This article examines how firms navigate systemic crises through different stakeholder management approaches, and why alignment with internal resources and crisis exposure matters for performance. Using data from 2,727 U.S. firms during the onset of COVID-19, this study shows that both encompassing and minimalist stakeholder strategies can support high performance when matched with firms’ financial slack, diversification, and level of crisis exposure. The findings challenge one-size-fits-all prescriptions and highlight multiple pathways to resilience during disruption.
Authors and affiliations:
• Qian (Cecilia) Gu (Georgia State University)
• Daniel S. Andrews (Georgia State University)
• Heli Wang (Singapore Management University)
• Victor Zitian Chen (Gopeaks)
