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The COVID-19 pandemic has struck businesses across the globe with unprecedented impacts. The world economy has been hit hard and firms have experienced a myriad of challenges, but these challenges have been heterogeneous across firms. This paper examines one important dimension of this heterogeneity: the differential effect of the pandemic on women-led and men-led businesses. The paper exploits a unique sample of close to 40,000 mainly formal businesses from 49 countries covering the months between April and September 2020. The findings show that women-led micro-businesses, women-led businesses in the hospitality industry, and women-led businesses in countries more severely affected by the COVID-19 shock were disproportionately hit compared with businesses led by men. At the same time, women-led micro-firms were markedly more likely to report increasing the use of digital platforms, but less likely to invest in software, equipment, or digital solutions. Finally, the findings also show that women-led businesses were less likely to have received some form of public support although they have been hit harder in some domains. In a crisis of the magnitude of the COVID-19 pandemic, evidence tracing the impact of the shock in a timely fashion is desperately needed to help inform the design of policy interventions. This real-time glimpse into women-led businesses fills this need for robust and policy-relevant evidence, and due to the large country coverage of the data, it is possible to identify patterns that extend beyond any one country, region, or sector, but at the cost of some granularity for testing more complex economic theories.
This edited volume analyzes how the COVID-19 crisis could be transformed into opportunities for those organizations that correctly interpret the change, adapt their strategies accordingly, and increase their chances of success in a post-pandemic scenario. Through this lens, the female role and contribution to recovery are analyzed and discussed in the economic, financial and social context. Even if many aspects set the COVID-19 crisis apart from the latest global financial crises – such as the unusual shutdown of businesses in specific sectors, social distancing regulations, and general uncertainty sparked by the pandemic – the challenges facing all organizations in the current recovery phase can present an opportunity for extraordinary growth and development in Europe. The focus of the contributions gathered here is not on “counting” the damages and losses but rather on monitoring the recovery and on emerging instruments to support national and global economic recovery, while paying special attention to women’s role in it.
Using a firm-level survey database covering 48 countries, Beck, Demirgüç-Kunt, and Maksimovic investigate whether differences in financial and legal development affect the way firms finance their investments. The results indicate that external financing of investments is not a function of institutions, although the form of external finance is. The authors identify two explanations for this. First, legal and financial institutions affect different types of external finance in offsetting ways. Second, firm size is an important determinant of whether firms can have access to different types of external finance. Larger firms with financing needs are more likely to use external finance compared with small firms. The results also indicate that these firms are more likely to use external finance in more developed financial systems, particularly debt and equity finance. The authors also find evidence consistent with the pecking order theory in financially developed countries, particularly for large firms. This paper--a product of Finance, Development Research Group--is part of a larger effort in the group to understand firms' access to financial services.
Amid the COVID-19 pandemic, small businesses are especially vulnerable. This is one of the first books that explicitly examines the linkage between crisis and entrepreneurship with a specific focus on small businesses. The book adopts a holistic approach and outlines strategies that small business owners can utilize as well as business opportunities that are available in these new market conditions. It also provides a comparative analysis of the current and future market conditions to enable a better understanding of how institutional structures can facilitate or hinder growth. The book also goes on to explain why and how creativity and innovation can help to mitigate the impact of such a crisis on business and highlights why business continuity is especially crucial to family-owned businesses. This timely publication will help to guide small business owners and entrepreneurs to maintain business continuity and build up their resilience in a challenging business climate.
The economic, health, and political crises, as well as the rise of the digital age, have changed and complicated the way in which people, companies, and regions function. The goal is not just survival, but also to innovate and organize themselves to chart new paths for growth and development. This book uses this premise to understand how organizations, in particular female-led businesses, work on their resilience using specific activities and relational capital as a driver of strategic value. The chapters include theoretical as well as practical contributions about how female-owned and female-run companies and organizations can take advantage of such opportunities, in terms of challenges, issues, tools, facilitators, and mechanisms that can support the use of the new opportunities in the near future.
