Guliman-Qudsi, Shee un Di O.; Dumapias, Donna ic A.; Teaño, Be lyn M.
A icle
The ole o adap i e esilience on he inancial
pe o mance o Philippine hospi ali y and ou ism
en e p ises: amid a dis up ed business en i onmen
Cogen Business & Managemen
P o ided in Coope a ion wi h:
Taylo & F ancis G oup
Sugges ed Ci a ion: Guliman-Qudsi, Shee un Di O.; Dumapias, Donna ic A.; Teaño, Be lyn M. (2024) :
The ole o adap i e esilience on he inancial pe o mance o Philippine hospi ali y and ou ism
en e p ises: amid a dis up ed business en i onmen , Cogen Business & Managemen , ISSN
2331-1975, Taylo & F ancis, Abingdon, Vol. 11, Iss. 1, pp. 1-16,
h ps://doi.o g/10.1080/23311975.2024.2390689
This Ve sion is a ailable a :
h ps://hdl.handle.ne /10419/326486
S anda d-Nu zungsbedingungen:
Die Dokumen e au EconS o dü en zu eigenen wissenscha lichen
Zwecken und zum P i a geb auch gespeiche und kopie we den.
Sie dü en die Dokumen e nich ü ö en liche ode komme zielle
Zwecke e iel äl igen, ö en lich auss ellen, ö en lich zugänglich
machen, e eiben ode ande wei ig nu zen.
So e n die Ve asse die Dokumen e un e Open-Con en -Lizenzen
(insbesonde e CC-Lizenzen) zu Ve ügung ges ell haben soll en,
gel en abweichend on diesen Nu zungsbedingungen die in de do
genann en Lizenz gewäh en Nu zungs ech e.
Te ms o use:
Documen s in EconS o may be sa ed and copied o you pe sonal
and schola ly pu poses.
You a e no o copy documen s o public o comme cial pu poses, o
exhibi he documen s publicly, o make hem publicly a ailable on he
in e ne , o o dis ibu e o o he wise use he documen s in public.
I he documen s ha e been made a ailable unde an Open Con en
Licence (especially C ea i e Commons Licences), you may exe cise
u he usage igh s as speci ied in he indica ed licence.
h ps://c ea i ecommons.o g/licenses/by/4.0/
Cogen Business & Managemen
ISSN: 2331-1975 (Online) Jou nal homepage: www. and online.com/jou nals/oabm20
The ole o adap i e esilience on he financial
pe o mance o Philippine hospi ali y and
ou ism en e p ises: amid a dis up ed business
en i onmen
Shee un Di O. Guliman-Qudsi, Donna ic A. Dumapias & Be lyn M. Teaño
To ci e his a icle: Shee un Di O. Guliman-Qudsi, Donna ic A. Dumapias & Be lyn M. Teaño
(2024) The ole o adap i e esilience on he financial pe o mance o Philippine hospi ali y
and ou ism en e p ises: amid a dis up ed business en i onmen , Cogen Business &
Managemen , 11:1, 2390689, DOI: 10.1080/23311975.2024.2390689
To link o his a icle: h ps://doi.o g/10.1080/23311975.2024.2390689
© 2024 The Au ho (s). Published by In o ma
UK Limi ed, ading as Taylo & F ancis
G oup
Published online: 16 Aug 2024.
Submi you a icle o his jou nal
A icle iews: 2180
View ela ed a icles
View C ossma k da a
Full Te ms & Condi ions o access and use can be ound a
h ps://www. and online.com/ac ion/jou nalIn o ma ion?jou nalCode=oabm20
En Ep EnEu ship & inno a ion | EsEa ch a iclE
Cogen Business & ManageMen
2024, VoL. 11, no. 1, 2390689
The ole o adap i e esilience on he inancial pe o mance o
Philippine hospi ali y and ou ism en e p ises: amid a dis up ed
business en i onmen
shee un Di o. Guliman-Qudsia , Donna ic a. Dumapiasb and Be lyn M. eañoa
aDepa men o accoun ancy, Msu – iligan ins i u e o echnology, iligan Ci y, Philippines; bDepa men o Hospi ali y and
ou ism Managemen , Msu – iligan ins i u e o echnology, iligan Ci y, Philippines
ABSTRACT
his s udy u ilized pa ial leas squa es s uc u al equa ion modeling o in es iga e he
in e play among planned esilience, adap i e esilience, and inancial pe o mance in
he hospi ali y and ou ism (h& ) sec o . addi ionally, he po en ial gende gap in he
ela ionship be ween adap i e esilience and inancial pe o mance was examined
h ough mul i-g oup analysis. Da a we e ga he ed om 315 mic o and small en e p ises
in he h& sec o ac oss h ee key a eas in no he n Mindanao, philippines, selec ed
based on hei high ou is a ic. he esul s e ealed ha while planned esilience
posi i ely in luenced adap i e esilience, i did no signi ican ly a ec inancial
pe o mance. con a y o p io li e a u e, he s udy indica ed an in e se ela ionship
be ween adap i e esilience and inancial pe o mance. his sugges s a unique impac
o he co iD-19 dis up ion on inancial ou comes and unde sco ing he limi a ions o
adap i e esilience in d i ing inancial eco e y. Mo eo e , he analysis showed ha
men exhibi ed a s onge posi i e ela ionship be ween adap i e esilience and inancial
pe o mance han women, sugges ing gende dispa i ies. in conclusion, his s udy
highligh s he c i ical impo ance o uni ied e o s and gende - ailo ed p og ams o
suppo he inancial eco e y o he h& mic o and small en e p ises, pa icula ly in
de eloping coun ies. Fu he esea ch in o he di e se an eceden s o en ep eneu ial
esilience is ecommended.
1. In oduc ion
1.1. Backg ound o he s udy
in 2015, he ou ism sec o was seen o ha e he po en ial o con ibu e o all sus ainable De elopmen
Goals (sDGs), whe he di ec ly o indi ec ly (Wo ld ou ism o ganiza ion, 2015). Gi en he p omising
g ow h o he hospi ali y and ou ism (h& ) indus y, i has been conside ed an essen ial global employe ,
and i is widely accep ed in he li e a u e ha his indus y con ibu es mainly o a coun y’s economic
g ow h h ough di ec and indi ec channels.
p io s udies ha e ound a posi i e ela ionship be ween ou ism g ow h and economic g ow h ( ang
& an, 2013) and ha he impac o ou ism de elopmen on g oss domes ic p oduc (GDp) is mo e
signi ican in asian and la in ame ican coun ies han in membe coun ies o he o ganiza ion o
Economic coope a ion and De elopmen (lee & chang, 2008). in he case o he philippines in 2019, he
sec o o h& , pa icula ly he ou ism sec o , con ibu ed as much as 12.7 pe cen o he coun y’s GDp,
equi alen o 2.5 illion philippine pesos (philippine s a is ics au ho i y [psa], 2020). howe e , he
co ona i us (commonly known as co iD-19) pandemic, which shocked he wo ld in he i s qua e o
2020, posed se e e challenges o human li e and he economy. in an a emp o mi iga e he sp ead o
co iD-19 and i s e ec s p ima ily on human li e, go e nmen s a ound he globe ha e imposed pa ial
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup.
