The role of adaptive resilience on the financial performance of Philippine hospitality and tourism enterprises: amid a disrupted business environment

Guliman-Qudsi, Sheevun Di O.; Dumapias, Donnavic A.; Teaño, Berlyn M. Article The role of adaptive resilience on the financial performance of Philippine hospitality and tourism enterprises: amid a disrupted business environment Cogent Business & Management Provided in Cooperation with: Taylor & Francis Group Suggested Citation: Guliman-Qudsi, Sheevun Di O.; Dumapias, Donnavic A.; Teaño, Berlyn M. (2024) : The role of adaptive resilience on the financial performance of Philippine hospitality and tourism enterprises: amid a disrupted business environment, Cogent Business & Management, ISSN 2331-1975, Taylor & Francis, Abingdon, Vol. 11, Iss. 1, pp. 1-16, https://doi.org/10.1080/23311975.2024.2390689 This Version is available at: https://hdl.handle.net/10419/326486 Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. 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If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence. https://creativecommons.org/licenses/by/4.0/ Cogent Business & Management ISSN: 2331-1975 (Online) Journal homepage: www.tandfonline.com/journals/oabm20 The role of adaptive resilience on the financial performance of Philippine hospitality and tourism enterprises: amid a disrupted business environment Sheevun Di O. Guliman-Qudsi, Donnavic A. Dumapias & Berlyn M. Teaño To cite this article: Sheevun Di O. Guliman-Qudsi, Donnavic A. Dumapias & Berlyn M. Teaño (2024) The role of adaptive resilience on the financial performance of Philippine hospitality and tourism enterprises: amid a disrupted business environment, Cogent Business & Management, 11:1, 2390689, DOI: 10.1080/23311975.2024.2390689 To link to this article: https://doi.org/10.1080/23311975.2024.2390689 © 2024 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group Published online: 16 Aug 2024. Submit your article to this journal Article views: 2180 View related articles View Crossmark data Full Terms & Conditions of access and use can be found at https://www.tandfonline.com/action/journalInformation?journalCode=oabm20 EntrEprEnEurship & innovation | rEsEarch articlE Cogent Business & ManageMent 2024, VoL. 11, no. 1, 2390689 The role of adaptive resilience on the financial performance of Philippine hospitality and tourism enterprises: amid a disrupted business environment sheevun Di o. Guliman-Qudsia , Donnavic a. Dumapiasb and Berlyn M. teañoa aDepartment of accountancy, Msu – iligan institute of technology, iligan City, Philippines; bDepartment of Hospitality and tourism Management, Msu – iligan institute of technology, iligan City, Philippines ABSTRACT this study utilized partial least squares structural equation modeling to investigate the interplay among planned resilience, adaptive resilience, and financial performance in the hospitality and tourism (h&t) sector. additionally, the potential gender gap in the relationship between adaptive resilience and financial performance was examined through multi-group analysis. Data were gathered from 315 micro and small enterprises in the h&t sector across three key areas in northern Mindanao, philippines, selected based on their high tourist traffic. the results revealed that while planned resilience positively influenced adaptive resilience, it did not significantly affect financial performance. contrary to prior literature, the study indicated an inverse relationship between adaptive resilience and financial performance. this suggests a unique impact of the coviD-19 disruption on financial outcomes and underscoring the limitations of adaptive resilience in driving financial recovery. Moreover, the analysis showed that men exhibited a stronger positive relationship between adaptive resilience and financial performance than women, suggesting gender disparities. in conclusion, this study highlights the critical importance of unified efforts and gender-tailored programs to support the financial recovery of the h&t micro and small enterprises, particularly in developing countries. Further research into the diverse antecedents of entrepreneurial resilience is recommended. 