Strategic Orientations During Economic Crisis: Stay Focused or Adopt a Broader Strategic Direction?

G. Shirokova, T. Beliaeva, E. Gafforova

Research output

Abstract

While there is a growing interest in management literature towards exploring multiple strategic orientations, their interactions and influence on firm performance, most research has been conducted in stable economic environments and developed countries. Taking into consideration the contemporary economic instability and its effect on business operations, it is timely to develop an understanding of strategic directions which may help firms create proper behaviors for managing their way through economic crises. In this study, we examine the role of entrepreneurial, market, and learning orientation in mitigating the negative effects of economic crisis and sanctions on firm’s operations. Based on the dataset of 612 Russian small and medium-sized enterprises collected during the crisis period in 2015-2016, the results indicate that firms with a broader strategic direction are more affected by the unfavorable economic conditions compared to firms which are focused on a particular strategic orientation.
Original languageEnglish
Publication statusPublished - 2016

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Strategic orientation
Economic crisis
Small and medium-sized enterprises
Firm performance
Economic environment
Economic sanctions
Interaction
Economic conditions
Learning orientation
Developed countries
Entrepreneurial orientation
Market orientation
Economic instability

Cite this

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abstract = "While there is a growing interest in management literature towards exploring multiple strategic orientations, their interactions and influence on firm performance, most research has been conducted in stable economic environments and developed countries. Taking into consideration the contemporary economic instability and its effect on business operations, it is timely to develop an understanding of strategic directions which may help firms create proper behaviors for managing their way through economic crises. In this study, we examine the role of entrepreneurial, market, and learning orientation in mitigating the negative effects of economic crisis and sanctions on firm’s operations. Based on the dataset of 612 Russian small and medium-sized enterprises collected during the crisis period in 2015-2016, the results indicate that firms with a broader strategic direction are more affected by the unfavorable economic conditions compared to firms which are focused on a particular strategic orientation.",
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