The Effect of Economic Crisis on Entrepreneurial Performance in South Korea

So Hyun An ()
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So Hyun An: Korea Institute for Industrial Economics and Trade

No 22/19, Research Papers from Korea Institute for Industrial Economics and Trade

Abstract: An abundance of research has empirically demonstrated that macroeconomic conditions at the time of launch affect the decision to start a business and its performance. Considering that the COVID-19 pandemic is different from previous crises and the extent and scope of the coronavirus are unlike those seen during previous outbreaks of infectious diseases, this crisis deserves a separate discussion. The crucial characteristic differentiating the COVID-19 economic crisis is that, due to the nature of a pandemic, industrial impacts have been heterogeneous. The number of startups in service industries requiring in-person customer interactions (such as the hospitality industry) has declined, while the number of startups in science and technology services that support businesses going digital or non-face-to-face has increased. And as the coronavirus has had a far-reaching impact over an extended period compared to previous pandemics, the domestic ecosystem for entrepreneurship has likely undergone long-term structural changes. Accordingly, entrepreneurship policy should be designed to support the transition to non-face-to-face operation and digital transformation considering sectoral differences.

Keywords: COVID-19 Economic Crisis; Entrepreneurship Policy; Technology Service (search for similar items in EconPapers)
JEL-codes: D24 L25 L53 (search for similar items in EconPapers)
Pages: 11 pages
Date: 2022-10-28
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