Resilience In Times Of Crisis Research Articles

Resilience in times of crisis

Resilience in times of crisis

Are family owners and managers good stewards in global crises? Evidence from stock market reactions to Covid-19

The Covid-19 pandemic as a truly global crisis has shown the importance of firm resilience in times of crisis. Yet, so far, we lack an understanding of the role of firm ownership and management in building this resilience. Based on stewardship theory, we posit that family management and ownership help firms to navigate through a global crisis. To test our predictions, we analyze how Covid-related negative events affect the stock market reactions of 300 German listed firms and how family ownership and management moderate these effects. Our cross-sectional regression results show a positive effect of family management while no such effect was found for family ownership. We contribute to the research on family involvement and stewardship in crisis situations by showing that family ownership and management constitute distinct determinants of stewardship behavior and by bringing a context element into family business stewardship research that was missing so far in the literature. Practical implications exist for family firm’s top management employment policies and capital market communication in crisis situations.

Resilience in Top Management Teams: Responding to crisis by focusing on the future

When faced with a sudden economic crisis, top managers come under pressure to persist and recover, but such an ability to be resilient depends on the collective response of the top management team (TMT). In particular, we argue that attention towards the future, or future focus, within the TMT influences the organization's resilience in times of crisis. Drawing on a sample of insurance companies during the Global Financial Crisis (GFC), we mined earnings call transcripts to capture future focus for executives and aggregate this variable to the team level. Our results indicate that companies with TMTs high on average future focus, and companies with TMTs low on heterogeneity of future focus are more resilient - experiencing more moderate performance losses during the crisis and a swifter recovery after the crisis. With heightened attention on long-term effects of economic crises, we contribute to scholarship and practice by demonstrating that future focus within executive teams impacts their organization's resilience.

Building Resilient Micro-Small Enterprises: A Case Study of MSEs In The Midst of The Covid-19 Pandemic

The pandemic has affected various sectors of life. The pandemic has attracted the attention of many parties to assess the impacts that arise outside of health impacts, one of which is the impact on micro and small enterprises (MSEs). The central role of MSEs in the national economy is the primary driver of research on how MSEs build resilience in times of crisis. This study focuses on the strength of MSEs during the Covid-19 pandemic. MSEs are the mainstay of the national economy. Therefore, various aids for the recovery of MSEs have become the focus of national economic recovery throughout the world, including Indonesia. This study uses quantitative and qualitative methods on MSEs that are still able to maintain their continuity to this day. This research focused on revealing several characteristics of MSEs’ resilience according to the number of workers, income trends, and the extent to which individual resilience affects organizational resilience. The analysis also revealed a process-based model of how MSEs builds resilience during this ongoing crisis.

Bouncing forward or bouncing back? How family firms enact resilience in times of crisis

PurposeThe study aims to develop theoretical understanding about how family-run businesses navigate unexpected and highly disruptive events by examining how family-based resilience capacity is variously transformed into an organizational capability.Design/methodology/approachThe study relies on a qualitative comparative case study design to explore how Croatian family-run businesses navigated market and operational disruptions brought on by the global coronavirus (COVID-19) pandemic. Drawing on semi-structured interviews and organizational data, this study compares how family-run businesses operating in different industries experienced and coped with disruptions. Using inductive qualitative coding methods, patterns across codes were identified and aggregated into dimensions that describe two broad approaches for leveraging family social capital in the enactment of organizational resilience.FindingsThe analysis shows that family-run businesses may employ family social capital in retrospective and prospective ways. A retrospective approach involves targeted and conservative uses of family social capital, wherein the aim is to maintain organizational functioning and return to “business as usual”. In contrast, a prospective approach employs these resources in a more strategic and flexible way to adapt to a “new” future. While both approaches can enable firms to successfully navigate crises, these approaches differ in terms of their temporal orientation and implications for marketing flexibility.Originality/valueThe study contributes to a better understanding of how family social capital can be differentially leveraged in times of crises, and how these differences may stem from having temporal orientations that focus on either preserving the past or adapting to new conditions. The study advances theorizing at the intersection of organizational resilience and family business by deepening understanding of the heterogeneity of ways in which family businesses manage change for long-term business continuity. For owners and managers of family-run business, the study provides insights into how unexpected disruptions can be managed and how businesses might respond to fast-changing market conditions.