CONTACT shee un Di o. guliman-Qudsi [email p o ec ed].edu.ph Depa men o accoun ancy, CeBa, Msu – iligan
ins i u e o echnology, a. Boni acio s ., ibanga, iligan Ci y, Lanao del no e, 9200, Philippines.
h ps://doi.o g/10.1080/23311975.2024.2390689
his is an open access a icle dis ibu ed unde he e ms o he C ea i e Commons a ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. he e ms on which his a icle has been
published allow he pos ing o he accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
ARTICLE HISTORY
ecei ed 26 no embe
2023
e ised 23 May 2024
accep ed 5 augus 2024
KEYWORDS
hospi ali y and ou ism;
planned esilience;
adap i e esilience;
inancial pe o mance;
co iD-19; MsMEs;
o ganiza ional esilience
SUBJECTS
En ep eneu ship and
small Business
Managemen ; hospi ali y
Managemen ;
En ep eneu ship;
accoun ing and Finance
o hospi ali y;
accoun ing and Finance
o ou ism
2 s. D. o. GuliMan-QuDsi E al.
o comple e bo de closu es, which c ea ed a massi e nega i e impac on he h& sec o and esul ed
in a wo ldwide loss o us$80 billion (Wo ld ou ism o ganiza ion, 2020).
simila o many coun ies, he philippine h& sec o was one o he ha des hi sec o s due o he
co iD-19 pandemic, which esul ed in he closu e o se e al en e p ises, pa icula ly hose classi ied as
Mic o, small, and Medium En e p ises o MsMEs. i should be no ed ha mic oen e p ises accoun ed o
90.5 pe cen o philippine en e p ises in 2021 (psa, 2022). Fu he mo e, he co iD-19 pandemic caused
many Filipinos o lose jobs. in ac , in 2020, he employed popula ion in he philippine ou ism indus y
declined by 18.1 pe cen compa ed o 2019, o an equi alen o 1.04 million Filipinos who los hei jobs.
hose in he ec ea ion, en e ainmen , and cul u al se ices subsec o su e ed he la ges con ac ion a
nega i e 42.6 pe cen , ollowed by hose in he accommoda ion and ood and be e age (F&B) sec o a
nega i e 24 pe cen (psa, 2021).
no elli e al. (2018) s a ed ha he h& indus y was gene ally esilien and con inually bounced back
a e a ious c ises, such as e o ism, na u al disas e s, and ou b eaks. howe e , he unp eceden ed
co iD-19 pandemic has sha e ed almos e e y sec o o he heal h and economy, p omp ing wo ldwide
ecession and dep ession. he ad e se impac s o he co iD-19 pandemic ha e se e ely hampe ed he
h& indus y, equi ing an ex ended pe iod o ecupe a ion e en pos -pandemic (sigala, 2020). he
co iD-19 pandemic has no only collapsed he economy bu also dis up ed how adi ional businesses
ha e ope a ed. hence, his s udy p obed whe he o ganiza ional esilience ca ego ized in o planned and
adap i e esilience played a ole in he inancial pe o mance o he h& MsMEs in selec ed key a eas in
he sou h o he philippines.
1.2. Resea ch objec i es
he p ima y objec i e o his s udy was o examine whe he o ganiza ional esilience a ec ed he inan-
cial pe o mance o h& en e p ises wi hin he selec ed a eas o sou he n philippines amids he chal-
lenges caused by he co iD-19 pandemic. in ealizing his gene al objec i e, he speci ic objec i es a e
as ollows:
a. o examine he ela ionships be ween an en e p ise’s planned and adap i e esilience and he inan-
cial pe o mance o h& en e p ises.
b. De e mine whe he he ela ionship be ween adap i e esilience and he inancial pe o mance o
h& en e p ises a ies signi ican ly by gende .
1.3. Signi icance o he s udy
as he GDp o many coun ies con inued o su e om escala ing e ec s, demands o esea ch abou
he h& sec o du ing he co iD-19 pandemic su ged in he i s hal o 2020 (sigala, 2020). his is likely
because p io wo ldwide c ises ha e shown ha go e nmen s could no sol e he challenges b ough
abou by s ong and unan icipa ed economic shocks (in e na ional labou o ganiza ion, 2020), such as
he co iD-19 pandemic. hence, social dialogue and esea ch in ol ing he conce ned sec o ha e
become c ucial. Mo eo e , he li e a u e o en inds ha , ega dless o he s a e o he economy, whe he
economic boom o ecession, inancing is always necessa y o he sus ainabili y and g ow h o en e -
p ises (adomako e al., 2016; Go o i, 2013). Yang e al. (2020) a gued ha wel a e esponses o he
co iD-19 pandemic should include inancial suppo o ensu e a mo e s able eco e y. hus, i is essen-
ial o add ess he issues and possible ac o s a ec ing he inancial pe o mance o h& en e p ises, as
his would also a ec hei long- e m sus ainabili y.
Becke and Kabongo (2020) also men ioned ha he concep o esilience being ex ended o he
en ep eneu ship li e a u e s ill needs o be de eloped. hus, his s udy aimed o con ibu e by showing
how o ganiza ional esilience a ec s he inancial pe o mance o an en e p ise and whe he gende
plays a ole in he hypo hesized ela ionships. he s udy also aimed o o e esea ch-based indings o
conce ned agencies o aid hem in d a ing policies and p og ams conside ing he na u e and pe spec-
i es o h& en ep eneu s. Because he philippines is a lowe middle-income coun y, a ge ed
coGEn BusinEss & ManaGEMEn 3
assis ance p og ams a e necessa y because economic esou ces a e o en sca ce, especially a e he pan-
demic’s economic dis ess.
