Effects of COVID-19 on business and research

Abstract

The COVID-19 outbreak is a sharp reminder that pandemics, like other rarely occurring catastrophes, have happened in the past and will continue to happen in the future. Even if we cannot prevent dangerous viruses from emerging, we should prepare to dampen their effects on society. The current outbreak has had severe economic consequences across the globe, and it does not look like any country will be unaffected. This not only has consequences for the economy; all of society is affected, which has led to dramatic changes in how businesses act and consumers behave. This special issue is a global effort to address some of the pandemic-related issues affecting society. In total, there are 13 papers that cover different industry sectors (e.g., tourism, retail, higher education), changes in consumer behavior and businesses, ethical issues, and aspects related to employees and leadership.

Investigating the emerging COVID-19 research trends in the field of business and management: A bibliometric analysis approach

“…In comparison with the 2008 global financial crisis, the COVID-19 pandemic is associated with several new challenges, given that major economic activities have been stifled. The extent of COVID-19 spread across the world has heightened uncertainty regarding consumption and investment among different stakeholders, like consumers, trade partners, suppliers, and investors (Donthu & Gustafsson, 2020). Increasing the length of the lockdown and travel restrictions (national and international) are severely affecting the general economy.…”

“…The COVID-19 crisis is generating spillover effects throughout global and regional supply chains, disrupting demand and supply (Pantano, Pizzi, Scarpi, & Dennis, 2020). Additionally, social distancing policies have almost destroyed service industries, like travel and tourism and hospitality, which could trigger a recession (Donthu & Gustafsson, 2020). The severe global challenges posed by COVID-19 can be tackled using a range of digital technologies, like the Internet of things, artificial intelligence, big data analytics, and drones (Donthu & Gustafsson, 2020).…”

“…The outbreak is predicted to reach its peak in June 2020, declining only from July 2020 onwards (WHO, 2020). The COVID-19 pandemic has affected all segments of the population, especially vulnerable groups such as the old, the infirm, the disabled, the marginalized and the poverty-stricken (Donthu & Gustafsson, 2020). In response to the pandemic outbreak, the leaders of many countries decided to save lives before saving the economy, declaring sudden or phased lockdowns in their countries.…”

“…In response to the pandemic outbreak, the leaders of many countries decided to save lives before saving the economy, declaring sudden or phased lockdowns in their countries. Policies like "social distancing" and "stay-at-home" were implemented overnight, which severely damaged several businesses across industries (Donthu & Gustafsson, 2020;Leite, Hodgkinson, & Gruber, 2020).…”

“…It is becoming challenging for most businesses across the world to keep their financial wheels rolling, given reduced revenues and the high level of uncertainty. It is thus of the utmost importance for businesses to conduct proper assessment and feasibility analyses of their business models (Donthu & Gustafsson, 2020).…”