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Strategic Deviance, Diversification and Enterprise Resilience in the Context of COVID-19: Heterogeneous Effect of Managerial Power

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  • Xiaoxu Kong
  • Fei Jiang
  • Xuexin Liu

Abstract

This article analyses the role of strategic deviance, diversification, their interaction, and managerial power on enterprise resilience (ER) during COVID-19. Using an event study approach and regression analysis based on the Chinese stock market, our findings show: (1) strategic deviance and diversification significantly, positively affect ER, while their interaction term’s effect is significantly negative; (2) when managers are powerful, diversification’s impact on ER is insignificant, while strategic deviance has a significant positive impact; (3) when managers are less powerful, strategic deviance’s influence on ER is not significant, while diversification is significant. Therefore, strong-managerial enterprises should adopt strategic deviance, while weaker-managerial enterprises should diversify.

Suggested Citation

  • Xiaoxu Kong & Fei Jiang & Xuexin Liu, 2021. "Strategic Deviance, Diversification and Enterprise Resilience in the Context of COVID-19: Heterogeneous Effect of Managerial Power," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 57(6), pages 1547-1565, May.
    • Handle: RePEc:mes:emfitr:v:57:y:2021:i:6:p:1547-1565
    DOI: 10.1080/1540496X.2021.1904882
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    Cited by:

    1. Matteo De Marchi & Fanny Friedrich & Michael Riedl & Hartmut Zadek & Erwin Rauch, 2023. "Development of a Resilience Assessment Model for Manufacturing Enterprises," Sustainability, MDPI, vol. 15(24), pages 1-29, December.
    2. Yang, Song, 2022. "Are private equity and venture capital helping small and medium-sized enterprises during the COVID-19 pandemic? Evidence from China," Economic Analysis and Policy, Elsevier, vol. 76(C), pages 1-14.
    3. Ahsan Habib & Dinithi Ranasinghe & Ahesha Perera, 2024. "Business strategy and strategic deviation in accounting, finance, and corporate governance: A review of the empirical literature," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(1), pages 129-159, March.

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