Procyclical and countercyclical strategies in MSMes performance in a crisis context: A study based on the COVID-19 pandemic


  • Wilquer Silvano de Souza Ferreira Pontifícia Universidade Católica de Minas Gerais (PUC Minas), Belo Horizonte, MG, Brazil
  • Gláucia Maria Vasconcellos Vale Pontifícia Universidade Católica de Minas Gerais (PUC Minas), Belo Horizonte, MG, Brazil
  • Nair Aparecida de Andrade Pontifícia Universidade Católica de Minas Gerais (PUC Minas), Belo Horizonte, MG, Brazil



Crisis, Performance, Small business, COVID-19


Objective: To investigate the impact of procyclical and countercyclical strategies on the performance of MSMEs in the context of the Covid-19 crisis. Methodology/approach: Quantitative sample, with 118 micro, small, and medium-sized companies in Minas Gerais, Brazil. Spearman's correlation analysis and multiple linear regression analysis were used. Main Results: In the period dominated by the pandemic (2020/2021), countercyclical strategies performed better than procyclical strategies. Theoretical/methodological contributions: Although the literature explores procyclical strategies, studies that associate the influence of procyclical and countercyclical strategies with organizational performance still need to be made available. This gap is even more evident when MSMEs in crisis contexts are considered. By associating still new dimensions, such as HR, marketing, and production, among others, this article helps to fill gaps associated with, even today, a lack of work that seeks integrated models capable of better understanding the impact that crises, such as COVID-19. Relevance/Originality: The article innovates by associating, in the context of the literature on the crisis, the two types of strategies (countercyclical and procyclical) in the elaboration and testing of an integrated analytical model composed of different variables, and capable of being used not only in new research as well as in the business context. Social/management contributions: By demonstrating that cuts in investments in marketing and other areas produce adverse effects on performance and that organizations benefit by keeping employees instead of firing them, this study sheds light on the relevance of countercyclical strategies, which still need to be explored.


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Author Biographies

Wilquer Silvano de Souza Ferreira, Pontifícia Universidade Católica de Minas Gerais (PUC Minas), Belo Horizonte, MG, Brazil

is a professor and researcher at the Pontifical Catholic University of Minas Gerais (PUC Minas), and professor at Anhanguera College. He is a Post PhD student, holds a doctorate and a master's degree in business administration (PUC Minas), a postgraduate degree in production engineering from the Federal University of Santa Catarina (UFSC) and a degree in administration (PUC Minas). His areas of interest include technological innovation, strategy, entrepreneurship and technology platforms. He is the holder of several awards with research and works recognized at national and international level, widely publicized in mass media.

Gláucia Maria Vasconcellos Vale, Pontifícia Universidade Católica de Minas Gerais (PUC Minas), Belo Horizonte, MG, Brazil

is an adjunct professor and researcher at the Graduate Program in Administration at the Pontifical Catholic University of Minas Gerais, PPGA-PUC MINAS. She holds a Postdoctoral degree in Economic Sociology (Sorbonne); Doctorate in Business Administration (UFLA); Master, International Economics (Paris I); Degree in Social Communication (PUC Minas) and Economics. Coordinator of NUPERE - Center for Research in Entrepreneurship and Social/Organizational Networks; Scientific editor, RAE magazine/Fundação Getúlio Vargas; Ad hoc CAPES/MEC evaluator, analysis/judgment group Requests for Reconsideration of new master's and doctoral courses (2019). Her areas of interest include strategy, entrepreneurship, innovation and organizational networks. She received the CAPES / MEC NATIONAL AWARD for the best doctoral thesis in the area (2007 author; 2017, supervisor). She is also the holder of several literary awards at national and international level.

Nair Aparecida de Andrade, Pontifícia Universidade Católica de Minas Gerais (PUC Minas), Belo Horizonte, MG, Brazil

is a PhD student in Business Administration at PUC Minas. She holds a master's degree in business administration from the Unihorizontes university center and a degree in Economics from the Federal University of Minas Gerais (1985). She has an MBA in strategic management from FGV and specialization in marketing from ESPM. She has a specialization in public policies directed at small businesses by UNICAMP. She served as manager of territorial economic development and public policies at the Support Service for Micro and Small Companies of Minas Gerais - SEBRAE-MG and as a public policy analyst at the Brazilian Support Service for Micro and Small Companies - SEBRAE NACIONAL. interests include regional and sectoral development, cooperativism and market research. She is an integral member of the Micro and Small Business Council at the Commercial Association of Minas Gerais and the Permanent Forum of Micro and Small Companies in Minas Gerais.


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How to Cite

Ferreira, W. S. de S., Vale, G. M. V., & Andrade, N. A. de. (2023). Procyclical and countercyclical strategies in MSMes performance in a crisis context: A study based on the COVID-19 pandemic. REGEPE Entrepreneurship and Small Business Journal, 12(2), e2311.