1. Introduction 1.1. Background of the study in 2015, the tourism sector was seen to have the potential to contribute to all sustainable Development Goals (sDGs), whether directly or indirectly (World tourism organization, 2015). Given the promising growth of the hospitality and tourism (h&t) industry, it has been considered an essential global employer, and it is widely accepted in the literature that this industry contributes mainly to a country’s economic growth through direct and indirect channels. prior studies have found a positive relationship between tourism growth and economic growth (tang & tan, 2013) and that the impact of tourism development on gross domestic product (GDp) is more significant in asian and latin american countries than in member countries of the organization for Economic cooperation and Development (lee & chang, 2008). in the case of the philippines in 2019, the sector of h&t, particularly the tourism sector, contributed as much as 12.7 percent of the country’s GDp, equivalent to 2.5 trillion philippine pesos (philippine statistics authority [psa], 2020). however, the coronavirus (commonly known as coviD-19) pandemic, which shocked the world in the first quarter of 2020, posed severe challenges to human life and the economy. in an attempt to mitigate the spread of coviD-19 and its effects primarily on human life, governments around the globe have imposed partial © 2024 the author(s). Published by informa uK Limited, trading as taylor & Francis group. CONTACT sheevun Di o. guliman-Qudsi [email protected].edu.ph Department of accountancy, CeBa, Msu – iligan institute of technology, a. Bonifacio st., tibanga, iligan City, Lanao del norte, 9200, Philippines. https://doi.org/10.1080/23311975.2024.2390689 this is an open access article distributed under the terms of the Creative Commons attribution License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. the terms on which this article has been published allow the posting of the accepted Manuscript in a repository by the author(s) or with their consent. ARTICLE HISTORY received 26 november 2023 revised 23 May 2024 accepted 5 august 2024 KEYWORDS hospitality and tourism; planned resilience; adaptive resilience; financial performance; coviD-19; MsMEs; organizational resilience SUBJECTS Entrepreneurship and small Business Management; hospitality Management; Entrepreneurship; accounting and Finance for hospitality; accounting and Finance for tourism 2 s. D. o. GuliMan-QuDsi Etal. or complete border closures, which created a massive negative impact on the h&t sector and resulted in a worldwide loss of us$80 billion (World tourism organization, 2020). similar to many countries, the philippine h&t sector was one of the hardest hit sectors due to the coviD-19 pandemic, which resulted in the closure of several enterprises, particularly those classified as Micro, small, and Medium Enterprises or MsMEs. it should be noted that microenterprises accounted for 90.5 percent of philippine enterprises in 2021 (psa, 2022). Furthermore, the coviD-19 pandemic caused many Filipinos to lose jobs. in fact, in 2020, the employed population in the philippine tourism industry declined by 18.1 percent compared to 2019, or an equivalent of 1.04 million Filipinos who lost their jobs. those in the recreation, entertainment, and cultural services subsector suffered the largest contraction at negative 42.6 percent, followed by those in the accommodation and food and beverage (F&B) sector at negative 24 percent (psa, 2021). novelli etal. (2018) stated that the h&t industry was generally resilient and continually bounced back after various crises, such as terrorism, natural disasters, and outbreaks. however, the unprecedented coviD-19 pandemic has shattered almost every sector of the health and economy, prompting worldwide recession and depression. the adverse impacts of the coviD-19 pandemic have severely hampered the h&t industry, requiring an extended period of recuperation even post-pandemic (sigala, 2020). the coviD-19 pandemic has not only collapsed the economy but also disrupted how traditional businesses have operated. hence, this study probed whether organizational resilience categorized in to planned and adaptive resilience played a role in the financial performance of the h&t MsMEs in selected key areas in the south of the philippines. 1.2. Research objectives the primary objective of this study was to examine whether organizational resilience affected the financial performance of h&t enterprises within the selected areas of southern philippines amidst the challenges caused by the coviD-19 pandemic. in realizing this general objective, the specific objectives are as follows: a. to examine the relationships between an enterprise’s planned and adaptive resilience and the financial performance of h&t enterprises. b. Determine whether the relationship between adaptive resilience and the financial performance of h&t enterprises varies significantly by gender. 