IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v14y2022i23p15750-d985067.html
   My bibliography  Save this article

Taking Risks to Make Profit during COVID-19

Author

Listed:
  • Yasheng Chen

    (Department of Accounting, School of Management, Xiamen University, Xiamen 361005, China)

  • Zhuojun Wu

    (Department of Accounting, School of Management, Xiamen University, Xiamen 361005, China)

Abstract

The COVID-19 pandemic has inflicted substantial losses on a large number of enterprises and brought about the risk of unsustainable operations across the world. However, certain enterprises still managed to grow against the trend prevailing during the epidemic and succeeded in taking risks to make profits. This study discusses how global enterprises adopt a proactive risk management approach to transform crises into sustainable business performance during the period starting from the epidemic outbreak to normalization. By mainly obtaining research data from the Internet news media and official websites of the enterprises using content analysis technique, this paper chose case studies, from December 2019 to December 2021, of eight different companies, namely: BYD (China, Asia), Mafengwo (China, Asia), Xiamen Airlines (China, Asia), Zhijiang Bio (China, Asia), The Bund (United States, America), Walmart (United States, America), Qantas Airways (Australia, Oceania), and Honotel Group (France, Europe), from different industrial sectors including manufacturing, tourism, transportation, technical services, catering, retail, airlines, and accommodation, respectively. The study results show that each enterprise specifically incorporates the method of proactive risk management, to deal with a sudden crisis and take risks to make profits during the epidemic. The study findings provide a feasible way for enterprises to cope with sudden crises and enhance their ability to maintain sustainable operations.

