Skip to main content
Top

11-02-2025 | Resarch Article

Entrepreneurial finance in an extended period of crises

Authors: Alexander Peter Groh, Christina Guenther, Denis Schweizer, Silvio Vismara

Published in: Small Business Economics

Log in

Activate our intelligent search to find suitable subject content or patents.

search-config
loading …

Abstract

Recent global crises, such as the COVID-19 pandemic, severe supply chain disruptions, and ongoing geopolitical tensions, have profoundly reshaped the entrepreneurial and financial landscapes. This Special Issue of the Small Business Economics Journal explores these transformations. Key insights include the impact of unconventional monetary policy on SME financing, the success factors of bailout programs, the critical role of active investors in fostering firm resilience, the implementation of digitizing technologies, and the adoption of survival strategies on a microeconomic level. Together, these findings underscore the flexibility and resilience of entrepreneurs and offer actionable lessons for policy and practice.

Dont have a licence yet? Then find out more about our products and how to get one now:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

  • über 102.000 Bücher
  • über 537 Zeitschriften

aus folgenden Fachgebieten:

  • Automobil + Motoren
  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Elektrotechnik + Elektronik
  • Energie + Nachhaltigkeit
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Maschinenbau + Werkstoffe
  • Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

  • über 67.000 Bücher
  • über 340 Zeitschriften

aus folgenden Fachgebieten:

  • Bauwesen + Immobilien
  • Business IT + Informatik
  • Finance + Banking
  • Management + Führung
  • Marketing + Vertrieb
  • Versicherung + Risiko




Jetzt Wissensvorsprung sichern!

