Effects of COVID-19 on business and research

Pandemics are recurring events, and while prevention is unrealistic, preparedness is crucial. The long-term effects of COVID-19 are difficult to predict, but historical data suggests low asset returns and reduced economic growth post-pandemic. Societal unpreparedness, characterized by reliance on global trade and efficiency over safety, has been exposed. The pandemic forced business closures, creating unprecedented commercial disruption and posing short-term challenges related to health, supply chains, workforce, and consumer demand. However, the post-pandemic world will differ significantly, with many markets altered irreversibly. The paper highlights the need to understand the pandemic's effects on societal views regarding freedom, healthcare, and government intervention, and the potential long-term implications of increased surveillance and governmental control.

The introduction references several studies. Stöhr & Esveld (2004) discuss the inevitability of future outbreaks. Potter (2001) notes the cyclical nature of pandemics. Jorda, Singh, & Taylor (2020) highlight the historical association between pandemics and subsequent low asset returns. Funk et al. (2009) connect behavioral changes to personal protection measures. The introduction also implicitly references existing literature on the societal impacts of pandemics, though specific citations are not provided for these points.

The methodology is not explicitly described. This paper is a special issue introduction, not a research study itself. The methods involve gathering and summarizing contributions from 12 other papers within a special journal issue on the effects of COVID-19 on various aspects of business and society. Each of the 12 papers uses its own methodology, which is described within each individual paper.

The key findings are synthesized from the 12 papers included in the special issue. These findings reveal diverse impacts across various sectors: **Consumer Behavior:** Lockdowns led to increased domestic violence, but also to positive behaviors like nesting and skill development. Increased internet usage and social media reliance are noted, along with potential longer-term effects on sensory experience and decision-making. Stockpiling, panic buying, and rural migration are also observed. **Markets:** Many brands face bankruptcy due to lockdowns and economic shutdowns. The travel industry, hospitality, and related sectors are severely impacted. Conversely, online businesses, healthcare, and certain consumer goods experienced growth. The dynamic nature of markets is emphasized, along with the opportunity to study market creation and disappearance. **Lasting Effects:** Increased nationalistic tendencies and decreased globalization are predicted. Supply chain re-evaluation and localization are likely. The individual papers included in the special issue provided more detailed findings on specific areas such as consumer behavior in different contexts, the role of interventions, employee well-being, CSR and marketing philosophies, gender diversity in public health, international business perspectives, retail strategies, impacts on SMEs, the future of business education, consumer reactions and adaptation, Chinese firms’ innovative marketing strategies, supply chain decisions of NASDAQ 100 firms, and impacts on the tourism industry.

The introduction and synthesis of the papers within the special issue highlight the far-reaching effects of the COVID-19 pandemic on various aspects of business and society. The findings demonstrate the interconnectedness of economic, social, and behavioral changes during a global crisis. The discussion implicitly emphasizes the need for future research to better understand the long-term consequences and develop effective strategies for preparedness and mitigation of future pandemic outbreaks. The dynamic nature of markets and the potential shift towards greater nationalization are areas requiring further investigation.

This special issue provides a comprehensive overview of the impact of COVID-19 on various business and societal aspects. The papers offer valuable insights into the challenges and opportunities presented by the pandemic, emphasizing the need for adaptability and resilience. Future research should focus on longer-term effects, effective mitigation strategies, and the development of more robust and adaptable systems to face future crises.

As an introductory paper to a special issue, this paper's limitations stem from its role as a summary of other works. The limitations of the individual papers included in the special issue are not explicitly addressed, but it is likely that each paper contains limitations related to data availability, sample size, and generalizability. The overview's synthesis may not capture the nuances of individual studies.