. These findings are essential for business leaders and policymakers concerned with the financial health of small and medium-sized enterprises. Policy implications for important stakeholders are also included in this study.

Productivity and firm exit during the COVID-19 crisis: cross-country evidence

This paper examines whether the economic crisis induced by the COVID-19 pandemic exhibits a Schumpeterian “cleansing” of less productive firms. Using firm-level data collected for 34 economies up to 18 months into the crisis, the study finds that less productive firms have a higher probability of permanently closing during the crisis, suggesting that the process of cleansing out unproductive activities is occurring. The paper also uncovers strong and negative relationships of firm exit with digital presence and with innovation. These relationships are driven by small firms. The study further finds that a burdensome business environment increases the probability of firm exit, also driven by small firms, and that a negative relationship exists between firm exit and age. Finally, evidence shows that the cleansing process is disrupted in countries which have introduced policies imposing a moratorium on insolvency procedures. © 2022, The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature.

Impact of Covid-19 on Digital Transformation and Resilience of Small and Medium Enterprises: The Case of Azerbaijan

Currently, the digital economy has a huge impact on the development of the economy and the financial system in various countries of the world. Covid-19 has affected lives, businesses, economies, and the world at large. The virus has had a profound impact on business operations in many areas around the globe and more so if we look closely into what is happening now in Baku, Azerbaijan. This essay focuses on how Covid-19 may affect Baku’s digital transformation and resilience of small and medium enterprises. The first section deals with the introduction of technology in Azerbaijan and its current status, while the second part provides an analysis of how Covid-19 is affecting them. Lastly, the third section deals with future implications of these developments. The relevance of the chosen topic is expressed in the fact that the modernization of the domestic economy of states today is impossible without effective management of the development of the digital economy, which has a significant impact on the development of the financial system and business structures. The experience of foreign countries shows that the digitalization process, understood as the introduction of information and telecommunication technologies into economic processes, is objectively necessary and is accompanied by progressive changes in various areas of economic and social life. Due to the increase in the level of digitalization, the efficiency of the functioning of the business sector and individual sectors of the economy, as well as the financial system as a whole, increases. Among the tasks that modern commercial organizations face is to increase the efficiency of work and the level of competitiveness in a constantly changing market environment. It is possible to increase the efficiency of commercial activities by optimizing business processes, introducing modern equipment, using automation tools, and training personnel in new techniques and technologies for performing work. The article examined the impact of the pandemic on the digital transformation of small and mediumsized enterprises in Azerbaijan, as well as assessed the use of digital technologies in small and medium-sized businesses and their effectiveness during the pandemic. As a result of the study, it was revealed that the pandemic had a significant impact on the acceleration of digital transformation in most countries of the world, including the economy of Azerbaijan. The aim of the research work is to study the impact of the pandemic on the digital transformation and sustainability of small and medium-sized enterprises using the example of Azerbaijan. © 2022, World Scientific and Engineering Academy and Society. All rights reserved.

Regional Business Environment, Agricultural Opening-Up and High-Quality Development: Dynamic Empirical Analysis from China's Agriculture

Agriculture is the foundation of every country's survival and development. This paper analyzes the interaction between the business environment, agricultural opening-up and high-quality agricultural economy from the perspective of China's provinces. According to the panel data of 31 provinces and municipalities in China from 2009 to 2019, the empirical analysis was carried out based on the panel vector autoregression (PVAR) model. The results show that there is a quantitative interaction between China's business environment, agricultural opening-up and high-quality agricultural development, and the long-term time effect is very obvious. Specifically, (1) the impact of the business environment and the high-quality development of agriculture on itself is decreasing year by year. The agriculture opening-up itself has a strong impact and has always maintained strong stability. (2) The high-quality development of the agricultural economy has little impact on the business environment and the opening of agriculture to the outside world, but it has a certain stable and continuous effect. It is particularly important that the agricultural opening-up has an increasingly strong effect on the business environment and the high-quality development of the agricultural economy as time progresses. Therefore, we must always adhere to the agriculture opening-up. The regional business environment and the agriculture opening-up can jointly promote the high-quality development of the agricultural economy. The research results can provide a basis and reference for the central and local governments to formulate relevant agricultural development policies and provide a reference for relevant agricultural economic entities and enterprises. [ FROM AUTHOR] Copyright of Agronomy is the property of MDPI and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)

From Fragility to Resilience—How Prepared Was the Romanian Business Environment to Face the COVID-19 Crisis?

