Structural Drivers of Corporate Resilience during Economic Crises: An ISM–MICMAC Approach
DOI:
https://doi.org/10.22441/jurnal_mix.2026.v16i2.018Kata Kunci:
Corporate Resilience, Financial Flexibility, Liquidity Management, Crisis Management, Interpretive Structural Modeling (ISM)Abstrak
Economic crises have repeatedly exposed firms’ vulnerabilities in absorbing shocks, adapting to adverse conditions, and restoring performance. Corporate resilience has therefore become a critical concept in understanding firms’ ability to survive and recover during periods of economic disruption. However, existing studies largely examine resilience determinants in isolation, offering limited insight into their structural and hierarchical interdependencies.
Objectives: This study aims to examine corporate resilience during economic crises by adopting a structural perspective that recognizes the interdependencies among key resilience determinants and identifies their hierarchical roles within an integrated system.
Methodology: This study adopts a qualitative structural research design using Interpretive Structural Modeling (ISM) combined with MICMAC analysis. Twelve determinants of corporate resilience were identified through an extensive literature review and validated by expert judgment involving academics and finance practitioners.
Findings: The results show that liquidity and buffer capacity function as foundational driving factors enabling financial flexibility, which serves as an intermediate structural mechanism. Stability and adaptability act as linkage mechanisms that translate financial capacity into operational continuity, while recovery performance emerges as a dependent outcome. The absence of autonomous variables indicates that all determinants are structurally interconnected.
Conclusion: The study concludes that corporate resilience during economic crises should be strengthened through a layered and sequential approach rather than isolated improvements in individual indicators, emphasizing the importance of aligning financial and operational mechanisms according to their structural roles.
Keywords: Corporate resilience; Financial flexibility; Liquidity management; Crisis management; Interpretive Structural Modeling (ISM)
Referensi
Acharya, V. V., Almeida, H., Campello, M., & Murphy, D. (2021). Corporate liquidity and financial flexibility during the COVID-19 crisis. Journal of Financial Economics.
Attri, R., Dev, N., & Sharma, V. (2013). Interpretive structural modelling (ISM) approach: An overview. Research Journal of Management Sciences, 2(2), 3–8.
Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120. https://doi.org/10.1177/014920639101700108
Bloom, N., Fletcher, R., & Yeh, E. (2021). The impact of COVID-19 on productivity and business resilience. Journal of Economic Perspectives.
Burnard, K., & Bhamra, R. (2011). Organisational resilience: Development of a conceptual framework for organisational responses. International Journal of Production Research, 49(18), 5581–5599. https://doi.org/10.1080/00207543.2011.563827
Campbell, S., Greenwood, M., Prior, S., Shearer, T., Walkem, K., Young, S., Bywaters, D., & Walker, K. (2020). Purposive sampling: Complex or simple? Research case examples. Journal of Research in Nursing, 25(8), 652–661. https://doi.org/10.1177/1744987120927206
Creswell, J. W., & Poth, C. N. (2018). Qualitative inquiry and research design: Choosing among five approaches (4th ed.). Sage.
Ding, W., Levine, R., Lin, C., & Xie, W. (2021). Corporate immunity to the COVID-19 pandemic. Journal of Financial Economics, 141(2), 802–830. https://doi.org/10.1016/j.jfineco.2021.03.005
Duchek, S. (2020). Organizational resilience: A capability-based conceptualization. Business Research, 13(1), 215–246. https://doi.org/10.1007/s40685-019-0085-7
Eisenhardt, K. M., & Martin, J. A. (2000). Dynamic capabilities: What are they? Strategic Management Journal, 21(10–11), 1105–1121. https://doi.org/10.1002/1097-0266(200010/11)21:10/11<1105::AID-SMJ133>3.0.CO;2-E
Er-Rami, M., Benhayoun, L., & El Ghazi, H. (2024). Corporate resilience and recovery performance during economic crises. Journal of Business Research.
Fahlenbrach, R., Rageth, K., & Stulz, R. M. (2021). How valuable is financial flexibility when revenue stops? Evidence from the COVID-19 crisis. Review of Financial Studies, 34(11), 5474–5521. https://doi.org/10.1093/rfs/hhab040
Gamba, A., & Triantis, A. (2008). The value of financial flexibility. Journal of Finance, 63(5), 2263–2296. https://doi.org/10.1111/j.1540-6261.2008.01397.x
Godet, M. (2000). The art of scenarios and strategic planning: Tools and pitfalls. Technological Forecasting and Social Change, 65(1), 3–22.
