Weathering the Storm: What Did It Take for Pennsylvania Economic Development Organizations to Overcome the COVID‐19 Pandemic?

Pi Y., Wang Y.

Patel P.C., Wolfe M.T.

Gagnon J., Kamin S., Kearns J.

This paper describes one of the first attempts to gauge the effect of the COVID-19 pandemic on the global trajectory of real GDP over the course of 2020 and 2021. It is also among the first efforts to distinguish between the role of domestic variables and global trade in transmitting the economic effects of COVID-19. We estimate panel data regressions of the quarterly growth in real GDP on pandemic variables for 90 countries over the period 2020 Q1 through 2021 Q4. We find that readings on the number of COVID-19 deaths had a very small effect in our aggregate sample. On the other hand, changes in the stringency of the lockdown measures taken by governments to restrict the spread of the virus were an important influence on GDP. The economic effects of the pandemic differed between rich and poor countries: COVID-19 deaths exerted a somewhat greater drag on GDP in advanced economies, although this difference was not statistically significant, whereas lockdown restrictions were more injurious to economic activity in emerging and developing economies. In addition to these domestic pandemic effects, global trade represented a significant channel through which the economic effects of the pandemic spilled across national borders. This finding underscores how globalization makes each country vulnerable not only to medical contagion from the COVID-19 pandemic, but to economic contagion as well.

Alizadeh H., Sharifi A., Damanbagh S., Nazarnia H., Nazarnia M.

The COVID-19 pandemic is the most difficult challenge that has affected humanity in recent decades. It has disrupted many features of development with domino effects in the social sphere. This study reviews the literature on the social effects of the COVID-19 pandemic and identifies the affected social areas that have undergone dramatic changes during the pandemic. We use inductive content analysis and thematic analysis to review the literature. The results show that there are seven major areas that have been negatively affected by the COVID-19 pandemic: health, social vulnerability, education, social capital, social relationships, social mobility, and social welfare. The literature has reported dramatic psychological and emotional effects, exacerbation of segregation and poverty, disruption in educational systems and formation of an information gap, as well as a declining trends of social capital among communities. We highlight some lessons that can be learned from the pandemic to enhance social resilience in future. Among others, to effectively respond to the pandemic and other potential future adverse events, governments should adopt fair policies, identify the required changes in the socially affected contexts and take necessary responsive actions, and adopt collaboratively designed approaches to increase social resilience.

Naseer S., Khalid S., Parveen S., Abbass K., Song H., Achim M.V.

COVID-19 has been considered the most significant threat since World War II and the greatest global health disaster of the century. Wuhan City, Hubei Province, China, reported a new infection affecting residents in December 2019. The Coronavirus Disease 2019 (COVID-19) has been named by the World Health Organization (WHO). Across the globe, it is spreading rapidly, posing significant health, economic, and social challenges for everyone. The content of this paper is solely intended to provide a visual overview of COVID-19 global economic impact. The Coronavirus outbreak is causing a global economic collapse. Most countries have implemented full or partial lockdown measures to slow the spread of disease. The lockdown has slowed global economic activity substantially, many companies have reduced operations or closed down, and people are losing their jobs at an increasing rate. Service providers are also affected, in addition to manufacturers, agriculture, the food industry, a decline in education, the sports industry, and of entertainment sector also observed. The world trade situation is expected to deteriorate substantially this year.

Hill E.(.

Economic development (EcD) introduces new goods and services into a region's portfolio of traded products or expands the productive capabilities of existing members of a region's economic base. And EcD organizations are intermediaries that reduce risk and transaction costs by honestly representing their community and region to potential business investors. There are five closely related yet separate development practices. Four (community, workforce, housing, and commercial and industrial real estate development) create long-term regional EcD assets. While those assets are required for EcD to occur, they are insufficient to generate EcD outputs. Investments resulting in the production of goods and services are also necessary. EcD is a regional activity because the markets for three of the development practices are regional: labor, housing, and commercial and industrial real estate. Finally, EcD is both an art and a science. The art of EcD is connecting the dots that others cannot see. The science is getting deals done. Together they create investment momentum that builds optimism, generates trust, and mitigates risk.

Alekseev G., Amer S., Gopal M., Kuchler T., Schneider J.W., Stroebel J., Wernerfelt N.

We analyze a large-scale survey of small business owners, managers, and employees in the United States to understand the effects of the COVID-19 pandemic on those businesses. We explore two waves of the survey that were fielded on Facebook in April 2020 and December 2020. We document five facts about the impact of the pandemic on small businesses. (1) Larger firms, older firms, and male-owned firms were more likely to remain open during the early stages of the pandemic with many of these heterogeneities persisting through the end of 2020. (2) At businesses that remained open, concerns about demand shocks outweighed concerns about supply shocks though the relative importance of supply shocks grew over time. (3) In response to the pandemic, almost a quarter of the firms reduced their prices with price reductions concentrated among businesses facing financial constraints and demand shocks; almost no firms raised prices. (4) Only a quarter of small businesses had access to formal sources of financing at the start of the pandemic, and access to formal financing affected how firms responded to the pandemic. (5) Increased household responsibilities affected the ability of managers and employees to focus on their work, whereas increased business responsibilities impacted their ability to take care of their household members. This effect persisted through December 2020 and was particularly strong for women and parents of school-aged children. We discuss how these facts inform our understanding of the economic effects of the COVID-19 pandemic and how they can help design policy responses to similar shocks. This paper was accepted by Tomasz Piskorski, finance. Funding: The authors thank the Norges Bank Investment Management for funding through a grant to the Volatility and Risk Institute atNew York University, Stern School of Business. Supplemental Material: The data files and online appendix are available at https://doi.org/10.1287/mnsc.2022.4327 .

