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This paper aims to investigate the impact of retrenchment strategy on firm performance in the context of Pakistani firms while considering the moderating role of chief executive officer (CEO) power. By examining the influence of CEO duality and CEO share ownership on the relationship, this study contributes to strategic management and corporate governance knowledge within the Pakistani business environment.

A quantitative approach was used to analyze the relationship using data from annual financial statements. The sample consisted of 76 companies from the KSE-100 index from the year 2015 to 2020. Random effects regression models were used, along with hierarchical regression to explore the moderating effect of CEO power.

The findings demonstrate that the implementation of a retrenchment strategy positively impacts firm performance in Pakistani firms. The study also reveals that CEO power plays a crucial role in strengthening the relationship between retrenchment strategy and firm performance. Moreover, the study highlights the importance of considering the temporal sequence, size and age of firms when examining the impact of CEO power and retrenchment strategy on firm performance.

The study enhances the understanding of the contingent nature of retrenchment strategies and the influence of CEO power in the Pakistani business context. Practically, the research contributes to strategic management and corporate governance dynamics, facilitating the development of strategies that enhance firm performance and sustainability in Pakistan.

This research provides original insights by specifically focusing on the Pakistani context and analyzing the interplay between retrenchment strategy, CEO power and firm performance. The study adds to the limited literature on the relationship between retrenchment and performance in the Pakistani business environment. Additionally, it highlights the significance of CEO power as a critical factor in determining the success of retrenchment.

As the tourism industry emerges from full or partial closure caused by the COVID-19 crisis, it is imperative to understand the internal conditions that assisted organizations to maintain positive employee attitudes despite the adverse effects of unpopular cost–retrenchment strategies. Therefore, this study aims to understand the impacts of transformational leadership (TFL), human resource management (HRM) crisis cost–retrenchment and ethical climate (EC) on employee job outcomes affected by COVID-19 pandemic.

Mid-level managers of service organizations from a travel destination heavily reliant on the tourism participated in an online self-administered survey one month after the state eased its COVID-19 travel restrictions. Partial least square structural equation modeling (PLS-SEM) examined how TFL and EC influenced cost–retrenchment crisis–management HRM, satisfaction and trust in the organization, followed by PLS multi-group analysis (PLS-MGA) to understand differences between hospitality and non-hospitality employees.

Results revealed an overall positive effect of TFL that diminished the negative affect of HRM cost-retrenchment on employee satisfaction. PLS-MGA showed a significant positive role of other-focused EC on employee outcomes, especially for hospitality organizations, whereas self-focused EC had a negative impact for non-hospitality firms.

This study contributes to contingency theory of leadership by demonstrating that TFL in combination with EC mitigates or overpowers the negative effects of cost–retrenchment crisis management strategies on employees. The study advances knowledge of self-focused and other-focused moral reasoning climate impacts under COVID-19 conditions for hospitality organizations. The industry comparison results highlight the important positive characteristics of hospitality crisis management.

A growing body of literature suggests that unpredictable, resource-depleting shocks – ranging from natural disasters to public health crises and beyond – require the firm to respond adaptively. However, how firms do so remains largely undertheorized. To contribute to this line of literature, the authors borrow from the conservation of resources (COR) theory of stress and the dynamic capabilities perspective to introduce the concept of firm stress – a state of reduced and irregular readiness firms enter into following unpredictable, resource-depleting shocks. Our theoretical model illustrates that firms must punctuate the stress state to adapt by first deploying a retrenchment response, thereby conserving resources and allowing the firm to consider how to best redeploy its dynamic capabilities to adapt. Subsequently, the firm can redeploy its capabilities and adaptively respond in one of three ways: exiting (reconfiguring resources for alternative use), persevering (reconfiguring resources for better use), or innovating (developing new resources). Overall, the authors offer a process model of firm stress and adaptive responses following an unpredictable, resource-depleting shock that paves the way for future research on stress in the strategy literature.

This paper outlines ways in which struggling ethnic minority entrepreneurial service ventures and their owners might respond to unforeseen economic and social shocks. Interviews with owners of Bangladeshi Curry Houses in the United Kingdom — whom historically have lower performance rates compared to other ethnic minority businesses in the country — reveal that the entrepreneurs' response strategies undertaken to survive and remain in the business despite the challenges faced from operating in a turbulence environment.

The authors conducted depth phone interviews with owners of Bangladeshi Curry Houses in London during January and February of 2021. The Gioia methodology was applied to the interview scripts to identify which crisis themes exist.

Despite no advanced educational training, Bangladeshi owners have applied all of the different crisis management techniques present in larger companies: retrenchment, persevering, innovation, and exit. Although the results show that government schemes aimed at helping small businesses have contributed significantly to their survival, concerns regarding the post-health crisis situation remain challenging and threatening for their growth and survivability.

