Chapter 1: Introduction
1.1 Background of the Research
The COVID-19 pandemic is a worldwide problem that is unparalleled and growing and has catastrophic effects on health, society and the environment in each nation. It plunges the global economy into a historical recession (Bartik et al., 2020). The outbreak of the coronavirus has prompted businesses to review the utilization of contact centres, the delivery of relevant experiences by workers, the workplace and the digital channels to help business continuity in the emergency and beyond. The crisis fundamentally alters how and what people purchase and drives huge structural changes, for instance in the consumer goods sector.
Once the virus' immediate danger has passed, businesses need to estimate the impact of such transformations on how they create, convey, construct and deploy the experiences needed and wanted by people. Through these developing new practices, businesses will have the chance to expand digital commerce by extending current offers and creating new service lines, including such "con-tactless" supply shops and retaining services on the frontier for the customer (Meyer, Prescott and Sheng, 2021). This trend forces companies to rethink digital strategy to grab new markets and digital consumer groups. The COVID-19 situation is crashing down the balance of businesses with profound changes in the behaviour of consumers, distribution network and market routes. The necessity to hasten the implementation of agile work methods and the transformation of the value chain to effectively manage the unpredictability has been emphasized in the response to the pandemic. It is a well-known fact that the pandemic has almost hit every sector of business and the following dissertation throws light on the major regions and business industries affected by the spread of COVID-19.
1.2 Problem statement
The COVID-19 crisis is generating fundamental changes in customer behaviours, supplier networks and market channels in every financial industry. The necessity for leaders to hasten up the implementation of agile work methods and transformations on value chains to overcome uncertainty has been underlined in response to the virus (Syriopoulos, 2020). Since the Covid-19 Pandemic has hit every segment of the businesses, business leaders find it difficult to adopt effective ways to respond to the pandemic effectively to sustain their business.
1.3 Research aim and objectives
The research aims to assess the regions (cities and countries) which are being affected by the spread of the pandemic COVID-19 and the major impacted business industries that are hit hard by the pandemic. . The research aims to focus on such industries and the impact of their lowered productivity on the economy. The objectives of the research are listed below:
1.4 Research Rationale
It is evident that the outbreak of the pandemic has affected nearly every segment of business and economy of countries and has encouraged business to adopt new ways of conducting business owing to the imposed lockdown all over the world. The selection of the topic is justified because the research intends to focus on such business sectors that are hit hard by the pandemic and the research seeks to bridge the gap among all other existing research by providing in-depth and credible information concerning the research topic. The research seeks to provide ways that major business have adopted to attain success in the pandemic situation that in turn helps to recognize the effective strategies in response to the pandemic. The situation of COVID-19 has disrupted the equilibrium between companies and fundamental changes in consumer behaviour, distribution networks and market routes. In its reaction to the pandemic, it was emphasized the need for speeding up the adoption of agile working methods and transformation of the value chain for the proper management of unpredictability. The research helps to analyze the detrimental impact the pandemic has caused in the business sectors in several
regions owing to lower productivity and loss of jobs of many employees that have in turn caused the fall in the economy of countries.
The problem statement of the research can be broken into several research questions. The research questions that the thesis serves to solve are listed below:
1.6 Research structure
It is crucial to design a proper structure of research in order to get productive outcomes from research, as research is entirely dependent on its structure. The following is the structure of the research:
Chapter 2: Literature Review
The literature review of the dissertation is conducted by reviewing peer-reviewed journals, scholastic articles, PDFs and relevant websites to provide authenticity to the information provided in this section (Andrei, 2018). The literature review chapter of this dissertation mainly draws relevant literature concerning the impact of COVID-19 on various business sectors of countries as well as the views of authors regarding the positive and negative impact of Covid-19 is also thrown light in this chapter of the dissertation. It is apparent that the global pandemic has hit every business segment and has, in turn, contributed to the fall in the economy of several countries. The imposed lockdown all across the nations to stop the spread of the virus has led to the shutdown of many businesses and has led to the increase in unemployment rates in almost every country (Seetharaman, 2020). Thus, this chapter aims to emphasize how business sectors have responded to the pandemic to sustain their businesses as well as outlines the business industries that are most and least impacted by the pandemic.
According to Fairlie (2020), all global companies are aware of the effect of the coronavirus (COVID-19). Leaders address a wide range of issues linked to ensuring that their customers and employees are secure, cash and liquidity are reconfigured and that complex government assistance programs are managed. There have been significant economic repercussions worldwide for the current epidemic and no nation seems like it will be unaffected (Gregurec, Tomi?i? Furjan and Tomi?i?-Pupek, 2021). This has implications not just for the economy; the whole society is impacted and the way businesses and consumers operate and behave has changed dramatically. According to the International Monetary Fund (IMF), the percentage of persons out of work reached an annual total of 8.9%, indicating an end to a decade's growth in employment (Fairlie and Fossen, 2021). There were also millions of employees in government-supported workplace retention systems since economic components like tourism and accommodation have nearly stopped. In many nations, the quantity of new jobs is still incredibly low. Job openings returned to the very same level in Australia in 2019, but in Spain, France, the United States and many other nations they are lagging behind. The world economy has dropped by 4.4% in 2020, predicted by the IMF. Since the Great Depression of the 1930s, the organization described the drop as the worst. In 2020, China was the only major economy to grow. It had a 2.3 per cent increase. Nevertheless, by 2021 the IMF forecast global growth at 5.2 %(Fairlie and Fossen, 2021). That would be mainly driven by nations like India and China, which are expected to grow respectively by 8.8 and 8.2 per cent. Recovery is projected to be gradual in large, services-reliant economies hard hit by the outbreak, such as the UK or Italy.
