Business Resilience Research Articles

Business analytics capabilities in digitally-enabled and non-digitally-enabled companies in an emerging economy

The excess of data has led industries to develop their capabilities to exploit the value of data and gain competitive advantage. In this context, business analysis has become substantive for this purpose in several domains. Surprisingly, business analytics has been at the top of the corporate agenda. While the potential benefits of business analytics are widely highlighted in cutting-edge literature, little is known about the prominence of analytics capabilities for business resilience during and after the COVID 19 pandemic (new normal) in emerging markets. This study examines the relevance of business analytics capabilities to the resilience and economic performance of digitally-enabled and non-digitally enabled companies in an emerging economy. Using a questionnaire, primary data was collected from digitally enabled national and multinational companies in the Brazilian context. The results of this study suggest that analytical capabilities are substantive to the resilience of digitally enabled multinational companies, with an emphasis on tangible, human and operational capabilities. This study fills a gap in the literature and makes significant contributions: (i) it highlights the protagonism of business analytical capabilities in digitally enabled multinational companies, during and after the COVID 19 pandemic in an emerging economy; (ii) serves as a guide for managers when choosing capabilities; (iii) sheds light on non-digitally enabled national companies to achieve resilience in their businesses in times of crises such as the COVID 19 pandemic; and (iv) expands the literature on business analytical capabilities..

СУЧАСНИЙ СТАН УПРАВЛІННЯ РИЗИКАМИ ПІДПРИЄМСТВ У СИСТЕМІ ЦІННОСТЕЙ ЦИРКУЛЯРНОЇ ЕКОНОМІКИ

The modern state of the economy and the environment presents Ukrainian enterprises with complex challenges, among which the integration of environmental standards and principles of the circular economy into risk management strategies occupies a key position. Ensuring business resilience in such conditions requires the implementation of innovative technologies, the development of new management practices focused on efficiency and minimizing environmental impact. The adoption of the circular economy involves a profound transformation of business models, including changes in production processes, consumption, waste management, and resource reuse. Special attention in this study is devoted to the analysis of risks associated with these changes and the development of methods for their minimization and management. In the analysis of the current state of enterprise risk management within the framework of circular economy values in Ukraine, it is argued that the circular economy is both a trend and a necessity for enhancing the competitiveness and resilience of enterprises. It has been demonstrated that the integration of circular economy principles contributes to resource optimization, reduction of production waste, and ensures more sustainable production. Additionally, it is justified that the adoption of innovative technologies such as artificial intelligence, blockchain, Internet of Things, and advanced analytics provides enterprises with tools for effective risk management. The research findings confirm that circular practices and technologies help manage risks and integrate the values of the circular economy into enterprise activities, thereby enhancing their long-term competitiveness and resilience. This, in turn, fosters a deep understanding of effective management mechanisms in the context of the circular economy, which can be utilized for senior management training, corporate policy development, and strategic planning. The concluding remarks underscore not only the importance of the circular economy as a strategic development direction for Ukrainian enterprises but also identify the main avenues for their adaptation to changing market conditions. Thus, based on the analysis, it is argued that the implementation of integrated risk management systems that consider the values of the circular economy is critically important for ensuring the stability and successful development of enterprises at the international level.

数字化转型对制造业企业韧性的影响

数字化转型对制造业企业韧性的影响

EMPOWERING SMALL BUSINESSES IN GEORGIA: ACCESS TO FINANCE, ECONOMIC RESILIENCE, AND SUSTAINABLE GROWTH

The role of small businesses in the global economy is pivotal, characterized by their flexibility, rapid adaptability, and significant contribution to job creation. Small businesses worldwide often need help securing funding, particularly in regions with the most pronounced financing gap. The article discusses small business financing, emphasizing the importance of capital access and the challenges posed by limited options. The COVID-19 impact underscores the critical role of financial support for small business resilience. Georgia serves as a case study, exemplifying the concerted efforts of government agencies and international organizations in promoting small business development. The article examines initiatives like "Enterprise Georgia," the Rural Development Agency, and the Innovation and Technology Agency. The banking sector's role in facilitating small business growth and the significance of financial awareness initiatives is examined. The article highlights various measures, including the credit guarantee scheme and commercial banks' role in enhancing financial access and awareness. Green banking and capital market development for sustainable economic growth are emerging priorities. Green financing initiatives and partnerships with organizations like the Fund for Green Growth exemplify a growing commitment to sustainability.However, the article also emphasizes the need for a comprehensive approach to capital market development in Georgia to diversify financing sources and reduce reliance on the banking sector. In summary, this article underscores the indispensable role of access to finance in sustaining small businesses worldwide, focusing on the proactive efforts and collaborative endeavors in Georgia, providing a blueprint for enhancing small business development and financial sustainability.