1.4. Scope and limi a ions o he s udy
his s udy only employed c oss-sec ional da a, o en c i icized o he chosen pe iod. hus, his limi s
esea che s’ abili y o be e assess inancial pe o mance and esilience in he yea s p io o and a e
he co iD-19 pandemic. in addi ion, using quan i a i e da a wi h p eselec ed cons uc s in his s udy
may limi a ho ough unde s anding o he con ex and en i onmen and i s e ec s on how he en e-
p eneu ope a es (Dana & Dana, 2005), as opposed o quali a i e o comp ehensi e esea ch (Dana &
Dumez, 2015). he philippine go e nmen ’s implemen a ion o he Da a p i acy ac (2012) o access he
necessa y da a, along wi h he busy schedules o h& en e p ise owne s o c i ical decision-make s and
na ional and local go e nmen s’ changing ules and es ic ions ela ing o he co iD-19 pandemic
posed challenges o he esea che s du ing da a collec ion. hence, esea che s ha e employed
non-p obabilis ic sampling.
Fu he mo e, he s udy employed subjec i e measu es o inancial pe o mance since he esponden s
ope a ed as mic o and small en e p ises. i is common o hese ypes o en e p ises o skip ques ions
abou he exac alues o hei inancial pe o mance, hus elying on subjec i e indica o s (Mason e al.,
2015). Gi en hese limi a ions, he indings o his s udy may no be gene alizable o a mo e a ied
business ype and en i onmen .
2. Li e a u e Re iew and hypo hesis de elopmen
2.1. O ganiza ional esilience
he concep o esilience has been widely used in many disciplines, such as psychology, disas e and isk
managemen , sa e y enginee ing, and business ecosys ems, o name a ew. conz e al. (2020) ci ed ha
esea ch on esilience o en comes oge he in wo hemes: i m-o ien ed and indi idual-o ien ed. hence,
i is essen ial o conside discipline-speci ic con ex s and de ini ions when discussing esilience (Bham a
e al., 2011).
he concep o o ganiza ional esilience is commonly c i icized o i s lack o cla i y and consis en
de ini ion (hillmann & Guen he , 2021; saad e al., 2021). Fo example, McManus e al. (2008) de ined
o ganiza ional esilience as ‘a unc ion o an o ganiza ion’s o e all si ua ion awa eness, managemen
o ulne abili ies, and adap i e capaci y in a complex, dynamic, and in e connec ed en i onmen ’ (p.
82). Meanwhile, o iz-de-Mandojana and Bansal (2016) de ined o ganiza ional esilience as he g adual
enhancemen o an o ganiza ion’s capaci y o an icipa e and adap o i s en i onmen . Wi hin he
small and Medium En e p ises (sMEs) con ex , o ganiza ional esilience is depic ed as an ou come
a iable associa ed wi h posi i e i m pe o mance (saad e al., 2021). o he schola s a gued ha
o ganiza ional and inancial esilience a e in e connec ed. he la e is he abili y o an icipa e, eac
o, and eco e om g adual shi s and sudden dis up ions o h i e (s eeni asan & su esh, 2023).
hence, he li e a u e on o ganiza ional esilience is agmen ed and s ill un esol ed, whe he i is a
p ocess, s uc u e, capabili y, o capaci y (hillmann & Guen he , 2021; Khan e al., 2024; saad
e al., 2021).
Despi e he challenges in he concep ualiza ion and de ini ion o o ganiza ional esilience, schola s
con en ionally ca ego ized o ganiza ional esilience in o wo ca ego ies, namely, planned and adap i e
esilience (Ba asa e al., 2018; lee e al., 2013; p ayag e al., 2018). consequen ly, his s udy de ined o ga-
niza ional esilience as a unc ion o bo h planned and adap i e esilience ha would ansla e o a
sus ained a o able inancial pe o mance du ing pe iods o dis up ion.
2.1.1. Planned esilience and inancial pe o mance
acco ding o Ba asa e al. (2018), planned esilience in ol es p epa ing and s a egic planning o u u e
ad e si ies. unyan (2006) highligh ed he impo ance o planned esilience in sMEs, ci ing ha he lack
o o malized planning sugges s an inabili y o espond o and eco e om acu e c ises e ec i ely. in
4 s. D. o. GuliMan-QuDsi E al.
con as , planned esilience was obse ed o con ibu e minimally o he sus ainabili y o he business
(nilakan e al., 2013).
he associa ion be ween inancial pe o mance and planning p ocesses o oppo uni ies and isks
emains unclea in he li e a u e due o di e se con ex s (Kylaheiko e al., 2016; McKie nan & Mo is,
1994). Fo ins ance, sobaih e al. (2021) epo ed a posi i e ela ionship be ween planned esilience and
en e p ise pe o mance o small hospi ali y en e p ises in Egyp . simila ly, pal e al. (2012) classi ied
swedish ex ile sMEs in o esilien and less esilien g oups based on hei inancial pe o mance. pal
e al. (2012) disco e ed ha esilien sMEs wi h a o able inancial pe o mance p edominan ly demon-
s a ed planned esilience du ing he global inancial c isis om 2007 o 2011. con e sely, p ayag e al.
(2018) ound no signi ican ela ionship be ween planned esilience and he inancial pe o mance o
ou ism ope a o s in new Zealand. also, McKie nan and Mo is (1994) a gued ha sys ema ic planning
p ocesses, ini ially designed o la ge o ganiza ions, may no ansla e seamlessly o smalle coun e pa s
like sMEs, which unc ion as unique social and economic en i ies, leading o di e gen esul s due o
a ying con ex s.
Fu he mo e, Ba asa e al. (2018) s a ed ha add essing c isis goes beyond elying solely on esil-
ience planning, as such plans a e limi ed o speci ic, bounded e en s. on he o he hand, eal-li e chal-
lenges a e cha ac e ized by unp edic abili y and complexi y. hence, he ollowing hypo hesis is
p oposed:
h1: he e is no ela ionship be ween planned esilience and he inancial pe o mance o mic o and small h&
en e p ises.
2.1.2. Planned esilience and adap i e esilience
adap i e esilience is he abili y o adap o long- e m s ess and se e e shocks esul ing om s ong
leade ship and cul u e (Ba asa e al., 2018). esilience s udies a gued ha adap i e esilience, compa ed
o planned esilience, is mo e ins umen al o how he business can su i e and h i e despi e ad e si ies
(nilakan e al., 2013). in addi ion, hillmann and Guen he (2021) conduc ed a sys ema ic li e a u e
e iew. hey ound ha he c i ical a ibu e o o ganiza ional esilience is he capaci y o adap , which
is commonly associa ed wi h success ul ou comes. hillman and Guen he , howe e , ci ed ha while
adap abili y is c ucial, planning can also enhance an o ganiza ion’s abili y o add ess po en ial u u es.
simila ly, Duchek (2020) easoned ha eadiness o un o eseen e en s o en equi es adap abili y,
in ui i e ac ions, and ins an aneous decisions, as hese e en s ypically de ia e om planning assump-
ions. howe e , Duchek (2020) no ed ha p epa a ion and planning suppo o ganiza ional lea ning o
complex p ocedu es. addi ionally, s udies ha e sugges ed ha planned esilience posi i ely in luences
adap i e esilience o small en e p ises ope a ing wi hin he hospi ali y and ou ism sec o (p ayag e al.,
2018; sobaih e al., 2021). hus, he ollowing hypo hesis is p oposed:
h2: planned esilience posi i ely in luences adap ed esilience in mic o and small h& en e p ises.