The issue of business resilience is a topical one, in the context of which a large number of the companies on the market have faced many challenges in the last two years, raising the issue of market survival. But was the Romanian business environment ready to face the COVID-19 crisis? How prepared is it to continue to face the obstacles posed by the pandemic? The purpose of this paper is to identify the main effects that the pandemic has generated on Romanian SMEs, while presenting the results of a study on this topic. We proceeded to determine the level of familiarity of respondents on the evolution of SMEs during the pandemic and the study of their level of interest, on the effects generated by the current epidemiological context, and on the evolution of the business environment, while analysing the level of optimism/pessimism of the respondents, regarding the general evolution of the Romanian business environment. Although some companies are open to implementing change, there is also a significant percentage of firms that, for various reasons, do not consider making major changes in the near future, either because they are not aware of the need for change or out of fear.

Evaluation of the impact of the COVID-19 pandemic on the management strategy of innovative SME´s enterprises in the Czech Republic and Poland

Through a dynamic business environment, innovations are frequently transforming into a crucial determinant in improving and creating competitive advantage and the survival of an enterprise on the market. In times of pandemic, this trend is becoming increasingly apparent as various enterprises, especially SMEs, have been forced to modify the business model to survive. This paper aims to evaluate the impact of the COVID 19 pandemic on the strategic management of innovation in SMEs in Poland and the Czech Republic, as two regions similar economically and historically. Through research in SMEs in both countries, the evaluation of the rate of change caused by a pandemic and the main problems in innovative business management were identified. Based on the obtained data, the surveyed companies were divided into four groups according to innovation potential, which will offer a further international comparison. © Proceedings of the 14th International Conference on Strategic Management and its Support by Information Systems 2021, SMSIS 2021.

The Perception of the Market and Operational Area of Business by Service Sector and Tourism Companies in terms of CSR implementation

Our research examined the attitudes of owners and managers of small and medium-sized enterprises in the V4 countries, who behave responsibly - they use corporate social responsibility in their managerial practice on issues focused on the market and operational area of business. The paper is based on a questionnaire survey with data collection from September 2019 to January 2020. Statistical methods of Pearson's chi-square and z-score were used to assess the hypotheses. The results proved that there are significant differences in companies in services and tourism in the context of implementing the CSR concept. Entrepreneurs who implement social responsibility with a significant positive difference agree that a company places great emphasis on the innovation of its products and services. Researchers found that the sector has an impact on the perception of decreasing customers' requests on specific products/services. We found that corporate social responsibility and its implementation in corporate practice positively affects the relationship of V4's small and medium enterprises in the services and tourism sector to service production innovation issues, which helps increase business performance and decline customer complaints.

Rethinking leadership models after COVID-19

Leadership models in the times of COVID-19 is surely the topic of the hour, yet this hour might last for some few years. By the end of it, we will reach the point of no return and a new set of rules and paradigms would have been created. Many researchers and leadership representatives investigate this topic. The available and reviewed literature is rather shaping the discrepancies of the past-embedded practices, as opposed to the current challenges. In this context of constant change, the current paper is aiming to investigate some current leadership practices, which are targeting the level of productivity, different ways of working and communicating in the work from home context. Moreover, the research would be setting the stage for something that is not there yet, in the current leadership patterns. The research methodology based on top management and senior leaders' interviews, covering multiple industries from Romania, like banking, energy, manufacturing at large scale and outsourcing. The questions were designed to investigate the realities on their new job definition, from a personal perspective, as people managers and the business value outcomes envisioned in the new scheme of work. The theoretical contribution of the paper is to define a set of guidelines and filtering areas of leadership focus. The set of information gathered for new business metrics of performance, the ownership, efficiency and business value creation is pushed at all levels. One major change is the new definition of discipline, shifting from authority into entrepreneurial attitudes.