Increasing the Resilience of Japanese Companies to Address Multi-hazard Risks

The risk environment surrounding companies has become increasingly complex because of unexpected high-magnitude earthquakes, frequent extreme weather events, adverse effects of climate change, COVID-19, and the impact of the recent Ukraine crisis. Unless companies adequately adapt to the changes in their business environments with their business continuity management (BCM) to address a multi-hazard, they may suffer severe impacts on their business performances and may not survive. Japan is one of the most natural hazard-prone countries with the most corporate assets in the world. However, it currently has various challenges in developing and implementing BCM. This study provides a method to increase the business resilience of Japanese companies for effective management of current and future risks against multi-hazards. This study reviews the hazards faced by Japanese companies and their effects. The recent progress of and challenges to BCM and the related policies in Japan are assessed because a more effective BCM can form the foundation for increasing business resilience. Moreover, this study considers how business resilience can be increased to tackle current and future multi-hazards. The results show that the Japanese companies’ BC plan (BCP) currently tends to focus on single or some particular hazards considering less on fund procurement. Thus, more comprehensive approaches to address unexpected consequences regardless of the hazard type should be highly promoted in the political and practical aspects, and financial strategies should be more mainstreamed on BCM because these improvements will lead to increased business resilience and corporate value.

INVESTIGATING FINANCIAL FRAUDS IN THE MODERN LANDSCAPE: A FORENSIC ACCOUNTING PERSPECTIVE IN THE COVID-19 ERA

This paper explores the evolving landscape of forensic accounting, particularly in the context of changing financial frauds and the challenges posed by the COVID-19 pandemic. The progression of financial fraud over time, driven by technological advancements and shifting business environments, highlights the necessity for adaptive and innovative approaches to fraud detection and prevention. Advanced methodologies, including data analytics, digital forensics, and artificial intelligence, have empowered forensic accountants to confront increasingly sophisticated fraud schemes. The examination of frauds arising from the pandemic underscores the resilience of fraudsters in exploiting vulnerabilities during crises. This paper underscores the importance of forensic accounting in upholding financial integrity, ethical standards, and business resilience. It calls for continuous research, innovation, and vigilance in the field of forensic accounting to counter emerging fraud schemes and evolving business landscapes.

Factors in the disaster mitigation process for micro and small culinary enterprises in Indonesia.

This study analysed the vulnerability of culinary businesses for micro and small businesses. Low vulnerability means high resilience. Business resilience is conceptualised as a production function that is predisposed by various combinations of inputs from exposure, sensitivity, and adaptive capacity variables.

How to assess the intellectual capital of firms in uncertain times: a systematic literature review and a proposed model for practical adoption

PurposeIntellectual capital (IC) plays a crucial role in today’s volatile business landscape, yet its measurement remains complex. To better navigate these challenges, the authors propose the Integrated Intellectual Capital Measurement (IICM) model, an innovative, robust and comprehensive framework designed to capture IC amid business uncertainty. This study focuses on IC measurement models, typically reliant on secondary data, thus distinguishing it from conventional IC studies.Design/methodology/approachThe authors conducted a systematic literature review (SLR) and bibliometric analysis across Web of Science, Scopus and EBSCO Business Source Ultimate in February 2023. This yielded 2,709 IC measurement studies, from which the authors selected 27 quantitative papers published from 1985 to 2023.FindingsThe analysis revealed no single, universally accepted approach for measuring IC, with company attributes such as size, industry and location significantly influencing IC measurement methods. A key finding is human capital’s critical yet underrepresented role in firm competitiveness, which the IICM model aims to elevate.Originality/valueThis is the first SLR focused on IC measurement amid business uncertainty, providing insights for better management and navigating turbulence. The authors envisage future research exploring the interplay between IC components, technology, innovation and network-building strategies for business resilience. Additionally, there is a need to understand better the IC’s impact on specific industries (automotive, transportation and hospitality), Social Development Goals and digital transformation performance.