2.1.3. Adap i e esilience and inancial pe o mance
s udies sugges ha adap i e esilience o en leads o success ul ou comes (hillmann & Guen he , 2021;
nilakan e al., 2013), such as a o able inancial pe o mance in he con ex o small h& en e p ises
(p ayag e al., 2018; sobaih e al., 2021). howe e , i is c ucial o acknowledge ex e nal ac o s and he
a ying con ex s o hese s udies. saad e al. (2021) ci ed ha he esea ch con ex , he i m’s
ulne abili y-di e ence in size, and he complexi y o dis up ions could a ec he esilience o sMEs in
di e en ways. he co iD-19 pandemic was conside ed unp eceden ed and u e ly di e en om he
p io c ises and has c ea ed inancial ha oc o many businesses wo ldwide.
Gu soy and chi (2020) no ed ha he scale o he dis essing impac o he co iD-19 pandemic on
bo h mic o-and-mac oeconomic indica o s is unma ched compa ed o p e ious c ises. addi ionally, sigala
(2020) emphasized ha he ex ensi e ipple o ad e se e ec s s emming om he co iD-19 pandemic
is subs an ial, equi ing an ex ended eco e y pe iod e en a e he pandemic ends. as ega e al.
(2023) also emphasized he unequal e ec s o global c ises on ou ism sMEs in a de eloping coun y.
as ega e al. (2023) ound ha he p io expe iences and economic sanc ions in i an did no
coGEn BusinEss & ManaGEMEn 5
necessa ily imp o e sMEs’ esilience, which con as ed wi h he belie ha p e ious c ises would inc ease
sMEs’ adap abili y.
Wi h many wis s and u ns, he co iD-19 pandemic has kep many people unce ain abou he
u u e. Each ime he e was a hope o ease es ic ions, new a ian s o he i us appea ed and became
a wo ldwide conce n, leading go e nmen s o pos pone he eopening o bo de s and eimplemen
es ic ions o mode a e he consequences o he pandemic. F om he s a o he second qua e o
2020 o ea ly 2022, ope a ions o philippine h& en e p ises we e ei he hal ed o ope a ed a es ic ed
capaci y, c ea ing plunging e ec s on hei inancial pe o mance. he local demand o h& en e p ises
was also low because o ea o con ac ing he i us o incon enien sa e y p o ocols. he heal h and
sa e y p o ocols se by he philippine go e nmen also caused an addi ional bu den, especially o h& 's
mic o playe s, as hey needed o inance he equi ed changes o wa an social dis ancing and inc eased
sani a ion. caynila e al. (2022) ci ed ha he s ic lockdown en o ced by he philippine go e nmen led
o a signi ican economic down u n, especially o he ou ism sec o , wi h conce ned go e nmen agen-
cies es ima ing ha he inancial oll o he co iD-19 pandemic in 2020 amoun ed o 4.3 illion
philippine pesos. Fu he mo e, i was p ojec ed ha he philippine economy would ake app oxima ely
en yea s o e u n o i s p e-pandemic g ow h le els (caynila e al., 2022). Gi en he massi e ad e se
e ec s o co iD-19, i can be hypo hesized ha e en i adap i e esilience is high, inancial pe o mance
is poo due o mic o and mac oeconomic condi ions. hus, i akes mo e han esiliency o he a ec ed
en e p ises o eco e in hei inancial pe o mance. hus, he ollowing hypo hesis is p oposed:
h3: he e is an in e se ela ionship be ween adap i e esilience and he inancial pe o mance o he h&
en e p ises.
2.2. Gende di e ences in esilience and en e p ise pe o mance s udies
Becke and Kabongo (2020) s a ed ha en ep eneu ial esilience is a unc ion o he en ep eneu ’s
social ac o s, ai s, and indi idual cha ac e is ics, especially in de eloping economies. se e al s udies
ha e decons uc ed he concep o esilience based on gende di e ences because gende and powe
ma e in how indi iduals espond o s ess because o a ied p ac ices and sociocul u al no ms (Jo dan,
2019), ye hese s udies we e o en indi idually o ien ed. acco ding o saad e al. (2021), he e is an
empi ical sca ci y o s udies explo ing gende di e ences wi hin o ganiza ional esilience in sMEs in
de eloping coun ies. While li e a u e in his a ea is limi ed, his s udy in es iga es he impac o gende
di e ences on esilience s udies and how gende may in luence en e p ise pe o mance. he goal is o
es ablish a connec ion be ween he gende di e ences be ween adap i e esilience and inancial ou -
comes o mic o and small en e p ises in he h& sec o .
he esul s on how he gende o he owne a ec s he inancial pe o mance o an en e p ise and
whe he gende di e ences a ec he esiliency le el o an indi idual ha e o en been uzzy. Fo exam-
ple, in de eloped economies and a e con olling o demog aphics and o he ele an in luences,
s udies ha e ound no signi ican di e ence in he inancial pe o mance be ween male and
emale-owned sMEs (Du ie z & hen ekson, 2000; Johnsen & McMahon, 2005). al e na i ely, in de el-
oping egions, Ba dasi e al. (2011) examined pe o mance dispa i ies ac oss sub-saha an a ica (ssa),
la in ame ica (la), and Eas e n Eu ope and cen al asia (Eca)—and concluded ha businesses owned
by males ou pe o med hose owned by emales. Ba dasi e al. (2011) easoned ha women o en clus-
e ed in sec o s domina ed by smalle i ms, impac ing hei ou comes. hey a e less likely o access
c edi o expand hei capi al, e en when he e a e no limi a ions om he supply side o c edi .
