The resilience of Romanian companies in the context of the COVID-19 pandemic: Relevant experiences and good practices

Abstract

The increasing number and diversity of crises in the world economy, both at the macroeconomic and the microeconomic level, justify the consistent theoretical and practical concerns regarding resilience. Our paper aims to evaluate Romanian companies' resilience by investigating the way they addressed the recent pandemic crisis. More concretely, our research is focused on identifying the most important crisis affecting each company and its industry. We analyze their impact on the firm's activity and performance, identify the perceived factors that could help the company to overcome the crisis, and investigate the efficiency of the measures implemented by the Romanian companies in order to overcome the most significant crises they faced. To achieve our research objectives, we conducted in-depth interviews on a sample of 63 respondents who are decision makers in their companies (entrepreneurs, managers, administrators, sales directors, and brand managers), and we used the interview guide as a research instrument for collecting the relevant qualitative data. The main results indicate that the most important crisis affecting these companies are related to issues in their specific field of activity (such as legal regulations, political factors), general country characteristics (socio-demographic or legislative factors) and global factors (such as a global economic crisis, the recent COVID-19 pandemic). These crises affected the firms on the financial, organizational, and marketing levels, but most of the analyzed companies found different ways to adjust and to overcome the crisis. The results are all the more important, as there is a lack of studies on how companies reacted to the recent pandemic in emerging economies, especially in Romania, in order to identify best practices and relevant experiences for potential future crises.