Table 1 Macro-level events,... | Emerald Publishing

Table 1

Macro-level events, vulnerability and innovation literature summary

Author(s)/Year	Macro-level event	Actor focus	PR	FinVul	FinPer	WB	Inno	Main findings
Turulja and Bajgoric (2019)	Turbulent markets	B			Y		Y	Product and process innovations positively influence firm’s business performance
Ghasemaghaei and Calic (2020)	N/A	B			Y		Y	Innovation efficiency and efficacy increases firm performance, which includes financial returns, operational excellence and customer perspective
Heinonen and Strandvik (2020)	COVID-19 pandemic	C					Y	Imposed service innovations were examined in terms of their strategic horizon and strategic stretch. The innovations are characterized by spatial flexibility, social and health outreach and exploitation of technology
Hameed et al. (2021)	N/A	SE			Y		Y	Firm’s open innovation performance increases the likelihood of service innovation and subsequently improves business performance
Hampson et al. (2021)	N/A	C		Y				Financial vulnerability increases price conscious behaviour
Hoffmann et al. (2021)	N/A	C		Y				Consumers in a state of lower vulnerability are “fragile” in having a relatively high likelihood of moving to a state of higher vulnerability
Yazdanparast and Alhenawi (2022)	COVID-19 pandemic	C		Y				Vulnerability can result in increased spending on products/services that are not necessities.
Current study	COVID-19 Pandemic	SE	Health and financial	Y	Y	Y	Firm innovativeness (mindset)	See Section 5

Author(s)/Year	Macro-level event	Actor focus	PR	FinVul	FinPer	WB	Inno	Main findings
Turulja and Bajgoric (2019)	Turbulent markets	B			Y		Y	Product and process innovations positively influence firm’s business performance
Ghasemaghaei and Calic (2020)	N/A	B			Y		Y	Innovation efficiency and efficacy increases firm performance, which includes financial returns, operational excellence and customer perspective
Heinonen and Strandvik (2020)	COVID-19 pandemic	C					Y	Imposed service innovations were examined in terms of their strategic horizon and strategic stretch. The innovations are characterized by spatial flexibility, social and health outreach and exploitation of technology
Hameed et al. (2021)	N/A	SE			Y		Y	Firm’s open innovation performance increases the likelihood of service innovation and subsequently improves business performance
Hampson et al. (2021)	N/A	C		Y				Financial vulnerability increases price conscious behaviour
Hoffmann et al. (2021)	N/A	C		Y				Consumers in a state of lower vulnerability are “fragile” in having a relatively high likelihood of moving to a state of higher vulnerability
Yazdanparast and Alhenawi (2022)	COVID-19 pandemic	C		Y				Vulnerability can result in increased spending on products/services that are not necessities.
Current study	COVID-19 Pandemic	SE	Health and financial	Y	Y	Y	Firm innovativeness (mindset)	See Section 5

Note(s): PR = perceived Risk; FinVul = financial vulnerability; finPer = financial performance; WB = well-being; Inn = innovation;

actor Focus Key B = business; C = Customer; SE = service employee

Source(s): Authors’ own work

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