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1.
Front Psychol ; 13: 992161, 2022.
Article in English | MEDLINE | ID: covidwho-2080257

ABSTRACT

Organizational resilience is vital to the survival and thriving of enterprises, especially during the COVID-19 pandemic. Although there has been an increasing interest in organizational resilience, the effects from the entrepreneur perspective receive scant attention. Based on upper echelons theory (UET) and personality psychology, we propose a model in which entrepreneurial mindfulness and entrepreneurial resilience could influence organizational resilience of SMEs. We empirically analyzed a sample of 180 entrepreneurs managing small- and medium-sized enterprises (SMEs) in China during the COVID-19 pandemic, using SmartPLS software. The research findings indicated that entrepreneurial mindfulness is positively associated with organizational resilience and such relationship is partially mediated by entrepreneurial resilience. These findings convey important theoretical implications in this field of research as well as practical implications for SMEs in China or other countries with similar nature.

2.
Economic Analysis and Policy ; 2022.
Article in English | ScienceDirect | ID: covidwho-2031240

ABSTRACT

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.

3.
Academia-Industry Consortium for Data Science (AICDS) ; 1411:323-330, 2020.
Article in English | Web of Science | ID: covidwho-1777669

ABSTRACT

Stock market return analysis and forecasting are an important topic in econometric finance research. Since the traditional ARIMA models do not consider the variation of volatility, their prediction accuracy is not satisfactory to represent highly volatile periods of any stock market. The GARCH model family resolves the heteroskedasticity of a time series, and hence, it performs better in periods of high volatility. This paper explores the impact of the COVID-19 epidemic on Chinese small- and medium-sized enterprises (SMEs) using a GARCH model for Business as usual (BAU) simulation. We use the Chinese Growth Enterprise Market (GEM) stock index to represent the economic situation of SMEs during the COVID-19 period. Then, we extract, analyze, and predict changes in GEM stock volatility, explore the impact on and recovery status of SMEs, and predict their future trends. For BAU simulation, we first preprocess the GEM stock index between 2018 and 2020 and determine the order of autocorrelation and lags of the data to build the mean model. An ARCH effect test on the residual term of the mean equation was found to be significant and help to decide the order of the GARCH framework. Using the model, a BAU simulation was created and compared statistically with the actual GEM index during 2020. The comparison successfully demonstrated that the GEM index has increased volatility during the pandemic, which is in line with our prior hypothesis.

4.
16th European Conference on Innovation and Entrepreneurship, ECIE 2021 ; : 1144-1152, 2021.
Article in English | Scopus | ID: covidwho-1594204

ABSTRACT

Small and medium-sized enterprises (SMEs) are the backbone of the national economy in China. However, the average life expectancy of Chinese SMEs is only 3.7 years with more than half of the SMEs failing to survive beyond their first five years. And in 2020, the outbreak of COVID-19 has further aggravated the pressure among SMEs to survive. As a result of this pandemic, many Chinese SMEs struggled with their risk management approaches. Some had to lay off employees, cut salaries and even suspend operations in exchange for a chance of survival. The ongoing pandemic has raised many questions about the risk management strategies and the resilience of SMEs. Some researchers even questioned the effectiveness of some of these risk-management strategies. There is now a crucial need to understand the importance of effective risk management strategies so as to attain a competitive advantage in an unpredictable market. However, there are very limited studies that shed light on the risk management of Chinese SMEs, especially in the high-tech market and in the complex times of COVID-19. How do successful Chinese SMEs sustain and survive in such competition in the high-tech market? What strategies do they apply to manage risks and how effective are these strategies? How do they respond to changes in the market to retain and drive their organizational sustainability and survival? This paper explores some of these gaps by using case studies of 10 successful SMEs from the Chinese High-tech market. Using interviews with the founder-entrepreneurs from these SMEs, the paper discusses how these SMEs approach different risk management strategies including that of COVID-19. The paper will also explore the crucial role played by the founder-entrepreneurs in the decision-making process of risk management.

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