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A1b Business Hardships and COVID-19 Adversities of Older U.S. Business Owners
Short Description
As COVID-19 has caused severe financial shocks for U.S. businesses, to survive this economic downturn, the top priority for business owners in the current timeline is to find a path for recovery. This research aims to investigate the relationship between the unprecedented COVID-19 pandemic adversities and business-related hardships. This study utilizes the 2020 Health and Retirement Study (HRS) Core dataset, with a sample of 629 U.S. business owners whose businesses have been affected because of the pandemic. The Structural Equation Model (SEM), along with the Exploratory Factor Analysis (EFA) and Confirmatory Factor Analysis (CFA), was designed to validate whether business owners who have suffered from COVID-19 adversities are more likely to encounter business hardships. Business owners can benefit from the research by enhancing their financial resilience using special techniques that need to implement during current or future pandemics. The preliminary results indicate that business owners who have suffered from COVID adversities (financial hardship, income decrease, bills help) are more likely to encounter business hardships (close business, extra policies, workers quitting). Business owners can benefit from the research by enhancing their financial resilience using special techniques that need to implement during current or future pandemics.
Type of presentation
Accepted Oral Presentation