As stated by Alonso et al., (2020) the tourism sector was severely affected by the cut-off of airlines and the cancellation of travel and vacations by customers. New strains of the virus have prompted many nations to enforce stricter travel restrictions - identified only in recent months. Flight tracking service figures Flight Radar 24 observed that the proportion of worldwide flights hit significantly in 2020, and is far from being recovered. Retail footfall saw record shoppers falling at home. In instances, new variations and surges have compounded issues. According to research company ShopperTrak, pedestrian footfall has fallen further after the initial lockdown, Separate data suggests that consumers are still worried about returning to shops(Bartik et al., 2020). Accountancy giant EY claims that 67 per cent of clients are not willing to go shopping for more than 5 km. The shift in online retail behaviour, with a total global income of $3.9 trillion in 2020, has increased considerably. Governments all over the globe have committed billions of dollars on vaccine and treatment options for Covid-19. Shares in many vaccine-developing pharmaceutical firms have increased. There have been significant increases in Novax, Moderna, and AstraZeneca. But the stock price of Pfizer fell (Yu et al., 2020). The BioNTech collaboration, expensive manufacturing and vaccination management cost and the growing amount of rivals on the same scale have decreased investors' confidence in the company to higher sales in 2021.
There was a strong decrease in business activities in the stock markets during the weakest quarter in 30 years. And this has effects on a range of businesses. But the fact is that companies are forced to innovate and reappraise how they function is a massive component of the COVID-19 problem ( Menegaki, 2020). For example, the tech community enabled communities to develop a system to solve some of the problems of the coronavirus pandemic as technology enabling portions – or in some instances, the whole – of the organization may continue to operate in the present situation. Early this year, HLB's global company leaders study identified features of future success styles to become more mobile, cloud-friendly and flexible employees (Gregurec, Tomi?i? Furjan and Tomi?i?-Pupek, 2021). Yet the analyzes revealed that company executives had a gap between how much they needed to improve in the next 12 months and what to concentrate on in the following decade. The COVID-19 pandemic struck as well as the offer of the C-Suite has to shift their emphasis to more flexible, mobile and cloud-compatible solutions.
Global supply shortages throughout industry provide a serious danger to their business and must change production. As in recent months, the supply chain has interrupted – from the import of goods and supplies to prompt and dependable items to consumers – many companies are using reserves of products and are seeking additional sources of stock supplies (Iacus et al., 2020). In certain cases, firms are involved in bringing business home and closer to their home markets, so that interruptions are reduced via local procurement. This could cause the pandemic to have a longer-term effect. This will have fiscal repercussions.
According to Soni (2020), ongoing coronavirus impacts (COVID-19) are still evident and affect a number of industry sectors substantially. The impact of the Covoid-19 on the various business sectors are listed below:
Food processing and agriculture sector:
The backbone of the Indian economy is agriculture. With the shutdown of interstate transit, growers could not sell their crops on the market. They lose heavily and are obliged to throw their crops away. They have no other revenue source (Seetharaman, P., 2020). The poultry industry, which is the Indian economy's most expanding sub-sector, has also been hit by major social media damages when disinformation is disseminated by associating COVID-19 illness with the consumption of fish and meat products. Although the government offers assistance, their circumstances are awful.
Due to global unpredictability in the supply chain and consumer demand the breakout of COVID-19 has an effect on these sectors. According to Bhatti et al., (2020) E-commerce supply chains in China, the United States and other nations were primarily stressed by COVID-19 and by plant shutdowns. Since a result of the COVID 19 epidemic, the industrial sector most affected are electronics goods as China was the leading producer of COVID 19 and the ITUF is the biggest producing company in the world. China's imports include a significant portion of electronic components integrated into completed goods, such as consumables and computers, and shipped afterwards. However, owing to the electronics supply chain shutdown, the electronics sector is nearby, with additional effects. The new COVID-19 epidemic is affecting e-commerce in different areas, including North America, Europe, Asia-Pacific and the world at large. Countries in Europe and China in Asia-Pacific in which most instances have been recorded include Italy, Spain, France and Germany (Yuan et al., 2021). Alibaba has failed to keep growth rates amid a local economic downturn and is facing the unpredictability of the coronavirus epidemic. For example, Amazon has invested much in one-day delivery that has not yet compensated. Its net revenue decreased 26% in 2019 and shipping costs increased 46%. Amazon's earnings during the first half of 2020 are affected by the coronavirus pandemic (Iacus et al., 2020).
The vulnerabilities of the healthcare system have been revealed in the COVID-19 medical industry. As everyone knows, access to healthcare is a basic right but the fear of COVID-19 has impacted all across turn the basic health care provisions of people (Meyer, Prescott and Sheng, 2021). The expecting ladies were unable to see obstetricians for prenatal checks, instead and opted for telemedicine. Many hospitals focus mainly on patients with COVID-19, which makes it hard to get the proper therapy and ignores other patients suffering from other serious issues such as cancer. If this continues, the corona mortality rate is lower than the other illnesses' death rate. The influence on the healthcare market of COVID-19 is tremendous according to the MRFR study and seriously disrupted the whole supply chain of the healthcare sector, from raw resources to production and distribution. The demand for medical fans has forced manufacturers, globally, to increase the demand up to 40% to 50 % (Ozili and Arun, 2020).
The sector of tourism and hospitality
Tourism, a sector of economic, subsistence, public services and possibilities in all continents, are one of the areas that most affected by the Covid-19 pandemic. It has impacted all sections of its enormous value chain. Tourism export income may drop to $1.2 trillion by $910 billion by 2020. The effect will be wider and global GDP may fall by 1.5% to 2.8 %( UNWTO, 2020). In both developing and developed countries, tourism supports one in ten employment, providing livelihoods for millions more. In addition to tourism sectors such as labour-intensive housing and foodservice businesses, which give jobs to 144 million people globally, there are at risk of 100 million jobs in direct tourism. The most at-risk groups are women making up 54% of tourists, young people and informal sector employees.
