Economic effects of the COVID-19 pandemic on entrepreneurship and small businesses

Acs, Z. J., Song, A., Szerb, L., Audretsch, D. B., & Komlosi, E. (2021). The Evolution of the Global Digital Platform Economy: 1971-2021. Available at SSRN: https://ssrn.com/abstract=3785411. Accessed 14 February 2021. Arend, R. J. (2013). Ethics-focused dynamic capabilities: A small business perspective. Small Business Economics, 41(1), 1–24. Asemokha, A., Musona, J., Torkkeli, L., & Saarenketo, S. (2019). Business model innovation and entrepreneurial orientation relationships in SMEs: Implications for international performance. Journal of International Entrepreneurship, 17(3), 425–453. Atkins, R., Cook, L., & Seamans, R. (2021). Discrimination in Lending? Evidence from the Paycheck Protection Program Small Business Economics, this issue Audretsch, D. B., & Belitski, M. (2021). Knowledge complexity and firm performance: Evidence from the European SMEs. Journal of Knowledge Management, 25(4), 693–713. Audretsch, D. B., Belitski, M., & Cherkas, N. (2021). Entrepreneurial ecosystems in cities: The role of institutions. PloS one, 16(3), e0247609. Audretsch, D. B., Belitski, M., & Korosteleva, J. (2021b). Cultural diversity and knowledge in explaining entrepreneurship in European cities. Small Business Economics, 56(2), 593–611. Barrero, J. M., Bloom, N., Davis, S. J. (2020). COVID-19 is also a reallocation shock (No. w27137). National Bureau of Economic Research. Banerjee, D., & Rai, M. (2020). Social isolation in COVID-19: The impact of loneliness. International Journal of Social Psychiatry, 66(6), 525–527. Bartik, et al. (2020). How are small businesses adjusting to COVID-19? Early evidence from a survey. National Bureau of Economic Research. Battisti, M., & Deakins, D. (2017). The relationship between dynamic capabilities, the firm’s resource base and performance in a post-disaster environment. International Small Business Journal, 35(1), 78–98. Beach, B., Clay, K., & Saavedra, M. H. (2020). The 1918 influenza pandemic and its lessons for COVID-19. National Bureau of Economic Research Working Paper Series, (w27673). Belghitar, Y., Moro, A., & Radić, N. (2021). When the rainy day is the worst hurricane ever: the effects of governmental policies on SMEs during COVID-19. Small Business Economics, this issue. Bergami, M., Corsino, M., Daood, A., & Giuri, P. (2021). Being resilient for society: evidence from companies that leveraged their resources and capabilities to fight the COVID-19 crisis. R&D Management, forthcoming. Bhutta, N., Blair, J., Dettling, L., & Moore, K. (2020). COVID-19, the CARES Act, and families’ financial security. National Tax Journal, 73(3), 645–672. Bin, O., & Edwards, B. (2009). Social capital and business giving to charity following a natural disaster: An empirical assessment. The Journal of Socio-Economics, 38(4), 601–607. https://doi.org/10.1016/j.socec.2009.02.010 Blundell, R., Costa Dias, M., Joyce, R., & Xu, X. (2020). COVID-19 and inequalities. Fiscal Studies, 41(2), 291–319. Block, J. H., Kohn, K., Miller, D., & Ullrich, K. (2015). Necessity entrepreneurship and competitive strategy. Small Business Economics, 44(1), 37–54. Block, J. H., Kritikos, A.S. Priem, M. & Stiel, C. (2020). Emergency aid for self-employed in the COVID-19 pandemic: a flash in the pan? DIW Berlin, Discussion Paper 1924. Block, J. H., Fisch, C., & Hirschmann, M. (2021). The determinants of bootstrap financing in crises: evidence from entrepreneurial ventures in the COVID-19 pandemic. Small Business Economics, this issue. Braunerhjelm, P. (2021). Rethinking stabilization policies: Including