The impact of the digital technological revolution on the development of crisis management theory

Abstract

Purpose: is to identify the main directions of changing the theory of crisis management of companies under the influence of digitalization based on the analysis of technological transformations in the economy and institutional prerequisites.Methods: to achieve the purpose of the study, methods of logical, institutional and statistical analysis of economic phenomena and financial and economic data of industrial and digital companies, economic comparative studies using the provisions of various theories are used. The theoretical basis of the research is the synthesis of the theory of technological revolutions by Perez C., the new institutional economic theory, the concept of scientific research programs by Lakatos I.Results: the formulated hypotheses of the study on the need to change the «protective shell» of the theory of crisis management under the influence of factors of the digital transformation of the institutional economy are proved. The changes are associated with the formation of new subjects – digital companies, the transformation of the nature of crises and anti-crisis tools in the context of the digital revolution. The institutional nature of business crises in the context of technological revolutions has been established, due to the discrepancy between the speed of development of the economic institutions and technologies.Conclusions and Relevance: the digital revolution is having a significant impact on business. Its adaptation to digital technological conditions requires the development of the new and improvement of existing institutions. These changes challenge the theory of management, which must adapt its basis to the new technological needs of the business. Сrisis management plays an important role in this: the rapid development of digital technologies is accompanied by the crisis factors, the nature of most of which is institutional in nature. However, to date, despite the obvious need, the directions of transformation of the theory of crisis management have not been determined at the scientific and theoretical level. According to the results of the study, the key artifacts of the digital economy have been identified that determine the directions of transformation of the theory of crisis management by transforming its «protective shell». The institutional nature of the prerequisites for such a transformation is proved. The results of the study determine the future directions of the development of the theory of crisis management.