Resilience: Lessons from banks that have braved the economic crisis—And from those that have not |
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| Institution: | 1. Management Department, Colorado State University, Fort Collins, CO, USA;2. Department of Management and Technology, Bocconi University, Milan, Italy;1. University of Wyoming, College of Business, 1000 E. University Avenue, Laramie, WY 82071, United States;2. Elon University, Martha and Spencer Love School of Business, 100 Campus Drive, Elon, NC, United States;1. Department of Business Studies, Uppsala University, Sweden;2. CER, Department of Economic Sciences and Law, Mid Sweden University, Sundsvall, Sweden;3. Dalarna University College, Falun, Sweden;1. Department of Management, Inje University, Gimhae City, South Korea;2. Fund and Pension Division, Korea Capital Market Institute, Seoul, South Korea;3. Yonsei School of Business, Yonsei University, Seoul, South Korea;1. Global Projects Center, School of Engineering, Stanford University, CA, USA;2. School of Business, Stockholm University, Stockholm, Sweden;3. Department of Marketing and Strategy, Stockholm School of Economics, Stockholm, Sweden;4. Centre for Banking and Finance, Royal Institute of Technology, Stockholm, Sweden;5. GSE, Stanford University, CA, USA |
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| Abstract: | Resilience – a firm's ability to adapt, endure, quickly bounce back, and then thrive despite a catastrophic event – addresses diverse managerial constructs including performance (Carmeli & Markman, 2011). Our exploratory study expands this line of research by making two contributions: first, we develop and test a new revelatory measure for resilience – VOLARE – combining financial performance measures with volatility data. Then, applying this new measure to the financial industry, from 2002 to 2011, we identify highly resilient international financial services firms (IFSFs; e.g., banks) and compare them with less resilient IFSFs. Second, we assess three factors – bank size, home-market solidity, and product and market complexity – that the literature has traditionally shown to be highly predictive of banks’ performance. Consistent with our expectations, the results corroborate that VOLARE is complementary to, but distinct from, traditional financial measures of firm performance. We explain these deviations from traditional studies and suggest further research topics. |
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| Keywords: | Bank size Financial services Home-market solidity Product/market complexity Resilience Sustained superior performance VOLARE |
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