The results indicates that the ethnic minority owned small and medium-sized enterprises (SMEs) are less likely to plan for the future operations; furthermore, they tend not to have formulated a strategy for dealing with an external shock hence affecting and threatening their performance and competitiveness in the marketplace.

This study aims to examine the positive impact of strategies on the viability of small and medium-sized enterprises (SMEs) in times of crisis. Specifically, it investigates the influence of resource utilization as an initial survival strategy on innovation practices and SMEs’ performance. It further assesses the potential impact of government aid and partnerships on the relationship between resource utilization and innovation.

This study used a mixed-method approach that integrates phenomenology and quantitative research. This phenomenological study conducted in-depth interviews with 23 SME owners. Based on qualitative findings, a quantitative research design was developed, and this study surveyed 352 SMEs. Structural equation modeling was used for hypothesis testing.

Resource utilization as an initial survival strategy has a positive effect on increasing organizational innovation practices and ultimately affects business performance. Furthermore, government support and external partnerships significantly enhance the relationship between resource utilization and innovation.

The COVID-19 pandemic brought a crisis for businesses but has provided many positive transformations. SME entrepreneurs should sustain their survival strategies and seize external support to enhance their potential. Due to the pandemic, various efforts have created innovations, honed business resiliency and increased competitiveness.

SMEs struggled with the crisis and responded by utilizing many retrenchment strategies. This study is among the first to provide empirical evidence of an emergency response that has resulted in fruitful impacts. The findings can be generalized to represent the behavior of SMEs, especially in emerging countries.

Based on the dynamic capabilities view, the current study aims to empirically investigate the effects of organizational learning culture (OLC), strategic reconfiguration (SREC) and digital transformation (DT), altogether, on Egyptian private hospitals' strategic renewal in the face of the COVID-19 pandemic.

This study adopted a cross-sectional design to collect the data used to carry out mediation analysis. A self-administered questionnaire was used to collect data from a sample consisted of 264 Egyptian private hospitals. The smart partial least square structural equation modeling technique (PLS-SEM) was adopted to test the hypotheses.

The results demonstrate that OLC directly and positively affects SR. Besides, SREC and DT partially and serially mediate the OLC-SR relationship.

The sample size was small, covering only Egyptian private hospitals. The results may be different in the manufacturing sector and in other countries. The study was cross-sectional which is limited to trace long-term effects of OLC, SREC and DT on SR. Accordingly, a longitudinal study may be undertaken.

Private hospitals' managers must actively explore and dig out valuable resources in order to discover potential information and trends endeavor to redesign internal structures, and reconfigure their current resources, structures and strategies to achieve strategic renewal. The findings also provide new insights to mangers of private sectors' institutions and direct their attention toward adopting the strategic renewal option to survive amidst crises instead of retrenchment, persevering, or quitting business.

The study's results imply that health care providers have sought to improve the capacities of their health care systems to address the patient-level social needs through continuous learning, internal reconfigurations and the transformation toward digitalization to renew their services.

This study therefore contributes to SR literature by being the first empirical study to introduce an integrative model for the antecedents of SR amidst the pandemic.

This paper aims to show the pragmatic studies that examine whether novel COVID-19 affects the national and international stock markets and reinforces the existing literature by highlighting the factors that are resultant from COVID 19.

The systematic literature review and bibliometric approach have been used in the study covering 585 selected articles published in journals of high repute from January 2020 to January 2022. The process of bibliometric analysis has been divided into three stages, namely, assembling, arranging and assessing. From the Scopus database, one of the most reliable and authentic database total of 585 records were collected, out of which 12 were specifically focused on communities, and information gathered in the comma-separated value documents design was compared and interpreted based on year, document types, subject area, country and research fields with the help of graphs and pie charts. The study has analyzed fact-based and reliable studies to draw inferences from existing literature regarding the pandemic impacting the financial markets. In the extant study, an attempt has been made to explore the factors that are resultant from the COVID-19 pandemic and affects the stock market performance, which can be further classified into a few common factors by using factor analysis.

