IIIS - 2023 Conferences Proceedings

2023 Summer Conferences Proceedings

	Factors That Impact Adaptability of Companies to Changing Circumstances with Minimal Destructive Effect During Crises Karine Oganisjana, Magenta Shipsey, Chamika Thathsarani Gawendri de Silva, Malpe Pradeep Pai Proceedings of the 27th World Multi-Conference on Systemics, Cybernetics and Informatics: WMSCI 2023, pp. 405-411 (2023); https://doi.org/10.54808/WMSCI2023.01.405	The 27th World Multi-Conference on Systemics, Cybernetics and Informatics: WMSCI 2023 Virtual Conference September 12 - 15, 2023 Proceedings of WMSCI 2023 ISSN: 2771-0947 (Print) ISBN (Volume): 978-1-950492-73-2 (Print)
	Authors Information \| Citation \| Full Text \| Karine Oganisjana Faculty of Engineering Economics and Management, Riga Technical University, Riga, Latvia Magenta Shipsey Faculty of Engineering Economics and Management, Riga Technical University, Riga, Latvia Chamika Thathsarani Gawendri de Silva Faculty of Engineering Economics and Management, Riga Technical University, Riga, Latvia Malpe Pradeep Pai Faculty of Engineering Economics and Management, Riga Technical University, Riga, Latvia Cite this paper as: Oganisjana, K., Shipsey, M., de Silva, C. T. G., Pai, M. P. (2023). Factors That Impact Adaptability of Companies to Changing Circumstances with Minimal Destructive Effect During Crises. In N. Callaos, E. Gaile-Sarkane, S. Hashimoto, N. Lace, B. Sánchez, M. Savoie (Eds.), Proceedings of the 27th World Multi-Conference on Systemics, Cybernetics and Informatics: WMSCI 2023, pp. 405-411. International Institute of Informatics and Cybernetics. https://doi.org/10.54808/WMSCI2023.01.405 DOI: 10.54808/WMSCI2023.01.405 ISBN: 978-1-950492-73-2 (Print) ISSN: 2771-0947 (Print) Copyright: © International Institute of Informatics and Systemics 2023 Publisher: International Institute of Informatics and Cybernetics
Abstract Since global crises humanity faces are becoming a regular phenomenon, the need to research the mechanisms for reaching business resilience has become crucial. Therefore, this paper explores the factors that influence one of the business resilience components: companies’ ability to adapt to changing circumstances with minimal destructive effect during crises. The literature review revealed three domains of company adaptability factors - individual, organizational, and external. The qualitative content analysis of responses from 218 heads and owners of companies from Europe, Asia, Africa, and America enabled us to determine factors that have the most significant weight in business adaptability. The 39 categories systemized in corresponding three tables shed light on the issue of what business practitioners consider as business adaptability impacting factors based on their experiences of living and working during the Global Financial Crisis of 2007-2008, the COVID-19 pandemic worldwide and/or Russia’s war in Ukraine while attempting to overcome the drastic consequences caused by them.
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