The retail sector
Significant changes in COVID-19's outside environment have affected the retail sector in different ways. The crisis has caused strong business performance disparities amongst company types. As retail businesses which deal with food and daily necessities, such as supermarkets, medications and convenience stores (other than office shops), remained in good shape due to government request for business continuity, with customers waiting in long periods for cash registers to acquire products, many of them still sold out(Brandtne et al., 2021). On the other hand, rethinking shoppers, including such clothes and home appliances, have stalled for goods of luxury considered non-essential. In fast food operations such as McDonald's and cafés, online buying pick-ups in the store (BOPIS) became prevalent. In March, when the pandemic of coronavirus hit many nations worldwide, government expenditure in China and the USA increased, with a high proportion of consumers purchasing food (Fairlie and Fossen, 2021). The United States has made received a better of general merchandising and multifunctional distributors like as Walmart and Target, with dollars sales of consumer goods packed up 10% over the preceding year. In 2021 the exceptional increase in food shops slowed, with the largest expenditure growth in wholesale clubs and discount stores, as compared to the pre-COVID era. Italy had become a hot spot as the pandemic expanded. E-commerce sales in Italy increased substantially after their outbreak and the subsequent shutdown (Gregurec, Tomi?i? Furjan and Tomi?i?-Pupek, 2021). Sales growth has also been seen at large retail locations, such as supermarkets and discounters. However, during the first wave of the pandemic, non-food consumer products experienced a substantial drop and did not recover pre-pandemic levels except at Christmas. In the United Kingdom, online retail sales continued to expand in 2021 and the whole retail outlet recorded a strong turnover growth, followed only by the domestic commodity category (Ozili and Arun, 2020). Data from France showed significant growth during the first months of 2021 in retail domestic delivery services after the all-time high of March 2020.
The restaurant and Fast-food sector
The COVID-19 disease affects the worldwide food sector as governments limit the spread of the virus by closing restaurants and bars. Globally, the daily traffic of restaurants has been decreasing sharply compared to 2019. Restaurant closures do have an adverse effect on associated sectors such as food processing, liquor, alcoholic beverages manufacture, and farming of food and beverages (Yang, Liu and Chen, 2020). While online traffic and reservations at restaurants have gone down to zero, online pick-up and delivery orders in the USA, the UK and Canada are on the increasing trend, with steady increases during the past 45 days, notably at casual restaurants and fast food or fast food restaurants where sites visits and shops are growing(Vigilia et al., 2021). Although some fast food shops have tried to combine their operations with technology and drive windows, many were unable to adjust to the new standard and face enormous financial struggles. The consumer of fast-food restaurants has been very concerned about the future since the onset of the Covid 19 pandemic. Dine-in service pandemics and state closures cost the restaurant sector 5.9 million jobs, wiping out the value of workers for 3 decades in a little over 6 weeks. In April, the sector shed 5.5 million jobs, and the newly revised March figures were 500,000, during most of the final two weeks of the week (Seetharaman, 2020). The figures show that the damage struck the sector is the first real image. There was one in four employment lost in a restaurant during those two months.
According to Bjerkan and Michael, (2020) Since the COVID-19 crisis hit, in a few weeks time, international organizations also saw their income decline significantly to practical nil in susceptible areas. As a reaction to the pandemic, businesses may choose three basic response methods that align organizational infrastructure with growing market trends. These companies, which are sufficiently flexible to change infrastructure, product or service portfolios or market route, have significant possibilities of attaining long-term success.
Strategy 1:Same Products, Different Channel
An online reaction to COVID-19 is the proactive provision of the same (or comparable) goods and services. It can be done by digitizing physical goods or by offering a technology-mediated delivery solution in the case of services. As China's Lin Qingxuan cosmetics company was forced to shut 40% of its shops in Wuhan, comprising all its facilities, sales decreased by 90 %( Yang and Han, 2021). However, the company has reused its beauty advisors as online influencers, utilizing digital platforms like WeChat for digitally engaging customers and pushing online marketing. Lin Qingxuan conducted a large-scale, live steel shopping event with 100 beauty advisors on Valentine's Day, with one advisor selling four retail shops then within two hours of each. When Nike was forced to stop its off-line business in China, but continued online operations, and over 5,000 of its seven thousand wholly owned and partner-operated shops %( Yang and Han, 2021). The employees of Nike engaged in digital training with Chinese customers. Nike recorded over 35% growth in its online sales in Greater China during December 2019 and the end of February in the same period last year. The digital business of Nike grew even faster and reached a growth level of three digits as businesses started to reopen across the nation. The pandemic is moving across Europe and North America, and Nike now has a route plan.
Strategy 2:Same Infrastructure, Different Products
COVID-19 suppresses demand for a large number of goods and services, thus minimizing the use of corporate infrastructure. Fabrics are operating under capability; restaurants, pubs, hotels are sitting vacant. However, although there has been a decrease in the number of certain goods and services, demand for others is high and even increasing (Ozili and Arun, 2020). Some companies use the shift to create alternative goods or to provide new types of services by deploying current infrastructure. As soon as the global hand sanitiser became evident, companies such as LVMH (perfumes), Pernod Ricard and Skyrora (rockets) proceeded to production within a few days (Bartik et al., 2020). Skyrora's drink was not accessible in all areas of the globe. In the meanwhile, automakers such as GM and Ford have converted some idle manufacturing lines to produce medical equipment, such as fans. As automotive giant BYD Co. sales in China dropped by 90%, millions of surgery facial masks per week were produced. Hotel companies including Best Western and Hilton have cycled and give hospital personnel their rooms to COVID-19 patients in the UK.
