TOWARD A BUSINESS RESILIENCE MODEL: THE CASE OF SHARIA PROPERTY IN SURABAYA RAYA AREA DURING COVID-19 PANDEMIC

• Main Author: Adzkia Fauzi, Aulia
• Format: Theses
• Language: Indonesia
• Subjects: Manajemen umum
• Online Access: https://digilib.itb.ac.id/gdl/view/57408
• Institution: Institut Teknologi Bandung

The Covid-19 outbreak seen as an unpredictable phenomenon, has a different characteristic than past crisis which has been experienced in world time history. The Covid-19 pandemic that has been established by the UN, is not only a concept related to health sector, it also brings up changes that may affect all sectors, including property sectors. Indonesia's housing property market growth has been slowing down growth since 2014 and is likely to head into the recovery period from the year 2020. But, as Covid-19 pandemic hit, the growth of the market is decrease. Meanwhile, although in the middle of crisis, sharia property seems to be resilient to adapt with the condition. This study aims at examining how sharia property can build resilience during covid-19 pandemic and to provide a business resilience model by exploring its capabilities to be resilient during covid-19 pandemic. This study uses qualitative method to provide a business resilience model of sharia property during covid-19 pandemic. Specifically, this study is conducting a grounded theory to define its empirical study towards sharia property during covid-19 pandemic condition. This study focuses on sharia property in facing a “huge” shock during covid-19 pandemic that affect the property sector in general. The empirical results from a case study of sharia developer located in Surabaya Area and surroundings, show that the strengthening of the developers’ commitment, strengthening cash flow management, enhancing and deploying knowledge stock about sharia property, and emerging dynamic capability to respond the shock and maintain the business continuity of sharia property during covid-19 pandemic. From this study, it can be determined that if this business can build and maintain its resilience, it should pay attention to the four dimensions which are proposed. These dimensions are critical to maintain the sharia property business. The dimensions which are proposed is defined to some stages to effectively build a resilient in business. In these stages, a sharia property developer, must applied the model which are included prepare, sense, and respond stages based on the dimensions which are important to be considered. This model can be used for other companies in the same field to apply through a huge shock as covid-19 pandemic crisis. Author contributes to extant business and management literature about the concept of business resilience of sharia property by proposing a model about how sharia property build its business resilience during covid-19 pandemic.