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1 – 10 of over 1000Marina Estrada-Cruz, Ignacio Mira-Solves and Jesús Martínez-Mateo
A global crisis like that caused by the COVID-19 pandemic threatens the survival of any business, but especially of nascent entrepreneurs, due to their vulnerable situation. At…
Abstract
Purpose
A global crisis like that caused by the COVID-19 pandemic threatens the survival of any business, but especially of nascent entrepreneurs, due to their vulnerable situation. At this stage of entrepreneurship, information and communication technology capabilities (ICTCs) are critical skills that help entrepreneurs develop their new businesses, fostering economic adaptability to counteract adverse effects. This study advances knowledge of how nascent entrepreneurs react in an environment of global crisis.
Design/methodology/approach
The study analyzes a sample of 331 Spanish nascent entrepreneurs to determine the mediating effect of ICTCs on the relationship between the impact of a global crisis (e.g. COVID-19) and the firm’s strategic response.
Findings
The results suggest that crises influence adaptation and compensation strategies significantly and that ICTCs exert a total mediating effect on this relationship. The results do not, however, establish a clear relationship between the impact of the COVID-19 crisis and disengagement response, but rather a negative relationship, possibly influenced by government attempts to mitigate the pandemic’s economic consequences (economic aid to maintain the workforce, financial support for business model survival).
Originality/value
The COVID-19 crisis revealed ICT as a key technology for continuing business operations. This study analyzes how ICTCs affect nascent entrepreneurs’ strategies in crisis environments. Our analysis is important because these entrepreneurs have invested resources in their new project. We must determine their strategic response to crisis environments: adaptation, compensation or disengagement. The sample itself, collected during the pandemic, provides unique insights into the impact of the crisis on nascent business decisions.
研究目的
像2019冠狀病毒病大流行等的全球危機一旦發生,各工商企業能否繼續生存必會受到威脅和影響。這影響以剛開始發展的創業者為甚,因為他們處於脆弱的處境。在這個創業階段,創業者必須擁有資訊與通訊科技能力,才能發展他們的新業務,他們亦需培養經濟上的適應能力,以能抵銷各種不利的影響。本研究擬就剛開始發展的創業者在全球危機發生時應如何應對進行探討,以增進我們對這課題的知識。
研究方法
本研究分析一個涵蓋331名西班牙新生創業者的樣本,來鑒定資訊與通訊科技能力對全球危機 (如2019冠狀病毒病) 帶來的影響與企業戰略應對之間的關聯所起的中介效應。
研究結果
研究結果似顯示,危機會顯著地影響企業的適應和賠償策略; 研究結果似乎也顯示,資訊與通訊科技能力會對這關聯 (全球危機所帶來的影響與企業戰略應對之間的關聯) 發揮極大的中介效應。但研究結果並沒有就2019冠狀病毒病危機的影響與脫離反應、建立明確的關聯。反之,研究結果似顯示兩者有一個負相關的關係,這可能是因為政府施行應對方法,以減輕大流行所帶來的經濟後果所致 (這些應對方法包括用以維持勞動力隊伍的經濟援助、和使商業模式能繼續生存的財政支援) 。
研究的原創性
2019冠狀病毒病危機揭示了資訊與通訊科技是讓商業運作能繼續進行的關鍵技術。本研究分析資訊與通訊科技能力如何於危機發生時影響新生創業者的策略。我們的分析有其重要性,這是因為這些創業者把資源投入他們的新項目; 我們必須鑒定他們對危機所採取的戰略對策: 適應、賠償和脫離。取自大流行期間有關的樣本本身已能就危機如何影響新生創業者的商務決策、提供獨特的啟示。
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Emre Bulut and Başak Tanyeri-Günsür
The global financial crisis (GFC) of 2007–2008 had far-reaching consequences for the global economy, triggering widespread economic turmoil. We use the event-study method to…
Abstract
The global financial crisis (GFC) of 2007–2008 had far-reaching consequences for the global economy, triggering widespread economic turmoil. We use the event-study method to investigate whether investors priced the effect of significant events before the Lehman Brothers' bankruptcy in European and Asia-Pacific banks. Abnormal returns on the event days range from −4.32% to 5.03% in Europe and −5.13% to 6.57% in Asia-Pacific countries. When Lehman Brothers went bankrupt on September 15, 2008, abnormal returns averaged the lowest at −4.32% in Europe and −5.13% in Asia-Pacific countries. The significant abnormal returns show that Lehman Brothers' collapse was a turning point, and investors paid attention to the precrisis events as warning signs of the oncoming crisis.