Fu he mo e, c ane (2022) disco e ed ha he e is no subs an ial dispa i y be ween en e p ises owned
by males and emales in de eloped coun ies. howe e , c ane (2022) ound ha in de eloping na ions,
male-owned i ms no ably su passed hei emale-owned coun e pa s in inancial pe o mance. his
gap be ween male and women-owned small businesses is o en linked o he s uc u al and cul u al
ba ie s women ace (Fai lie & obb, 2009; Kie e e al., 2020). hese s udies ound ha p io wo k
expe iences, op imal u iliza ion o inancial access, and a highe numbe o hou s commi ed by men
o he business con ibu ed o he indings o why male-owned a e mo e success ul han emale-owned
businesses (Fai lie & obb, 2009; Kie e e al., 2020). howe e , Kie e e al. (2020) s a ed ha al hough
6 s. D. o. GuliMan-QuDsi E al.
he e is a pe o mance gap, he good news is ha women-owned businesses a e g adually closing
he gap.
ega ding gende esilience s udies, ayala and Manzano (2014) ound ha he e ec i eness o esil-
ience ac o s in p edic ing en e p ise ou comes a ies based on gende . hese au ho s obse ed ha
male en ep eneu s, unlike women, exhibi a lowe endency o become us a ed when con on ed wi h
ad e si ies. his cha ac e is ic was ound o ha e a mo e obus p edic i e abili y ega ding he subjec-
i e measu e o en e p ise g ow h compa ed o women. addi ionally, ayala and Manzano (2014) e ealed
ha women end o adop a mo e pessimis ic ou look han men when acing ad e si ies, which con ib-
u es o hei lowe business g ow h. Mo eo e , Gómez e al. (2024) s udied he esiliency o he pan-
demic o 11,000 i ms in 34 coun ies, and hey ound ha emale-led i ms a e less esilien han
male-led i ms du ing a c isis. Gómez e al. (2024) easoned ha he women’s mo e signi ican domes ic
wo kload nega i ely impac s hei p o essional pe o mance, a ec ing hei companies’ esilience.
ligh oo e al. (2020) also ound ha men ha e highe esilience han women due o p io expe iences
and pe cep ions o indi idual esponsibili y in he con ex o an en i onmen al disas e in Gul coas
communi ies. hus, based on hese indings ela ing o gende di e ences in esilience and en e p ise
pe o mance and in ela ion o h3, he ollowing hypo hesis is p oposed:
h4: he ela ionship be ween adap i e esilience and inancial pe o mance is highe o male-owned han
emale-owned h& en e p ises
las ly, Figu e 1, which is he esea ch amewo k o he s udy, isually p esen s hese a o emen ioned
hypo hesized ela ionships a e con olling o he ype o sec o and i m size.
3. Me hodology
his s udy employed a quan i a i e esea ch design. he esea ch locale comp ises h ee key a eas in he
no he n Mindanao egion ha a ac ed he highes numbe o o eign a ele s and a e conside ed he
op des ina ions in he egion o domes ic a ele s as o 2019 (Depa men o ou ism, 2020). his s udy
unde wen a ull e hical e iew o ensu e compliance wi h e hical s anda ds. E hical app o al was g an ed
by he Msu-ii ins i u e E hics e iew commi ee p io o he inal dis ibu ion o he ques ionnai es.
W i en in o med consen was also ob ained om all esponden s, and he s udy adhe ed o ele an
e hical guidelines h oughou he esea ch p ocess, wi h pe iodic moni o ing conduc ed by he uni e si-
y’s esea ch o ice.
Figu e 1. Resea ch amewo k o he s udy.
coGEn BusinEss & ManaGEMEn 7
3.1. In o med consen o m and ques ionnai e
he i s wo pages o he ques ionnai e included an in o med consen o m (icF) de ailing he
esea ch objec i es, pa icipan s’ eligibili y c i e ia, da a p ocessing, esul s dissemina ion, and o he
pe inen ma e s conce ning sa egua ding he con iden iali y o esponses. he icF also ou lined
po en ial isks, a i med he pa icipan ’s igh o e use inclusion in he s udy, and p o ided he
op ion o wi hd aw esponses wi hou p ejudice. addi ionally, he icF speci ied ha only agg ega e
esul s will be dissemina ed o published and will no di ec ly iden i y any pa icipan s. i also included
con ac de ails o he uni e si y’s esea ch o ice o any conce ns o complain s. he icF was p o ided
and explained o each esponden , and only hose who olun a ily signed o pa icipa e in he s udy
we e included.
Mo eo e , he ques ionnai e has h ee main sec ions, which include he (1) p o ile o he esponden
and he en e p ise, (2) Fi e-poin like i ems ela ing o planned (p ) and adap i e esilience (a ), and
(3) i e-poin like i ems ela ing o inancial pe o mance (Fp). he subjec i e measu e o Fp is com-
mon o MsMEs (ayala & Manzano, 2014), and subjec i e measu es a e highly co ela ed wi h objec i e
measu es ( ij & Bedi, 2016). no ably, he ques ionnai e included subjec i e Fp measu es ela ing o (1)
p o i abili y, (2) cash low, (3) le el o sales, (4) abili y o pay ma u ing deb (Abpay), and (5) o e all busi-
ness pe o mance in e ms o cash, sales, and p o i (O Pe ). none heless, only he las wo measu es,
speci ically Abpay and O Pe , we e included in he inal analysis o co ec high mul icollinea i y issues.
he de ails o he indica o s and how he like i ems ela ing o p , a , and Fp we e coded a e shown
in able 1.
Mo eo e , he ques ionnai e was p e- es ed on 30 esponden s be o e i was olled ou . i was also
ini ially planned ha all ques ionnai es would be pe sonally adminis e ed. howe e , he limi a ions
imposed in Decembe 2021 and ea ly days o 2022 due o he su ge o he omic on a ian o he
co iD-19 led esea che s o make use o online ques ionnai es. hence, ou o he 315 cleaned esponses,
36 we e om online esponses, and he emaining 279 (88.6 pe cen ) we e om pe sonal
adminis a ion.