Literature
go back to reference Ambrois, M., Butticé, V., Croce, A., Grilli, L., & Ughetto, E. (2025). The times they are a‐changin’: How venture capital firms change their investment practices under the COVID-19 pandemic. Small Business Economics. Ambrois, M., Butticé, V., Croce, A., Grilli, L., & Ughetto, E. (2025). The times they are a‐changin’: How venture capital firms change their investment practices under the COVID-19 pandemic. Small Business Economics.
go back to reference Audretsch, D. B., Belitski, M., & Desai, S. (2019). National business regulations and city entrepreneurship in Europe: A multilevel nested analysis. Entrepreneurship Theory and Practice, 43(6), 1148–1165.CrossRef Audretsch, D. B., Belitski, M., & Desai, S. (2019). National business regulations and city entrepreneurship in Europe: A multilevel nested analysis. Entrepreneurship Theory and Practice, 43(6), 1148–1165.CrossRef
go back to reference Audretsch, D. B., Aronica, M., Belitski, M., Caddemi, D., & Piacentino, D (2025). The impact of government financial aid and digital tools on firm survival during the COVID-19 pandemic. Small Business Economics. Audretsch, D. B., Aronica, M., Belitski, M., Caddemi, D., & Piacentino, D (2025). The impact of government financial aid and digital tools on firm survival during the COVID-19 pandemic. Small Business Economics.
go back to reference Bak, D. (2022). The impact of global supply chain disruptions on small businesses: Adaptation strategies and resilience. Journal of Small Business and Enterprise Development, 29(1), 88–107. Bak, D. (2022). The impact of global supply chain disruptions on small businesses: Adaptation strategies and resilience. Journal of Small Business and Enterprise Development, 29(1), 88–107.
go back to reference Barroso, M., & Laborda, J. (2022). Digital transformation and the emergence of the FinTech sector: Systematic literature review. Digital Business, 2, 100028.CrossRef Barroso, M., & Laborda, J. (2022). Digital transformation and the emergence of the FinTech sector: Systematic literature review. Digital Business, 2, 100028.CrossRef
go back to reference Block, J. H., Colombo, M. G., Cumming, D. J., & Vismara, S. (2018). New players in entrepreneurial finance and why they are there. Small Business Economics, 50, 239–250.CrossRef Block, J. H., Colombo, M. G., Cumming, D. J., & Vismara, S. (2018). New players in entrepreneurial finance and why they are there. Small Business Economics, 50, 239–250.CrossRef
go back to reference Block, J. H., Groh, A., Hornuf, L., Vanacker, T., & Vismara, S. (2021). The entrepreneurial finance markets of the future: A comparison of crowdfunding and initial coin offerings. Small Business Economics, 57, 865–882.CrossRef Block, J. H., Groh, A., Hornuf, L., Vanacker, T., & Vismara, S. (2021). The entrepreneurial finance markets of the future: A comparison of crowdfunding and initial coin offerings. Small Business Economics, 57, 865–882.CrossRef
go back to reference Bouazizi, T., Guesmi, K., Galariotis, E., & Vigne, S. A. (2024). Crude oil prices in times of crisis: The role of COVID-19 and historical events. International Review of Financial Analysis, 91, 102955.CrossRef Bouazizi, T., Guesmi, K., Galariotis, E., & Vigne, S. A. (2024). Crude oil prices in times of crisis: The role of COVID-19 and historical events. International Review of Financial Analysis, 91, 102955.CrossRef
go back to reference Breunig, R., Cheng, W., Montenovo, L., Lee, K. H., Weinberg, B. A., & Zhang, Y. (2024). Cross-country analysis of labor markets during the COVID-19 pandemic (No. w33029). National Bureau of Economic Research. Breunig, R., Cheng, W., Montenovo, L., Lee, K. H., Weinberg, B. A., & Zhang, Y. (2024). Cross-country analysis of labor markets during the COVID-19 pandemic (No. w33029). National Bureau of Economic Research.
go back to reference Coibion, O., Gorodnichenko, Y., & Weber, M. (2020). The cost of the COVID-19 crisis: Lockdowns, macroeconomic expectations, and consumer spending (No. w27141). National Bureau of Economic Research. https://doi.org/10.3386/w27141 Coibion, O., Gorodnichenko, Y., & Weber, M. (2020). The cost of the COVID-19 crisis: Lockdowns, macroeconomic expectations, and consumer spending (No. w27141). National Bureau of Economic Research. https://​doi.​org/​10.​3386/​w27141