1.3. Significance of the study as the GDp of many countries continued to suffer from escalating effects, demands for research about the h&t sector during the coviD-19 pandemic surged in the first half of 2020 (sigala, 2020). this is likely because prior worldwide crises have shown that governments could not solve the challenges brought about by strong and unanticipated economic shocks (international labour organization, 2020), such as the coviD-19 pandemic. hence, social dialogue and research involving the concerned sector have become crucial. Moreover, the literature often finds that, regardless of the state of the economy, whether economic boom or recession, financing is always necessary for the sustainability and growth of enterprises (adomako et al., 2016; Govori, 2013). Yang et al. (2020) argued that welfare responses to the coviD-19 pandemic should include financial support to ensure a more stable recovery. thus, it is essential to address the issues and possible factors affecting the financial performance of h&t enterprises, as this would also affect their long-term sustainability. Becker and Kabongo (2020) also mentioned that the concept of resilience being extended to the entrepreneurship literature still needs to be developed. thus, this study aimed to contribute by showing how organizational resilience affects the financial performance of an enterprise and whether gender plays a role in the hypothesized relationships. the study also aimed to offer research-based findings to concerned agencies to aid them in drafting policies and programs considering the nature and perspectives of h&t entrepreneurs. Because the philippines is a lower middle-income country, targeted coGEnt BusinEss & ManaGEMEnt 3 assistance programs are necessary because economic resources are often scarce, especially after the pandemic’s economic distress. 1.4. Scope and limitations of the study this study only employed cross-sectional data, often criticized for the chosen period. thus, this limits researchers’ ability to better assess financial performance and resilience in the years prior to and after the coviD-19 pandemic. in addition, using quantitative data with preselected constructs in this study may limit a thorough understanding of the context and environment and its effects on how the entrepreneur operates (Dana & Dana, 2005), as opposed to qualitative or comprehensive research (Dana & Dumez, 2015). the philippine government’s implementation of the Data privacy act (2012) to access the necessary data, along with the busy schedules of h&t enterprise owners or critical decision-makers and national and local governments’ changing rules and restrictions relating to the coviD-19 pandemic posed challenges to the researchers during data collection. hence, researchers have employed non-probabilistic sampling. Furthermore, the study employed subjective measures for financial performance since the respondents operated as micro and small enterprises. it is common for these types of enterprises to skip questions about the exact values of their financial performance, thus relying on subjective indicators (Mason etal., 2015). Given these limitations, the findings of this study may not be generalizable to a more varied business type and environment. 2. Literature Review and hypothesis development 2.1. Organizational resilience the concept of resilience has been widely used in many disciplines, such as psychology, disaster and risk management, safety engineering, and business ecosystems, to name a few. conz et al. (2020) cited that research on resilience often comes together in two themes: firm-oriented and individual-oriented. hence, it is essential to consider discipline-specific contexts and definitions when discussing resilience (Bhamra et al., 2011). the concept of organizational resilience is commonly criticized for its lack of clarity and consistent definition (hillmann & Guenther, 2021; saad et al., 2021). For example, McManus et al. (2008) defined organizational resilience as ‘a function of an organization’s overall situation awareness, management of vulnerabilities, and adaptive capacity in a complex, dynamic, and interconnected environment’ (p. 82). Meanwhile, ortiz-de-Mandojana and Bansal (2016) defined organizational resilience as the gradual enhancement of an organization’s capacity to anticipate and adapt to its environment. Within the small and Medium Enterprises (sMEs) context, organizational resilience is depicted as an outcome variable associated with positive firm performance (saad et al., 2021). other scholars argued that organizational and financial resilience are interconnected. the latter is the ability to anticipate, react to, and recover from gradual shifts and sudden disruptions to thrive (sreenivasan & suresh, 2023). hence, the literature on organizational resilience is fragmented and still unresolved, whether it is a process, structure, capability, or capacity (hillmann & Guenther, 2021; Khan et al., 2024; saad et al., 2021). Despite the challenges in the conceptualization and definition of organizational resilience, scholars conventionally categorized organizational resilience into two categories, namely, planned and adaptive resilience (Barasa etal., 2018; lee etal., 2013; prayag etal., 2018). consequently, this study defined organizational resilience as a function of both planned and adaptive resilience that would translate to a sustained favorable financial performance during periods of disruption. 