THE COMMUNITY EMPOWERMENT THROUGH THE ROAD & ROLE MAP MODEL OF SUSTAINABLE ISLAMIC BOARDING SCHOOL BUSINESS RESILIENCE BASED ON A GREEN ECONOMY AT THE DAARUL ULUUM ISLAMIC BOARDING SCHOOL, JATINANGOR

This community service activity aims to introduce the Road&Role Map Model for Community Empowerment Through Sustainable Islamic Boarding School Business Resilience Based on a Green Economy at the Daarul Uluum Islamic Boarding School, Jatinangor. At the Daarul Uluum Islamic boarding school in Jatinangor, this community service is carried out with the assistance of PAR. It consists of socialization, training, and assistance for teachers, students, and congregation members about community empowerment through sustainable Islamic boarding school business resilience based on a green economy. By utilizing Infocus and a projector, the material is presented in the form of a PowerPoint presentation. The results of the activities carried out on November 18 2023, found that teachers, students and congregations for community empowerment through sustainable Islamic boarding school business resilience based on a green economy at the Daarul Uluum Jatinangor Islamic boarding school were more enthusiastic and motivated to recognize the Road Map & Role model for Islamic boarding school business resilience Sustainable Green Economy Based, further in its application and implementation in daily life, especially for the congregation at the Daarul Uluum Jatinangor Islamic Boarding School. As a result of this community service activity, it is possible to conclude that this outreach activity has the potential to increase enthusiasm and high motivation to recognize further the Arabic Hajj & Umrah Digital Application for Teachers, Santri and Jama'ah Road Map & Role Model for Community Empowerment Through Resilience-Based Sustainable Islamic Boarding School Business Green Economy at the Daarul Uluum Jatinangor Islamic Boarding School. The participants' enthusiasm was a defining characteristic of the event

Benchmarking Plans for Community-Based Small Business Resilience across Gulf Coast Counties

Community-based small businesses (CSBs) bear the brunt of environmental hazards aggravated by climate change, thus requiring appended community support. This research addresses the knowledge gap in the increasingly convergent field of hazard and climate adaptation planning research. It aims to benchmark the commitments of local plans toward CSB resilience (CSB-R). We develop a CSB-R Framework with eleven planning objectives across five dimensions and evaluate relevant plans of fifty-six Gulf Coast counties using a Natural Language Processing method. Our evaluation results outline the inadequate planning focus on CSB-R that is distinct by community contexts, which requires tailored improvement strategies accordingly.

Entrepreneurial Resilience and Self Efficacy During the Covid-19

Throughout Indonesia, MSMEs reflect a national workforce of 97%, so this achievement makes MSMEs the pillars of the Indonesian state economy. The covid-19 pandemic is a major disaster for micro, small, and medium enterprises because it has resulted in a decline in the economic sector. Not only large companies that the covid-19 pandemic has impacted but also micro, small, and medium enterprises (MSMEs) have also experienced the impact. MSME actors must be able to keep up with changes in their business processes by digitizing. This study aims to determine the resilience of business entrepreneurs, namely the Modification of processes and products and business models—functional areas found in business environments such as HRM, Finance, and Marketing. Technology adaption is using technology to make sales reach a broader market. Other sources of business continuation and development will be carried out in the short and long term. This research uses a qualitative method with descriptive data presentation. It uses multiple cases to compare the similarities and differences in business resilience of the three businesses in the culinary sector in Bekasi City. The data sources in this study used interviews with the owners of Rumah Cinta Kue Cinta, Dapur Kyja, and MamdiBekasi.The analysis in this study uses the help of Nvivo software to help analyze interview documents with visualization results that are easy to understand. The results of this study can be concluded that the three business actors carried out various aspects to survive during the co-19 pandemic