Strategy 3: Same Products, Different Infrastructure
Unexpectedly, some organizations need to rapidly expand their infrastructure to increase output and/or delivery capacities in order to meet the demand for their goods and services. It is easier than done to seek new infrastructures and frequently needs collaboration with foreign partners, yet creative efforts are taken by several organizations globally to bridge such gaps. Amazon has revealed that it would employ an extra 100,000 workers in the USA in preparation for homebound online shoppers to satisfy rising demands (Bjerkan and Michael, 2020). It has now collaborated with Lyft as both demand and prices have dropped dramatically in the case of Lyft rides. Lyft urges its drivers to act as warehouse, delivery personnel, and supermarket purchasers to earn extra money and the Lyft driver website offers an application for Amazon jobs. Meanwhile, Walmart intends to recruit up to 150,000 temporary staff throughout the U.S. to meet rising demand. The enterprise will also be paying its current workers $550 million in incentives (Meyer, Prescott and Sheng, 2021). For temporary workers, the application process will decline from two weeks to just one day and the business extends to the hotel and restaurant sectors to recruit individuals who face unemployment. For some years the sharing economy has been a popular business model in China, with companies using motorcycles, automobiles, mobile batteries and workers most recently. When Alibaba's grocery chain Hema was desperately in need of workers, it resorted to an innovative "employee share plan" to "borrow" more than 3,000 workers from restaurant, hotels and theatrical professions on a temporary level(Meyer, Prescott and Sheng, 2021). Credited workers have been trained as sorts or packagers of goods and Hema has been divided into employees. McDonald's employees in Germany have been allowed to work at Aldi shops, while restaurants are shut down from the fast-food giant. As food shopping rose significantly during the outbreak, Aldi was swamped by the demand.
2.4 Literature Gap
The literature review covers almost all the significant aspect concerned with the topic and discusses the various business segments that are hit hard by the pandemic. However, there still exists a gap in information as the topic is a vast area and due to the availability of a wide range of information, it was impossible to highlight every key detail in this chapter. Furthermore, due to the lack of a key segment and country, in-depth information pertaining to the topic was not possible in the literature review.
Chapter 3: Methodology
3.1 Chapter Overview
As stated in the title, the research technique is part of the third chapter of the study. The research chapter includes "research philosophy", "design", "research approach", "sampling" and "research strategy", "data collection process", "data analysis", "ethical consideration" and "limitation of research". The objective of this chapter is to outline and provide strategies for the whole research process. The chapter also contains an examination of the study strategy as a whole and the methodology employed for research. The objective of this chapter is to outline the research methodologies and tactics in full.
This chapter also generally gives a good account of each item and assesses the key components of the subject. This chapter presents an in-depth study of the procedures for research and deals with contemporary requirements for research. The section entails the primary issue and offers a comprehensive knowledge of the study to implement the outcomes and directives of the investigation. In conducting the study, the qualitative method was employed. In essence, integrative assessments of data and explanations enable the implementation of techniques and processes, and this section is well explained as it discusses major aspects and approaches related to the topically important content.
3.2 Research Philosophy
Research theory is typically about interpreting, collecting and using data in relation to a phenomenon. It is clear that in the Western tradition of philosophy, two main philosophies of science are generally acknowledged, interpretive and positivist. The study employs the idea of research interpretation to counterbalance the qualitative methodological elements as it was carried out utilising qualitative data methods(Ryan, 2018). Interpretivism philosophy is utilised by adding social remark into the study to describe the characteristics of scientists. Typically interpretive researchers think that only speculative representations like existing efforts and perspectives may have a notable influence on reality.
The philosophy of interpretivism is parallel to the philosophical argument of positiveness and usually promotes the acquirement of many methods, save for the approaches to nihilism and functionality(Alharahsheh and Pius, 2020). The interpretation method states that the knowledge of distinctions inside the person is essential for the expert as a social performance; thus, the theory uses several ways to represent various elements of the subject. This idea is used as a means for combining the qualitative technique of the research in the field of analysis.
3.3 Research Approach
The methods and strategies for good research in the subject of your choice are part of the research strategy. The information is created using a broad spectrum of assumptions and a reliable data gathering procedure in this situation. On the other extreme, a straightforward specification of the study subject is interpreted in many ways (Azungah, 2018). The research strategy covers everything from general premises to particular data collecting, analysis and interpretation procedures. Furthermore, it relies on the nature of the study issue. In this specific study, an inductive technique is employed to advance the subject.
Researchers start with several findings in concessions and then go from these singular opinions to a more system composed of suggestions. This means that they change the data into the theory or the data into the general. Inducing researchers, therefore, begin by collecting observable and then move on to a more broad collection of affirmations about these experiences from those various viewpoints (Tjora, 2018). The inductive research approach has been used by this particular investigation that may aid to get the required facts and knowledge.
3.4 Research Design
The design of the research may simply be seen in several ways. The research was conducted in a new manner. In a number of situations, the methodology has been utilised to combine relevant and practical techniques for applying theoretical and environmental ideas. Therefore, the substance of this thesis pertains to the data sources, the treatment of data and the technique of analysis and the ethical sensitivity generally noticed for important research results (Cardano, 2020). The secondary design was implemented by this specific feature of the study. In the secondary research design, the rationale and impact of a circumstance are linked.
Secondary research is a form of research that incorporates the utilisation of data acquired previously. The research is sometimes called desk research. In order to increase the overall effectiveness of the investigation, data gathered are integrated and pooled. Secondary information refers to material released in research papers and similar documents for strategies of secondary research (Haven and Van Grootel, 2019). Specify how the data was first produced, collected, created and distributed by which organisation. These collected data are then analysed and structured to enhance the general efficacy of the research. This type of study comprises the compilation of data from, among other sources, government documents or resources, universities and study have done before.
3.5 Data Collection process
The data collection procedure in the research paper is an important process in which information and research topics are collected enough and correctly. Analysis of primary and secondary data for the information collecting as part of data collection. This particular research has been using a qualitative technique for data and information collecting. The research is generally based on a contextual understanding of generalisations or elements from non-numerical observations and qualitative sources. In general, a variety of resources like scholastic books, official articles, columnist posts, magazines and PDFs, provide high-quality information (Moser and Korstjens, 2018). The qualitative analysis procedure consisted of enough research material from many text documents that made the investigation more powerful. Data from pertinent papers books and PDFs have been acquired in response to the appropriate consequences of the research. Real information and knowledge from the suitable current data directory have been made feasible and sensitive. The evidence generated was more trustworthy and respectable, and the results of this study were genuinely specified.