supply-side effects and entrepreneurial processes. Small Business Economics, this issue. Brooks, S. K., Webster, R. K., Smith, L. E., Woodland, L., Wessely, S., Greenberg, N., & Rubin, G. J. (2020). The psychological impact of quarantine and how to reduce it: Rapid review of the evidence. The Lancet, 395(10227), 912–920. Buheji, M., da Costa Cunha, K., Beka, G., Mavric, B., de Souza, Y., da Costa Silva, S. S., et al. (2020). The extent of covid-19 pandemic socio-economic impact on global poverty. a global integrative multidisciplinary review. American Journal of Economics, 10(4), 213–224. Bullough, A., & Renko, M. (2013). Entrepreneurial resilience during challenging times. Business Horizons, 56(3), 343–350. Bullough, A., Renko, M., & Myatt, T. (2014). Danger zone: The importance of resilience and self-efficacy for entrepreneurial intentions. Entrepreneurship Theory & Practice, 38(3), 473–499. Caballero, R. J., Hammour, M. L. (1991). The cleansing effect of recessions (No. w3922). National Bureau of Economic Research. Caliendo, M., Kritikos, A.S. (2019). “I want to, but I also need to”: start-ups resulting from opportunity and necessity, in Lehmann, E.E., Keilbach, M. (Eds.): From industrial organization to entrepreneurship, 247–265. Campbell, D.T. (1965). Variation and selective retention in socio-cultural evolution, in Barringer, H.R., Blanksten, G.I. & Mack, R.W. (Eds.): Social Change in Developing Areas: A Reinterpretation of Evolutionary Theory, Child, J., Hsieh, L., Elbanna, S., Karmowska, J., Marinova, S., Puthusserry, P., ... & Zhang, Y. (2017). SME international business models: the role of context and experience. Journal of World Business, 52(5), 664-679 Clauss, T., Abebe, M., Tangpong, C. & Hock, M. (2019). Strategic agility, business model innovation, and firm performance: an empirical investigation. IEEE Transactions on Engineering Management, 1–18 De Vries, N., Liebregts, W., & Van Stel, A. (2020). Explaining entrepreneurial performance of solo self-employed from a motivational perspective. Small Business Economics, 55, 447–460. Digitally Driven (2020). U.S. small businesses find a digital safety net during COVID-19. Report. Connected Commerce. Available at: https://connectedcouncil.org/wp-content/uploads/2020/09/Digitally-Driven-Report.pdf. Accessed 15 May 2021. Digitally Driven (2021). European Small businesses find a digital safety net during Covid-19. Report. Connected Commerce. Available at: https://digitallydriven.connectedcouncil.org/europe/. Accessed 15 May 2021. Dörr, J. O., Murmann, S., & Licht, G. (2021). Small firms and the COVID-19 insolvency gap. Small Business Economics, this issue Dua, A., Ellingrud, K., Mahajan, D., & Silberg, J. (2020). Which small businesses are most vulnerable to COVID-19—and when. McKinsey & Company. Duchek, S. (2020). Organizational resilience: A capability-based conceptualization. Business Research, 13(1), 215–246. Eisenhardt, K. M., & Martin, J. A. (2000). Dynamic capabilities: What are they? Strategic Management Journal, 21(10–11), 1105–1121. Economist (2021). What history tells you about post-pandemic booms. Available at: https://www.economist.com/finance-and-economics/2021/04/29/what-history-tells-you-about-post-pandemic-booms. Accessed 15 May 2021. Fairlie, R. W. (2020). The impact of COVID-19 on small business owners: Evidence from the first three months after widespread social-distancing restrictions. Journal of Economics & Management Strategy, 29, 727–740. Fairlie, R., & Fossen, F. M. (2021). Did the Paycheck Protection Program and Economic Injury Disaster Loan Program get disbursed to minority communities