It originated from the majority of the studies that the stock market retorted destructively to the upsurge in the figure of COVID-19 cases and fatalities. It also emphasized that the market has reacted differently in comparison to earlier catastrophes such as the great depression of 2008 and the Spanish flu. Various factors such as fear of losing capital, standstill economy, lower valuation, increased mortality rate, halt in business operations, retrenchment, trade war, liquidity issues, panic buying and selling, digitalization, negative media coverage, government interference, financial behavior of investors, hoarding of COVID supplies, promotion of start-up in health-care and education sector, news bulletins, prevention campaigns, use of medical devices and COVID-19 vaccination, etc. have been conferred from the studies that have an immediate consequence on the actions of investors in the stock market. It was further highlighted in the study that the Indian stock market has been less explored in respect of implications of COVID-19 contagion as the majority of studies were based on either international stock exchanges or combinations of varied nation’s stock markets. It was witnessed in the interpretation section that the number of studies is increasing at a fast pace as new variants of COVID-19 are emerging over time. Significant contribution has been done in enhancing the literature on COVID-19 and the stock market by China and the USA. The maximum contribution in this domain has been done in the form of articles in the present literature. Few studies were focusing on communities, so the present study will try to fill this research gap to some extent.

This conceptual paper is demarcated by unsatisfactory analyses of writings from multi-discipline to get a comprehensive scope of notional understanding. Furthermore, there is a perchance that some other imperative phenomena or variables that prejudiced trading bustle have not been captured by present reviews of research papers. The influences of other macroeconomic variables should be explored to understand the concrete results of this pandemic.

Most of the studies were based on foreign stock exchanges, so there is an opportunity to explore the Indian stock market concerning the implications of the coronavirus pandemic. In the literature, it was examined that short-term studies have been undertaken, which cannot determine the long-term implications of COVID-19. Over time, besides COVID-19, various other factors have started impacting the stock market, so it has become difficult to examine the influence of COVID-19 on the stock market in isolation.

The study will be helpful for future learnings in the arena of the stock market as it provides vast exposure to the present literature related to the impact of COVID-19 on economic markets. On the other hand, investors will also become aware of factors that are resultant of COVID-19 and will take the right decisions to save their investments in light of pandemic implications. The extensive review of studies will also help enterprising communities to take judicial steps to remain active in the period of economic slowdown.

The paper provides significant implications to the investors in the stock market, and it will provide useful insight to improve their returns on their portfolios. The learning from the study will help investors to take fruitful decisions considering the uncertainty during the pandemic period. The inferences drawn from rich existing literature will be guiding enterprises to take timely actions to avoid the situation of loss in the market and adapt new models to ensure continuity of business operations. Different markets had reacted differently, so investors need to be cautious before taking trading decisions.

After completion of the case study, students will be able to understand the concept of clustering and identify clusters for improving capacity utilization, analyse transport routes to optimize logistics resources, analyse the impact of a full truckload on resource optimization, evaluate unused capacity and ascertain the impact of reverse milk run to reduce the same and apply clustering and reverse milk run to optimize the logistics resources.

The case study is about a freight forwarding company that offered end-to-end logistics solutions for the exporters based in India. Within a short time span, the company became one of the sought-after service providers for its clients. However, when the company planned to expand its business by expanding its client base, the efficiencies reduced and hurt the profitability of the company. It was all excellent with the limited number of clients, but as the number of distantly located clients surged, the operating costs increased. Trucks were running with partial loads, thus reducing efficiency. The rate of increase in cost surpassed the rate of revenue every time. The cost per mile of transportation was on the rise. The surging fuel prices were adding to the heat. In spite of being one of the first choices for clients, the company could not generate good profit margins. If they chose to increase prices, the company would have lost customers to the cheaper unorganized players in the market. It was time to choose between growth and survival. The company could not sustain itself without devising a mechanism to reduce costs. The company would not have sustained itself without devising a mechanism to reduce costs. To sustain in the business, the company had to device a mechanism to reduce costs. Whether to continue operating the conventional way or to transform? Was there a logistics strategy that would have improved transportation efficiency and reduced the costs for the company?

The case study is suitable for teaching post-graduate management courses in operations and logistics, supply chain management and supply chain analytics, as well as entrepreneurship-related courses.

Teaching notes are available for educators only.

CCS 9: Operations and logistics.

Although being fired up about changes such as firm expansion, chief executive officers (CEOs) have a hard time with changes that involve divesting businesses or downsizing operations. This study aims to examine how a particular psychological process – regulatory focus – serves as a managerial exit barrier in the context of store closings in the US retail industry. This study also examines how a particular corporate governance mechanism, the board of directors, moderates the relationship between CEO regulatory focus and divestment activity.

This study content-analyzed letters to shareholders to measure the regulatory focus of retail CEOs and used negative binomial regression to test the effect of the CEO’s regulatory focus and board independence on store closure activity.

The two motivation orientations – promotion and prevention – focuses have distinct effects on store closure decisions. As predicted, promotion-focused CEOs, who value attainment and growth, resist “pulling the plug.” Conversely, prevention-focused CEOs, who are more sensitive to losses, are more inclined to close stores. Independent boards decrease the CEOs’ resistance to “pull the plug” only when necessary, which is the case when CEOs have less vigilant tendencies.

