The impact of the COVID-19 crisis on the perception of business risk in the SME segment

Čepel, Martin; Gavurová, Beata; Dvorský, Ján; Belás, Jaroslav

doi:10.14254/2071-8330.2020/13-3/16

Cited by 84 publications

(68 citation statements)

References 29 publications

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“…Not only do entrepreneurs feel financial pressure, but also pressure in terms of managing their staff and adjusting to changing customer needs. Financial uncertainty is a major factor, as is evident in the findings of surveys of entrepreneurs eliciting their views on the development of the crisis (Cepel et al 2020 ). In contrast, however, uncertainty related to human resources seemed to decline—hiring and retaining personnel became easier, as the overall economic uncertainty negatively affected the job market for job seekers as well.…”

Section: Resultsmentioning

confidence: 99%

“… Uncertainty Secondary quantitative China 13,729 funding transactions Univariate statistical analysis Equity funding in Chinese seed-stage ventures drastically declined during the crisis Brown et al ( 2020 ) How does the COVID-19 lockdown in the UK affect entrepreneurial finance? Uncertainty Secondary quantitative UK 12,259 funding transactions Univariate statistical analysis Equity funding in UK seed-stage ventures declined drastically during the crisis Cepel et al ( 2020 ) How do entrepreneurs evaluate pre-pandemic risk and in-pandemic risk? Uncertainty Primary quantitative Czech Republic and Slovakia 1,502 entrepreneurs Bivariate analysis Financial risk rises with crisis, risk related to human resources declines Dumitrasciuc and Turnea ( 2020 ) Which relevant trends for entrepreneurship emerged from the COVID-19 crisis?…”

Section: Methodsmentioning

confidence: 99%

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Creative reconstruction: a structured literature review of the early empirical research on the COVID-19 crisis and entrepreneurship

Kuckertz

Brändle

2021

Manag Rev Q

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The COVID-19 crisis triggered by the novel coronavirus (SARS-CoV-2) and the infection control measures taken have extended beyond affecting health issues to impact economic activity worldwide. In this structured literature review, the focus is specifically on how the crisis has impacted entrepreneurial activity. The review focuses on the early empirical literature that primarily relied on data collected during the first wave of the pandemic. These empirical results are synthesized in a thematic literature review. The entrepreneurship research on the COVID-19 crisis is marked by three perspectives: the uncertainty perspective, the resilience perspective, and the opportunity perspective. To obtain a complete picture of the effects of the crisis on entrepreneurship, these three perspectives should be considered in combination. We provide implications for future research, policymakers, and entrepreneurs discussing how the interplay of the reviewed perspectives provides paths toward creative reconstruction, that is, the opportunity to move beyond pre-crisis levels of innovation and entrepreneurial action.

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Section: Resultsmentioning

confidence: 99%

Section: Methodsmentioning

confidence: 99%

Creative reconstruction: a structured literature review of the early empirical research on the COVID-19 crisis and entrepreneurship

Kuckertz

Brändle

2021

Manag Rev Q

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“…The COVID-19 pandemic has significantly affected the reduction in the income and employment level of many companies. The suspension of economic processes carries serious consequences of the temporary or permanent disappearance of business [ 1 , 2 ]. Management boards of nearly all organizations have confronted the need to make a series of difficult decisions while facing a sudden crisis caused by the pandemic.…”

Section: Introductionmentioning

confidence: 99%

Risk Assessment of the SME Sector Operations during the COVID-19 Pandemic

Grondys

Ślusarczyk

Hussain

et al. 2021

IJERPH

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The subject matter of the article relates to the assessment of the perception of selected types of risk in economic activities of the SME sector, which change their intensity as a result of the outbreak of the COVID-19 pandemic. The current economic downturn is unprecedented and involves many companies and industries that have faced new, previously unknown challenges and threats. The objective of the article is to identify the most important risks and their resources based on the empirical research carried out in small and medium-sized enterprises in Poland. The formulated objective was accomplished using the data collection method, i.e., the survey and reports on the condition of the SME sector in Poland as well as statistical data analysis methods, i.e., structure index and the analysis of variance, using the SPSS system. The process of primary data collection was carried out by means of an electronic survey among selected enterprises of the SME sector, conducting business activities in Poland. In the study, the employment factor was taken into account as a determinant of the perception and assessment of the intensity of selected risks arising from the economic activity in the Polish market in the conditions of the current economic downturn. On the basis of the obtained results, the impact of market, economic, financial and operational risks, depending on their intensity, on the functioning of micro-, small and medium-sized enterprises was identified. Based on the analysis of variance, the effect of the size of the company on the level of individual risks was also examined. As a result of the observations made, it was established that, during the pandemic, the level and type of risk is similar in all the surveyed enterprises. They are most often threatened by strong competition in the industry, an increase in energy prices and insufficient profit. The overall results of the empirical research indicate the importance and the need to manage the key threats to the Polish SME sector.

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“…The International Monetary Fund (IMF) and the World Bank (WB) have called on the world's largest G20 economies to temporarily refuse to withdraw loans from the world's poorest countries due to the ongoing pandemic. The impact of coronavirus on the world economy is very serious, but especially low-income countries have been hit by the crisis (Cepel et al, 2020;Kostynets et al, 2020). The tendency of a pandemic to significantly affect poorer regions or countries is also confirmed by the opinions of many other experts.…”

Section: Theoretical Backgroundmentioning

confidence: 97%

Slovak business environment development under the industry 4.0 and global pandemic outbreak issues

Grenčíková¹,

Navickas²,

Kordoš³

et al. 2021

JESI

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The current global crisis, triggered by the spread of the Covid-19 virus, is associated with the economic slowdown in many countries as well as global economy. The presented study deals with the social and economic impacts of a coronavirus pandemic issue on economic environment within Slovak companies and other organizations. Based on the executed e-questionnaire survey analysis, the main goal of the paper is to assess the opinions of workers in different types of companies, while the key parameter is the intensity of impacts on the economy development. The survey was conducted within the period of 30th September to 14th October 2020, it involved 302 respondents and provides data on how different groups of people perceive the current situation from the status of an employee -women, men, different age categories, inhabitants of individual regions in Slovak Republic. The data assessment output reveals the selected labor market trends in terms of new employment possibilities. At the same time, the paper demonstrates a relatively negative economic period within the Slovak society, while mapping the overall macroeconomic situation in Slovak Republic and world economy, caused by the global covid-19 pandemic outbreak. Results show that the Industry 4.0 elements adequately incorporated into the organization of labor are the correct tools to handle the current economic crisis affected by pandemic outbreak within the Slovak entrepreneurship environment.

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The impact of the COVID-19 crisis on the perception of business risk in the SME segment

Cited by 84 publications

References 29 publications

Creative reconstruction: a structured literature review of the early empirical research on the COVID-19 crisis and entrepreneurship

Creative reconstruction: a structured literature review of the early empirical research on the COVID-19 crisis and entrepreneurship

Risk Assessment of the SME Sector Operations during the COVID-19 Pandemic

Slovak business environment development under the industry 4.0 and global pandemic outbreak issues

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