go back to reference Coricelli, F., Frigerio, M., & Vozzella, P. (2025). The role of institutions in supporting SME financing through the trade credit channel: An empirical analysis of Italian provinces. Small Business Economics. Coricelli, F., Frigerio, M., & Vozzella, P. (2025). The role of institutions in supporting SME financing through the trade credit channel: An empirical analysis of Italian provinces. Small Business Economics.
go back to reference Cumming, D., Meoli, M., & Vismara, S. (2021). Does equity crowdfunding democratize entrepreneurial finance? Small Business Economics, 56(2), 533–552.CrossRef Cumming, D., Meoli, M., & Vismara, S. (2021). Does equity crowdfunding democratize entrepreneurial finance? Small Business Economics, 56(2), 533–552.CrossRef
go back to reference Fu, J., & Mishra, M. (2022). Fintech in the time of COVID-19: Technological adoption during crises. Journal of Financial Intermediation, 50, 100945.CrossRef Fu, J., & Mishra, M. (2022). Fintech in the time of COVID-19: Technological adoption during crises. Journal of Financial Intermediation, 50, 100945.CrossRef
go back to reference Ghosal, V., & Loungani, P. (2000). The differential impact of uncertainty on investment in small and large businesses. Review of Economics and Statistics, 82(2), 338–343.CrossRef Ghosal, V., & Loungani, P. (2000). The differential impact of uncertainty on investment in small and large businesses. Review of Economics and Statistics, 82(2), 338–343.CrossRef
go back to reference Gomber, P., Kauffman, R. J., Parker, C., & Weber, B. W. (2018). On the FinTech revolution: Interpreting the forces of innovation, disruption, and transformation in financial services. Journal of Management Information Systems, 35(1), 220–265.CrossRef Gomber, P., Kauffman, R. J., Parker, C., & Weber, B. W. (2018). On the FinTech revolution: Interpreting the forces of innovation, disruption, and transformation in financial services. Journal of Management Information Systems, 35(1), 220–265.CrossRef
go back to reference Gompers, P., Gornall, W., Kaplan, S. N., & Strebulaev, I. A. (2021). Venture capitalists and COVID-19. Journal of Financial and Quantitative Analysis, 56(7), 2474–2499.CrossRef Gompers, P., Gornall, W., Kaplan, S. N., & Strebulaev, I. A. (2021). Venture capitalists and COVID-19. Journal of Financial and Quantitative Analysis, 56(7), 2474–2499.CrossRef
go back to reference Gompers, P. A., Kaplan, S. N., & Mukharlyamov, V. (2022). Private equity and COVID-19. Journal of Financial Intermediation, 51, 100968.CrossRef Gompers, P. A., Kaplan, S. N., & Mukharlyamov, V. (2022). Private equity and COVID-19. Journal of Financial Intermediation, 51, 100968.CrossRef
go back to reference Grandi, P., Belin, J., Darriet, E., & Guille, M. (2024). SMEs, R&D financing, and credit shocks. Small Business Economics, 63(1), 325–347.CrossRef Grandi, P., Belin, J., Darriet, E., & Guille, M. (2024). SMEs, R&D financing, and credit shocks. Small Business Economics, 63(1), 325–347.CrossRef
go back to reference Günther, C., Johan, S., & Schweizer, D. (2018). Is the crowd sensitive to distance? – Differences in investment decisions of retail and institutional investors. Small Business Economics, 50, 289–305.CrossRef Günther, C., Johan, S., & Schweizer, D. (2018). Is the crowd sensitive to distance? – Differences in investment decisions of retail and institutional investors. Small Business Economics, 50, 289–305.CrossRef
go back to reference Haddad, C., & Hornuf, L. (2019). The emergence of the global fintech market: Economic and technological determinants. Small Business Economics, 53(1), 81–105.CrossRef Haddad, C., & Hornuf, L. (2019). The emergence of the global fintech market: Economic and technological determinants. Small Business Economics, 53(1), 81–105.CrossRef
go back to reference Hamelin, A., & Lefebvre, V. (2025). The virus and the citadel: Exploring the performance-impact of business group affiliation for small businesses throughout the COVID-19 pandemic. Small Business Economics. Hamelin, A., & Lefebvre, V. (2025). The virus and the citadel: Exploring the performance-impact of business group affiliation for small businesses throughout the COVID-19 pandemic. Small Business Economics.
go back to reference Hornuf, L., Klus, M. F., Lohwasser, T. S., & Schwienbacher, A. (2021). How do banks interact with fintech startups? Small Business Economics, 57, 1505–1526.CrossRef Hornuf, L., Klus, M. F., Lohwasser, T. S., & Schwienbacher, A. (2021). How do banks interact with fintech startups? Small Business Economics, 57, 1505–1526.CrossRef
