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COVID-19, like many previous crises, proved once more that some hospitality and tourism organizations are more crises resilient than others. Despite increasing frequency and magnitude of crises, little is known about the features of crises resilient organizations and mitigation strategies they adopt. If the characteristics of such resiliency are identified, those strengths might be targeted. Hence, the purpose of this study is to identify characteristics of crises resilient organizations by analyzing the interface between different organizational characteristics, recovery strategies they adopted and impacts of COVID-19 on individual hospitality and tourism organizations.

A global sample of 202 respondents from 20 countries and four continents, representing different sectors of the hospitality and tourism industry, participated in the survey. Descriptive analysis and cluster analysis were used to rank the items and group hospitality and tourism organizations based on their crises resiliency.

Service quality, loyal customers, branding, high paid in capital, domestic market base, hygiene and safety image, information and communication technology adoption, product and market diversification and restructuring debts emerged as major characteristics and strategies of crises resilient organizations. Using cluster analysis, four different groups of organizations were identified. Based on the impacts of COVID-19 on these organizations, Cluster-1 emerged as significantly more crises resilient, whereas Cluster-4 organizations were significantly more vulnerable to crises. Their characteristics and mitigation strategies they adopted were discussed.

The paper not only identified features of crises resilient organizations and successful mitigation strategies but also measured their impact on various performance indicators. Future studies might use characteristics, mitigation strategies and performance indicators identified in this study.

Based on the findings, tourism organizations would focus on strengthening characteristics and implementing strategies that make crises resilient organizations. Public bodies and destination management would also set their decision criteria based on these findings to create a more resilient tourism industry.

This research not only identifies how hospitality and tourism organizations are affected by COVID-19 but also how these impacts change based on different organizational characteristics and strategies. Understanding which organizational characteristics affect the crises vulnerability of hospitality and tourism organizations might inform risk and crises management literature and structural design elements in tourism businesses, hence offer both theoretical and practical implications.

This paper aims to investigate the impact of retrenchment strategy on firm performance in the context of Pakistani firms while considering the moderating role of chief executive officer (CEO) power. By examining the influence of CEO duality and CEO share ownership on the relationship, this study contributes to strategic management and corporate governance knowledge within the Pakistani business environment.

A quantitative approach was used to analyze the relationship using data from annual financial statements. The sample consisted of 76 companies from the KSE-100 index from the year 2015 to 2020. Random effects regression models were used, along with hierarchical regression to explore the moderating effect of CEO power.

The findings demonstrate that the implementation of a retrenchment strategy positively impacts firm performance in Pakistani firms. The study also reveals that CEO power plays a crucial role in strengthening the relationship between retrenchment strategy and firm performance. Moreover, the study highlights the importance of considering the temporal sequence, size and age of firms when examining the impact of CEO power and retrenchment strategy on firm performance.

The study enhances the understanding of the contingent nature of retrenchment strategies and the influence of CEO power in the Pakistani business context. Practically, the research contributes to strategic management and corporate governance dynamics, facilitating the development of strategies that enhance firm performance and sustainability in Pakistan.

This research provides original insights by specifically focusing on the Pakistani context and analyzing the interplay between retrenchment strategy, CEO power and firm performance. The study adds to the limited literature on the relationship between retrenchment and performance in the Pakistani business environment. Additionally, it highlights the significance of CEO power as a critical factor in determining the success of retrenchment.

This study aims to investigate the influence of resource slack on the decline of Brazilian companies, with a particular focus on the moderating role of environmental dynamism. The authors specifically examine three types of resource slack: available, potential and recoverable. These represent surplus resources that exceed what is necessary for the organization’s basic operations. The role of environmental dynamism, characterized by rapid changes in customer preferences, technologies and competitive dynamics, is considered as a moderating factor in this relationship.

The authors used data from Brazilian companies spanning from 1997 to 2008. The research sample was composed using the matching-pairs method, which included a group of publicly traded companies that experienced decline (43 companies) and a group that did not (40 companies) within the specified timeframe.

Findings of this study indicate that the presence of available slack, being more liquid resources, decreases the likelihood of organizational decline. Furthermore, the moderation effect of potential resource slack can mitigate decline in companies operating in dynamic industries.

This research provides valuable insights into the impact of slack resources on potential organizational turnarounds. Given the relative scarcity of resources in these companies compared to those in developed countries, whether they be financial, human or technological, the study highlights the unique influence of slack in a less explored institutional environment. This research underscores the importance of examining the decline of Brazilian companies from a broader perspective, emphasizing that decisions regarding resource use can have significant implications on a company’s trajectory, either amplifying or mitigating its decline.

