In the Eye of the Storm: Entrepreneurs and Well-Being During the COVID-19 Crisis

Bäckman, Mikaela; Hagen, Johannes; Kekezi, Orsa; Naldi, Lucia; Wallin, Tina

doi:10.1177/10422587211057028

Cited by 20 publications

(18 citation statements)

References 107 publications

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“…The few studies assessing mental health of company directors during the COVID-19 pandemic were mainly not on stress but on anxiety ( 9 ), depression ( 9 ), and burnout ( 11 ), and none assessed the evolution of stress over three key periods of the pandemics. but only one assessed stress at work ( 12 ). We demonstrated a massive increase of stress of company directors.…”

Section: Discussionmentioning

confidence: 99%

“…In this context, the coronavirus disease (COVID-19) pandemic ( 8 ), with a global lockdown of half of the world's population created a particular stressful climate that also likely impacted company directors. While very few studies assessed mental health of company directors in relation to the COVID-19 pandemic, they focused on anxiety ( 9 ), depression, and burnout ( 10 , 11 ), but only one assessed stress at work ( 12 ). Moreover, none of the aforementioned study retrieved the evolution of stress of company directors before, during, and after the first global lockdown.…”

Section: Introductionmentioning

confidence: 99%

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Work-related stress of companies' directors during the first lockdown due to the COVID-19

et al. 2022

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BackgroundThe COVID-19 pandemic and the first lockdown were particularly stressful with a major economic impact, but the impact on stress of company directors was not known. Therefore, this study aimed to assess that impact and the characteristics of companies the most at risk.MethodA online questionnaire was sent to 13,114 company. It assessed stress at work, number of employees, sector of activity, business activity rate and geographical location. It studied the mean stress levels, the percentage of stress > 8/10 and carried out an analysis of the characteristics of the most at-risk companies.ResultsA total of 807 company directors responded. Their stress levels increased by 25.9% during lockdown and 28.7% of them had a stress > 8/10. Sectors which had the biggest increase in stress levels during lockdown were retail trade, wholesale trade, and nursing homes. Sectors the most at risk of stress >8/10 during lockdown tended to be nursing homes, pharmacies, and IT activities. Biggest companies had the highest increase in stress levels.ConclusionThe first lockdown of the COVID-19 pandemic had a major impact on the stress of company directors. Directors of large companies were the most exposed to stress as well as medical and IT activities.

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Section: Discussionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Work-related stress of companies' directors during the first lockdown due to the COVID-19

et al. 2022

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“…Under the background of the currently poor entrepreneurial environment ( Ramadani et al, 2022 ), in addition to the health risks of the COVID-19 pandemic, entrepreneurs are also threatened by economic shocks, the decline in business revenues and bankruptcies incurred by industry downturns, which affect their well-being ( Xu and Jia, 2022 ). Under the influence of the COVID-19 pandemic, the entrepreneurs of EFs often face more severe financial pressure and uncertainty ( Backman et al, 2021 ), which is not conducive to entrepreneurs to make the right decision for the sake of the long-term development of EFs . Therefore, it is of great significance to understand the influential mechanism of the COVID-19 pandemic on entrepreneurs’ mental health and to provide effective intervention measures.…”

Section: Introductionmentioning

confidence: 99%

“…According to the existing literature, some studies have probed into the relationship between the COVID-19 pandemic and entrepreneurial psychology ( Backman et al, 2021 ; Mustafa et al, 2021 ; Torres et al, 2021 ; Chhatwani et al, 2022 ; Sornsenee et al, 2022 ). For instance, a survey of 816 SMEs’ entrepreneurs by Lathabhavan (2022a) finds that economic difficulties and financial threats caused by the pandemic are main causes of anxiety, pressure and depression among entrepreneurs.…”

Section: Introductionmentioning

confidence: 99%

“…First and foremost, it is different from the researches based on the conservation of resource theory ( Torres et al, 2021 ; Xu and Jia, 2022 ; Lathabhavan, 2022a ), stressor-detachment model ( Backman et al, 2021 ), stress event theory and job demand-resource model ( Torres et al, 2021 ), to explore the impact of COVID-19 pandemic on entrepreneurial psychology. In this paper, the cognitive appraisal theory and the event system theory are introduced into the existing research, and the COVID-19 pandemic is measured from three dimensions including novelty, disruption and criticality.…”

Section: Introductionmentioning

confidence: 99%

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How does COVID-19 pandemic affect entrepreneur anxiety? The role of threat perception and performance pressure

Hong-chuan²,

Liu³

et al. 2022

Front. Psychol.