3.6 Data analysis
The approach of analysing data was employed to analyse data gathered using case study analysis methodologies in the research review. In this study of the research, the obtained data are further classified into sub-sets. Normally data analysis is carried out to improve the information acquired. Data analysis Data and information analysis are crucial for the study to demonstrate the correctness of the thesis. The thesis consists largely of analysis of the data collected usually from a number of PDF sources. The predictive analytics approach helps to clarify the data obtained from many sources at present (Castleberry and Nolen, 2018). The analysing approach also helps to organise and arrange material acquired from a variety of sources so as to achieve the study aim. Qualitative research was done using case study analysis, which allowed collecting the relevant information and data. Case Study Analysis is a study approach designed for textual content evaluation and coding that provides reproductive and reliable readings.
3.7 Research Sampling
A sample for research is a collection of individuals, objects or articles taken across a wider source for assessments. It ought to be typical of the population so that the findings in the study sample are extrapolated to the demographic. The research generally involves a systematic study to apply important impacts and to analyse or determine causes. The research contains knowledge from a series of topics, papers, PDFs, periodicals, etc. Therefore, all research qualifications should always be examined and verified in order to avoid mistakes in carrying out the investigations (Levitt, 2021).The collected information from the corresponding papers, books and PDFs allowed to correctly ramifying the investigation. The genuine data and data of the developed relevant databases have enhanced and rationalised the investigation. The data supplied has been more validated and rendered more respectable by a legitimate formed outcome.
3.8 Ethical Consideration
In research ethics, the features for developing the study framework and processes typically come in accordance with specified standards and recommendations. A variety of ethical rules should be observed, whereas research ethics are essentially recognised as a collection of norms and principles which are generally applied to the study's research goals. In the process of data gathering, the researchers received ethics guidance and provided sufficient security and protection (Jowett, 2020). The paper reviews research criteria on ethics and morale. The investigation also confirmed that copyrights for all information, data, journals, scholastic books and articles were secured.
It was re-identified before the data was released to the researcher. Consent from research topics might be properly inferred. The results of the investigation also prevented the re-identification of individuals. Secondary data related to living people generally require resources of ethical approval and data kind. The amount of information required to complete the study ethics registration form also relies on the background and kind of data (Pietilä et al., 2020).In general, the objective of the research is the preservation of the value of human integrity, so that the researcher does not exchange delicate materials. Therefore several ethical viewpoints were followed by this particular investigation.
3.9 Research limitations
The research restriction refers to the nature of the research approach that influenced the interpretation of the outcomes of the investigation. There are obviously restricted findings in this study in the analyses of some elements such as the application practice, the usefulness of findings and the predictive validity of research findings initially picked. First of all, the most important difficulties and disadvantages of the study were trustworthy data. Even though a great number of websites could not contact researchers, they created generally limited data and information (Bergen and Labonté, 2020). There were certain facts and data that did not have the correct information on the study issue during the procedure of secondary data collecting. Some of them were imprecise and incorrect data collected entirely. Another problem was that most providers of information and knowledge were old and outdated and not usable for study. The population utilized in the secondary data in this research was tiny and restricted, which did not correctly capture all elements of the research targets.
Chapter 4: Findings
The researcher has searched various databases, medical, non-medical, business and economics, to find out the answers to the research questions. While finalising the findings, the research sectionalise the overall data into four parts, based on the three key regions of the World, Asian Counterpart, American Counterpart and European Counterpart. Therefore, the covid-19 impact on business and economics of every counterpart has been detailed.
Tourism arrivals and receipts are projected to drop substantially in several emerging Asian countries as a result of various travel restrictions and cautionary actions. The PRC itself imposes one of the most important travel prohibitions. The PRC administration enforced an outward visitation prohibition among travel agencies on 24 January 2020. This interdiction, which still exists, damages 55% of the entire tourist exports of the PRC (Boughtonet al., 2021). Moreover, 47 nations, notably Australia, the US and the Russian Empire, have implemented immigration restrictions to and from the PRC. Many companies have either stopped or severely shortened PRC flights. The PRC is expected to witness a decrease of a minimum of 7.7% in tourists visiting in 2003 throughout the SARS pandemic fall (Yu et al., 2021). As for remaining developing Asia, although non-Chinese tourist arrivals will certainly drop, even without specific prohibitions on travel to other Asian economies, as visitors shun tourism in that area. The SARS pandemic of 2003 saw, for example, in 2003, decreases in the incoming economies of South-East and East Asia, including Indonesia, Thailand, and the Republic of Korea, despite very few instances of SARS.
The results were presented by fresh investigations on the present pandemic abatement scenario between small and medium-sized enterprises, individuals, agriculture and the travel industry of the country. The number of company owners decreased significantly as a result of COVID-19 for construction, restaurant, hotel and transport. Densities of women, black, Latinx and Asian companies in pandemic businesses have been shown to be greater than the average national damage for such categories (Park, Villafuerte and Abiad, 2020). In general, these initial estimates for COVID-19 influence on small companies in April 2020 show that the damages were distributed throughout socioeconomic categories and company kinds - no group was exempt from detrimental consequences and swings in consumption from socially distancing policies.
Business owners of Latinx have also been severely affected. From February to March, the proportion of Latinx ownership decreased from 2.1 to 1.4 million (32%). Asian company owners lost 230,000, which accounts for 26% of the February level. White losses also reached 1.8 million companies, however were reduced by a percentage of initial levels (17%). The COVID-19, which lost 32% of the company holders, also affected Latinx companies severely. The key two-month span showed Asian business owners a 26% decrease. Simulation estimations also indicate that these two groups have disadvantageous industries. Furthermore, expatriate companies were crushed by 36% of revenues (Usmanet al., 2020). The negative early-stage influence on ethnic and foreign enterprises, if extended, might be significant because of the significance, for local job creation, economic progress and long-term rich inequalities, of minority firms.
Financing for public health care varies from 0.3 to 97% in various nations, for example, in the entire fiscal stimulus package. At a global level, the most political emphasis has been paid to monetary assistance for companies, particularly fiscal cuts or exceptions. Fiscal policy initiatives supplement the stimulatory elements of fiscal policies procedures in order to support economic activity without availability and credit constraints in a controlled manner. Reductions in interest rates between 25 and 425 basis points (Padhan and Prabheesh, 2021). Two Central Asian states, by contrast, have boosted inflation-related policy rates but infused cash to assist industries through reducing accessibility or the risk assessments of specific assets.
