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Taking it personally? The role of personality in strategic crisis management
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DOI：10.1007/s11187-026-01237-0.png)
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Abstract
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The ability of organizations to manage and cope with economic crises is central to the direction and severity of their impact. We explore determinants of strategic crisis responses by focusing on the role of decision-makers’ non-cognitive and cognitive traits. In a representative sample of 1408 young German companies, we find that founders’ personalities influence their crisis management strategies during the COVID-19 pandemic. Risk-tolerant founders respond with operative innovation rather than retrenchment. Conscientiousness is positively associated with perseverance, and openness to new experiences is positively associated with strategic innovation. More agreeable founders, however, are generally less actively responsive. Finally, migration experience and education are positively associated with innovative crisis responses. Our results have implications for policymakers and practitioners in designing measures to cope with economic distress. Founder characteristics shape their firms’ crisis management strategies. Using data from 1408 German young firms during COVID-19, we show that risk-takers tend to pursue operational innovations rather than implementing cutbacks. More conscientious founders are more likely to persevere with existing approaches. Greater openness to experience increases the likelihood of adopting strategic innovations, whereas more agreeable founders tend to be less actively responsive. We also find that education and migration experience foster innovative responses to external shocks. These findings highlight the entrepreneur’s role in strategic crisis management and how differences in their preferences and traits affect their firms’ resilience. Our findings offer practical insights for policymakers and managers to develop crisis support measures.
Keywords:
Strategic crisis management
COVID-19
Founder personality
Cognitive traits
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