Abstract
PurposeCOVID-19 has rendered many firms' business models, strategies and performance vulnerable, including entrepreneurial financials. Some managed to survive, while others drowned in the epidemic swamp. This study offers an exceptional model to fill the gap.Design/methodology/approachEmploying a rigorous qualitative design, the study utilizes a novel framework that integrates institutional theory (IT) and corporate entrepreneurial strategy (CES). Semi-structured interviews were conducted, and thematic analysis identified key themes: external environment, institutional environment and organizational response, CES and performance and survival.FindingsThe study reveals the dual nature of the external and institutional environment, acting as both facilitators and barriers for entrepreneurial financial firms (EFFs). It highlights the robust CES exhibited by these firms during the pandemic, demonstrating their adept balancing and integration of different CES components in their organizational response. The EFFs employ a mix of financial and nonfinancial indicators for performance assessment, yielding varied outcomes based on contextual factors.Practical implicationsEFFs and stakeholders are guided to adapt their business models, balance institutional pressures, implement CES and evaluate performance. It advocates collaboration within the entrepreneurial finance ecosystem and leveraging opportunities emerging from the pandemic, including new market segments, technologies, innovations and regulatory changes.Originality/valueThis topic is underexplored in many emerging economies. Fresh perspectives and rigor frameworks are developed on how EFFs navigate and capitalize on the pandemic under uncertainties.