Navigating uncertainty : the resilience of third sector organizations and socially-oriented SMEs during the COVID-19 pandemic
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This paper investigates the impact of the COVID-19 pandemic on UK third sector (non-profit organizations and social enterprises) and socially-oriented small and medium-sized enterprises (SMEs), and provides insights regarding their organizational resilience. Using data from the Longitudinal Small Business Survey, the results of an extensive empirical analysis suggest that relative to commercial (for-profit) SMEs, social enterprises were less likely, and socially-oriented SMEs more likely to perceive the pandemic as an obstacle to business success. Third sector and socially-oriented SMEs were more likely to increase their activities compared to commercial SMEs. Moreover, the COVID-19 pandemic appears to have had a differential impact on the future plans of third sector and socially-oriented SMEs relative to commercial SMEs. Third sector organizations were less likely to use government-backed loans, suggesting a need for alternative forms of support or financing to weather economic disruptions. Overall, our analysis suggests a resiliency and versatility among third sector and socially-oriented SMEs in dealing with unexpected and significant external shocks.
Linares Zegarra , J M & Wilson , J O S 2023 , ' Navigating uncertainty : the resilience of third sector organizations and socially-oriented SMEs during the COVID-19 pandemic ' , Financial Accountability & Management , vol. Early View . https://doi.org/10.1111/faam.12373
Financial Accountability & Management
Copyright © 2023 The Authors. Financial Accountability & Management published by John Wiley & Sons Ltd. This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited.
DescriptionFunding: The authors gratefully acknowledge the ESRC-funded Enterprise Research Centre and the Department for Business, Energy and Industrial Strategy (BEIS) for funding for this study.
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