Boxed: Exploring Containment and Resilience in Times of Crisis

This article draws upon materials created between May and July 2020 as part of an artistic collaboration between the two authors which took place during the first COVID-19 lockdown. The authors worked together remotely, drawing on their personal and professional experiences to explore the themes of identity, migration and belonging in times of crisis. One of the strongest themes to emerge from the collaboration was the importance of individual and collective resistance to the deeply gendered social and political categories that ‘box us in’, and serve constantly to remind us of our place and how we should – and shouldn’t – behave and be. As mothers, grandmothers and wives. As migrants, artists and academics. And as women.

University students' perspectives on emergency online GIS learning amid the Covid‐19 pandemic

AbstractThis study investigated GIS students' perspectives on emergency online learning (EOL) during the Covid‐19 pandemic through a case study at National University of Singapore. Questionnaire surveys administered to three GIS courses were conducted, the result of which suggests that the GIS teaching could be completed effectively online during the crisis. In addition, the positive and negative influences of this learning mode have been discussed in connection to relevant student perspectives on social media and relevant findings in the literature. Relatively, senior and independent learners adapted better to the EOL, while beginners and less self‐disciplined learners may need more face‐to‐face guidance, interactions, and direct supervision. It is worth pointing out that despite some students seeing the demand for a higher level of self‐discipline as being negative, others saw this property contributed to them being better independent learners with self‐motivation, suggesting the need for a nuanced interpretation of the results that consider perspectives. Based on the pros and cons of the EOL investigated, this article further stresses the need to cultivate a post‐pandemic blended GIS learning pedagogy for enhancing higher GIS education's quality and resilience in times of crisis.

Gen Z during the COVID-19 crisis: a comparative analysis of the differences between Gen Z and Gen X in resilience, values and attitudes.

In the current study we seek to examine the difference between Generation Z and Generation X in terms of coping with a global crisis (COVID-19), specifically regarding resilience in times of crisis, personal values ​​and attitudes during that time. Based on the theory of generations, we aimed to explore whether different generations have different levels of resilience, values and attitudes during the global crisis. Data were gathered in a cross-sectional study; 958 participants participated, divided into two age-groups: 508 participants of Generation Z (ages ranged between 18–24; 53.9% males [Age: M = 21.05, SD = 1.96]; 46.1% females [Age: M = 21.14, SD = 1.83]), and 205 participants of Generation X (ages ranged between 40–50; 54.2% males [Age: M = 45.16, SD = 3.15]; 45.8% females [Age: M = 45.23, SD = 3.01]). It was found that members of Generation Z (Gen Z) were less resilient. Also, Gen Z members had higher levels of openness to change, and self-enhancement as compared to Generation X (Gen X). In addition, Gen Z were found to be more positive in their attitudes toward flexible learning but no differences between the generations were found as for flexible work. Both generation members had the similar attitudes towards online consumption. Despite the magnitude and significance of the crisis, the main values of each generation remained unchanged in many respects, but attitudes of both generations are positive towards hybrid work and consumption.

CEO Temporal Orientation, Top Management Team Diversity, and Organizational Resilience

How do CEOs influence organizational resilience in times of crisis? Combining resilience and upper echelons research, we argue that CEOs prepare for and adjust to unexpected events in their environment based on their temporal orientation. We argue that CEOs’ long-term orientation fosters organizational resilience during crises, which is reflected in their firms’ lower severity of loss and time to recovery. We suggest that this relationship is moderated by TMT diversity. Studying 745 CEOs of S&P500 firms during the financial crisis and the COVID-19 pandemic, we find that firms led by long-term oriented CEOs face less severe economic losses but take longer time to recover from adversity. Yet, these firms recover more quickly when long-term oriented CEOs can draw on a diverse TMT. Our paper contributes to the research on organizational resilience by uncovering its microfoundations. We also contribute to the upper echelons research by unveiling CEOs’ role in preparing for and adjusting to adversity. Lastly, we contribute to team research by showing how TMT functional diversity affects longer-run effects.

"Like a wake-up call for humankind": Views, challenges, and coping strategies related to public health measures during the first COVID-19 lockdown in Thailand.