¿Cuál es el impacto del slack de recursos en el declive de grandes empresas brasileñas? Para responder a esta pregunta, hemos probado hipótesis por separado para tres tipos de salck de recursos: disponible, potencial y recuperable. Estos excedentes consisten en recursos en exceso más allá de lo necesario para mantener la organización funcionando.

Desarrollamos un estudio empírico cuantitativo y longitudinal con datos de empresas brasileñas de 1997 a 2008. Adoptamos el método de pares emparejados, componiendo la muestra de investigación con un grupo de empresas cotizadas en bolsa que declinaron (43 empresas) y otro que no declinó (40 empresas) en el período de tiempo.

Encontramos que la disponibilidad de recursos más líquidos reduce la posibilidad de declive. El efecto de moderación en el slack de recursos potenciales para empresas en industrias dinámicas puede mitigar el declive.

Esta investigación contribuye a una mejor comprensión del efecto del excedente en posibles recuperaciones. Extender los estudios de recursos excedentes al contexto de empresas brasileñas mostró la influencia que el excedente ejerce en un ambiente institucional relativamente menos explorado. Ya sea financiero, humano o tecnológico, la escasez de recursos es más pronunciada que en empresas de países desarrollados. Esta investigación llama la atención sobre el hecho de que la declinación de empresas brasileñas se analiza desde una perspectiva más amplia. Las decisiones sobre cómo la empresa usa sus recursos pueden afectar positiva o negativamente la declinación de las empresas, reforzando la importancia de discutir esta relación.

A Qual é o impacto da folga de recursos no declínio de grandes empresas brasileiras? Para responder a essa pergunta, testamos hipóteses separadamente para três tipos de folga de recursos: disponível, potencial e recuperável. Essas folgas consistem em recursos além do necessário para manter a organização funcionando.

Desenvolvemos um estudo empírico quantitativo e longitudinal com dados de empresas brasileiras de 1997 a 2008. Adotamos o método de pares combinados, compondo a amostra de pesquisa com um grupo de empresas de capital aberto que declinaram (43 empresas) e outro que não declinou (40 empresas) no período.

Descobrimos que a disponibilidade de recursos mais líquidos reduz a possibilidade de declínio. O efeito moderador na folga de recursos potenciais para empresas em indústrias dinâmicas pode mitigar o declínio.

Esta pesquisa contribui para uma melhor compreensão do efeito da folga sobre possíveis recuperações. A extensão dos estudos de folgas de recursos para o contexto de empresas brasileiras mostrou a influência que a folga exerce em um ambiente institucional relativamente menos explorado. Seja financeiro, humano ou tecnológico, a escassez de recursos é mais pronunciada do que em empresas de países desenvolvidos. Esta pesquisa chama a atenção para o fato de que o declínio de empresas brasileiras é analisado sob uma perspectiva mais ampla. Decisões sobre como a empresa usa seus recursos podem afetar positiva ou negativamente o declínio das empresas, reforçando a importância de discutir essa relação.

Using the lens of crisis innovation and strategic alignment, this study explores how a segment of the restaurant sector that may be less agile than others—Michelin-starred restaurants—perceives and aligns with the challenges brought about by the COVID-19-pandemic.

The study collected data from 19 Michelin-starred restaurants in Spain using a qualitative interview method. The data were analyzed qualitatively and organized thematically.

Four key categories of strategic challenges were identified: human resources, uncertainty, control and economic challenges. In response, chefs displayed both behavioral and organizational strategies. Those organizational strategies were new human resource management, reorganization, product and service innovation and marketing. While the new human resource management actions adopted to align with the human resource challenges identified, a misalignment remains between some of the other strategic actions, such as product and service innovation, marketing and economic and uncertainty challenges.

The findings offer new insight into Michelin-starred restaurant chefs' challenges and (mis)alignment strategies, an area that has been understudied in the current literature on innovative responses in the hospitality sector post-pandemic.

Exposure to a public health threat of significant proportions made current models inadequate to explain the failure phenomenon in small businesses. Hence, the need to reimagine the phenomenon. Borrowing from the principles of biology, this study extended theoretical and empirical perspectives on the failure phenomenon by unpacking its constituent elements and the measurement metrics using the regeneration lens.

