Explaining COVID-19 shock wave mechanism in the European service industry using convergence clubs analysis

Marinko Skare and Domingo Riberio Soriano
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Domingo Riberio Soriano: University of Alcala

Service Business, 2022, vol. 16, issue 2, No 4, 283-307

Abstract: Abstract The impact of COVID-19 on the economy and business is a major issue. We define convergence clubs as countries with the same impact of COVID-19 on service turnover by using a convergence algorithm for testing and clustering. We repeat the procedure in the hospitality and food industry, information and communication, transport, and storage. The impact of COVID-19 on each convergence club identified in the study varies empirically. The findings suggest that the impact of COVID-19 varies between countries and industries depending on the firm’s agility, innovation, ownership, digital adoption, customer perception, pandemic status, and state financial assistance of companies.

Keywords: COVID-19; Service industry; Convergence; Turnover; European Union (search for similar items in EconPapers)
JEL-codes: L8 L88 N70 O14 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/s11628-021-00471-8

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