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Given the dearth of thorough summaries in the literature, this systematic review and bibliometric analysis attempt to take a meticulous approach meant to present knowledge on the…
Abstract
Purpose
Given the dearth of thorough summaries in the literature, this systematic review and bibliometric analysis attempt to take a meticulous approach meant to present knowledge on the constantly developing subject of stock market volatility during crises. In outline, this study aims to map the extant literature available on stock market volatility during crisis periods.
Design/methodology/approach
The present study reviews 1,283 journal articles from the Scopus database published between 1994 and 2022, using the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) 2020 flow diagram. Bibliometric analysis through software like R studio and VOSviewer has been performed, that is, annual publication trend analysis, journal analysis, citation analysis, author influence analysis, analysis of affiliations, analysis of countries and regions, keyword analysis, thematic mapping, co-occurrence analysis, bibliographic coupling, co-citation analysis, Bradford’s law and Lotka’s law, to map the existing literature and identify the gaps.
Findings
The literature on the effects of crises on volatility in financial markets has grown in recent years. It was discovered that volatility intensified during crises. This increased volatility can be linked to COVID-19 and the global financial crisis of 2008, as both had massive effects on the world economy. Moreover, we identify specific patterns and factors contributing to increased volatility, providing valuable insights for further research and decision-making.
Research limitations/implications
The present study is confined to the areas of economics, econometrics and finance, business, management and accounting and social sciences. Future studies could be conducted considering a broader perspective.
Originality/value
Most of the available literature has focused on the impact of some particular crises on the volatility of financial markets. The present study is not limited to some specific crises, and the suggested research directions will serve as a guide for future research.
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Anne-Sophie Thelisson and Olivier Meier
Organizational resilience, defined by a firm’s speed in reaching a dynamic equilibrium after a shock and after the shocks are absorbed, and crisis management are critical in a…
Abstract
Purpose
Organizational resilience, defined by a firm’s speed in reaching a dynamic equilibrium after a shock and after the shocks are absorbed, and crisis management are critical in a global crisis. The concept of resilience is increasingly used in the economic press; nevertheless, few studies demonstrate empirically how firms became resilient and the lessons to be learned from it. Traditionally, the concept of resilience is approached as resistance in the face of a crisis. The authors go further by showing three-loop learning, which is part of a logic of innovation and regeneration. This study aims to examine how a business can regenerate itself by effectively managing the external threats and disruptions caused by a crisis. Also, this study deepens knowledge on learning process. The double-loop learning process is known in the literature as enabling firms to learn from unexpected events and react accordingly. The findings point out a third loop implying the co-invention of a new business model and a collective mindfulness of changes made.
Design/methodology/approach
Using longitudinal data, the authors investigate how the global crisis affects merger negotiations between two companies. This study analyzes the period of dialogue (negotiation) between the two entities with a view to carrying out a merger and then their withdrawal from the project during the pandemic, reshuffling the cards for each company. The negotiation period is not normally disclosed because of its highly confidential and strategic nature and it is therefore difficult for researchers to access merger operations at the negotiation stage. From this viewpoint, this case study was chosen because of the availability of generally inaccessible documentation.
Findings
This in-depth case study provides new insights on organizational resilience and the recovery capacity of a firm. The results underline four main triggers that a firm should develop in facing a major crisis: skills; credits; previous and historical relationships; and corporate culture. Recovery capacity depends on reactivity, flexibility, learning and regeneration. Finally, this study points out a three-loop learning experience that can be understood as a learning process in two steps to generate lasting and adaptive changes.
Research limitations/implications
The limitations are those concerning a single case study.
Practical implications
This study highlights the ability to deal with unexpected events. First, this work identifies concrete items that can be perceived by managers as elements enabling a firm to develop resilience. Second, the results show main elements enabling this capacity as reactivity – both companies react quickly and effectively to disturbances to limit the impact on their performance; or flexibility – firms adapt their business model to deal with disruptions. Third, this work underlines a learning capacity process in three steps to recover capacity. This process stimulates creativity and innovation by the teams and stakeholders by placing them at the heart of the change.
