SMEs Sustainability in Times of Crisis

Otilia-Maria Bordeianu (), Claudia-Elena Grigoras-Ichim () and Lucia Morosan-Danila
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Otilia-Maria Bordeianu: Lecturer PhD, †Stefan cel Mare†University of Suceava, Suceava
Claudia-Elena Grigoras-Ichim: Lecturer PhD, †Stefan cel Mare†University of Suceava, Suceava

Chapter 07 in World Lumen Congress 2021, 2022, vol. 17, pp 58-65 from Editura Lumen

Abstract: The global crisis generated by the COVID-19 pandemic among the population and at the level of companies, state institutions, etc., underlined the importance of analysing its impact at different levels (intern, national and international level). The concepts of sustainability, development and growth must be aware, adapted and implemented more and more frequently, even constantly, in order to cope with the current evolution of the economy (and not only). The paper is an empirical research conducted in the North-East Region of Romania, aiming to analyse the impact of COVID-19 on local companies (especially SME’s), in the context of existing correlation between the COVID-19 impact on resizing, restricting, changing the number of active employees, changing revenue, changing turnover and changing profit, based on the Spearman correlation coefficients. In this sense, it was important to implement sustainability strategies and ensure the activity and resources of companies in the long term, because the effects of an economic crisis (natural resources, human resources, not only financial) are felt in 2021 and will be felt in the future 10 years. The paper concludes with two practical solutions to ensure the sustainability of the companies involved in the study, solutions that can be applied by all companies that have been affected by the COVID-19 pandemic.

Keywords: Development; sustainability; growth; SME; crisis; COVID-19; strategy (search for similar items in EconPapers)
JEL-codes: E0 E4 E6 (search for similar items in EconPapers)
Date: 2022
ISBN: 978-1-910129-32-6
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Persistent link: https://EconPapers.repec.org/RePEc:lum:prchap:17-07

DOI: 10.18662/wlc2021/07

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