Entrepreneurial Resilience and Self Efficacy During the Covid-19

Throughout Indonesia, MSMEs reflect a national workforce of 97%, so this achievement makes MSMEs the pillars of the Indonesian state economy. The covid-19 pandemic is a major disaster for micro, small, and medium enterprises because it has resulted in a decline in the economic sector. Not only large companies that the covid-19 pandemic has impacted but also micro, small, and medium enterprises (MSMEs) have also experienced the impact. MSME actors must be able to keep up with changes in their business processes by digitizing. This study aims to determine the resilience of business entrepreneurs, namely the Modification of processes and products and business models—functional areas found in business environments such as HRM, Finance, and Marketing. Technology adaption is using technology to make sales reach a broader market. Other sources of business continuation and development will be carried out in the short and long term. This research uses a qualitative method with descriptive data presentation. It uses multiple cases to compare the similarities and differences in business resilience of the three businesses in the culinary sector in Bekasi City. The data sources in this study used interviews with the owners of Rumah Cinta Kue Cinta, Dapur Kyja, and MamdiBekasi.The analysis in this study uses the help of Nvivo software to help analyze interview documents with visualization results that are easy to understand. The results of this study can be concluded that the three business actors carried out various aspects to survive during the co-19 pandemic

Формування національного бренду України в міжнародній діяльності

The article delves into the influence of Ukraine's national brand on the formation of the image of domestic enterprises in the international arena. Factors that determine this influence are exam-ined, including the country's reputation, perceptions of the quality of its products and services, as well as the level of trust in Ukrainian brands. The insights gained from this article can be valuable to marketing professionals, researchers in international relations, and brand managers operating in the era of globalization and internation-al trade. Understanding the influence of the national brand on enterprises will enable the develop-ment of more effective strategies for international expansion and enhance the competitiveness of Ukrainian companies in the global market. The purpose of the national brand is to create a percep-tion of the country as having powerful and unique production capabilities, rich research potential, cultural traditions, and natural and recreational resources. The development of Ukraine in the international arena directly depends on its positive percep-tion by the foreign community. Foreign states, citizens of other countries, investors, whose attitude is positive, also have an influence on the solution of internal socio-economic problems. A positive image of Ukraine contributes to strengthening the effectiveness of the state's foreign and domestic policy. The war in Ukraine, has had a complex and multifaceted impact on the image of domestic en-terprises in the world. For example, support from the international community, including sanctions against russia and assistance to Ukraine, can have a positive impact. It signifies solidarity with Ukraine and can mitigate some of the negative perceptions associated with the conflict. Ukraine's pursuit of closer ties with the European Union and other international partners has opened up new trade opportunities. This can positively impact enterprises that can take advantage of these trade agreements. In summary, the war in Ukraine has had a mixed impact on the image of domestic enterprises in the world. It has created challenges and negative perceptions in some cases, but it has also shown the resilience and adaptability of Ukrainian businesses.

SECUBE'S ROLE IN IMPLEMENTING BUSINESS CONTINUITY PLANS (BCM) IN VARIOUS INDUSTRIES

This article explores SeCube's role in implementing Business Continuity Management (BCM) across various industries. SeCube, a versatile information security management system, offers tools and functionalities critical for developing, maintaining, and testing business continuity plans. The discussion includes SeCube’s capabilities in risk assessment, incident management, recovery planning, and compliance with industry-specific regulations. The article aims to provide insights into how SeCube enhances the resilience of businesses by ensuring continuity and rapid recovery in the face of disruptions.

Implications of Crises on Start-Up Management and Ways to Increase Business Resilience and Sustainable Development

Abstract This paper aims to conduct an in-depth analysis of how recent crises have been experienced by Romanian start-ups from the perspective of their managers, through quantitative research. The authors also aimed to investigate the interest of entrepreneurs in sustainably developing their businesses and the actions they aim to take in this direction. Data were collected from a sample of 216 respondents, managers of start-ups operating in the Center and South-West Oltenia Regions. The results indicate that the COVID-19 health crisis and the international financial crisis, followed by the energy crisis, have had the greatest impact on the activity of start-ups and identify response measures that can be solutions to increase their resilience in times of crisis. The research can help managers of start-ups maintain business stability in complicated times and incorporate sustainability practices into their business strategy. Governmental, regional and local authorities, as well as entrepreneurship education providers, can also use the research results to initiate measures to support start-ups in their efforts to cope with current challenges and develop sustainably.

