Purpose

The COVID-19 pandemic and subsequent efforts to contain it have started economic downturn that may even surpass the global financial crisis (GFC). The purpose of this study is to uncover the features of enterprises’ resilience during and after an external shock such as the GFC might be helpful in predicting the shock impact on enterprises and setting proper policy measures for the upcoming COVID-19 crisis.

Design/methodology/approach

The authors analysed the impact of the GFC on the entrepreneurial population in/of the Czech Republic using marginal effects method on a large random sample of 4,478 enterprises. In this analysis, the authors defined two groups of enterprises – “winners” and “losers” – based on the company’s dissolution and performance indicators.

Findings

The GFC struck the enterprise population asymmetrically in terms of the enterprises’ characteristics but also in terms of time. Micro and small size companies are the most vulnerable to external shocks such as the GFC. Technological level plays an important role in the recovery phase, especially in the case of manufacturing micro enterprises.

Research limitations/implications

Although there are differences between the GFC and the COVID-19 crisis, the GFC was the only comparable shock in modern history in its global nature, depth and unpredicted occurrence. It can be expected that the impact on enterprises can be partly similar.

Practical implications

Government support of micro size companies should be the priority in the upcoming COVID-19 crisis. Supporting the innovation and technology progress might accelerate the recovery phase after the crisis especially in micro companies as well.

Originality/value

This paper presents interesting insights into the impact of external shocks such as the GFC or COVID-19 on enterprises. It uncovers typical features of “winners” or “losers” of such shocks.

中文翻译：

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在即将到来的 COVID-19 经济危机中可能的赢家和输家——从全球金融危机中吸取的教训

目的

COVID-19 大流行以及随后的遏制措施已经开始了经济下滑，甚至可能超过全球金融危机 (GFC)。本研究的目的是揭示企业在全球金融危机等外部冲击期间和之后的韧性特征，可能有助于预测冲击对企业的影响，并为即将到来的 COVID-19 危机制定适当的政策措施。

设计/方法/方法

作者使用边际效应方法对 4,478 家企业的大型随机样本分析了全球金融危机对捷克共和国境内/境外创业人口的影响。在这项分析中，作者根据公司的解散和绩效指标定义了两组企业——“赢家”和“输家”。

发现

全球金融危机在企业特征和时间上对企业群体的打击不对称。微型和小型公司最容易受到全球金融危机等外部冲击的影响。技术水平在复苏阶段起着重要作用，特别是在制造微型企业的情况下。

研究限制/影响

尽管 GFC 和 COVID-19 危机之间存在差异，但 GFC 是现代历史上唯一具有全球性、深度和不可预测性的冲击。可以预期，对企业的影响可以部分相似。

实际影响

在即将到来的 COVID-19 危机中，政府对微型公司的支持应该是优先事项。支持创新和技术进步可能会加速危机后的复苏阶段，尤其是微型公司。

原创性/价值

本文就 GFC 或 COVID-19 等外部冲击对企业的影响提出了有趣的见解。它揭示了此类冲击的“赢家”或“输家”的典型特征。