The COVID-19 pandemic has caused more than 3 million deaths worldwide and the death tolls have been rising steadily. Facing the current global economic stagnation caused by the disease and the huge revenue decline of many industries, companies are racking their brains to think about how to stabilize operations and how to control the losses incurred by COVID-19. This study aims at understanding how coronavirus has affected the semiconductor industry, and how did ASML, the leader in the semiconductor equipment industry, manage to achieve business objectives during the crisis. The results of this study can provide managerial implications for other market players to adopt when they face potential crisis in the future.

TABLE OF CONTENTS
ABSTRACT I
ACKNOWLEDGEMENT II
TABLE OF CONTENTS III
LIST OF FIGURES IV
LIST OF TABLES V
CHAPTER 1 INTRODUCTION 1
1.1 Research Background and Motivation 1
1.2 Research Objectives 3
1.3 Research Questions and Flowchart 3
CHAPTER 2 LITERATURE REVIEW 5
2.1 Impact of COVID-19 on Business Performance 5
2.2 Michael Porter's Five Forces Model 7
2.3 Dynamic Capability Theory 9
CHAPTER 3 OVERVIEW OF SEMICONDUCTOR INDUSTRY 11
3.1 History 11
3.2 Development of Semiconductor Industry in Taiwan 13
3.3 Analysis of Semiconductor Equipment Manufacturers 15
CHAPTER 4 CASE STUDY ANALYSIS 19
4.1 Introduction of ASML 19
4.2 Challenges Posed by The COVID-19 20
4.3 Competitive Advantage and Survival Strategies During COVID-19 Pandemic 22
CHAPTER 5 CONCLUSION 26
REFERENCE 27

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