Monetary policy initiatives to enhance stability in their economies, such as reduced reserves ratios, capital needs relief, anti-cyclical equity buffer relaxation, a liquidity-based cover ratio, and reduced risk assessments for some securities would momentarily be facilitated. Some financial institutions have also declared macro-prudential policy deployment postponement. Government agencies in the Asia-Pacific area take administrative and policy measures in response to and adversely affected by the COVID-19 pandemic (Padhan and Prabheesh, 2021). Most nations and jurisdictions have implemented restrictions on travel and measures to reduce the transmission of the illness. Although many nations have developed fiscal and monetary austerity measures, the extent and policy emphasis of their nations differs according to national priorities, capacity to implement them and how seriously they suffer from the COVID-19 illness.
The pandemic of coronavirus (COVID–19) is increasingly damaging the restaurant sector in the United States. Consumers are increasingly dining out publicly, owing to measures of social distance and general prudence. The source reports that the decrease year-on-year among seated customers in U.S. restaurants was 13.74% on April 25, 2021, compared to 2019. The COVID-19 pandemic affected the restaurant sector in the United States through government closures, resulting in people laid off and financial losses for restaurants and owners and endangering the future of independent restaurants as a subcategory (Walmsley, Rose and Wei, 2020). Within a week following the initial suspensions, organisations of businesses defending independent restaurants asked local, regional and regulating interstate commerce for quick relief initiatives and claimed that no and over 75% of independent shops had the option of surviving closures for several weeks. Almost 16,000 completely shuttered eateries by the end of July.
The closing of eateries commenced on 15 March when Ohio Gov. Mike DeWine ordered all of the shops and pubs in Ohio to shut the restaurants and bars. By 23 March, industry analysts estimated that about half of the 15 million employees in the sector had been set aside. In the form of business interruption plans, insurers refused to reimburse their financial losses. Worldwide, everyday traffic in restaurants decreased sharply in 2019, when the coronavirus affected the sector as a whole. First, the financial properties of a company play a major part in self-funding when their cash flow is disrupted as a disease outbreak and an economic collapse by such unforeseen external occurrences (Nicola et al., 2020). Provided that traders and shareholders make and modify their assessments of a company's market value when the economic attributes of a business are made available to the public through financial statements and other income advertisements, these features serve as valid predictor variables to evaluate a company's adaptability against unanticipated exterior crises, such as COVID-19.
In particular, the financial flexibility achieved through adequate capital reserves, decreased debt, elevated financial performance past and high dividends may be good signs of a company's ability to stand throughout a financial meltdown in the U.S. foodservice industry due to the significant reduction in profitability power generation of COVID-19. If with its additional resources, owners and investors of a company are reasonably positive regarding the future position of the firm, stock returns for COVID-19 in comparison with other companies with low financial circumstances may fall below that of the company (Gharehgozliet al., 2020). The present study investigates company size, leverage, dividends and cash flow as key proxy servers for the financial circumstances of a company in that these factors have been widely used in the literature, particularly throughout the COVID-19 disease outbreak, to investigate the impact of firm features on its financial performance.
For instance, company size has an impact on the financial success of a company based on the economies of scale and market performance advantage. Leverage, which is a fundamental financial condition for showing a company's liquidity, also impacts the financial success of a company, given the benefits of a tax shield. A dividend indicates an accounting and financial position for a company that impacts conjecture regarding the economic success of a company and its market rate (Gharehgozliet al., 2020). Further, considering a COVID-19 pandemic's unfavourable impact on cash flows, the cash flow of an enterprise might be a useful measure of the resistance to the COVID-19 shock of a company. In a similar line, a company's prior prosperity might be an indication that a company has the power to withstand that shock.
The care sector is one of the industries most affected by COVID-19 throughout the first wave, as indicated in the Commission Staff research paper to determine Europe's recovery requirements. European car industry supply networks were affected by the initial Chinese factory closures. The blackouts in Europe throughout March and May were, nevertheless, more serious. Car plants have been shut down throughout the EU for the smallest delay in Sweden (15 days) and the longest period in Italy for an average of 30 days (41 days). The EU car sector lost 3.6 million cars in the first half of 2020, reflecting an increase in loss of 100 billion euros (Yarovayaet al., 2021). The number grew to 4,024,036 motor cars by the end of September 2020, accounting for 22.3% of EU total output in 202032. The demand for automobiles in the EU fell by 28.8% comparison to the preceding year in September
Boosting disease burden and the return of governmental limitation tactics throughout Europe resulted, during September and December, in an average weekly reduction in the visitation of -73%. In 2020, European requirements for aircraft production fell by 43%, mainly due to Airbus delays. As regards the service sectors of the economy, since the beginning of the recession the aircraft have struggled. Many have been bankrupted by robust corporate reorganisation which resulted in forced expenses and reduced assets, and in the end job losses. National markets in the EU dropped from 40% to 73% with a total net loss of € 56.2 billion for aircraft and infrastructure suppliers (Sokol and Pataccini, 2020). Airlines decreased in Germany from 61% in the UK to 56% and in Italy to 60% in comparison with 2019. In the aggregate 54% decline in intra-European and 59% in out-of-European traffic in 2020, the largest aerospace firms suffered record losses. In 2020, around 191,000 straightforward jobs had been lost for the European industry as a whole, each expected to sustain six more economic employment.
The comparative rebound in summer consumption, along with enterprises' ability to accommodate their operation to the health and distance standards of governments, raised need and chemical production from September forward. The prior quarter saw a rise of 6.1% (Juergensen, Guimón and Narula, 2020). Nevertheless, production success was greatly reliant on countries and several EU Member States saw increases during 2019. Overall, from January to November 2020, overall production in the chemical industry fell by 2.8% from 2019.
