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This book examines businesses under crisis conditions through a composition of contextual accounts. The Editors argue that crises are transformative, evolutionary and even revolutionary in the development of organizations, industries and markets. Moreover, crises reform the context in which organizations operate, including customers and their behaviour. As such, they need to be viewed as conduits to change, accelerators of evolution and catalysts of innovation in organizations. Emphasising the importance of 'context' and its complexities, the book argues that for crisis, as a concept and notion, context is crucial to any understanding of the meaning that should or could be attached to it. 

Drawing on different types of changes and crises that substantially affect business, including economic, technological, political, and environmental, chapters Bringing together scientific research and case studies on contextual transformations, the book provides a balanced selection of works across business disciplines, including management, strategy, marketing and finance as well as geographic regions, market types and industries. The book examines the context of crises, its indicators and triggers, and encompasses topics such as Artificial Intelligence, e-mobility, changes in consumption patterns, militancy and the impact of pandemics. 

Business Under Crisis Volume I: Contextual Transformations

Vol. 4i - Business Under Crisis: Contextual

 

Chapter Title & Authors

Chapter Description

 

Chapter 1

 

Editorial Introduction: The Anatomy of a Crisis

 

Demetris Vrontis (Ed.)

Alkis Thrassou (Ed.)

Yaakov Weber (Ed.)

Riad Shams (Ed.)

Evangelos Tsoukatos (Ed.)

Leonidas Efthymiou (Ed.)

 

In the first chapter, editors offer a contextual review of crisis, its indicators and triggers, while laying the conceptual foundations of the book. The chapter unpacks the concept of crisis to explain how individual specifics negates change and disturbances, bringing about a degree of disruption and instability. The chapter offers a framework through which it presents the subsequent chapters of the book.

Chapter 2

 

The routinizaton of crisis in marketing planning

 

Demetris Vrontis

(University of Nicosia, Cyprus)

 

 

Marketing is about agility and flexibility to shifting market dynamics, changing customer needs and competitive threats. However, while small shifts are easy, critical disruptive events, such as a pandemic, result to increased complexity. Solving marketing complexity is not simply about agility and flexibility. Rather, it is about complexity science. Relying on the latest ideas from behavioral economics, neuroscience, psychology, system dynamics, and network theory, this chapter suggests an adaptive Marketing Mix, within the framework of complexity science.

 

Chapter 3

 

Changes in consumption patterns of tourists after the COVID-19 pandemic

 

Mara Franco

(Universidade da Madeira / CiTUR - Uma)

 

The focus of contemporary consumption patterns is on experiences. In the tourism industry, customers seek authentic experiences, guided by native people in local contexts. This chapter uncovers the changes in consumption patterns of tourists after the COVID-19 pandemic. It reports a major transformation in the consumption patterns of tourists, and calls for urgent managerial response to changing consumer behaviour.

 

Chapter 4

 

Losing your main trade partner

 

Luis Miguel Bolivar

(Universidad Tecnologica de Bolívar, Colombia)

This chapter delineates a very interesting phenomenon: the rise and fall of trade blocs, which disturb trade relations across the globe. Protectionism or political conflict often find companies and entire industries in the crossfire. Main trade partners are lost, trade barriers are raised, whereas, local industries are deprived of their suppliers and customers. Adaptation to destruction of trade barriers becomes imminent. A central example in the study is the broken trade relation between Colombia-Venezuela, which went from representing the 10% of their total trade to 0,7% in a 10-year period. A longitudinal social network analysis is used to depict the transformation of the countries' trade network and the facts that shaped the repose of manufacturing industries in Colombia. This contribution showcases the main adaptations that firms and industry associations implemented to reconfigure a country's trade network.

 

Chapter 5

 

Covid19 and Olympic Games

 

Mario Nicoliello

(University of Pisa, Italy)

This chapter aims at analysing how the crisis has impacted the business model of the Olympic Games. Using the Stakeholder Theory Framework, the chapter illustrates the consequences of the postponement on the main actors involved in the Games: the Local Organizing Committee, the International Olympic Committee, the Athletes, the National Olympic Committees, the International Sport Federations, the Sponsors, the Journalists, the Organizing Committees of the next editions of the Olympic Games. This research also demonstrates how the crisis, initially considered a negative event, can instead prove to be an opportunity to formulate a new and more inclusive business model.

 

Chapter 6

 

Litigation risk and financial crisis in the UK

 

Panagiotis E Dimitropoulos

(University of Peloponnese, Greece)

 

This empirical chapter explores the impact of litigation risk on audit and non-audit fees during and after the 2008 financial crisis (FC) in the UK. The study adopts a panel cross-sectional regression model in order to analyze the cost structure of the audit and non-audit fees. A total of 93 non-financial companies listed on the London Stock Exchange (LSE) have been chosen through the DataStream database. The results suggest that the litigation risk during the FC period do not influence the level of (non)auditing fees, whereas, clients in post FC period have exerted the fee pressure on their auditors to limit the non-auditing service fee payments. This findings confirm that auditors do not require a higher risk premium charge on their clients during the FC period in the UK.

 

Chapter 7

 

Insolvency and bank-runs: the other face of FinTech at times of crisis

 

Thanos Kriemadis

(University of Peloponnese, Greece)

 

This chapter compares the insolvency cases of Greece, Cyprus and Argentina. It first identifies the differences and similarities of each country's crisis. Then, the chapter examines the role of technology during the shutdown of their banking system. The findings suggest that during the crisis, ATMs, POSs and credit cards have played a pre-arranged role, securing a controlled circulation of money and transactions with restrictions.

Chapter 8

 

The influence of AI for the HR department in terms of training

 

Rudiger Kaufmann

(University of Nicosia, Cyprus)

This research addresses the question of how Artificial Intelligence (AI) influences the function of training in Human Resources. While HR managers focus on formulating and implementing strategic decisions, AI automates the process and refines data to facilitate strategizing. In addition, an advantage of AI is the ability to train and supervise the workforce at once. This chapter questions whether Artificial Intelligence can assist HR managers overcome a crisis (e.g. shortages in the labour market), or it ends up being a crisis itself.

 

Chapter 9

 

The Effect of Militancy on Small and Medium-sized Enterprise (SME) Development in the Niger Delta Region of Nigeria

 

Ignatius Ekanem,

(Middlesex University, UK)

 

Ayebaniminyo Munasuonyo

(River State University, Nigeria)

 

The chapter explores the impact of militancy and violence on entrepreneurship and SMEs. Relying on the findings of semi-structured interviews, the study suggests that violent agitations put business at constant crisis, resulting to closures, loss of business opportunities, insecurity and industry disruptions. The study, highlights the correlation between reduction of local violent and economic development.

Chapter 10

 

Businesses in Canada - Contextual Sectoral Transformations and Organisational Adaptations

 

Diane-Gabrielle Tremblay

(Université TÉLUQ, Canada)

This chapter asks: how can firms adapt to the changing economic context in the light of Cvid-19 crisis? It suggests acceleration of innovation strategies, and particularly open innovation, 'cross-fertilization', cluster development for creativity and innovation. The study relies on interviews in the Airline, Information Technology (IT) and Textile-Garment sectors.

 

 

Additional Chapters

The book may include additional chapters that satisfy its scope and standard, as some submissions are still pending