Following the first Thai COVID-19 case in January 2020, the Thai government introduced several non-pharmaceutical interventions (NPIs) in March 2020 (e.g., contact tracing, travel restrictions, closure of businesses, curfews, stay at home orders) to control COVID-19 transmissions. This study aimed to understand the views and experiences of a small number of Thai residents related to public health measures implemented during the first COVID-19 wave in Thailand. A total of 28 remote in-depth interviews with Thai residents (18-74 years old) were conducted between 8 May and 21 July 2020. Interviews were audio recorded, transcribed, and analysed using thematic analysis based on the Framework Method. Our results describe participants' views, challenges, and coping strategies relating to COVID-19 restrictions. Most participants expressed support for the introduction of strict public health measures, while some criticized lacking enforcement or rational of certain measures. Participants identified four major challenges, namely financial hardship; social isolation and loneliness; stigma and shaming; and fear of COVID-19 infection. Strategies adopted to address these challenges included practical coping strategies (e.g., reducing risks and fear of COVID-19 infection; mitigating financial, social, and mental health impacts), and embedded socio-cultural ways of coping (e.g., turning to religion; practicing acceptance; kindness, generosity and sharing ('Namjai'); 'making merit' ('Tham-bun')). The challenges identified from this study, in particular the role of stigma and discrimination, may be relevant to other infectious disease outbreaks beyond COVID-19. Findings from this study underscore the need for policies and interventions that mitigate the negative impacts of NPIs on the public, particularly on vulnerable groups, and highlight the importance of considering socio-cultural context to support community resilience in times of crisis. Our findings remain relevant in light of low COVID-19 vaccine availability and the potential need to implement further public health restrictions in Thailand and elsewhere against COVID-19 or future infectious disease threats.

Financial Investment Modes and Strategic Readiness of Star-Rated Hotels in the COVID-19 Pandemic Environment in Kenya

The hotel industry in general is a great investment option for generating income and building long-term wealth. The hospitality industry, especially in the developing world context, is fraught with risks that limit investment in the industry and these risks have been further compounded by the emergence of the COVID-19 global pandemic which, though under control, presently has put the levels of strategic readiness of the industry into question. This paper, therefore, explores the influence of financial investment modes on strategic readiness of star-rated hotels in Kenya in the COVID-19 context. The study was guided by the Modern Portfolio Theory and used a cross-sectional study design targeting star-rated hotels in Kenya from which 120 were selected using systematic random sampling. Using data collected through questionnaires and interview schedules, the study found that financial investment modes have a significant influence on strategic readiness of star-rated hotels in the COVID-19 pandemic environment in Kenya. Most hotels were working on a mix of financing instruments that will ensure financial sustainability even after the pandemic. The hotels’ levels of readiness have an important impact on their financial instrumentation prospects. The study recommends that the star-rated hotels should also reposition themselves strategically in the investment market so as to enable them attract more investment from both the private sector and the public sector to enable them build more resilience in times of crisis.

Istanbul as a "City of Design"

Istanbul as a "City of Design"

We are in this together: stakeholder cooperation during COVID-19 in Romania

Romania is characterized in general by poor institutional capacity and low popular trust in public institutions. In this context, it is an unlikely case for an effective stakeholder cooperation in times of crisis. However, this article shows that during the pandemic, the structural vulnerabilities in the public system led to many solutions being delivered through public and private stakeholder cooperation. The health care system engaged with community stakeholders to complement public efforts in managing the pandemic. A consistent institutional approach towards public engagement can compensate for systemic vulnerabilities and adds to societal resilience in times of crisis.

Women's Ventures Resilience and COVID-19 Crisis

We complement this research by addressing the question of how entrepreneurial ventures can resilient in the face of adversity in Times of Crisis. First, we conducted a comprehensive web search to find women's entrepreneurial ventures. Based on web search results, we conducted Online interviews with 190 women entrepreneurs that working in many types of ventures. Second, we surveyed innovative actions that help to women's entrepreneurial ventures resilience. Building on these insights, we identified a variety of innovative actions to help women's entrepreneurial ventures resilience in times of crisis. We suggest key insights on ventures resilience for entrepreneurship Policymakers.

Changes in Corporate Responsibility Management during COVID-19 Crisis and Their Effects on Business Resilience: An Empirical Study of Swiss and German Companies

The COVID-19 pandemic has affected the activities and performance of companies worldwide. This article examines in what ways corporate responsibility management and corporate responsibility reporting activities have changed during the COVID-19 crisis in Switzerland and Germany, and how corporate responsibility management is related to aspects of business resilience in terms of maintaining expected financial performance during the COVID-19 crisis in Swiss companies. To answer these questions, we conducted a quantitative and qualitative content analysis of company reports of the top 10 Swiss and German companies in terms of market capitalization, as well as a quantitative survey among Swiss managers. Our results show that during the period under consideration, (i) a majority of the companies analyzed in Switzerland and Germany expanded their sustainability reporting, both overall and in all sustainability dimensions; (ii) there is a tendency for corporate responsibility management to move away from upstream and downstream sustainability topics and focus more on in-house sustainability topics; and (iii) there is a correlation between the two corporate responsibility topics of local recruitment and occupational health and expected financial performance as an aspect of maintained business resilience in times of crisis.