This book explores the dramatic changes that have occurred in the business environment due in part to the phenomenal impact on societies and economies around the globe that resulted from the COVID-19 pandemic. It presents emerging trends, strategies, management practices, opportunities, and challenges faced by business leaders, managers, and administrators. The volume touches on myriad issues, including the effects of lockdowns and restrictions, psychosocial effects of COVID-19 in the workplace, maintaining work-life balance, entrepreneurship during the pandemic, supply chain management, new communication and management strategies, consumer behavior, Zoom fatigue, changes in the health insurance industry, and more. The topics and concepts addressed in on the impact of pandemic will provide insight for academicians, entrepreneurs, and those in business, marketing, and psychology.
Globalization and technological advances have the immense power to create a new economy, address sustainability concerns, and facilitate societal changes. In addition, the COVID-19 pandemic has led to notable modifications in the world economy and society that require adjustments to business models, as well as our way of life. It is critical to understand these new models in our changing society for businesses to not only survive, but to thrive. COVID-19 Pandemic Impact on New Economy Development and Societal Change provides an updated view of the newest trends, novel practices, and latest tendencies concerning the manner of shaping the new economy and accelerating societal change, demonstrating the crucial importance of rethinking the world’s models, priorities, and strategies while seeking a more responsible path for humanity. Covering topics such as tourism and salesmanship skills, this publication is ideal for academicians, researchers, scientists, scholars, practitioners, industry professionals, consultants, instructors, and students.
Despite some recent advances, women continue to be significantly underrepresented in launching new ventures. The persistence of this gap has challenged scholars and policymakers to identify and address the mechanisms underlying this inequity, especially when natural and human-generated crises arise -- a condition that has repeatedly led to unraveling progress for women entrepreneurs. Cognizant of this recurring circumstance, our study investigates the COVID-19 pandemic in order to develop and test new theory concerning the manner in which crises heterogeneously impact the activities of men and women entrepreneurs. Using a large sample of new-firm registrations in China, we find that the pandemic led to a significant drop in the overall rate of entrepreneurial activity. Importantly, embedded in the average rates of business venturing, it is clear that firms founded by women dropped far more than those by men, evidenced by an additional decline of 27.6%. Applying role congruity theory, we find that the household burdens shouldered by women increase the incongruity between female gender roles and entrepreneur roles, leading to substantial differential effects of the COVID-19 pandemic on entrepreneurial activities between genders. Furthermore, we demonstrate the importance of education in attenuating the negative disproportionate effect. These findings increase our understanding of the unique challenges confronted by female entrepreneurs in times, leading to key insights for scholars, practitioners, and policymakers.
This paper estimates the impact of a large negative childcare shock on gender gaps in entrepreneurship using the shock created by national COVID-19 school closure policies. The paper leverages a unique data set of monthly enterprise data collected from a repeated cross-section of business owners across 50 countries via Facebook throughout 2020 and in 2021. The paper shows that, globally, female-led firms were, on average, 4 percentage points more likely to close their business and experienced larger revenue declines than male-led firms during the COVID-19 pandemic in 2020 (male firms closed at a rate of 17 percent in 2020, and 12 percent in 2021). The gender gap in firm closures persisted into 2021. The closing of schools, a key part of the care infrastructure, led to higher business closures, and women with children were more likely to close their business in response to a school closure policy than men with children. Female entrepreneurs were found to take on a greater share of the increase in the domestic and care work burden than male entrepreneurs. Finally, the paper finds that women entrepreneurs in societies with more conservative norms with respect to gender equality were significantly more likely to close their business and increase the time spent on domestic and care responsibilities in response to a school closure policy, relative to women in more liberal societies. The paper provides global evidence of a motherhood penalty and childcare constraint to help explain gender inequalities in an entrepreneurship context.