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SMEs and Workers during Crises: Evidence from the COVID-19 Pandemic in Uganda

Author

Listed:
  • Selim Gulesci
  • Francesco Loiacono
  • Andreas Madestam
  • Miri Stryjan

Abstract

We use a five-year panel of Ugandan SMEs, supplemented with phone-survey data from August 2020, to analyze how the onset of the COVID-19 pandemic affected profits and employment. Most firms had employees, enabling us to investigate whether—and how—the crisis reshaped SMEs' job-creation capacity, with particular focus on gender differences. Profits fell substantially for all firms, yet male entrepreneurs paradoxically expanded their workforce—suggesting that hiring under crisis may arise partly from social obligations. Meanwhile, female entrepreneurs bore heavier caregiving loads and relied more on extended family support, potentially hampering future growth through added caregiving and reciprocal obligations.

Suggested Citation

  • Selim Gulesci & Francesco Loiacono & Andreas Madestam & Miri Stryjan, 2025. "SMEs and Workers during Crises: Evidence from the COVID-19 Pandemic in Uganda," AEA Papers and Proceedings, American Economic Association, vol. 115, pages 345-350, May.
    • Handle: RePEc:aea:apandp:v:115:y:2025:p:345-50
    DOI: 10.1257/pandp.20251097
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    More about this item

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • I12 - Health, Education, and Welfare - - Health - - - Health Behavior
    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology

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