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This research investigates how stakeholder management influences firm performance during systemic crises using a configurational approach.

Stakeholder Management and Resource Complementarities: Firm Performance amid Systemic Crises

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This research investigates how stakeholder management influences firm performance during systemic crises using a configurational approach.
Analyzed a dataset of 2727 US firms during the onset of the COVID-19 pandemic
Applied fuzzy-set qualitative comparative analysis (fsQCA) to assess performance outcomes
Examined stakeholder management approaches in relation to resource positions and crisis exposure
Both encompassing and minimalist stakeholder management approaches can lead to high performance
An encompassing approach is most effective in high crisis exposure situations, enhancing legitimacy
Low-exposure firms can achieve good performance with a minimalist approach and sufficient financial slack

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Analysis reveals stakeholder management influences firm performance in crises, highlighting diversity in crisis responses and legitimacy concerns.

Gu et al. (2025) studied this question.

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Analysis reveals stakeholder management influences firm performance in crises, highlighting diversity in crisis responses and legitimacy concerns.