3.2. Da a
Based on he 2020 da a p o ided by he psa a e he email inqui y, he o al numbe o quali ied
esponden s in he selec ed a eas was 1,685. hence, using a i e pe cen ma gin o e o and a 95%
con idence le el, he minimum sample size was sugges ed o be 313 esponden s. Despi e se e al
changes in he local go e nmen ’s es ic ions depending on he numbe o co iD-19 cases eco ded,
he esea che s op ed o a sample size o 330 based on he esea che s’ expe ience ha some esponses
may be emo ed a e da a cleaning. he 330 esponden s we e p opo ionally dis ibu ed o he selec ed
a eas based on he size o he h& en e p ises. pa icipa ion in he s udy was limi ed o indi iduals who
we e o legal age.
addi ionally, he esponden s o he s udy we e es ic ed o owne s o key decision-make s o egis-
e ed en e p ises in selec key a eas in he sou h o he philippines, pa icula ly egion 10 (also known
as no he n Mindanao). his egion is conside ed he la ges egional economy on he island o Mindanao,
philippines (Depa men o ade and indus y, n.d.). he esponden s o his s udy only included hose
MsMEs who we e ope a ing in he ou sub-sec o s o he h& : (a) F&B se ice ac i i ies; (b) accommo-
da ion ac i i ies; (c) a el agencies, ou ope a o s, ese a ion se ices, and simila ac i i ies; and (d)
amusemen and ec ea ion ac i i ies. addi ionally, only hose ha we e conside ed es ablished businesses
and we e s ill in ope a ion when he su ey was conduc ed owa ds he end o 2021 and ea ly 2022
we e included in he s udy. acco ding o he Global En ep eneu ship Moni o o GEM F amewo k, a
business is conside ed es ablished i i has been ope a ing o o e 3.5 yea s (GEM, n.d.). hus, only hose
ope a ing since 2018 o ea lie we e included in he s udy.
he da a we e collec ed owa ds he end o 2021 and Janua y 2022 h ough non-p obabilis ic sam-
pling. a e da a cleaning o ou lie s, missing da a, and unengaged esponses, only 315 obse a ions ou
o 330 we e included in he da a analysis.
14 s. D. o. GuliMan-QuDsi E al.
Funding
his wo k was unded by he Msu–iligan ins i u e o echnology, philippines.
Abou he au ho s
Shee un Di O. Guliman-Qudsi is a ce i ied public accoun an and a Full p o esso in he accoun ancy Depa men
a he Msu-iligan ins i u e o echnology. she holds a ph.D. in Business, a Mas e in Business Managemen , and a
Mas e o science in Finance. he esea ch ocuses on inance, accoun ing, and en ep eneu ship. in 2018, Guliman
was hono ed as he philippines’ Mos ou s anding Finance Educa o by Deloi e philippines and he Financial
Execu i es o he philippines, ollowing he ecogni ion as Mindanao’s ou s anding Finance Educa o in 2013.
Donna ic A. Dumapias is an associa e p o esso a he Depa men o hospi ali y and ou ism Managemen a Msu-iligan
ins i u e o echnology. she holds a Mas e in Business adminis a ion wi h a Majo in ho el and es au an Managemen .
he esea ch in e es s include ood sa e y, sus ainable hospi ali y, and culina y he i age. she is in ol ed in cu iculum
de elopmen , esea ch, and communi y engagemen , ocusing on socie al de elopmen h ough inno a i e p ojec s.
Be lyn M. Teaño is a ce i ied public accoun an and an assis an p o esso in he accoun ancy Depa men a
Msu-iligan ins i u e o echnology. she ob ained he Bachelo o science in accoun ancy and Mas e o Business
Managemen deg ees om he same ins i u ion. Be o e joining he academe, she spen o e a decade in he com-
me ce and indus y sec o , whe e she ose o he posi ion o easu y Manage . he esea ch in e es s include en e-
p eneu ship, inancial accoun ing and epo ing, and inancial managemen .
ORCID
shee un Di o. Guliman-Qudsi h p://o cid.o g/0000-0001-9352-9066
Donna ic a. Dumapias h p://o cid.o g/0000-0002-2480-9600
Be lyn M. eaño h p://o cid.o g/0000-0001-8397-5441
Da a a ailabili y s a emen
he da a suppo ing he indings o his s udy a e a ailable om he co esponding au ho upon easonable eques .
Re e ences
adomako, s., Danso, a., & Damoah, J. o. (2016). he mode a ing in luence o inancial li e acy on he ela ionship
be ween access o inance and i m g ow h in Ghana. Ven u e Capi al, 18(1), 43–61. h ps://doi.o g/10.1080/13691
066.2015.1079952
ayala, J. c., & Manzano, G. (2014). he esilience o he en ep eneu . in luence on he success o he business. a
longi udinal analysis. Jou nal o Economic Psychology, 42, 126–135. h ps://doi.o g/10.1016/j.joep.2014.02.004
Bham a, ., Dani, s., & Bu na d, K. (2011). esilience: he concep , a li e a u e e iew, and u u e di ec ions. In e na ional
Jou nal o P oduc ion Resea ch, 49(18), 5375–5393. h ps://doi.o g/10.1080/00207543.2011.563826
Ba asa, E., Mbau, ., & Gilson, l. (2018). Wha is esilience, and how can i be nu u ed? a sys ema ic e iew o em-
pi ical li e a u e on o ganiza ional esilience sys ema ic e iew. In e na ional Jou nal o Heal h Policy and
Managemen , 7(6), 491–503. h ps://doi.o g/10.15171/ijhpm.2018.06
Ba dasi, E., saba wal, s., & e ell, K. (2011). how do emale en ep eneu s pe o m? E idence om h ee de eloping
egions. Small Business Economics, 37(4), 417–441. h ps://doi.o g/10.1007/s11187-011-9374-z
Becke , ., & Kabongo, J., e al. (2020). he esilience o en ep eneu s in de eloping economies. in E. powley (Eds.),
Resea ch handbook on o ganiza ional esilience (pp. 116–130). Edwa d Elga publishing l d.
caynila, K. a. M., luna, K. ., & Milla, s. a. a. (2022). he philippine ou ism sec o amid he pandemic: De elopmen s
and p ospec s (Economic newsle e no. 22-02). Bangko sen al ng pilipinas. h ps://www.bsp.go .ph/Media_and_
esea ch/publica ions/En22-02.pd
c ane, s. (2022). En ep eneu ship and economic g ow h: Does gende ma e ? In e na ional Jou nal o Gende and
En ep eneu ship, 14(1), 3–25. h ps://doi.o g/10.1108/iJGE-04-2021-0056
conz, E., lamb, p. W., & De Massis, a. (2020). p ac icing esilience in amily i ms: an in es iga ion h ough phenom-
enog aphy. Jou nal o Family Business S a egy, 11(2), 100355. h ps://doi.o g/10.1016/j.j bs.2020.100355
Dana, l. p., & Dana, . (2005). Expanding he scope o me hodologies used in en ep eneu ship esea ch. In e na ional
Jou nal o En ep eneu ship and Small Business, 2(1), 79–88. h ps://doi.o g/10.1504/iJEsB.2005.006071
Dana, l. p., & Dumez, h. (2015). Quali a i e esea ch e isi ed: Epis emology o a comp ehensi e app oach. In e na ional
Jou nal o En ep eneu ship and Small Business, 26(2), 154–170. h ps://doi.o g/10.1504/iJEsB.2015.071822
Da a p i acy ac (2012). h ps://www.o icialgaze e.go .ph/downloads/2012/08aug/20120815- a-10173-Bsa.pd
coGEn BusinEss & ManaGEMEn 15
Depa men o ade and indus y. (n.d). Region 10. h ps://www.d i.go .ph/ egions/ egion-10/
Depa men o ou ism. (2020). Regional dis ibu ion o o e nigh a ele s in accommoda ion es ablishmen s (Janua y
o Decembe 2019): Pa ial epo . h p://www. ou ism.go .ph/ ou ism_demand/ egional a ele s2019.pd
Du ie z, a., & hen ekson, M. (2000). es ing he emale unde pe o mance hypo hesis. Small Business Economics,
14(1), 1–10. h ps://doi.o g/10.1023/a:1008106215480
Duchek, s. (2020). o ganiza ional esilience: a capabili y–based concep ualiza ion. Business Resea ch, 13(1), 215–246.