The impact and value of information system audit enterprises risk management influencing quality assurance and system optimization—a touch from supply chain domains

The industries significantly rely on information technology for effective operations; however, there are hazards like data breaches and system breakdowns. Information system audits are essential to reducing these risks, ensuring quality control, and optimizing the system. These audits evaluate gaps in controls, non-compliance concerns, and vulnerabilities, allowing for the installation of efficient risk mitigation measures. Information system audits are essential for locating and reducing hazards related to an organization's information systems.Vulnerabilities, threats, and control flaws can be found through routine audits, which then allows for the deployment of the necessary controls and risk-reduction measures. Additionally, audits support quality assurance by assessing data reliability, accuracy, and completeness, as well as system performance, regulatory compliance, and industry best practices.The deployment of remedial steps to improve data integrity and system reliability is made possible by their assistance in assisting organizations in identifying gaps and flaws. Information system audits also aid system optimization by revealing details about the functionality and performance of the system.  An extensive evaluation of the literature and case study analysis was used to perform the research.For the analysis of this research, a sequential mixed technique (qualitative and quantitative) study was conducted. Delphi questionnaires were used twice to conduct the study. It encompasses organizations and entities involved in various aspects including but not limited to logistics companies, freight carriers, shipping and distribution firms, public transportation agencies, and supply chain service providers. Data from the semi-structured interviews for the qualitative study were collected via a Delphi survey, and 14 nodes and six themes were then generated.Audits assist organizations in identifying areas for improvement and informing decisions about system upgrades or alterations by analyzing system utilization, response times, resource allocation, and scalability. The results of this study highlight the importance of information system audits in assuring the prosperity, effectiveness, and resilience of businesses engaged in supply chain operations. Organizations can attain a greater level of enterprise risk management, quality assurance, and system optimization, which will improve supply chain operations in general, by managing risks, improving data quality, and optimizing system performance.

A framework for cyber-risk insurance against ransomware: A mixed-method approach

Hackers follow a standard cyber kill chain process and install ransomware payloads using phishing emails on firms belonging to critical industry, resulting in huge losses in revenue, reputation, and customer churn. This study uses a mixed-method explanatory approach to mitigate ransomware attacks. We present the quantitative Ransomware Risk Management Model (R2M2) based on protection motivation theory (PMT). The Ransomware Risk Assessment module based on the threat appraisal component of PMT and the National Institute of Standards and Technology (NIST) guidelines can help the chief information security officer (CISO) to assess the risk using predictive analytics techniques. The Ransomware Risk Quantification module uses collective risk modeling to compute the severity of a ransomware attack on an organization. The Ransomware Risk Mitigation module helps the CISO to minimize the probability and impact of a ransomware attack on their organization by (i) investing in perimeter security technologies and training to ensure prepare, deter, detect, restrain, recover, and review mitigation strategies, (ii) adopting the National Institue of Standards and Technology (NIST) Cybersecurity Framework to ensure business resilience, and (iii) mitigating the residual risk by investing in cyber-risk insurance. We validated the proposed method using a qualitative study by interviewing participants form firms affected by ransomware, managed security service providers, security consultants, and cyber-risk insurers.