2.1.1. Planned resilience and financial performance according to Barasa etal. (2018), planned resilience involves preparing and strategic planning for future adversities. runyan (2006) highlighted the importance of planned resilience in sMEs, citing that the lack of formalized planning suggests an inability to respond to and recover from acute crises effectively. in 4 s. D. o. GuliMan-QuDsi Etal. contrast, planned resilience was observed to contribute minimally to the sustainability of the business (nilakant et al., 2013). the association between financial performance and planning processes for opportunities and risks remains unclear in the literature due to diverse contexts (Kylaheiko et al., 2016; McKiernan & Morris, 1994). For instance, sobaih et al. (2021) reported a positive relationship between planned resilience and enterprise performance of small hospitality enterprises in Egypt. similarly, pal et al. (2012) classified swedish textile sMEs into resilient and less resilient groups based on their financial performance. pal et al. (2012) discovered that resilient sMEs with favorable financial performance predominantly demonstrated planned resilience during the global financial crisis from 2007 to 2011. conversely, prayag et al. (2018) found no significant relationship between planned resilience and the financial performance of tourism operators in new Zealand. also, McKiernan and Morris (1994) argued that systematic planning processes, initially designed for large organizations, may not translate seamlessly to smaller counterparts like sMEs, which function as unique social and economic entities, leading to divergent results due to varying contexts. Furthermore, Barasa et al. (2018) stated that addressing crisis goes beyond relying solely on resilience planning, as such plans are limited to specific, bounded events. on the other hand, real-life challenges are characterized by unpredictability and complexity. hence, the following hypothesis is proposed: h1: there is no relationship between planned resilience and the financial performance of micro and small h&t enterprises. 2.1.2. Planned resilience and adaptive resilience adaptive resilience is the ability to adapt to long-term stress and severe shocks resulting from strong leadership and culture (Barasa et al., 2018). resilience studies argued that adaptive resilience, compared to planned resilience, is more instrumental to how the business can survive and thrive despite adversities (nilakant et al., 2013). in addition, hillmann and Guenther (2021) conducted a systematic literature review. they found that the critical attribute of organizational resilience is the capacity to adapt, which is commonly associated with successful outcomes. hillman and Guenther, however, cited that while adaptability is crucial, planning can also enhance an organization’s ability to address potential futures. similarly, Duchek (2020) reasoned that readiness for unforeseen events often requires adaptability, intuitive actions, and instantaneous decisions, as these events typically deviate from planning assumptions. however, Duchek (2020) noted that preparation and planning support organizational learning of complex procedures. additionally, studies have suggested that planned resilience positively influences adaptive resilience for small enterprises operating within the hospitality and tourism sector (prayag etal., 2018; sobaih et al., 2021). thus, the following hypothesis is proposed: h2: planned resilience positively influences adapted resilience in micro and small h&t enterprises. 2.1.3. Adaptive resilience and financial performance studies suggest that adaptive resilience often leads to successful outcomes (hillmann & Guenther, 2021; nilakant et al., 2013), such as favorable financial performance in the context of small h&t enterprises (prayag et al., 2018; sobaih et al., 2021). however, it is crucial to acknowledge external factors and the varying contexts of these studies. saad et al. (2021) cited that the research context, the firm’s vulnerability-difference in size, and the complexity of disruptions could affect the resilience of sMEs in different ways. the coviD-19 pandemic was considered unprecedented and utterly different from the prior crises and has created financial havoc for many businesses worldwide. Gursoy and chi (2020) noted that the scale of the distressing impact of the coviD-19 pandemic on both micro-and-macroeconomic indicators is unmatched compared to previous crises. additionally, sigala (2020) emphasized that the extensive ripple of adverse effects stemming from the coviD-19 pandemic is substantial, requiring an extended recovery period even after the pandemic ends. rastegar et al. (2023) also emphasized the unequal effects of global crises on tourism sMEs in a developing country. rastegar et