in the early stages of COVID-19? Small Business Economics, this issue Fainshmidt, S., & Frazier, M. L. (2017). What facilitates dynamic capabilities? The role of organizational climate for trust. Long Range Planning, 50(5), 550–566. Flammer, C., & Ioannou, I. (2020). Strategic management during the financial crisis: How firms adjust their strategic investments in response to credit market disruptions. Strategic Management Journal. https://doi.org/10.1002/smj.3265 GEM (2020). Diagnosing COVID-19 Impacts on Entrepreneurship. Exploring policy remedies for recovery. Available at: https://www.gemconsortium.org/reports/covid-impact-report. Accessed 15 May 2021. Graeber, D., Kritikos, A.S., & Seebauer, J. (2021). COVID 19: a crisis of the female self-employed, Journal of Population Economics, online available Grant, R. M. (1996). Toward a knowledge-based theory of the firm. Strategic Management Journal, 17, 109–122. Grözinger, A. C., Wolff, S., Ruf, P. J., & Moog, P. (2021). The power of shared positivity: organizational psychological capital and firm performance during exogenous crises. Small Business Economics, this issue Hennart, J. F. (2014). The accidental internationalists: A theory of born globals. Entrepreneurship Theory and Practice, 38(1), 117–135. History.com (2020). Spanish Flu. Available at: https://www.history.com/topics/world-war-i/1918-flu-pandemic. Accessed 15 May 2021. Janssen, F., M. Tremblay, J. St-Pierre, R. Thurik and A. Maalaoui (2021). L’entrepreneuriat et la PME à l'heure de la COVID-19 ... et après!, Revue Internationale des Petites et Moyennes Entreprises, forthcoming Kalenkoski, C. M., & Wulff Pabilonia, S. (2021). Impacts of COVID-19 on the Self-employed. Small Business Economics, this issue Karlsson, M., Nilsson, T., & Pichler, S. (2014). The impact of the 1918 Spanish flu epidemic on economic performance in Sweden: An investigation into the consequences of an extraordinary mortality shock. Journal of Health Economics, 36, 1–19. Kenney, M., & Zysman, J. (2020). COVID-19 and the increasing centrality and power of platforms in China, the US, and beyond. Management and Organization Review, 16(4), 747–752. KPMG (2020). Government and institution measures in response to COVID-19. Available at: https://home.kpmg/xx/en/home/insights/2020/04/china-government-and-institution-measures-in-response-to-covid.html. Accessed 15 May 2021. Kritikos, A.S., Graeber, D., & Seebauer, J. (2020). Pandemie wird zur Krise für Selbständige. DIW aktuell 47. Kuckertz, A., Brändle, L., Gaudig, A., Hinderer, S., Reyes, C. A. M., Prochotta, A., ... & Berger, E. S. (2020). Startups in times of crisis–a rapid response to the COVID-19 pandemic. Journal of Business Venturing Insights, 13, e00169. Kuratko, D. F., Holt, H. L., & Neubert, E. (2020). Blitzscaling: The good, the bad, and the ugly. Business Horizons, 63(1), 109–119. Lastauskas, P. (2021). Lockdown, employment adjustment, and financial frictions. Small Business Economics, this issue Li, W., Liu, K., Belitski, M., Ghobadian, A., & O’Regan, N. (2016). e-Leadership through strategic alignment: An empirical study of small-and medium-sized enterprises in the digital age. Journal of Information Technology, 31(2), 185–206. Linnenluecke, M. K., Griffiths, A., & Winn, M. (2012). Extreme weather events and the critical importance of anticipatory adaptation and organizational resilience in responding to impacts. Business Strategy and the Environment, 21(1), 17–32. Liu, Y., Zhang, Y., Fang, H., & Chen, X. (2021). SMEs’ line of credit under the COVID-19: evidence from China. Small Business Economics, this issue