h ps://doi.o g/10.1007/s40685-019-0085-7
Fai lie, . W., & obb, a. M. (2009). Gende di e ences in business pe o mance: E idence om he cha ac e is ics o
business owne s su ey. Small Business Economics, 33(4), 375–395. h ps://doi.o g/10.1007/s11187-009-9207-5
Global En ep eneu ship Moni o . (n.d). How GEM de ines en ep eneu ship. h ps://www.gemconso ium.o g/wiki/1149
Gómez, J., K amme , s. M. s., pé ez-a ad os, B., & salaza , i. (2024). esilience o he pandemic: he ole o emale
managemen , mul i-uni s uc u e, and business model inno a ion. Jou nal o Business Resea ch, 172(114428),
114428. h ps://doi.o g/10.1016/j.jbus es.2023.114428
Go o i, a. (2013). Fac o s a ec ing he g ow h and de elopmen o sMEs: Expe iences om Koso o. Medi e anean
Jou nal o Social Sciences, 4(9), 701–708. h ps://doi.o g/10.5901/mjss.2013. 4n9p701
Guliman, s. D. o., eaño, B., Faja do, s., lula, F. J., Dumapias, D., & pendang, . M. s. (2022 S eng hening he inancial
pe o mance o he hospi ali y and ou ism indus y amids a dis up ed business en i onmen : Is esiliency i al? [pape
p esen a ion]. ou ism, hospi ali y & E en s in e na ional con e ence., limassol, cyp us. June 22–24. h ps://
heinc2022. iles.wo dp ess.com/2022/06/ he-inc-2022-p oceedings.pd
Gu soy, D., & chi, c. G. (2020). E ec s o co iD-19 pandemic on hospi ali y indus y: e iew o he cu en si ua ions
and a esea ch agenda. Jou nal o Hospi ali y Ma ke ing & Managemen , 29(5), 527–529. h ps://doi.o g/10.1080/19
368623.2020.1788231
hillmann, J., & Guen he , E. (2021). o ganiza ional esilience: a aluable cons uc o managemen esea ch?
In e na ional Jou nal o Managemen Re iews, 23(1), 7–44. h ps://doi.o g/10.1111/ijm .12239
hugo , J., & pla i as, . (2022). Wha eme ging b igh spo s ell us abou e i ing ou ism in Asia. h ps://blogs.adb.o g/
blog/wha -eme ging-b igh -spo s- ell-us-abou - e i ing- ou ism-asia
in e na ional labou o ganiza ion. (2020). Pilla 4: Relying on social dialogue o solu ions (Policy B ie on Co id-19).
h ps://www.ilo.o g/global/ opics/co ona i us/impac s-and- esponses/lang–en/index.h m
Johnsen, G., & McMahon, . (2005). owne -manage gende , inancial pe o mance and business g ow h amongs
sMEs om aus alia’s business longi udinal su ey. In e na ional Small Business Jou nal: Resea ching En ep eneu ship,
23(2), 115–142. h ps://doi.o g/10.1177/0266242605050509
Jo dan, J. c. (2019). Decons uc ing esilience: Why gende and powe ma e in esponding o clima e s ess in
Bangladesh. Clima e and De elopmen , 11(2), 167–179. h ps://doi.o g/10.1080/17565529.2018.1442790
Khan, h., ozkan, K., Deligonul, s., & ca usgil, E. (2024). ede ining he o ganiza ional esilience cons uc using a
ame based me hodology: a new pe spec i e om he ecology based app oach. Jou nal o Business Resea ch,
172(, 114397. h ps://doi.o g/10.1016/j.jbus es.2023.114397
Kie e , K., heileman, M., & pe , . l. (2020). Does gende s ill ma e ?: an examina ion o small business pe o mance.
Small Business Economics, 58(1), 141–167. h ps://doi.o g/10.1007/s11187-020-00403-2
Kylaheiko, K., puumalainen, K., sjög én, h., sy jä, p., & Fellnho e , K. (2016). s a egic planning and i m pe o mance:
a compa ison ac oss coun ies and sec o s. In e na ional Jou nal o En ep eneu ial Ven u ing, 8(3), 280–295. h ps://
doi.o g/10.1504/iJE .2016.078965
lee, c. c., & chang, c. p. (2008). ou ism de elopmen and economic g ow h: a close look a panels. Tou ism
Managemen , 29(1), 180–192. h ps://doi.o g/10.1016/j. ou man.2007.02.013
lee, a. ., a go, J., & se ille, E. (2013). De eloping a ool o measu e and compa e o ganiza ions’ esilience. Na u al
Haza ds Re iew, 14(1), 29–41. h ps://doi.o g/10.1061/(ascE)nh.1527-6996.0000075
ligh oo , E., lesen, a., & Fe ei a, . (2020). Gende and esilience in Gul coas communi ies: isk and p o ec i e
ac o s ollowing a echnological disas e . In e na ional Jou nal o Disas e Risk Reduc ion, 50, 101716. h ps://doi.
o g/10.1016/j.ijd .2020.101716
Mason, M. c., Flo eani, J., Miani, s., Bel ame, F., & cappelle o, . (2015). unde s anding he impac o en ep eneu -
ial o ien a ion on sMEs’ pe o mance: he ole o he inancing s uc u e. P ocedia Economics and Finance, 23,
1649–1661. h ps://doi.o g/10.1016/s2212-5671(15)00470-0
McKie nan, p., & Mo is, c. (1994). s a egic planning and inancial pe o mance in he uK sMEs: Does o mali y ma -
e ? B i ish Jou nal o Managemen , 5(s1), 31–41. h ps://doi.o g/10.1111/j.1467-8551.1994. b00128.x
McManus, s., se ille, E., a go, J., & B unsdon, D. (2008). Facili a ed p ocess o imp o ing o ganiza ional esilience.