Implementation of Green Economy at PT. Esprite Nomade

The green economy is becoming increasingly important in the context of an increasingly fragile global environment. Unfortunately, many businesses today do not fully understand the concept and practice of green economy, as evidenced by the data and facts regarding the low awareness of this environmental issue. However, one of the companies engaged in the manufacture of tents, PT Esprite Nomade in Indonesia has become an exception by implementing various aspects of the green economy in its business activities. The company has succeeded in presenting innovative tents that are easily removable, environmentally friendly, and reduce carbon footprint through various measures such as minimizing the use of heavy equipment, minimizing the use of hazardous chemicals, easily moved to a new location without destroying the building so that it can be reused and reducing waste that has a negative impact on the environment. The company has also successfully sold its products commercially and exported them overseas, thus making a positive contribution to the country's income. With the important role of green economy in future business, this research aims to analyze the implementation of green economy policies or procedures applied by PT Esprite. This is expected to be a reference for other businesses to adopt sustainable and environmentally friendly practices. This research uses a qualitative analysis approach to analyze data collected through interviews and direct observation at PT Esprite Nomade. Data obtained from relevant parties such as company management, production, and marketing teams are used to deeply understand the implementation of green economy in various aspects of the business which are then analyzed to explore patterns, themes, and challenges faced by PT Esprite in implementing green economy. This analysis will provide an understanding of the advantages and contributions made by PT Esprite in the field of green economy and sustainable business practices. The results of the research show that PT Esprite Nomade has successfully implemented green economy in the aspects of design, production, packaging, and recycling. This implementation proves that businesses can bring innovative and sustainable solutions to reduce negative impacts on the environment. The results of this study are relevant to Presidential Regulation No. 98 of 2021 concerning the Implementation of Carbon Economic Value for Achieving Nationally Determined Contribution Targets and Controlling Greenhouse Gas Emissions in National Development. Thus, the application of green economy in this tent company provides a real example and is relevant to the government's efforts in achieving nationally set environmental targets. This research is expected to inspire other businesses to pay attention to the importance of green economy and implement sustainable practices in their operations. Thus, businesses in Indonesia and around the world can positively contribute to efforts to maintain environmental sustainability and build sustainable business resilience.

Business resilience and growth strategy transformation post crisis

AbstractThe recent crisis world experienced (Covid-19) undoubtedly changed many aspects of business, such as operations, growth, sales, etc. A business needs capability and strategy to survive, and this paper considers resilience and growth suitable for encountering a crisis. Following that, this paper argues that resilience not only results from a crisis, as mentioned in previous studies but is a process. We also argue that growth strategy and its stages differ between regular times and times of crisis. This paper aims to elaborate on changes in business resilience and growth strategies as a reaction to a crisis by building line-by-line coding, patterns, and themes. This study develops a conceptual model for forming business sustainability after a crisis with resilience and growth as pillars. This qualitative study used snowball sampling with 13 case studies and conducted semi-structured interviews, Focus Group Discussion (FGD), and observation with dependability, credibility, confirmability, and transferability as the triangulation processes. This inductive study demonstrates resilience and growth steps that can assist entrepreneurs in avoiding misleading strategies. The findings also indicated that digital imperatives could hasten both processes to attain sustainability. This paper draws on organizational resilience theory to discuss the theoretical implications of this research. This study discovers three main stages in the resilience process: resilience awareness, adaptation, and action, and growth stages in crisis time, namely no growth, growth support, growth force, and sustainable growth. On a practical level, the proposed model can also assist entrepreneurs in dealing with a crisis regarding what to do and understanding their conditions. This study contributes to the ongoing debate on how to respond to crisis and provides complete stages in resilience response and growth strategies for a business. For future research, this paper recommends a longitudinal study to understand and analyse the implementation and effectiveness of the models.

Business Risks in COVID-19 Crisis Dataset Modeling: Regulatory vs. Marketing Tools of Risk Management

The research aims to identify the most promising regulatory and marketing tools for business risk management in the COVID-19 crisis and develop recommendations for improving the practice of these tools from a post-pandemic perspective. This paper is devoted to the scientific search for answers to two research questions: RQ1: What tactical tools of business risk management are most effective in the COVID-19 crisis? RQ2: How to carry out strategic risk management of the business from a post-COVID perspective? The authors perform dataset modeling of business risks in the COVID-19 crisis and data analysis of the post-pandemic perspective of managing these risks, relying on data for 2016–2023, reflecting international experience in a representative sample. The key conclusion of this research is that the most complete and effective business risk management in times of COVID-19 crisis requires the integrated application of tools of state and corporate governance, that is, two-tier management: At the state and business levels. On this basis, the authors recommended applying the systemic approach to business risk management in times of the COVID-19 crisis, which includes a set of the most effective regulatory (financial support from the state budget and protectionism) and marketing (use of big data and analytics) tools of business risk management. The practical significance of the research results is that the recommended systemic approach to using regulatory and marketing tools can improve the effectiveness of tactical and strategic risk management in the COVID-19 crisis, thereby increasing business resilience to this crisis. The novelty is due to the fact that we selected the most effective tools of business risk management under the conditions of the COVID-19 crisis and proved the necessity to combine the tools of state and corporate management, which are substantiated, for the first time, not as mutually interchangeable, but complementary practices of risk management in the unique context of the COVID-19 crisis.