Originality/value
This case provides a vivid illustration of firms’ adaptation to a rapidly evolving context because of a global crisis. Theoretical concepts and empirical findings from the literature are combined to present a single consistent picture.
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Bojan Srbinoski, Klime Poposki and Vasko Bogdanovski
The purpose of this paper is to examine the evolution of interconnectedness of European insurers among themselves, as well as with other non-financial firms, for the period…
Abstract
Purpose
The purpose of this paper is to examine the evolution of interconnectedness of European insurers among themselves, as well as with other non-financial firms, for the period 2000–2021 and to analyze the stock return movements around the costliest catastrophic events (hurricanes) in the past two decades.
Design/methodology/approach
This paper follows the “simple” approach of Patro et al.(2013) and examines the daily stock return correlations of the largest 30 insurers and the largest 30 non-financial firms headquartered in Europe. In addition, the study uses event study methodology to examine stock return movements around the costliest hurricanes.
Findings
We find that the European insurance sector has become highly interconnected during the past two decades; however, its increasing connectedness with non-financial firms is limited to a few firms. In addition, we find weak evidence of the destabilizing effects of catastrophic events on European insurers and non-financial firms; however, the potential for cat risk contagion effects exists as the insurance industry becomes heavily interconnected.
Originality/value
The extant literature is largely concerned with the contribution of the insurance sector to the systemic risk of the financial sector. We focus on a specific region (Europe) and analyze the evolution of interconnectedness of the largest insurers within the insurance sector as well as with the largest non-financial firms encapsulating important crisis periods. In addition, we relate to the literature that examines the market reactions around catastrophic events to test the relevance of traditional insurance activities in instigating potential contagion shocks.
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Kalpana Chandrasekar and Varisha Rehman
Global brands have become increasingly vulnerable to external disruptions that have negative spillover effects on consumers, business and brands. This research area has recently…
Abstract
Purpose
Global brands have become increasingly vulnerable to external disruptions that have negative spillover effects on consumers, business and brands. This research area has recently garnered interest post-pandemic yet remains fragmented. The purpose of this paper is to recognize the most impactful exogenous brand crisis (EBC) and its affective and behavioural impact on consumers.
Design/methodology/approach
In Study 1, we applied repertory grid technique (RGT), photo elicitation method and ANOVA comparisons, to identify the most significant EBC, in terms of repercussions on consumer purchases. In Study 2, we performed collage construction and content analysis to ascertain the impact of the identified significant crisis (from Study 1) on consumer behaviour in terms of affective and behavioural changes.
Findings
Study 1 results reveal Spread-of-diseases and Natural disaster to be the most impactful EBC based on consumer’s purchase decisions. Study 2 findings uncover three distinct themes, namely, deviant demand, emotional upheaval and community bonding that throws light on the affective and behavioural changes in consumer behaviour during the two significant EBC events.
Research limitations/implications
The collated results of the two studies draw insights towards understanding the largely unexplored conceptualisation of EBC from a multi-level (micro-meso-macro) perspective. The integrated framework drawn, highlight the roles and influences of different players in exogenous brand crisis management and suggests future research agendas based on theoretical underpinnings.
Originality/value
To the best of our knowledge, this is the first study which identifies the most important EBC and explicates its profound impact on consumer purchase behaviour, providing critical insights to brand managers and practitioners to take an inclusive approach towards exogenous crises.
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Using a GED-GARCH model to estimate monthly data from January 1990 to February 2022, we test whether gold acts as a hedge or safe haven asset in 10 countries. With a downturn of…
Abstract
Using a GED-GARCH model to estimate monthly data from January 1990 to February 2022, we test whether gold acts as a hedge or safe haven asset in 10 countries. With a downturn of the stock market, gold can be viewed as a hedge and safe haven asset in the G7 countries. In the case of inflation, gold acts as a hedge and safe haven asset in the United States, United Kingdom, Canada, China, and Indonesia. For currency depreciation, oil price shock, economic policy uncertainty, and US volatility spillover, evidence finds that gold acts as a hedge and safe haven for all countries.
