Management in times of crises: reflections on characteristics, avoiding pitfalls, and pathways out

Abstract

The world is shaken by global crises that have severe implications for firms and their management. But what is characteristic of a global crisis, and why do firms and their managers often fail to deal proactively and strategically with coping strategies for crises. This introductory paper explains the characteristics of crises and important underlying management behavior. These behaviors are most important to understand because they might escalate or reduce the effects of a global crisis in firms. We also explain the challenges associated with emphasizing the local effects of crises while ignoring or downplaying their global effects. Finally, we present the papers in this special issue that provide specific answers that can help to deal with aspects of a global crisis.