It is of special significance to differentiate in terms of the effects of the COVID-19 pandemic on the EU food industry, as the repercussions are varied. Whereas subsectors with tight connections to the Hotellerie Restaurant-Café were affected hardest, food merchants have witnessed a dramatic change in sales from outside food to home-consumed food. Frozen and packaged food retailers have witnessed the most significant sales rise. The sales of frozen food, for instance, in France were 63% higher than in the same time in 2019 in the second half of March. The food industry was far less affected by the second wave than the first wave (Lahcenet al., 2020). Although the HORECA subsectors were nevertheless negatively impacted, this is probably less serious since some manufacturers have been able to respond to new demand and adjustment of packing, branding and manufacturing. Borders also stayed closed, and shoppers refused to buy or store fear. Therefore, there were no disruptions and supply networks were stable.
Chapter 5: Discussion
The findings of the thesis were generally conducted by analyzing three case studies of three continents namely Asia, America and Africa. The impact of the Covid-19 on the business sectors has been thoroughly analyzed in the results of the dissertation to meet the aim and objectives of the study. In order to discover answers to study questions, the researcher searched many databases, such as medical, non-medical, commercial and economics. The study finalized the results by dividing the entire data into three sections, depending on the three major world, Asian, American and European areas. The relevant research results indicate that, as a consequence of different tourism regulations and cautionary measures, tourism arrivals and receipts in many developing Asian nations are expected to decrease significantly. One of the major travel restrictions is enforced by the PRC itself. On 24 January 2020, the PRC government implemented the travel agencies' outbound visitation ban (Boughtonet al., 2021). This ban, which still remains, affects 55% of all the PRC's tourist exports. In addition, 47 nations have applied immigration restrictions to and from the PRC, including Australia, the United States and the Russian Empire. Many companies halted or cut down PRC flights seriously.
The PRC is expected to have a reduction in visitors to the SARS pandemic by at least 7.7 per cent in 2003(Yu et al., 2021). Since for the rest of Asia, without an explicit ban to travel to other Asian economic countries, non-Chinese tourists will definitely decline as tourists do not visit the region. As a wake of COVID-19 for construction, restaurants, lodging and transportation, the number of business owners dropped substantially. Women's, black, Latinx and Asian densities have shown higher national harm for such categories in a number of pandemic firms. Generally, the original COVID-19 estimates showed that harm was distributed across socioeconomic groups and types of business for small businesses in April 2020 and that no group was exempted from adverse effects and consumer changes from laws to social distance measures (Park, Villafuerte and Abiad, 2020).
At a worldwide level, monetary support towards businesses, in particular fiscal cuts or exclusions, has indeed been given the greatest political attention. In order to enhance economic activity without availability or credit restrictions on a regulated basis, fiscal policy efforts supplement stimulating aspects in fiscal policies. Interest rate reductions of 25 to 425 basis points. In contrast, two Central Asian governments have strengthened inflation-related policies, but have invested funds in promoting business by limiting accessibility, or by assessing the risk of certain assets (Usmanet al., 2020). Also, macro-prudential political implementation has indeed been reported by some financial institutions. In reaction to and adversely affected by the COVID-19 pandemic, government agencies in the Asia-Pacific region undertake administrative and policy measures(Padhan and Prabheesh, 2021). In most countries and jurisdictions travel restrictions and disease transmission minimization have been imposed. Whilst many states have established economic and monetary austerity measures, national priorities, their ability to apply and their seriousness with COVID-19 disease vary according to the scope and political emphasis of their countries. Therefore, it can be clearly noted that the Asian region has been severely impacted by the onset of the pandemic that has resulted in major business segments receiving loss in their businesses.
The coronavirus pandemic (COVID–19) in the restaurant industry in the United States is affecting us evermore. Due to measures of social distance and basic caution, consumers have stopped eating in public. On April 25, 2021, the report confirms that seated guests in US restaurants decreased year by year by 13.74 per cent over 2019(Walmsley, Rose and Wei, 2020). The COVID-19 pandemic impacted the restaurant industry in the US through government closures, leading to losses of money and persons and the future of independent restaurants as a subcategory in the United States. The closure of restaurants began on 15 March, when Ohio Gov. Mike DeWine ordered the shutdown of restaurants and bars to all shops and pubs in Ohio. By 23 March, industry experts estimated the sectors about half of the 15 million staff. Insurers have refused to pay their financial losses in the form of business interruption policies. In 2019, the traffic in restaurants all over the world dropped significantly as the entire industry was affected by the corona virus (Nicola et al., 2020). Firstly, the financial characteristics of a business play a significant role in self-financing, since the breakout of the illness and an economic collapse of such unexpected external events damage their cash flow. In specific, the financial flexibility that a company achieves through adequate capital reserves, reduced debt, higher financial performance and high dividends can be positive indications of a financial meltdown in the US foodservice industry as COVID-19 has greatly decreased its profitability power generation. If with the extra resources of a business's owners and investors, their future position may reasonably be positive, COVID-19 stock returns may be lower than those of the company compared with comparable low-financial firms.
For example, the success of the company has an effect on a company's financial success depends on the financial benefits of size and market performance. Leverage, a basic financial condition to indicate liquidity for a business, also impacts a company's financial performance, given the tax shield advantages. For a company, the dividend signifies an accounting and financial position that influence the business performance and market rate of the company (Gharehgozliet al., 2020). In addition, the cash flow of a company may be used to measure the company's resilience to the COVID-19 shock given a pandemic of COVID-19 unfavourable impact on cash flows. Similarly, the previous success of the business may indicate that the company is able to deal with this shock. The automobile industry, as stated in the Commission staff study report to estimate Europe's recovery requirements is one of the sectors most affected by COVID-19 during the entire first wave (Yarovayaet al., 2021). The first Chinese plant closures affected the European automobile sector supply networks. However, blackouts were more significant in Europe throughout March and May. The shortest delay in Sweden (15 days) and the largest in Italy for an average of 30 days have also been shut down in the EU (41 days). In the first half of 2020, the EU auto industry lost 3.6 million vehicles, reflecting a EUR 100 billion rise in losses. By the end of September 2020, the figure had grown to 4,024,036 motor vehicles, constituting 22.3% of total EU production in 2020(Sokol and Pataccini, 2020). Demand for cars in the EU fell by 28.8% over the previous September year. European aircraft manufacturing needs fell by 43 per cent in 2020, mainly due to delays at Airbus. In relation to the business services, the aeroplanes have been struggling since the onset of the crisis. Many failed due to robust corporate reorganization, which resulted in forced expenditure and reduced assets and eventually job losses. National EU markets fell from 40% to 73% for aircraft and infrastructure providers, with a total net loss of € 56.2 billion. Airlines dropped from 61% in the UK to 56% in Germany and from 60% in Italy to 60% in 2019. In total, the losses of the biggest aerospace companies were documented by the 54% decrease in intra-European transportation and 59% in non-European transport by the year 2020. In 2020, around 191,000 jobs were lost for Europe's whole industry, each with six more economic positions expected to sustain.