Based on a cohort tracked over time, the study estimated the survival probabilities of small and medium-scale enterprises (SMEs) with and without regeneration using the Kaplan–Meier method. The study investigated the factors that predict enterprise regenerative capacity using the multivariate Cox proportional hazard ratios.

Rates of interruption in business activity, by month, ranged between 0% and 18% during the follow-up period. True mortality rates hovered between 0% and 4% over the same period. Over three in five SMEs that experienced interruption in business activity without ceasing operations regenerated at some point in time during the follow-up period. The survival probabilities beyond the follow-up period were 0.85 and 0.44 with and without regeneration effects, respectively. Fresh capital injection (+), the introduction of new/improved processes or products/services (+), perceived business outlook (+) and the presence of debt (−) influenced the capacity to regenerate.

The cohort was followed for only six months. There is a need to continue interrogating the failure phenomenon in other contexts over longer periods using the regeneration lens. Bringing on board academia, financial institutions and other SME-related ecosystem players will be strategic.

The approach provides a more nuanced understanding of the life and well-being of enterprises under conditions of disruption. Improving the precision and validity of failure-related statistics enhances their utility in policy and remediation-related discussions.

The results did not show significant differences in SME mortality rates between male and female-owned enterprises. The results provide further evidence that the failure phenomenon is ungendered. As such, financial institutions and the SME ecosystem at large must eliminate perceptual gender biases in the financing and other support to SMEs.

The study used the principles of biology to reimagine the failure phenomenon in small businesses. The approach breathes life into entrepreneurship research and policy.

Few cases allow the student to understand the relationship between brand strategy, marketing strategy, implementation, and analysis. While some conceive of the process as being sequential, this case demonstrates that in fact, this process is more fluid, and that implementation and analysis impact subsequent strategy.

This field-based case provides a rare glimpse into the turnaround of a brand that was all but dead. After Buick suffered more than five decades of declining business results and an inferior brand image versus all rivals, few thought that the brand could be resuscitated. This case provides a valuable under-the-hood look at how the Buick team, over time, progresses through a series of marketing improvements all anchored on an evolved strategy. Specifically, Buick introduced a shift in brand strategy behind an evolved brand essence statement (i.e., brand positioning), improved product lineup, new-to-the-world innovation, enhanced dealership service, and more compelling advertising. The results led to a record number of product awards, significantly improved advertising measures, improved service ratings, and better business results.

Despite significant improvement across multiple dimensions of the business, Buick still trailed key competitors on one of the most important measures Buick tracked—the brand momentum rating—suggesting that there was still more work needed to complete the brand turnaround. The case introduces Molly Peck, the new marketing director on Buick, who is wondering what more, if anything, Buick should do. The material allows for instruction around marketing strategy and the process of converting it into implementation through the use of a creative brief.

Output from the Irish Dairy Industry has grown rapidly since the abolition of quotas in 2015, with processors investing heavily in capacity expansion to deal with the extra milk volumes. Further capacity gains may be achieved by extending the processing season into the winter, a key enabler for which being the reduction of duration of the winter maintenance overhaul period. This paper aims to investigate if Lean Six Sigma tools and techniques can be used to enhance operational maintenance performance, thereby releasing additional processing capacity.

Combining the Six-Sigma Define, Measure, Analyse, Improve, Control (DMAIC) methodology and the structured approach of Turnaround Maintenance (TAM) widely used in process industries creates a novel hybrid model that promises substantial improvement in maintenance overhaul execution. This paper presents a case study applying the DMAIC/TAM model to Ireland’s largest dairy processing site to optimise the annual maintenance shutdown. The objective was to deliver a 30% reduction in the duration of the overhaul, enabling an extension of the processing season.

Application of the DMAIC/TAM hybrid resulted in process enhancements, employee engagement and a clear roadmap for the operations team. Project goals were delivered, and original objectives exceeded, resulting in €8.9m additional value to the business and a reduction of 36% in the duration of the overhaul.

The results demonstrate that the model provides a structure that promotes systematic working and a continuous improvement focus that can have substantial benefits for wider industry. Opportunities for further model refinement were identified and will enhance performance in subsequent overhauls.

To the best of the authors’ knowledge, this is the first time that the structure and tools of DMAIC and TAM have been combined into a hybrid methodology and applied in an Irish industrial setting.

This study aims to focus on key approaches to education for sustainability (EfS) leadership development in the context of Malaysian and Japanese universities. The authors identify key indicators of effective EfS leadership development approaches using both descriptive and inferential analyses, identify and compare the preferred leadership learning methods of academics and examine the impact of marital status, country of residence and administrative position on the three EfS leadership development approaches.

