Crisis challenges of small firms in Macao during the COVID-19 pandemic

Jose C. Alves, Tan Cheng Lok (), Yubo Luo and Wei Hao
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Jose C. Alves: City University of Macao
Tan Cheng Lok: City University of Macao
Yubo Luo: City University of Macao
Wei Hao: City University of Macao

Frontiers of Business Research in China, 2020, vol. 14, issue 1, 1-23

Abstract: Abstract This research develops a framework that combines crisis stages, stakeholder engagement, and crisis challenges. The framework is applied to small firms in Macao during the 2019 novel coronavirus disease (COVID-19) pandemic crisis. We conduct a qualitative study based on semi-structured interviews with the leaders of six small firms in Macao. The findings suggest that the COVID-19 pandemic has turned into a “normal” context, which blurs the traditional crisis termination stage. We also find that participating firms engage more with internal stakeholders than external ones. The strategies adopted by small firms include flexible human resource (HR) practices, cost reduction, enhancing customer relations, and using government support schemes. These strategies are effective in the short term; firms need to pay attention to diversity and learning for the long term.

Keywords: Crisis development; Crisis strategies; Small firms; 2019 novel coronavirus disease (COVID-19); Macao (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (5)

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DOI: 10.1186/s11782-020-00094-2

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