Multi-crisis environment, driven by global pandemics and subsequent energy, financial, political crisis have formed multi-crisis environment with multiple challenges to business firms. Firms have faced business resilience from individual, organization, financial firm-level perspectives. In spite of growing interest and several influential scholarly works on the issues, the links between firm resilience (Linnenluecke, 2017, Conz et al., 2020), and corporate governance mechanisms, incl. board expertise, composition, role (Adams et al., 2018; Carline et al., 2009, Masulis, 2020, etc.) remains under-explored, specifically in case of several simultaneous crises. The aim is to examine how does the multi-crisis environment shape the firm governance driving firm resilience. Study employs qualitative research methodology, with inductive approach. Based on designed semi-structured interviews, the study examines how the perception of crisis, decisions targeting firm resilience and governance change over multi-crises period. The triangulation of primary and secondary data is employed. Semi-structured interviews were performed in 2024 - 2025 to gain insights into the perspectives of CEOs and board members from companies in a small open economy - Lithuania – on governance challenges during the crisis environment. A relatively small but elite group of 30 respondents represented company CEOs, board members and head of boards. The companies differed by industry, size, ownership. Findings of the study suggest that firm resilience is driven by mechanisms of governance adaptation (incl. change in board structure, representation, role, oversight, CEO leadership, risk management practices) under the multi-crisis environment.

Authors:
Valdone Darskuviene, ISM University of Management and Economics, Lithuania
Siuzana Ščerbina - Dalibagienė, ISM University of Management and Economics, Lithuania

About the Presenter(s)
Dr. Siuzana Ščerbina-Dalibagienė is a researcher and senior policy expert. She specializes in corporate governance and financial regulation, focusing on board strategy, firm resilience, and insolvency frameworks.

Connect on Linkedin
https://lt.linkedin.com/in/valdone-darskuviene-15a46930

See this presentation on the full schedule – Sunday Schedule

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