The impact of COVID-19 on business resilience in Malaysia

Saidi, Noraida; Saidi, Normaizatul Akma

doi:10.4324/9781003182740-3

Cited by 2 publications

(2 citation statements)

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“…Business agility is considered a firm's ability to promptly seize new opportunities and implement planned ideas for future development. A study by Saidi and Saidi (2021) found that business owners' efficiency and ability to take instant action illustrated efficient transformational leadership, for example, switching the business model from offline to online mode shaped business resilience during this challenging period. Therefore, it is deemed critical for SMEs to have business resilience and the technical ability to switch to online business as this has played a vital role during the COVID-19 pandemic.…”

Section: Business Resiliencementioning

confidence: 99%

The Resilience of SMEs in Fighting COVID-19 through Online Business Acceleration

Rahim¹,

Shariff²,

Ngah³

et al. 2022

IJAEFA

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The COVID-19 pandemic has impacted the social and economic well-being of the world. From an economic perspective, nations around the world have been negatively impacted by the pandemic, including Malaysia. Billions of Ringgit Malaysia have been lost, and businesses, especially SMEs, have suffered tremendously. However, the number of online businesses has increased due to the pandemic response that forced people to stay home. Thus, this paper studies the online business phenomenon among SMEs in Malaysia. The study employs a quantitative survey among online business entrepreneurs in Malaysia. Based on the findings, it reveals that of the SMEs in Malaysia that ventured into online business, most were motivated by the pandemic as they saw it as a business opportunity. Surprisingly, the majority of them agreed that the pandemic positively impacted their business and their sustainability.

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Section: Business Resiliencementioning

confidence: 99%

The Resilience of SMEs in Fighting COVID-19 through Online Business Acceleration

Rahim¹,

Shariff²,

Ngah³

et al. 2022

IJAEFA

View full text Add to dashboard Cite

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“…Nevertheless, the studies are confined to the situation before the country was hit by COVID-19. The myriad studies also discussed the impact of COVID-19 on the socio-economic activities in Malaysia, such as the impact of COVID-19 on the tourism industry of Malaysia [20], small businesses in the tourism and hospitality industries [21], business resilience in Malaysia: insights from Kelantan [22], and unemployment in Sabah [23]. Past literature also narrated Malaysia's experience in fighting the pandemic, particularly the key success factors in managing the health impact from January to August 2020 [24], the unprecedented Malaysian experience in responding to the COVID-19 pandemic compared to two Asian countries (Singapore and Taiwan), and the implications of COVID-19 on social well-being [25].…”

Section: -Introductionmentioning

confidence: 99%

Financial Solace: Malaysian Credit Counselling and Debt Management Agency Responses to COVID-19 Challenges

Ilias

Azizi²,

Rahman³

et al. 2023

Emerg Sci J

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This study evaluates the measures undertaken by the Credit Counselling and Debt Management Agency (AKPK) to assist those financially distressed due to their inability to meet their financial commitments amidst the COVID-19 pandemic. Adopting secondary analysis of qualitative data, relevant secondary data, including journal articles, annual reports, and newspaper articles, were analyzed. The study finds that measures adopted by AKPK in response to the COVID-19 pandemic include reinforcing the workforce, enhancing IT infrastructures, deploying digital platforms, using various media channels, introducing online apps, online portals, online webinars, online learning modules, and online payment facility for all debt management participants. AKPK is also entrusted with handling small and medium enterprises (SMEs) under the Small Debt Resolution Scheme. A dedicated SME Helpdesk is established to facilitate the process. AKPK’s continual support to provide financial aid is reflected in its collaborative effort with the banking industry under the Financial Management and Resilience Program and the Financial Resilience Support Program. However, the government should seriously consider strengthening personal data protection laws because of AKPK’s significant reliance on digital platforms. Similarly, appropriate government bodies must take quick action to address the digital divide issue and promote inclusion to reduce disparity in terms of access to online services offered by AKPK. Also, since certain individuals or SMEs with credit facilities with entities not regulated by Bank Negara Malaysia are deprived of this incentive, relevant regulators should undertake actions to provide a similar facility. This study is significant in that it provides lessons to be learned by other credit counseling and debt management agencies in adopting effective measures to enable them to adapt to the new normal. Doi: 10.28991/ESJ-2023-SPER-011 Full Text: PDF

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The impact of COVID-19 on business resilience in Malaysia

Cited by 2 publications

References 0 publications

The Resilience of SMEs in Fighting COVID-19 through Online Business Acceleration

The Resilience of SMEs in Fighting COVID-19 through Online Business Acceleration

Financial Solace: Malaysian Credit Counselling and Debt Management Agency Responses to COVID-19 Challenges

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