al. (2023) found that the prior experiences and economic sanctions in iran did not coGEnt BusinEss & ManaGEMEnt 5 necessarily improve sMEs’ resilience, which contrasted with the belief that previous crises would increase sMEs’ adaptability. With many twists and turns, the coviD-19 pandemic has kept many people uncertain about the future. Each time there was a hope to ease restrictions, new variants of the virus appeared and became a worldwide concern, leading governments to postpone the reopening of borders and reimplement restrictions to moderate the consequences of the pandemic. From the start of the second quarter of 2020 to early 2022, operations of philippine h&t enterprises were either halted or operated at restricted capacity, creating plunging effects on their financial performance. the local demand for h&t enterprises was also low because of fear of contracting the virus or inconvenient safety protocols. the health and safety protocols set by the philippine government also caused an additional burden, especially to h&t's micro players, as they needed to finance the required changes to warrant social distancing and increased sanitation. caynila etal. (2022) cited that the strict lockdown enforced by the philippine government led to a significant economic downturn, especially for the tourism sector, with concerned government agencies estimating that the financial toll of the coviD-19 pandemic in 2020 amounted to 4.3 trillion philippine pesos. Furthermore, it was projected that the philippine economy would take approximately ten years to return to its pre-pandemic growth levels (caynila et al., 2022). Given the massive adverse effects of coviD-19, it can be hypothesized that even if adaptive resilience is high, financial performance is poor due to micro and macroeconomic conditions. thus, it takes more than resiliency for the affected enterprises to recover in their financial performance. thus, the following hypothesis is proposed: h3: there is an inverse relationship between adaptive resilience and the financial performance of the h&t enterprises. 2.2. Gender differences in resilience and enterprise performance studies Becker and Kabongo (2020) stated that entrepreneurial resilience is a function of the entrepreneur’s social factors, traits, and individual characteristics, especially in developing economies. several studies have deconstructed the concept of resilience based on gender differences because gender and power matter in how individuals respond to stress because of varied practices and sociocultural norms (Jordan, 2019), yet these studies were often individually oriented. according to saad et al. (2021), there is an empirical scarcity of studies exploring gender differences within organizational resilience in sMEs in developing countries. While literature in this area is limited, this study investigates the impact of gender differences on resilience studies and how gender may influence enterprise performance. the goal is to establish a connection between the gender differences between adaptive resilience and financial outcomes for micro and small enterprises in the h&t sector. the results on how the gender of the owner affects the financial performance of an enterprise and whether gender differences affect the resiliency level of an individual have often been fuzzy. For example, in developed economies and after controlling for demographics and other relevant influences, studies have found no significant difference in the financial performance between male and female-owned sMEs (Du rietz & henrekson, 2000; Johnsen & McMahon, 2005). alternatively, in developing regions, Bardasi et al. (2011) examined performance disparities across sub-saharan africa (ssa), latin america (la), and Eastern Europe and central asia (Eca)—and concluded that businesses owned by males outperformed those owned by females. Bardasi etal. (2011) reasoned that women often clustered in sectors dominated by smaller firms, impacting their outcomes. they are less likely to access credit to expand their capital, even when there are no limitations from the supply side of credit. Furthermore, crane (2022) discovered that there is no substantial disparity between enterprises owned by males and females in developed countries. however, crane (2022) found that in developing nations, male-owned firms notably surpassed their female-owned counterparts in financial performance. this gap between male and women-owned small businesses is often linked to the structural and cultural barriers women face (Fairlie & robb, 2009; Kiefer et al., 2020). these studies found that prior work experiences, optimal utilization of financial access, and a higher number of hours committed by men to the business contributed to the findings of why male-owned are more successful than female-owned businesses (Fairlie & robb, 2009; Kiefer et al., 