Creative industries and resilience in times of crisis: the role of firm and entrepreneurial team characteristics

PurposeThis paper aims to identify firm and entrepreneurial team characteristics that may contribute to resilience in the creative industries (CI) under adverse economic conditions.Design/methodology/approachIt provides case study evidence based on 19 in-depth interviews with small and young creative enterprises in Greece in 2014 that is at the peak of the Greek economic crisis. New information was collected from two follow-up waves conducted in 2017 and during the recent coronavirus disease 2019 (COVID-19) pandemic crisis.FindingsThe results suggest that highly internationalized entrepreneurial teams with extensive working and studying experience abroad, which also combine creative expertise with managerial and marketing expertise, are key resilience drivers during economic downturns. Moreover, being export-oriented, serving a diverse customer base and investing in digital technologies seem to allow CI firms to effectively adapt to challenging conditions.Originality/valueThis study adds to the firm-level research on the resilience drivers of small and young enterprises in the CI context. It proposes and empirically tests a conceptual framework to advance the limited knowledge on entrepreneurship and resilience patterns in the CI during crisis periods, emphasizing specific entrepreneurial team and firm characteristics.

Can Social Responsible Investment and Gold be a Good Diversifier for Indonesia Sharia Investors?

The COVID-19 Pandemic persists after the global financial crisis resumption of financial turbulence. This vulnerabilities phenomenon compelled investors to restructure their portfolio by implementing a well-diversification strategy. The Sharia Investment and Environment Social Governance (ESG) Investment are two types of investment that enormously attract investors' interest, partly due to their resilience in times of crisis. This study examines the market integration between Sharia stocks, ESG stocks, and Gold and empirically compares its integration in the period before and during the covid-19 Pandemic. The data used were daily closing prices on two Indonesia Sharia indices, ESG index and Gold price from January 2, 2015, to August 31, 2021. Through Johansen Cointegration, the results ascertain the cointegration among variables, implying limited diversification opportunities among assets in the long run. Vector Error Correction Model found the significant short-term relationship between the Sharia stock index and ESG investment in the pre-pandemic period but turned out to be insignificant during the Pandemic. Further, the finding confirms the Gold's ability as a good diversifier for both assets in the pre-pandemic period. However, during the Pandemic, it suggests that gold can indeed provide diversification gains only for the ESG index. Our results have imperative implications about the asset allocation under portfolio optimization.

Collective Mindfulness and Organizational Resilience in Times of Crisis

Collective Mindfulness and Organizational Resilience in Times of Crisis

Levers of family firms’ resilience in times of crisis

Although the academic literature argues that family firms are more resilient than non-family firms, the reasons for this presumed superiority are still not clearly identified. In addition, while family firms are a significant component of the economic landscape, research has evidenced variations in this organizational form such that some family firms seem to be more resilient than others. The following reflection will seek to provide some elements of analysis of the resilience of these companies in times of crisis.

A simulation–optimization approach for measuring emergency department resilience in times of crisis

Crisis occurrence in the healthcare context is, for different reasons, a phenomenon that happens abundantly. The priority of the healthcare system during a crisis is to provide quality care and superior services to the injured people. However, given the usually extreme severity of the crisis that results in a significant number of injured people, proper and timely responsiveness of healthcare systems is a challenging issue This study proposes a novel framework using a hybrid simulation–optimization approach to measure the healthcare responsiveness in crisis to address this real-world problem. This paper closely connects operations research techniques to critical systems thinking notions to evaluate the behavior of a system in the face of crisis. Since all arriving casualties to the hospital are first taken to the emergency department (ED), the ED in a case study is used to illustrate the performance of the presented approach. We designed seven crisis scenarios and one scenario of the ED system in a normal situation and modeled them using discrete-event simulation (DES). Patients’ interarrival times act as the driver of workload experienced in ED during crisis scenarios of varying severity. For crisis simulation scenarios that are unable to cope with the severity of the crisis, we developed an optimization model in an optimization tool to determine the optimal configuration of resources. The optimal configuration can improve healthcare resilience. The results show that an interarrival time of 13.8 min is the maximum threshold, below which feasible solutions could not be found, and the ED system is likely to collapse.