Na u al Haza ds Re iew, 9(2), 81–90. h ps://doi.o g/10.1061/(ascE)1527-6988(2008)9:2(81)
nilakan , ., Walke , B., och o d, K., & an heug en, K. (2013). leading in a pos -disas e se ing: Guidance o human
esou ce p ac i ione s. New Zealand Jou nal o Employmen Rela ions, 38(1), 1–13.
no elli, M., Gussing Bu gess, l., Jones, a., & i chie, B. W. (2018). no Ebola…s ill doomed – he Ebola-induced ou -
ism c isis. Annals o Tou ism Resea ch, 70, 76–87. h ps://linkinghub.else ie .com/ e ie e/pii/s0160738318300306
h ps://doi.o g/10.1016/j.annals.2018.03.006
o iz-de-Mandojana, n., & Bansal, p. (2016). he long- e m bene i s o o ganiza ional esilience h ough sus ainable
business p ac ices. S a egic Managemen Jou nal, 37(8), 1615–1631. h ps://doi.o g/10.1002/smj.2410
16 s. D. o. GuliMan-QuDsi E al.
pal, ., ande sson, ., & o s ensson, h. (2012). o ganisa ional esilience h ough c isis s a egic planning: a s udy o
swedish ex ile sMEs in inancial c ises o 2007–2011. In e na ional Jou nal o Decision Sciences, Risk and Managemen ,
4(3/4), 314–341. h ps://doi.o g/10.1504/iJDs M.2012.053372
philippine s a is ics au ho i y. (2022). Upda ing o he lis o es ablishmen s. h ps://psa.go .ph/con en /mo e-10
8-million-es ablishmen s-ope a ed-2021-which-gene a ed- o al-employmen -857-million
philippine s a is ics au ho i y. (2021). 2020 Philippine ou ism sa elli e accoun s (PTSA) epo . h ps://lib a y.psa.go .ph/
cgi-bin/koha/opac- e ie e- ile.pl?id=1318309deb407d4e7cd97ae6bd523601
philippine s a is ics au ho i y. (2020). 2019 Philippine ou ism sa elli e accoun s (PTSA) epo . h ps://lib a y.psa.go .ph/
cgi-bin/koha/opac- e ie e- ile.pl?id=a9c7724b449 b2d7c3b7b81a6 2b9361
p ayag, G., chowdhu y, M., spec o , s., & o chis on, c. (2018). o ganiza ional esilience and inancial pe o mance.
Annals o Tou ism Resea ch, 73, 193–196. h ps://doi.o g/10.1016/j.annals.2018.06.006
as ega , ., sey i, s., & shahi, . (2023). ou ism sMEs’ esilience s a egies amids he co iD-19 c isis: he s o y o
su i al. Tou ism Rec ea ion Resea ch, 1–7. h ps://doi.o g/10.1080/02508281.2023.2233073
ingle, c. M., Wende, s., & Becke , J.-M. (2015). sma pls 3. sma pls Gmbh. h p://www.sma pls.com
unyan, . (2006). small business in he ace o c isis: iden i ying ba ie s o eco e y om a na u al disas e . Jou nal
o Con ingencies and C isis Managemen , 14(1), 12–26. h ps://doi.o g/10.1111/j.1468-5973.2006.00477.x
saad, M. h., hagelaa , G., an de elde, G., & om a, s. W. F. (2021). concep ualiza ion o sMEs’ business esilience: a
sys ema ic li e a u e e iew. Cogen Business & Managemen , 8(1), 1–33. h ps://doi.o g/10.1080/23311975.2021.193
8347
sigala, M. (2020). ou ism and co iD-19: impac s and implica ions o ad ancing and ese ing indus y and esea ch.
Jou nal o Business Resea ch, 117, 312–321. h ps://doi.o g/10.1016/j.jbus es.2020.06.015
sobaih, a. E. E., Elshae , i., hasanein, a. M., & abdelaziz, a. s. (2021). esponses o co iD-19: he ole o pe o mance
in he ela ionship be ween small hospi ali y en e p ises’ esilience and sus ainable ou ism de elopmen .
In e na ional Jou nal o Hospi ali y Managemen , 94, 102824. h ps://doi.o g/10.1016/j.ijhm.2020.102824
s eeni asan, a., & su esh, M. (2023). eadiness o inancial esilience in s a -ups. Jou nal o Sa e y Science and
Resilience, 4(3), 241–252. h ps://doi.o g/10.1016/j.jnlss .2023.02.004
ang, c. F., & an, E. c. (2013). how s able is he ou ism-led g ow h hypo hesis in Malaysia? E idence om disag-
g ega ed ou ism ma ke s. Tou ism Managemen , 37, 52–57. h ps://doi.o g/10.1016/j. ou man.2012.12.014
ibay, ., Mille , J., chang- icha ds, a., Egbelakin, ., se ille, E., & Wilkinson, s. (2018). Business esilience: a s udy o
auckland hospi ali y sec o . P ocedia Enginee ing, 212, 1217–1224. h ps://doi.o g/10.1016/j.p oeng.2018.01.157
ij, s., & Bedi, h. s. (2016). a e subjec i e business pe o mance measu es jus i ied? In e na ional Jou nal o P oduc i i y
and Pe o mance Managemen , 65(5), 603–621. h ps://doi.o g/10.1108/iJppM-12-2014-0196
Wang, c., Walke , E. a., & edmond, J. (2011). Explaining he lack o s a egic planning in sMEs: he impo ance o
owne mo i a ion. In e na ional Jou nal o O ganisa ional Beha iou , 12(1), 1–16.
Wo ld ou ism o ganiza ion. (2015). ou ism and he sus ainable de elopmen goals. h ps://www.e-unw o.o g/doi/
pd /10.18111/9789284417254
Wo ld ou ism o ganiza ion. (2020). Impac assessmen o he COVID-19 ou b eak on in e na ional ou ism. h ps://www.
unw o.o g/impac -assessmen -o - he-co id–19-ou b eak-on-in e na ional- ou ism
Yang, Y., Zhang, h., & chen, Z. (2020). co ona i us pandemic and ou ism: Dynamic s ochas ic gene al equilib ium
modeling o in ec ious disease ou b eak. Annals o Tou ism Resea ch, 83, 102913. h ps://doi.o g/10.1016/j.an-
nals.2020.102913
