Firm agility and digitalisation less helpful than expected during the COVID-19 pandemic, but valuable in the longer run

Redek, Tjaša (avtor), Čater, Tomaž (avtor), Čater, Barbara (avtor), Černe, Matej (avtor), Koman, Matjaž (avtor)

Firms’ performance during exogenous crises depends on several factors, from strategic foresight, financial readiness, and a number of firm-specific as well as sectoral aspects, also including luck and government support. The aim of this paper is to investigate the extent to which the ‘crisis readiness’ of firms, defined by factors like a proactive strategic approach, digitalisation, and financial constraints, as well as the reliance on or availability of government support, is responsible for the outcome during the COVID-19 crisis compared to the long-run contribution made by these factors. The empirical investigation uses a unique combination of firm-level balance sheet data and unique survey data concerning the strategic focus and implementation of Industry 4.0. While the literature suggests that digitalisation, a strategic proactive approach, and crisis readiness (itself depending on several factors) impacted the firms significantly during the COVID-19 crisis, the results show firm performance primarily depended on other (sectoral) aspects serving as a major exogenous factor impacting their performance. During the crisis, digitalisation was additionally mentioned as an important adjustment factor. However, using firm-level data we show that while companies were able to mitigate certain impacts of the supply and demand shocks triggered by COVID-19 using their internal resources and characteristics, including strategic elements, the biggest explanatory factor remains the sector involved. This leads to important managerial and policy recommendations, principally stressing the importance of proactivity and agility for firms’ long-run performance, whereas in the short run the state must help mitigate the effects.

• Jezik: Angleški jezik
• Ključne besede: company performance, crises, pandemic, digitalization, COVID-19, firm performance, crisis readiness, digitalisation, firm-level evidence
• Vrsta gradiva: Članek v reviji
• Tipologija: 1.01 - Izvirni znanstveni članek
• Organizacija: EF - Ekonomska fakulteta
• Status publikacije: Objavljeno
• Različica publikacije: Objavljena publikacija
• Leto izida: 2022
• Št. strani: Str. 69-87
• Številčenje: Vol. 25, iss. 3
• PID: 20.500.12556/RUL-143669
• UDK: 005.3
• ISSN pri članku: 1212-3609
• DOI: 10.15240/tul/001/2022-3-005
• COBISS.SI-ID: 122830595
• Datum objave v RUL: 06.01.2023

Gradivo je del revije

• Naslov: E+M. ekonomie a management
• Skrajšan naslov: E+M, Ekon. Manag.
• Založnik: Hospodářská fakulta Technické univerzity
• ISSN: 1212-3609
• COBISS.SI-ID: 6985500

Licence

• Licenca: CC BY-NC 4.0, Creative Commons Priznanje avtorstva-Nekomercialno 4.0 Mednarodna
• Povezava: http://creativecommons.org/licenses/by-nc/4.0/deed.sl
• Opis: Licenca Creative Commons, ki prepoveduje komercialno uporabo, vendar uporabniki ne rabijo upravljati materialnih avtorskih pravic na izpeljanih delih z enako licenco.

Sekundarni jezik

• Jezik: Slovenski jezik
• Ključne besede: poslovanje podjetja, krize, pandemija, digitalizacija

Projekti

• Financer: ARRS - Agencija za raziskovalno dejavnost Republike Slovenije
• Številka projekta: P5-0128
• Naslov: Izzivi vključujočega in trajnostnega razvoja v prevladujoči paradigmi ekonomskih in poslovnih znanosti

• Financer: ARRS - Agencija za raziskovalno dejavnost Republike Slovenije
• Številka projekta: J5-2555
• Naslov: Oblikovanje organizacije v digitalni dobi