The consequences of the COVID-19 pandemic on the EU food sector are of special importance to distinguish since they vary. Whilst subsectors having close ties with the Hotellerie Restaurant-Café had a huge effect, food traders saw a significant shift from outside to home consumed food sales. The biggest increase in demand has been seen from frozen and packaged food businesses. For instance, in France sales of frozen food in the second half of March were 63 per cent higher than in 2019(Juergensen, Guimón and Narula, 2020). The second wave affected the food sector far less than the first wave. Even though the HORECA sub-sectors still had a detrimental impact, this is probably less severe since some manufacturers can satisfy their increased need for packaging, marketing and production adjustments (Lahcenet al., 2020). Borders were also closed, with the customer's not buying or stocking fear. No disturbances and networks of supply have thus been stable. Therefore, the results of the thesis make the literature review valid and help to meet the main objectives of the study. The three regions were severely impacted by the pandemic and their responses to the pandemic have been illustrated in the dissertation. Therefore, there exists similarity in the results and the literature review as the impacts of the various regions are analyzed in the case studies, whereas the literature presents opinions concerning the impact of Covid-19 in various regions of the world.
Chapter 6: Conclusion
To conclude, it can be stated that the pandemic Covid-19 have severely impacted every sector of businesses in every nation. The pandemic of the coronavirus has led many companies to examine the use of contact centres, the supply by employees, the workplace and the digital channels of relevant experience for the continuation of the company in and beyond the emergency situation. The crisis changes profoundly how and what people buy and leads to major structural changes, in the consumer products industry, for instance. The scenario of COVID-19 crashes the equilibrium of businesses with significant changes in customer behaviour, distribution and market routes. In the pandemic response, it has been emphasized the need of accelerating the deployment of agile working techniques and the change in the value chain to effectively manage the predictability. The primary focus on the COVID 19 and company closure was on e-commerce supply chains in China, the United States and other countries. The most affected industries have indeed been electronic products since the COVID 19 pandemic, since China was the world's top manufacturer of COVID 19 and because ITUF is the world's largest producer. Chinese imports include a substantial proportion of integrated electronic components, such as consumables, processors and later delivered, into finished products. The electronics industry is however close, with extra impacts because of the electronics supply chain shutdown. In many fields, including North America, Europe, Asia Pacific, and the whole globe, the new COVID-19 pandemic affects competition. In Asia-Pacific countries throughout Europe and China, Italy, Spain, France and Germany were mostly reported.
The number of new employment remains unbelievably low in many nations owing to the pandemic as the dissertation reveals. In Australia in 2019, the vacancies of jobs restored to the same level, although trail behind in Spain, France, the US, and many other nations. The international economy, as projected by the IMF, decreased by 4.4% in 2020. The group has characterized the fall as the worst since the Great Depression of the 1930s. China has been the only big economy that grew in 2020. It grew by 2.3 per cent. However, the IMF estimates 5.2 per cent global growth by 2021. That would be driven mainly by the 8.8% and 8.2% respectively of nations like India and China. In big, service-reliant economies such as the United Kingdom or Italy, recovery is anticipated to be slow. New virus strains led some countries only in recent months to enforce tighter travel restrictions. The Flight Radar 24 shows that the percentage of international flights hit significantly in 2020 and is far from recovering. Record consumers feel at home from a retail footfall. New swings and increases have exacerbated problems. The change in online dealership, with worldwide overall revenue of 3.9 trillion dollars in 2020, has also been shown to have substantially risen. Governments worldwide have committed billions of dollars to Covid-19's vaccine and treatment alternatives. Actions at several pharmaceutical companies in the production of diagnostic have risen. Novax, Moderna and AstraZeneca have significantly increased. But Pfizer's inventory price decreased. Investors have decreased the production cost and management of vaccines, BioNTech cooperation, and growing competitor numbers on an equal scale; trust in the business has fallen to greater sales before 2021. Furthermore, the literature review of the dissertation is made credible with the results of the findings. The research was conducted incorporating secondary methodology with relevant case studies to meet the main aim of the study. The case studies covered the impact of Covid-19 on three continent that mainly encompasses American, Asian and European counterparts and how Covid-19 had affected the all the three regions severely.
The following recommendations are suggested for the countries and business segments severely impacted by the pandemic:
6.3 Future Research Scope
Generally, the entire study of the research has significantly covered almost all the topic. The aspects concerning the research topic are the major regions and business sectors that are hit hard by the outbreak of the COVID-19 pandemic and an analysis of the business industries most and least impacted by the outstretched of the pandemic have been prominently discussed and explained in this research study. Moreover, on the other hand, this study of the research also has evaluated and highlighted the positive and the negative impact of the COVID-19 pandemic on business and analysed the business response to the pandemic. Through this, it becomes evident that by proficiently studying this research, the learners and the other researchers of this relevant topic will be able to get signed and potential knowledge regarding the study. However, there are still some lacking that creates a huge gap in learning. Generally, due to the unavailability of a wide range of information, it was impossible to highlight every key detail in this chapter. Furthermore, due to the lack of a key segment and country, in-depth information pertaining to the topic was not possible in this study. Therefore, the researcher has decided to conduct a further study in future in order to fulfil all the lacking of this study.
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