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Researchers at the University of Hamburg Business School, the University of Queensland, and Jönköping International Business School suggest that adverse economic circumstances during crises can actually significantly stimulate the growth of a select few companies, beyond what would be achievable under normal conditions. Their theory is featured in the journal "Academy of Management Review."
Prof. Jan Recker, Nucleus Professor for Information Systems and Digital Innovation at the University of Hamburg Business School, Prof. Frederik von Briel from the University of Queensland, and Prof. Per Davidsson from Jönköping International Business School explain with their new theory why major societal crises that are detrimental for most companies can lead to exceptional growth for some. Their work, published in the prestigious journal "Academy of Management Review," analyzed the literature on major societal crises since the Industrial Revolution and compared the developmental paths of companies that emerged or grew during these crises.
The authors suggest that crises, which are detrimental to most companies and society, typically nevertheless substantially benefit a few firms through increased demand, positive press coverage, and favorable resource redistribution. Examples include Walt Disney (during the Great Depression), Honda (during the oil crisis), Airbnb (during the global financial crisis), and Zoom (during the COVID pandemic).
“Crises amplify the demand for offerings that mitigate the circumstances of the crisis—like video conferencing systems during lockdowns—which favors companies that quickly and prominently position themselves as core relief providers. This creates a self-reinforcing spiral of demand expansion, positive reporting, and new acquisition potential, which creates significant growth potential for these few firms,” explains Prof. Recker.
However, to realize exceptional growth when societal crises with sudden onset, wide scope, and substantial duration occur, companies, according to the new research, must be flexible and adaptable. “Firms need to respond to new opportunities by ramping up production, identifying and retaining available talent in the market, or quickly entering new markets. Merely having the potential for growth due to the crisis is not enough – you need to act.”
The new theory about growth enablement is important for understanding how organizations can thrive in times of crisis—which is very relevant in an era of multiple crises such as climate change, war, and tariff disputes.
Prof. Dr. Jan Recker
Universität Hamburg
University of Hamburg Business School
Tel.: +49 40 42838-2044
E-Mail: jan.christof.recker@uni-hamburg.de
https://doi.org/10.5465/amr.2023.0072
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