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Thea Paeffgen, Tine Lehmann and Mareike Feseker
The ability of companies to develop organizational resilience before, during and after crises is crucial for their development and growth. The future forecasts increasingly more…
Abstract
Purpose
The ability of companies to develop organizational resilience before, during and after crises is crucial for their development and growth. The future forecasts increasingly more crises, thus this paper aims at identifying key topics around organizational resilience in COVID-19 times, differentiating them of pre-crisis literature and synthesizing them into a research framework.
Design/methodology/approach
Based on Web of Science and Scopus, the authors analysed the content of the only twenty-seven VHB-ranked primary studies discussing organizational resilience during COVID-19, providing a complete survey of this research area.
Findings
Following a content analysis, the authors identified main topics of interest for researchers at the moment of COVID-19, how it differed from before this adversity and provide an outlook on future research. The results presented include in the COVID-19 context: an adapted definition of organizational resilience, key theoretical framework, insights for future research. Some topics have been found to be increasingly more important during COVID-19 (i.e. digitalization, partnerships and learning) while others have been less explored although present in pre-COVID-19 research on organizational resilience (i.e. dynamic capabilities, anticipation and preparedness).
Originality/value
Understanding key issues in global disruptions could help practitioners in fostering resilience as much as researchers in identifying new ways to advance and maintain resilience. This paper differs from other reviews by providing a full text analysis, based on qualitative content analysis, of all ranked published papers in the considered period.
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Alessandra Schopf da Silveira, Carmen Brum Rosa and Julio Cezar Mairesse Siluk
This work sought to analyze targeted innovation strategies used during the pandemic to maintain companies’ competitiveness.
Abstract
Purpose
This work sought to analyze targeted innovation strategies used during the pandemic to maintain companies’ competitiveness.
Design/methodology/approach
The methodology was a systematic literature review, analyzing how these factors can be used as leverage in decision-making and suggesting a framework tool.
Findings
As a result, nine factors were identified as drivers to stimulate competitiveness, bringing insights to structure actions in times of crisis to support agribusiness.
Research limitations/implications
With this work, it is possible that other companies can base themselves and use the strategic drivers of innovation evidenced to remain competitive in the market during a period of crisis. As this is a systematic review of the literature, the application of a case study, for example, is a limitation, which could be a continuation of the work.
Practical implications
As this is a systematic review of the literature, the application of a case study, for example, is a limitation, which could be a continuation of the work.
Originality/value
This work has high value because it brings insights into strategic drivers of innovation that tend to leverage or maintain the competitiveness of agribusinesses in times of crisis. With the discussion carried out on the data obtained, it is possible that agribusinesses or other types of companies can be based for decision-making in a crisis scenario from innovative actions that generate competitive advantage.
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Prince Kumar Maurya, Rohit Bansal and Anand Kumar Mishra
This paper aims to investigate the dynamic volatility connectedness among 13 G20 countries by using the volatility indices.
Abstract
Purpose
This paper aims to investigate the dynamic volatility connectedness among 13 G20 countries by using the volatility indices.
Design/methodology/approach
The connectedness approach based on the time-varying parameter vector autoregression model has been used to investigate the linkage. The period of study is from 1 January 2014 to 20 April 2023.
Findings
This analysis revealed that volatility connectedness among the countries during COVID-19 and Russia–Ukraine conflict had increased significantly. Furthermore, analysis has indicated that investors had not anticipated the World Health Organization announcement of COVID-19 as a global pandemic. Contrarily, investors had anticipated the Russian invasion of Ukraine, evident in a significant rise in volatility before and after the invasion. In addition, the transmission of volatility is from developed to developing countries. Developed countries are NET volatility transmitters, whereas developing countries are NET volatility receivers. Finally, the ordinary least square regression result suggests that the volatility connectedness index is informative of stock market dynamics.
Originality/value
The connectedness approach has been widely used to estimate the dynamic connectedness among market indices, cryptocurrencies, sectoral indices, enegy commodities and metals. To the best of the authors’ knowledge, none of the previous studies have directly used the volatility indices to measure the volatility connectedness. Hence, this study is the first of its kind that has used volatility indices to measure the volatility connectedness among the countries.
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