Markman, G. D., Waldron, T. L., Gianiodis, P. T., & Espina, M. I. (2019). E Pluribus Unum: Impact Entrepreneurship as a Solution to Grand Challenges. Academy of Management Perspectives, 33(4), 371–382. Makkonen, H., Pohjola, M., Olkkonen, R., & Koponen, A. (2014). Dynamic capabilities and firm performance in a financial crisis. Journal of Business Research, 67(1), 2707–2719. Maliszewska, M., Mattoo, A., & Van Der Mensbrugghe, D. (2020). The potential impact of COVID-19 on GDP and trade: a preliminary assessment. World Bank Policy Research Working Paper, (9211). Accessed 15 May 2021. Marshall, M. I., & Schrank, H. L. (2014). Small business disaster recovery: A research framework. Natural Hazards, 72(2), 597–616. Meurer, M., Waldkirch, M., Schou, P.K., Bucher, E.L. Burmeister-Lamp, K (2021). Digital affordances: how entrepreneurs access support in online communities during the COVID-19 pandemic Small Business economics, this issue Meyer, A. D. (1982). Adapting to environmental jolts. Administrative Science Quarterly, 27(4), 515–537. Metcalf, T., Woolley, S., Marques F. (2020). Financial hiring gets tougher in never-meet-in-person era, Bloomberg, 28 May Miao, C., Rutherford, M. W., & Pollack, J. M. (2017). An exploratory meta-analysis of the nomological network of bootstrapping in SMEs. Journal of Business Venturing Insights, 8, 1–8. Nanda, S. (2020). Inequalities and COVID-19 1. In COVID-19 (pp. 109–123). Routledge. Nassauer, S. (2020). “Walmart’s Coronavirus Challenge Is Just Staying Open,” Wall Street Journal, 17 April. Obal, M., & Gao, T. (2020). Managing business relationships during a pandemic: Conducting a relationship audit and developing a path forward. Industrial Marketing Management, 88, 247–254. O'Sullivan, F. (2021). Pandemic Lessons from the Era of ‘Les Miserables, Bloomberg Citylab. Available at: https://www.bloomberg.com/news/features/2021-04-27/how-paris-transformed-after-cholera. Accessed 15 May 2021. Patel, J. A., Nielsen, F. B. H., Badiani, A. A., Assi, S., Unadkat, V. A., Patel, B., ... & Wardle, H. (2020). Poverty, inequality and COVID-19: the forgotten vulnerable. Public Health, 183, 110 Pedauga, L., Sáez, F., & Delgado-Márquez, B. L. (2021). Macroeconomic lockdown and SMEs: the impact of the COVID-19 pandemic in Spain. Small Business Economic, this issues Pereira, I., & Patel, P. C. (2021). Impact of the COVID-19 pandemic on the hours lost by self-employed racial minorities: Evidence from Brazil. Small Business Economics, this issue Priyono, A., Moin, A., & Putri, V. N. A. O. (2020). Identifying digital transformation paths in the business model of SMEs during the COVID-19 pandemic. Journal of Open Innovation: Technology, Market, and Complexity, 6(4), 104. PWC (2020). Finanzielle Unterstützung in der Covid-19 Krisenlage - Factsheet für Startups und KMUs (Financial support in the Covid-19 crisis situation - Factsheet for start-ups and SMEs) Available at: https://www.pwc.de/de/startups/finanzielle-unterstuetzung-von-startups-und-kmu-in-der-covid-19-krisenlage.pdf. Accessed 15 May 2021. Robinson, J., & Kengatharan, N. (2020). Exploring the effect of Covid-19 on small and medium enterprises: Early evidence from Sri Lanka. Journal of Applied Economics & Business Research, 10(2), 115-124. Rousseau, D. M., Manning, J., & Denyer, D. (2008). 