2020). however, Kiefer et al. (2020) stated that although 6 s. D. o. GuliMan-QuDsi Etal. there is a performance gap, the good news is that women-owned businesses are gradually closing the gap. regarding gender resilience studies, ayala and Manzano (2014) found that the effectiveness of resilience factors in predicting enterprise outcomes varies based on gender. these authors observed that male entrepreneurs, unlike women, exhibit a lower tendency to become frustrated when confronted with adversities. this characteristic was found to have a more robust predictive ability regarding the subjective measure of enterprise growth compared to women. additionally, ayala and Manzano (2014) revealed that women tend to adopt a more pessimistic outlook than men when facing adversities, which contributes to their lower business growth. Moreover, Gómez et al. (2024) studied the resiliency to the pandemic of 11,000 firms in 34 countries, and they found that female-led firms are less resilient than male-led firms during a crisis. Gómez et al. (2024) reasoned that the women’s more significant domestic workload negatively impacts their professional performance, affecting their companies’ resilience. lightfoot et al. (2020) also found that men have higher resilience than women due to prior experiences and perceptions of individual responsibility in the context of an environmental disaster in Gulf coast communities. thus, based on these findings relating to gender differences in resilience and enterprise performance and in relation to h3, the following hypothesis is proposed: h4: the relationship between adaptive resilience and financial performance is higher for male-owned than female-owned h&t enterprises lastly, Figure 1, which is the research framework of the study, visually presents these aforementioned hypothesized relationships after controlling for the type of sector and firm size. 3. Methodology this study employed a quantitative research design. the research locale comprises three key areas in the northern Mindanao region that attracted the highest number of foreign travelers and are considered the top destinations in the region for domestic travelers as of 2019 (Department of tourism, 2020). this study underwent a full ethical review to ensure compliance with ethical standards. Ethical approval was granted by the Msu-iit institute Ethics review committee prior to the final distribution of the questionnaires. Written informed consent was also obtained from all respondents, and the study adhered to relevant ethical guidelines throughout the research process, with periodic monitoring conducted by the university’s research office. Figure 1. Research framework of the study. coGEnt BusinEss & ManaGEMEnt 7 3.1. Informed consent form and questionnaire the first two pages of the questionnaire included an informed consent form (icF) detailing the research objectives, participants’ eligibility criteria, data processing, results dissemination, and other pertinent matters concerning safeguarding the confidentiality of responses. the icF also outlined potential risks, affirmed the participant’s right to refuse inclusion in the study, and provided the option to withdraw responses without prejudice. additionally, the icF specified that only aggregate results will be disseminated or published and will not directly identify any participants. it also included contact details of the university’s research office for any concerns or complaints. the icF was provided and explained to each respondent, and only those who voluntarily signed to participate in the study were included. Moreover, the questionnaire has three main sections, which include the (1) profile of the respondent and the enterprise, (2) Five-point likert items relating to planned (pr) and adaptive resilience (ar), and (3) five-point likert items relating to financial performance (Fp). the subjective measure for Fp is common to MsMEs (ayala & Manzano, 2014), and subjective measures are highly correlated with objective measures (vij & Bedi, 2016). notably, the questionnaire included subjective Fp measures relating to (1) profitability, (2) cash flow, (3) level of sales, (4) ability to pay maturing debt (Abpay), and (5) overall business performance in terms of cash, sales, and profit (OvPerf). nonetheless, only the last two measures, specifically Abpay and OvPerf, were included in the final analysis to correct high multicollinearity issues. the details of the indicators and how the likert items relating to pr, ar, and Fp were coded are shown in table 1. Moreover, the questionnaire was pre-tested on 30 respondents before it was rolled out. it was also initially planned that all questionnaires would be personally administered. however, the limitations imposed in December 2021 and early days of 2022 due to the surge of the omicron variant of the coviD-19 led researchers to make use of online questionnaires. hence, out of the 315 cleaned responses, 36 were from online responses, and the remaining 279 (88.6 percent) were from personal administration. 