Suggested Citation

  • Yasheng Chen & Zhuojun Wu, 2022. "Taking Risks to Make Profit during COVID-19," Sustainability, MDPI, vol. 14(23), pages 1-16, November.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:23:p:15750-:d:985067
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/14/23/15750/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/14/23/15750/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Verma, Surabhi & Gustafsson, Anders, 2020. "Investigating the emerging COVID-19 research trends in the field of business and management: A bibliometric analysis approach," Journal of Business Research, Elsevier, vol. 118(C), pages 253-261.
    2. Siegel, Marc, 2018. "Building resilient organisations: Proactive risk management in organisations and their supply chains," Journal of Business Continuity & Emergency Planning, Henry Stewart Publications, vol. 11(4), pages 373-384, June.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Emiliano Di Carlo & Silvia Cervi, 2025. "Redefining Firms in a Crisis Era: A Conceptual Framework for a Humanistic Approach Post-COVID-19," Humanistic Management Journal, Springer, vol. 10(2), pages 273-297, August.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ali Zackery & Joseph Amankwah-Amoah & Zahra Heidari Darani & Shiva Ghasemi, 2022. "COVID-19 Research in Business and Management: A Review and Future Research Agenda," Sustainability, MDPI, vol. 14(16), pages 1-32, August.
    2. Julia Eichholz & Thorsten Knauer & Sandra Winkelmann, 2023. "Digital Maturity of Forecasting and its Impact in Times of Crisis," Schmalenbach Journal of Business Research, Springer, vol. 75(4), pages 443-481, December.
    3. Osman Yalap & Mustafa Canbek, 2023. "Assessing Covid-19 Threat Perceptions of Employees: A Generation Oriented Research in Turkiye," Istanbul Business Research, Istanbul University Business School, vol. 52(1), pages 185-197, April.
    4. Boeing, Philipp & Wang, Yihan, 2021. "Decoding China's Covid-19 "virus exceptionalism": Community-based digital contact tracing in Wuhan," ZEW Discussion Papers 21-028, ZEW - Leibniz Centre for European Economic Research.
    5. Julia Eichholz & Nicole Hoffmann & Anja Schwering, 2024. "The role of risk management orientation and the planning function of budgeting in enhancing organizational resilience and its effect on competitive advantages during times of crises," Journal of Management Control: Zeitschrift für Planung und Unternehmenssteuerung, Springer, vol. 35(1), pages 17-58, March.
    6. Morgan, Tyler R. & Roath, Anthony S. & Glenn Richey, Robert, 2023. "How risk, transparency, and knowledge influence the adaptability and flexibility dimensions of the responsiveness view," Journal of Business Research, Elsevier, vol. 158(C).
    7. Albiona Pestisha & Zoltán Gabnai & Aidana Chalgynbayeva & Péter Lengyel & Attila Bai, 2023. "On-Farm Renewable Energy Systems: A Systematic Review," Energies, MDPI, vol. 16(2), pages 1-25, January.
    8. Maria Denisa Vasilescu & Simona Andreea Apostu & Eva Militaru & Eglantina Hysa, 2022. "Public Opinion on European Health Policy, Lessons from the COVID-19 Pandemic," IJERPH, MDPI, vol. 19(8), pages 1-17, April.
    9. Kutaula, Smirti & Gillani, Alvina & Leonidou, Leonidas C. & Christodoulides, Paul, 2022. "Integrating fair trade with circular economy: Personality traits, consumer engagement, and ethically-minded behavior," Journal of Business Research, Elsevier, vol. 144(C), pages 1087-1102.
    10. Sorgner, Alina, 2023. "Covid-19 and Entrepreneurship," GLO Discussion Paper Series 1287, Global Labor Organization (GLO).
    11. Bianco, Débora & Bueno, Adauto & Godinho Filho, Moacir & Latan, Hengky & Miller Devós Ganga, Gilberto & Frank, Alejandro G. & Chiappetta Jabbour, Charbel Jose, 2023. "The role of Industry 4.0 in developing resilience for manufacturing companies during COVID-19," International Journal of Production Economics, Elsevier, vol. 256(C).
    12. Natalia Kowalska & Ewelina Brodawka & Adam Smoliński & Katarzyna Zarębska, 2022. "The European Education Initiative as a Mitigation Mechanism for Energy Transition," Energies, MDPI, vol. 15(18), pages 1-18, September.
    13. Jiang, Yangyang & Stylos, Nikolaos, 2021. "Triggers of consumers’ enhanced digital engagement and the role of digital technologies in transforming the retail ecosystem during COVID-19 pandemic," Technological Forecasting and Social Change, Elsevier, vol. 172(C).
    14. Tîrnovanu Andrei Constantin & Năstase Marian & Șișu Julia Anamaria & Mujaya Jacqueline, 2023. "Digital Transformation during COVID-19 Pandemic – a Bibliometric Analysis," Proceedings of the International Conference on Business Excellence, Sciendo, vol. 17(1), pages 2070-2084, July.
    15. Ruohan Tang & Shaofeng Zhao & Won Seok Lee & Sunwoo Park & Yunfei Zhang, 2024. "Crisis Response in Tourism: Semantic Networks and Topic Modeling in the Hotel and Aviation Industries," Sustainability, MDPI, vol. 16(24), pages 1-23, December.
    16. Singh, Pallavi & Bala, Hillol & Dey, Bidit Lal & Filieri, Raffaele, 2022. "Enforced remote working: The impact of digital platform-induced stress and remote working experience on technology exhaustion and subjective wellbeing," Journal of Business Research, Elsevier, vol. 151(C), pages 269-286.
    17. Marco Bettiol & Mauro Capestro & Eleonora Maria & Stefano Micelli, 2021. "Reacting to the COVID-19 pandemic through digital connectivity with customers: the Italian experience," Italian Journal of Marketing, Springer, vol. 2021(4), pages 305-330, December.
    18. Maksim Belitski & Christina Guenther & Alexander S. Kritikos & Roy Thurik, 2022. "Economic effects of the COVID-19 pandemic on entrepreneurship and small businesses," Small Business Economics, Springer, vol. 58(2), pages 593-609, February.
    19. Forliano, Canio & Bullini Orlandi, Ludovico & Zardini, Alessandro & Rossignoli, Cecilia, 2023. "Technological orientation and organizational resilience to Covid-19: The mediating role of strategy's digital maturity," Technological Forecasting and Social Change, Elsevier, vol. 188(C).
    20. Dimitrova, Mihaela & Kammeyer-Mueller, John & Shaffer, Margaret A. & Gruber, Marlene, 2023. "Escaping the rut: Bridging research on expatriate and organizational newcomer adjustment," Journal of World Business, Elsevier, vol. 58(6).

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:14:y:2022:i:23:p:15750-:d:985067. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.