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Wenlong Yuan is the Stu Clark Chair in Entrepreneurship and Innovation at UM Credit: University of Manitoba |
The pandemic has affected many aspects of our lives, from health consequences to collateral damage to restaurants and “mom and pop stores.” Supply chain problems have created panic shopping among consumers and many entertainment venues have seen the number of patrons decimate.
But what about large corporations such as Wal-Mart, BMO, or Exxon? What has COVID done to them?
Wenlong Yuan is the Stu Clark Chair in Entrepreneurship and Innovation at the UM Asper School of Business. His current research includes the implications of the COVID-19 pandemic for international business strategy and small and medium-sized enterprises (SMEs).
“Every kind of firm was affected by COVID,” he says, “so on the macro level we can see a very broad impact of the pandemic. Smaller businesses were hit worse than larger companies, mostly because they had fewer employees, and they couldn’t operate when even a few were sick. But nevertheless, larger businesses felt the effects too.”
Yuan says that previous to COVID, global markets were linked to one another and increases in one sector usually meant a parallel increase in another, like oil and tech stocks varying together.
But COVID created a situation where decoupling emerged, so that the economies of traditionally linked countries began doing their own thing.