3.2. Data Based on the 2020 data provided by the psa after the email inquiry, the total number of qualified respondents in the selected areas was 1,685. hence, using a five percent margin of error and a 95% confidence level, the minimum sample size was suggested to be 313 respondents. Despite several changes in the local government’s restrictions depending on the number of coviD-19 cases recorded, the researchers opted for a sample size of 330 based on the researchers’ experience that some responses may be removed after data cleaning. the 330 respondents were proportionally distributed to the selected areas based on the size of the h&t enterprises. participation in the study was limited to individuals who were of legal age. additionally, the respondents of the study were restricted to owners or key decision-makers of registered enterprises in select key areas in the south of the philippines, particularly region 10 (also known as northern Mindanao). this region is considered the largest regional economy on the island of Mindanao, philippines (Department of trade and industry, n.d.). the respondents of this study only included those MsMEs who were operating in the four sub-sectors of the h&t: (a) F&B service activities; (b) accommodation activities; (c) travel agencies, tour operators, reservation services, and similar activities; and (d) amusement and recreation activities. additionally, only those that were considered established businesses and were still in operation when the survey was conducted towards the end of 2021 and early 2022 were included in the study. according to the Global Entrepreneurship Monitor or GEM Framework, a business is considered established if it has been operating for over 3.5 years (GEM, n.d.). thus, only those operating since 2018 or earlier were included in the study. the data were collected towards the end of 2021 and January 2022 through non-probabilistic sampling. after data cleaning for outliers, missing data, and unengaged responses, only 315 observations out of 330 were included in the data analysis. 14 s. D. o. GuliMan-QuDsi Etal. Funding this work was funded by the Msu–iligan institute of technology, philippines. About the authors Sheevun Di O. Guliman-Qudsi is a certified public accountant and a Full professor in the accountancy Department at the Msu-iligan institute of technology. she holds a ph.D. in Business, a Master in Business Management, and a Master of science in Finance. her research focuses on finance, accounting, and entrepreneurship. in 2018, Guliman was honored as the philippines’ Most outstanding Finance Educator by Deloitte philippines and the Financial Executives of the philippines, following her recognition as Mindanao’s outstanding Finance Educator in 2013. Donnavic A. Dumapias is an associate professor at the Department of hospitality and tourism Management at Msu-iligan institute of technology. she holds a Master in Business administration with a Major in hotel and restaurant Management. her research interests include food safety, sustainable hospitality, and culinary heritage. she is involved in curriculum development, research, and community engagement, focusing on societal development through innovative projects. Berlyn M. Teaño is a certified public accountant and an assistant professor in the accountancy Department at Msu-iligan institute of technology. she obtained her Bachelor of science in accountancy and Master of Business Management degrees from the same institution. Before joining the academe, she spent over a decade in the commerce and industry sector, where she rose to the position of treasury Manager. her research interests include entrepreneurship, financial accounting and reporting, and financial management. ORCID sheevun Di o. Guliman-Qudsi http://orcid.org/0000-0001-9352-9066 Donnavic a. Dumapias http://orcid.org/0000-0002-2480-9600 Berlyn M. teaño http://orcid.org/0000-0001-8397-5441 Data availability statement the data supporting the findings of this study are available from the corresponding author upon reasonable request. References adomako, s., Danso, a., & Damoah, J. o. (2016). the moderating influence of financial literacy on the relationship between access to finance and firm growth in Ghana. Venture Capital, 18(1), 43–61. https://doi.org/10.1080/13691 066.2015.1079952 ayala, J. c., & Manzano, G. (2014). the resilience of the entrepreneur. influence on the success of the business. a longitudinal analysis. Journal of Economic Psychology, 42, 126–135. https://doi.org/10.1016/j.joep.2014.02.004 Bhamra, r., Dani, s., & Burnard, K. (2011). resilience: the concept, a literature review, and future directions. 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