The study is quantitative in approach and survey in design. Data were collected from 664 academics and analysed using the efficient partial least squares (PLSe2) methodology. To provide higher education researchers with more analytical insights, the authors re-estimated the models based on the maximum likelihood methodology and compared the results across the two methods.

The inferential results underscored the significance of four EfS leadership learning methods, namely, “Involvement in professional leadership groups or associations, including those concerned with EfS”, “Being involved in a formal mentoring/coaching program”, “Completing formal leadership programs provided by my institution” and “Participating in higher education leadership seminars”. Additionally, the authors noted a significant impact of country of residence on the three approaches to EfS leadership development. Furthermore, although marital status emerged as a predictor for self-managed learning and formal leadership development (with little practical relevance), administrative position did not exhibit any influence on the three approaches.

In addition to the theoretical and methodological implications drawn from the findings, the authors emphasize a number of practical implications, namely, exploring the applicability of the results to other East Asian countries, the adaptation of current higher education leadership development programmes focused on the key challenges faced by successful leaders in similar roles, and the consideration of a range of independent variables including marital status, administrative position and country of residence in the formulation of policies related to EfS leadership development.

This study represents an inaugural international comparative analysis that specifically examines EfS leadership learning methods. The investigation uses the research approach and conceptual framework used in the international Turnaround Leadership for Sustainability in Higher Education initiative and uses the PLSe2 methodology to inferentially pinpoint key learning methods and test the formulated hypotheses.

Major maintenance projects are often regarded as maintenance activities regardless of the projects' complexity and scale. Consequently, very scarce research attention has hitherto been paid to the critical skills required when undertaking these projects. More specifically, the body of relevant knowledge is deprived of a study focusing on maintenance projects within the energy sector. In view of this shortcoming, this research aims to examine the critical project management (PM) skills required to deliver major maintenance projects within the energy sector.

Based on a quantitative research strategy, this study addressed the knowledge gap through a cross-sectional survey of professionals involved in the delivery of major maintenance projects in the United Kingdom's (UK) energy sector. Data obtained were analyzed via descriptive (e.g. frequencies, mean and standard deviation [SD]) and inferential statistical analyses (One sample t-test and exploratory factor analysis (EFA)).

Out of the 45 PM skills identified in the literature and examined by the respondents, the results obtained from the One sample t-test (based on p (1-tailed) = 0.05) showed that 37 were considered to be at least “important,” accounting for 80.4% of all the skills identified. EFA revealed a clustering of the PM skills items into seven components: “skills related to work scheduling and coordination”; “communication, risk, safety and stakeholder management skills”; “quality assurance skills”; “people management skills”; “skills related to forecasting scope and duration of outage”; “implementation of processes and time management skills” and “technical/engineering skills and experience pertaining to the outage and local site knowledge.”

This study has identified and contributed to the limited state-of-the-art skills project managers must possess to manage major maintenance projects in the energy sector successfully. The findings would be useful to organizations within the energy sector in ensuring that the organizations have suitable personnel in place to deliver major maintenance projects on the organizations' assets.

This case study is related to start-up post-listing investment analysis. Through this case study, students will be able to perform the business analysis guided by the Venture Evaluation Metric tool, perform financial analysis using the discounted cash flow methods and perform investment analysis recommendation with justifications from the business and financial analysis performed above.

This case study sets out the study of a scalable start-up, Zomato, which is a successfully listed start-up firm in India. Despite the start-up development success in the pre-listing, the firm has exhibited a continuous unprofitable finance performance in the post-listing and has further experienced a volatile share price performance, both of which have puzzled existing and potential investors. In addition, some analysts are in the opinions that the firm share price valuation have been inflated with overvaluation since in the initial public offering stage and remain traded with overvaluation in the market. Notably, considering the negative indicators mentioned above, investors are concerned about long-term sustainability of the firm business and financial performance. In the context of post-listing investment, the following questions are material to investors: What is the realistic growth trajectory for Zomato in the medium term? What is Zomato’s share fair value in the medium term? Can one see opportunities or risks ahead of investing in Zomato’s shares? What will be the investment strategy for new investors?

This case study is suited to bachelor’s and master’s level in business schools studying entrepreneurial finance analysis.

Teaching notes are available for educators only.

CSS 1: Accounting and finance.