Hasson, F., & Keeney, S. (2021). Enhancing rigor in Delphi research: Expert consensus and methodological considerations. Journal of Advanced Nursing.
Hillmann, J., & Guenther, E. (2021). Organizational resilience: A valuable construct for management research? International Journal of Management Reviews, 23(1), 7–44. https://doi.org/10.1111/ijmr.12239
Kahn, W. A., Barton, M. A., & Fellows, S. (2021). Organizational resilience: Research streams and future directions. Academy of Management Annals.
Kamble, S. S., Gunasekaran, A., & Gawankar, S. A. (2023). Applications of interpretive structural modeling and MICMAC analysis in operations and supply chain research: A systematic review. Benchmarking: An International Journal.
Kendall, M. G., & Gibbons, J. D. (1990). Rank correlation methods (5th ed.). Oxford University Press.
Lengnick-Hall, C. A., Beck, T. E., & Lengnick-Hall, M. L. (2011). Developing a capacity for organizational resilience through strategic human resource management. Human Resource Management Review, 21(3), 243–255. https://doi.org/10.1016/j.hrmr.2010.07.001
Papanikolaou, D., & Schmidt, L. D. W. (2022). Working remotely and the supply-side impact of COVID-19. Review of Asset Pricing Studies, 12(1), 53–111. https://doi.org/10.1093/rapstu/raab018
Paul, J., & Criado, A. R. (2020). The art of writing literature review: What do we know and what do we need to know? International Business Review, 29(4), 101717. https://doi.org/10.1016/j.ibusrev.2020.101717
Saunders, M., Lewis, P., & Thornhill, A. (2023). Research methods for business students (9th ed.). Pearson.
Snyder, H. (2019). Literature review as a research methodology: An overview and guidelines. Journal of Business Research, 104, 333–339. https://doi.org/10.1016/j.jbusres.2019.07.039
Sushil. (2012). Interpretive Structural Modeling: Methodology for managing complex issues. Springer.
Teece, D. J. (2007). Explicating dynamic capabilities: The nature and microfoundations of sustainable enterprise performance. Strategic Management Journal, 28(13), 1319–1350. https://doi.org/10.1002/smj.640
Warfield, J. N. (1974). Developing interconnected matrices in structural modeling. IEEE Transactions on Systems, Man, and Cybernetics, SMC-4(1), 81–87. https://doi.org/10.1109/TSMC.1974.5408524
Unduhan
Diterbitkan
Cara Mengutip
Terbitan
Bagian
Lisensi
Hak Cipta (c) 2026 MIX: JURNAL ILMIAH MANAJEMEN
Artikel ini berlisensiCreative Commons Attribution-ShareAlike 4.0 International License.
The copyright to this article is transferred to Universitas Mercu Buana (UMB) if and when the article is accepted for publication. The undersigned hereby transfers any and all rights in and to the paper including without limitation all copyrights to UMB. The undersigned hereby represents and warrants that the paper is original and that he/she is the author of the paper, except for material that is clearly identified as to its original source, with permission notices from the copyright owners where required. The undersigned represents that he/she has the power and authority to make and execute this assignment.
We declare that this paper has not been published in the same form elsewhere.
Furthermore, I/We hereby transfer the unlimited rights of publication of the above mentioned paper in whole to UMB. The copyright transfer covers the right to reproduce and distribute the article, including reprints, translations, photographic reproductions, microform, electronic form (offline, online) or any other reproductions of similar nature.
The corresponding author signs for and accepts responsibility for releasing this material on behalf of any and all co-authors. This agreement is to be signed by at least one of the authors who have obtained the assent of the co-author(s) where applicable. After submission of this agreement signed by the corresponding author, changes of authorship or in the order of the authors listed will not be accepted.
Retained Rights/Terms and Conditions
Although authors are permitted to re-use all or portions of the Work in other works, this does not include granting third-party requests for reprinting, republishing, or other types of re-use.