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The entrepreneurial firms may be more vulnerable to the COVID-19 pandemic, and the entrepreneurs of entrepreneurial firms are also threatened by the revenues decline and business failure, which vehemently affect their well-being. The mental health of the entrepreneur decides whether the entrepreneurial firms can make the right decision, which is related to the healthy development of the entrepreneurial firms. Based on the event system theory and the cognitive appraisal theory, this paper aims to explore the effect of COVID-19 pandemic on the entrepreneur anxiety, and the threat perception and performance pressure are introduced to investigate the mediating mechanism and boundary of this effect. Using the simple random sampling to obtain questionnaire survey data, 168 entrepreneurs of entrepreneurial firms have participated in the empirical study, and the research results are as follows. First, the COVID-19 pandemic significantly positively affects entrepreneur anxiety. Second, the entrepreneur threat perception plays a mediating role between the COVID-19 pandemic and the entrepreneur anxiety, which means the COVID-19 pandemic can enhance the external threat perception of entrepreneurs, and then affect the entrepreneur anxiety. Third, the positive effect of the COVID-19 pandemic on the entrepreneur anxiety is strengthened by the entrepreneur performance pressure, while the positive effect of entrepreneur threat perception on entrepreneur anxiety is weakened by the entrepreneur performance pressure. The above findings are helpful to explore the mechanism of the COVID-19 pandemic and other critical crisis events on entrepreneurs’ mental health from the new perspective of cognitive appraisal theory and event system theory, filling the research gaps between the COVID-19 pandemic and entrepreneur anxiety. Besides, this study broadens the applied range of the cognitive appraisal theory and the event system theory in the fields of crisis situations and entrepreneur research, and enriches the research outputs. Furthermore, this study will help provide a new theoretical analysis insight for the related research on how the COVID-19 pandemic affects entrepreneurs’ psychology, and further deepen researchers to understand the mechanism of entrepreneur anxiety under the COVID-19 pandemic, providing theoretical inspirations for reducing entrepreneur anxiety. What’s more, this study finds that individual pressure can affect their cognitive appraisal, which means that future research should take the pressure influential mechanism into consideration in the process of exploring “external stimulus--cognitive appraisal--emotional response,” further expanding the theoretical model of cognitive appraisal proposed from the perspective of pressure.

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COVID-19 and Entrepreneurship

Sorgner

2023

Handbook of Labor, Human Resources and Population Economics

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This chapter presents the results of a systematic review of literature (SLR) on impacts of Covid-19 on entrepreneurship published in the first three years since the outbreak of the Covid-19 pandemic, covering the period between January 2020 and January 2023. Main developments in the literature over time, space and themes are identified. The literature body has been growing constantly over time, with most studies included in this SLR published in 2022 that remained unconsidered in previous SLRs. In terms of spatial distribution of published research, a significant number of studies focus on North American and European countries, while low-income countries and countries in Latin American, Sub-Saharan and South Asian regions are underrepresented. Six main themes (and multiple sub-themes) were identified in the literature: entrepreneurial process, resilience and opportunity, entrepreneurial finance, policy responses to the Covid-19 crisis, gender, and well-being. Research on the impact the pandemic has had on entrepreneurial process, sources of financing, resilience of start-up firms, and opportunities emerging from the crisis has been dominating the literature since the early days of the pandemic and has been growing since then. Emerging themes include policy responses to the Covid-19 crisis and their (unintended) consequences for entrepreneurship, as well as differential impact of Covid-19 on female and male entrepreneurs. Studies on well-being of entrepreneurs, including their physical and mental health, represent a relatively low share of the literature on Covid-19 and entrepreneurship. Implications of the results for entrepreneurship research and practice are discussed.

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In the Eye of the Storm: Entrepreneurs and Well-Being During the COVID-19 Crisis

Cited by 20 publications

References 107 publications

Work-related stress of companies' directors during the first lockdown due to the COVID-19

Work-related stress of companies' directors during the first lockdown due to the COVID-19

How does COVID-19 pandemic affect entrepreneur anxiety? The role of threat perception and performance pressure

COVID-19 and Entrepreneurship

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