Economics and Business
ISSN 2775-9237 (Online)
Published: 12 May 2020
Coronavirus (COVID-19): Effect and Survival Strategy for Businesses
Federal University of Kashere, Nigeria
Download Full-Text Pdf
Keywords: Businesses, Capability development, Core competencies, Coronavirus, COVID-19, Survival strategy
Coronavirus (COVID-19) is a public health emergency and a serious threat to the economy of both developed, developing, and underdeveloped nations. This paper identifies the adverse effect of such a virus to businesses across the globe. It also attempts to devise a strategy for survival in the presence of the pandemic. Scientific literature and technical reports were reviewed systematically as a methodology to find and classify related studies for the research. Such studies were examined and synthesized in a manner that gives new insights into the effect of the new pandemic for businesses across the globe. The study reveals that coronavirus known as COVID19 has negatively affected a lot of businesses across the globe. Specifically, the values of the stock market fall to negative, while that of gold and oil tumbled significantly. Additionally, the study confirmed that transportations and travel companies, businesses in the hospitality industry, and industrial production companies experience a significant drop in patronage. The paper is one of the important studies taken in the context of Coronavirus or COVID-19, Business Survival, and strategy. Especially now that the virus has posted a global challenge to not only the life and health of people but businesses and the economy of many nations. This is a pioneering effort in the research of this nature. Other researches concentrated on the prevention and management of the pandemic. So, the paper is original in context as well as in research terms. Recommendations were given as a step forward.
Abroug, F., Slim, A., Ouanes-Besbes, L., Kacem, M. A. H., Dachraoui, F., Ouanes, I., ... & Miao, C. (2014). Family cluster of Middle East respiratory syndrome coronavirus infections, Tunisia, 2013. Emerging infectious diseases, 20(9), 1527.
Ahani, A., & Nilashi, M. (2020). Coronavirus Outbreak and its Impacts on Global Economy: The Role of Social Network Sites. Journal of Soft Computing and Decision Support Systems, 7(2), 19-22.
Bermingham, A., Chand, M. A., Brown, C. S., Aarons, E., Tong, C., Langrish, C., ... & Pebody, R. G. (2012). Severe respiratory illness caused by a novel coronavirus, in a patient transferred to the United Kingdom from the Middle East, September 2012. Eurosurveillance, 17(40), 20290.
Casillas, J. C., Moreno-Menéndez, A. M., Barbero, J. L., & Clinton, E. (2019). Retrenchment Strategies and family involvement: The role of survival risk. Family Business Review, 32(1), 58-75.
Cefis, E., & Marsili, O. (2019). Good times, bad times: innovation and survival over the business cycle. Industrial and Corporate Change, 28(3), 565-587.
Haynes, G. W., Danes, S. M., Schrank, H. L., & Lee, Y. (2019). Survival and success of family‐owned small businesses after hurricane Katrina: Impact of disaster assistance and adaptive capacity. Journal of Contingencies and Crisis Management, 27(2), 130-144
Huang, C., Wang, Y., Li, X., Ren, L., Zhao, J., Hu, Y., ... & Cheng, Z. (2020). Clinical features of patients infected with 2019 novel coronavirus in Wuhan, China. The Lancet, 395(10223), 497-506.
Li, Q., Guan, X., Wu, P., Wang, X., Zhou, L., Tong, Y., ... & Xing, X. (2020). Early transmission dynamics in Wuhan, China, of novel coronavirus–infected pneumonia. New England Journal of Medicine.
Ortiz-Villajos, J. M., & Sotoca, S. (2018). Innovation and business survival: A long-term approach. Research Policy, 47(8), 1418-1436.
Porter, M. (1980). Competitive strategy. New York: Free Press. Porter Competitive Strategy 1980.
Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic management journal, 18(7), 509-533.
Tempe, A. (2020). COVID-19 Survey: Impacts on Global Supply Chains. Institute for Supply Management (ISM).
Van der Hoek, L., Pyrc, K., Jebbink, M. F., Vermeulen-Oost, W., Berkhout, R. J., Wolthers, K. C., ... & Berkhout, B. (2004). Identification of a new human coronavirus. Nature medicine, 10(4), 368-373.
Webster, J., & Watson, R. T. (2002). Analyzing the past to prepare for the future: Writing a literature review. MIS quarterly, xiii-xxiii.
Wojan, T. R., Crown, D., & Rupasingha, A. (2018). Varieties of innovation and business survival: Does pursuit of incremental or far-ranging innovation make manufacturing establishments more resilient?. Research Policy, 47(9), 1801-1810.
Zaki, A. M., Van Boheemen, S., Bestebroer, T. M., Osterhaus, A. D., & Fouchier, R. A. (2012). Isolation of a novel coronavirus from a man with pneumonia in Saudi Arabia. New England Journal of Medicine, 367(19), 1814-1820.
Zhu, N., Zhang, D., Wang, W., Li, X., Yang, B., Song, J., ... & Niu, P. (2020). A novel coronavirus from patients with pneumonia in China, 2019. New England Journal of Medicine.