go back to reference Ivanov, D. (2022). Viable supply chain model: Integrating agility, resilience, and sustainability perspectives—Lessons from and thinking beyond the COVID-19 pandemic. Annals of Operations Research, 319, 1411–1431.CrossRef Ivanov, D. (2022). Viable supply chain model: Integrating agility, resilience, and sustainability perspectives—Lessons from and thinking beyond the COVID-19 pandemic. Annals of Operations Research, 319, 1411–1431.CrossRef
go back to reference Ivanov, D., & Dolgui, A. (2020). A digital supply chain twin for managing the disruption risks and resilience in the era of Industry 4.0. Production Planning & Control, 32(9), 775–788. Ivanov, D., & Dolgui, A. (2020). A digital supply chain twin for managing the disruption risks and resilience in the era of Industry 4.0. Production Planning & Control, 32(9), 775–788.
go back to reference Kacer, M., Wilson, N., Zouari, S., & Cowling, M. (2025). Entrepreneurial finance and the survival of equity funded firms in crisis periods: The case of Covid-19. Small Business Economics. Kacer, M., Wilson, N., Zouari, S., & Cowling, M. (2025). Entrepreneurial finance and the survival of equity funded firms in crisis periods: The case of Covid-19. Small Business Economics.
go back to reference Metrick, A. (2024). The failure of Silicon Valley Bank and the panic of 2023. Journal of Economic Perspectives, 38(1), 133–152.CrossRef Metrick, A. (2024). The failure of Silicon Valley Bank and the panic of 2023. Journal of Economic Perspectives, 38(1), 133–152.CrossRef
go back to reference Omura, A., Roca, E., & Nakai, N. (2021). Does responsible investing pay during economic downturns? Evidence from the COVID-19 pandemic. Finance Research Letters, 42, 101914.CrossRef Omura, A., Roca, E., & Nakai, N. (2021). Does responsible investing pay during economic downturns? Evidence from the COVID-19 pandemic. Finance Research Letters, 42, 101914.CrossRef
go back to reference Park, S., Kwon, J., Kim, H., & Ryu, H. (2024). Effect of macroeconomic shocks on the shipping market: Focusing on COVID-19 pandemic. Asian Journal of Shipping and Logistics, 40(1), 89–102. Park, S., Kwon, J., Kim, H., & Ryu, H. (2024). Effect of macroeconomic shocks on the shipping market: Focusing on COVID-19 pandemic. Asian Journal of Shipping and Logistics, 40(1), 89–102.
go back to reference Pindyck, R. S. (1993). Investments of uncertain cost. Journal of Financial Economics, 34(1), 53–76.CrossRef Pindyck, R. S. (1993). Investments of uncertain cost. Journal of Financial Economics, 34(1), 53–76.CrossRef
go back to reference Raby, S., & Chowdhury, R. H. (2025). Examining the impact of adaptive financial strategies on SME performance: Insights from the COVID-19 pandemic. Small Business Economics. Raby, S., & Chowdhury, R. H. (2025). Examining the impact of adaptive financial strategies on SME performance: Insights from the COVID-19 pandemic. Small Business Economics.
go back to reference Ratten, V. (2020). Coronavirus (COVID-19) and entrepreneurship: Changing life and work landscape. Journal of Small Business & Entrepreneurship, 32(5), 503–516.CrossRef Ratten, V. (2020). Coronavirus (COVID-19) and entrepreneurship: Changing life and work landscape. Journal of Small Business & Entrepreneurship, 32(5), 503–516.CrossRef
go back to reference Schlütter, M. G., Hommel, U., & Sandner, P. (2023). Missing the impact in impact investing research: A systematic review and research agenda. Journal of Management Studies, 60(2), 362–394. Schlütter, M. G., Hommel, U., & Sandner, P. (2023). Missing the impact in impact investing research: A systematic review and research agenda. Journal of Management Studies, 60(2), 362–394.
go back to reference Wang, L. (2025). Bank financing for SMEs in times of crisis: When “whatever-it-takes” confronts “black swans.” Small Business Economics. Wang, L. (2025). Bank financing for SMEs in times of crisis: When “whatever-it-takes” confronts “black swans.” Small Business Economics.
Metadata
Title
Entrepreneurial finance in an extended period of crises
Authors
Alexander Peter Groh
Christina Guenther
Denis Schweizer
Silvio Vismara
Publication date
11-02-2025
Publisher
Springer US
Published in
Small Business Economics
Print ISSN: 0921-898X
Electronic ISSN: 1573-0913
DOI
https://doi.org/10.1007/s11187-025-01007-4

Premium Partner