The Impact of Global Pandemics on International Business: Lessons from COVID-19

Abstract

International business managers face the constant challenge of understanding and managing uncertainty. However, there is currently no comprehensive framework covering the different types of uncertainty, their causes and consequences, as well as the various coping strategies used by managers and their results. Consequently, it becomes difficult for these managers to recognize specific uncertainties in their business and develop effective strategies to address them, especially in times such as the ongoing Covid-19 pandemic. To fill this gap, this research paper provides an extensive review of the international business literature. The aim of the study is to identify various types of uncertainty, their causes and consequences, coping strategies used to mitigate their impact, as well as the consequences resulting from this. The authors also analyze how firms have responded to the current Covid-19 crisis, using it as an example to evaluate the results of their actions.