Jacobsen C.B., Hansen A.L., Pedersen L.D.

How does organizational structure shape the role of leadership? Research emphasizes negative implications of broad spans of control, but theory and empirical research about span of control and leadership are sparse. We develop theoretical arguments about span of control and transformational, transactional, and distributed leadership and argue that employees in units with medium-sized spans of control observe more leadership and have higher job satisfaction. Furthermore, that span of control can affect leadership behaviors differently. The arguments are tested on multilevel survey data from 393 nursing managers and 1,699 nurses in Danish hospitals. We find that employees experience more leadership behavior and higher job satisfaction under medium spans of control compared to narrow and broad spans of control. Consequently, span of control should still be considered an important aspect of organizational design when active leadership behavior and high employee job satisfaction are warranted. This article is protected by copyright. All rights reserved.

Denford J.S., Dawson G.S., Desouza K.C., Manoharan A.P.

Tantardini M.

This article examines the mediating role of public service motivation (PSM) between organizational social capital and performance information use. This topic is worth studying since it allows to understand how organizational level factors and individual level traits interact. Using a multiple informant survey distributed to county managers in Florida, this article finds support that organizational social capital is an important predictor of performance information use, and that this relationship is mediated by the role of PSM. The article concludes with recommendations on how to capitalize on these internal resources for the effective implementation of performance management reforms and practices.

Menhas M., Siddiqui D.A.

Deb P., Furceri D., Ostry J.D., Tawk N.

This paper examines the economic effects of COVID-19 containment measures using daily global data on containment measures, infections, and economic activity indicators, such as Nitrogen Dioxide ( $${\mathrm{NO}}_{2})$$ emissions, international and domestic flights, energy consumption, maritime trade, and mobility indices. Results suggest that containment measures had a significant impact on economic activity—equivalent to about a 10 percent loss in industrial production over 30 days following their implementation. Easing of containment measures results in an increase in economic activity, but the effect is lower (in absolute value) to that of tightening. Fiscal measures used to mitigate the crisis were effective in partly offsetting these costs. We also find that school closures and cancellation of public events are among the most effective measures in curbing infections and are associated with low economic costs. Other highly effective measures like workplace closures and international travel restrictions are among the costliest in economic terms.

Lukash O.A., Derev`yanko Y.M., Kozlov D.V., Mukorez A.I.

It is important to analyze the manifestations of the crisis at the regional level, which allows both regional (local) and national authorities to develop effective support tools. From this point of view, it is important to clearly understand which aspects of economic development the crisis has a key impact on, and whether such impact is uniform across different sectors and areas of economic development. Much attention is paid to the problem of assessing the state of the business environment. However, the main disadvantage of most of them is that they are sometimes difficult to conduct in terms of operational analysis and availability of open data. The object of research is the processes of studying the state of the region's economy. The subject of the research is the impact of the COVID-19 pandemic and the current economic crisis on the region's economies. In the process of scientific research, we solved such tasks: identification of key problematic factors in relation to regional economic development, including caused by pandemic and lockdown; reliable, freely available and up-to-date sources of statistical information on regional economic development are identified; a comprehensive method of generalizing the impact of the COVID-19 pandemic and the economic crisis on regional economic development. We proposed to analyze the impact of the COVID-19 pandemic and the current economic crisis on the economic development of the regions of Ukraine on the example of Sumy region. The analysis is based on open data from static authorities, which periodically publish monthly and quarterly information. The study confirmed the serious negative impact of lockdown and pandemic on the economic development of the region in a number of key indicators: the index of industrial production, the volume of industrial products sold, freight turnover and passenger turnover. At the same time, we observe a generally neutral impact of the crisis on such regional indicators of economic development as the volume of commodity export and import transactions and the stability of retail trade.

Seliverstova Y.

The primary task of the paper is to propose a definition of the existing theoretical contributions to the term of workforce diversity management (WDM) in order to systematize present knowledge, clearly understand the definition of WDM in organizations and identify the gaps for future research. In this theoretical study, the Scopus database was used for sampling. 19 studies published since 2015 were identified, and then the selected papers were analysed according to key research definitions. Recently, the idea of diversity management (DM) acquires a new meaning; swiftly expanding its field and circulating around the world. WDM becomes a frequently significant part of Human Resource Management in corporations, as it helps companies to take a sustained competitive advantage in the current globalization and innovative age (Egerova, Jiřincová, Lančarič & Savov, 2013; Manoharan & Singal, 2017). The results of the research show that DM is perceived by a moderate number of existing publications as a method that helps to encompass both: a favourable corporate culture and organizational success. By assessing present studies on DM, the paper contributes to the literature on business and management and demonstrates the potential as the scrutinised field seems to be an attractive area for future research.

Cho S., Shin N., Kwak D.H., Kim A.C., Jang W.S., Lee J.S., Ko Y.J.

This study explored the challenges facing sport leagues in the U.S. and Korea due to the COVID-19 pandemic, their strategies in dealing with the crisis, and what post-pandemic spectator sport indus...

Tantardini M., Morçöl G.

The COVID-19 pandemic generated challenges to fiscal governance at national, regional, local, and sub-local levels, as the economies at all these levels were impacted severely by the lockdowns and interruptions in economic transactions. We investigated the impacts of the pandemic on the sub-local areas known as business improvement districts (BIDs) in most states in the US and business improvement areas (BIAs) in some provinces of Canada, particularly on the annual total revenues of the management organizations of BIDs and BIAs and the percentages of their total revenues from property assessment. The results of our interrupted time-series analyses of the total revenues and percentages of them from assessments show that the COVID-19 pandemic did affect the finances of all the BIDs and BIAs in our analyses, but in different ways and in different time frames. Although there are no clear patterns in the results, they point to potential areas of research in the future.