11 Evidence in management and organizational science: Assembling the field’s full weight of scientific knowledge through syntheses. Academy of Management Annals, 2(1), 475–515. Seebauer, J., Kritikos, As. & Graeber, D. (2021). Warum vor allem weibliche Selbstständige Verliererinnen der Covid-19-Krise sind. DIW Wochenbericht 15/2021 Seetharaman, P. (2020). Business models shifts: impact of Covid-19. International Journal of Information Management, 54, 102173. Shepherd, D. A. (2020). COVID 19 and entrepreneurship: Time to pivot? Journal of Management Studies, 57(8), 1750–1753. Staw, B. M., Sandelands, L. E., & Dutton, J. E. (1981). Threat rigidity effects in organizational behavior: A multilevel analysis. Administrative Science Quarterly, 26, 501–524. Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509–533. Torres, A. P., Marshall, M. I., & Sydnor, S. (2019). Does social capital pay off? The case of small business resilience after Hurricane Katrina. Journal of Contingencies and Crisis Management, 27(2), 168–181. Torrès, O., Benzari, A., Fisch, C., Mukerjee, J., Swalhi, A., & Thurik, R. (2021a). Risk of burnout in French entrepreneurs during the COVID-19 crisis. Small Business Economics, this issue Torrès, O., A. Swalhi, J. Mukerjee, F. Lasch and R. Thurik (2021b). Health perception of French SME owners during the covid-19 pandemic, International Review of Entrepreneurship, forthcoming Torrès, O., Benzari, A., Abdelaziz, A., & Thurik, A. R. (2021b). Confinement et risque de burnout des dirigeants-propriétaires de PME : Le syndrome d’épuisement d’empêchement. Revue Internationale Des Petites Et Moyennes Entreprises, 34(2), 63–80. Tranfield, D., Denyer, D., & Smart, P. (2003). Towards a methodology for developing evidence-informed management knowledge by means of systematic review. British Journal of Management, 14(3), 207–222. Thomas, D (2020). Unemployment rate hits highest level in three years. BBC News. Available at: https://www.bbc.co.uk/news/business-54520521. Accessed 15 May 2021. Tugade, M. M., & Fredrickson, B. L. (2004). Resilient individuals use positive emotions to bounce back from negative emotional experiences. Journal of Personality and Social Psychology, 86(2), 320. Vadana, I. I., Torkkeli, L., Kuivalainen, O., & Saarenketo, S. (2019). Digitalization of companies in international entrepreneurship and marketing. International Marketing Review, 37(3), 471–492. Van der Krogt, A., Coronel, R. & Núñez-Castillo, C. (2020). Adoption of business intelligence for SMEs. 8th International conference on innovation management, entrepreneurship and sustainability (IMES 2020). Verma, S., & Gustafsson, A. (2020). Investigating the emerging COVID-19 research trends in the field of business and management: A bibliometric analysis approach. Journal of Business Research, 118, 253–261. Welter, F. (2011). Contextualizing entrepreneurship—conceptual challenges and ways forward. Entrepreneurship Theory and Practice, 35(1), 165–184. Welter, F., Baker, T., & Wirsching, K. (2019). Three waves and counting: The rising tide of contextualization in entrepreneurship research. Small Business Economics, 52(2), 319–330. Worldometers (2021). COVID-19 Coronavirus pandemic. Available at: https://www.worldometers.info/coronavirus/. Accessed 15 May 2021. Yue, W., & Cowling, M. (2021). The Covid-19 lockdown in the United Kingdom and subjective well-being: Have the self-employed suffered more due to hours and income reductions? International Small Business Journal, 39(2), 93–108. Zahra, S. A. (2020). International entrepreneurship in the post Covid world. Journal of World Business, 101143 Zhang, T., Gerlowski, D., & Acs, Z. (2021). Working from home: small business performance and the COVID-19 pandemic. Small Business Economics, this issue van der Zwan, P., Thurik, R., Verheul, I., & Hessels, J. (2016). Factors influencing the entrepreneurial engagement of opportunity and necessity entrepreneurs. Eurasean Business Review, 6(3), 273–295.