This study contributes to the strategy and marketing literature. It examines an individual-level antecedent of store closure decisions and responds to the call for research on the effect of regulatory focus on divestment decisions.

Leaders themselves can be a source of resistance to change. The findings suggest the importance of boards hiring CEOs psychologically aligned with the firms’ strategic priorities. Promotion-focused CEOs may be a better fit for companies engaged in growth and acquisition. By contrast, prevention-focused CEOs may be a better fit for firms involved in retrenchment and restructuring. Independent boards still have the power to influence CEO decisions in the case of a misfit, as the findings suggest.

This study examines divestment decisions during the “retail apocalypse” and provides empirical evidence for the existence of managerial exit barriers, first introduced by Michael Porter.

This study aims to explore how coping strategies (CS) mediate the relationship between job insecurity (JI) and subjective well-being (SWB) leading to presenteeism among millennials. This study has been tested based on the conservation of resources theory (Hobfoll, 2001) and the transactional theory of stress and coping (Lazarus and Folkman, 1984). In India, employees in the information technology (IT) and business process management sectors have been facing increased job insecurity over the last couple of years. The advent of technology has increased job insecurity among millennials, specifically in the IT sector. The Indian IT and information technology–enabled service (ITES) sector witnessed mass retrenchments by companies in 2016–2017. Instead of reskilling, the companies decided to lay off their employees. During the pandemic, the IT and ITES industries witnessed a massive culture shift in terms of technology and work engagement. Postpandemic, the recession is looming large on these industries. In 2022, tech layoffs have witnessed 135,000 employees impacted globally and many may lose their job in the coming year. This study chose Indian millennials because they form a large part of the Indian workforce, especially in the IT and ITES sector.

In this study, cross-sectional design is used where different individuals are part of the study at the same point in time. A sequential mixed method of research is adopted for this study, owing to the kind of research questions and the requirement to include critical realism. A qualitative study was carried out post the quantitative study, to corroborate the results from the quantitative study. Quantitative methodologies address questions about causality, generalizability or magnitude of outcome, whereas qualitative research methodologies explore why or how a phenomenon occurs, describe the nature of an individual’s experience during the study relevant to the context and/or develop a theory (Fetters et al., 2013). Because the study is about the millennial workforce in IT and the ITES sectors, the sample population comprised employees in Delhi and the national capital region (NCR) of Delhi in northern India. Out of a total of 374 ITES companies listed in the national association of software and service companies (2018), 103 are based out of Delhi/NCR; hence, companies from Delhi/NCR were chosen for the study. The other reason for opting for companies based in Delhi/NCR was that many millennials from second- and third-tier cities also are employed in these companies bringing in varied cultural perspectives. This study included 588 employees working in ITES organizations based in the National Capital Region of India. Mediation analysis for statistical verification was carried out with regression-based analysis in SPSS macro process (version 4).

The impact of job insecurity on the positive and negative affects of the subjective well-being of millennials was found to be substantial. Coping strategies moderated the relationship and it was seen that both engaged and disengaged strategies of coping had an impact on the positive affect of subjective well-being but did not have any impact on the negative affect of subjective well-being. The positive affect of subjective well-being was negatively related to presenteeism, and the negative affect of subjective well-being was positively related to presenteeism.

This study is carried out only in the ITES industry and on millennials. With the advent of technology, other industries are going through challenges concerning layoffs even though the severity of the same might be less. In times to come, for strategizing employee engagement, it is necessary to understand how the workforce copes with various work-related stress factors. The positive affects and negative affects of well-being and responses have been studied from an employee perspective only. Further research should be conducted to explore responses from both employers and employees to establish presenteeism and the antecedents of presenteeism in conjunction with positive and negative affects of well-being. There is further scope to study the impact of job insecurity on adaptive presenteeism in older generations and various industries given the current job scenario and talent-reskilling issues.

This study brings forth original insights into the impact of constant job threats on millennials employed in the IT and/or IT service sectors. The key findings contribute to literature knowledge and help managers recognize the unfavorable consequences of continuous job threats on the well-being of employees. There is an immediate need for managers to recognize the problem and devise various policies and communication strategies to enable millennial employees to cope with the constant changes in the organization, owing to various technological, political and environmental factors. Organizations should be mindful of this impact, which can subsequently have serious consequences on the productivity of the employees, resulting in decreased overall performance and health of the organization.

This study of job insecurity as a job stressor, triggering coping strategies in Indian millennials working in the ITES and IT industry, presents original insights. This study explores and presents how the impact of job insecurity may increase presenteeism as a result of coping. This study brings value to practitioners and this study may help organizations improve the overall well-being of their employees, thus improving productivity. On the contrary, it also opens opportunities for exploring the impact of job insecurity as a challenge stressor.