Determinants of enterprise resilience to external economic shocks: factor analysis and strategic decisions

Abstract

The article is devoted to a comprehensive study of enterprise resilience determinants to external economic shocks through factor analysis. The modern economic environment is characterized as one of high volatility and unpredictability, creating significant challenges for stable enterprise functioning. Theoretical approaches to understanding enterprise resilience are analyzed: systemic, resource-based, dynamic-adaptive, and ecosystem approaches. An original definition of enterprise resilience is proposed as an organization's integral capacity to maintain functionality, rapidly adapt to environmental changes, and transform challenges into development opportunities through the effective combination of internal resources with external network linkages. Factor analysis of resilience determinants identified five primary groups of factors: financial-economic, operational-technological, organizational-managerial, market-marketing, and socio-institutional. It was established that financial-economic and operational-technological determinants have the highest priority, ensuring the enterprise's basic ability to function under crisis conditions. Types of external economic shocks and mechanisms of their impact on enterprise activities are systematized. Enterprise adaptation strategies to crisis conditions are analyzed: resource conservation, diversification, innovative adaptation, partnership cooperation, and rapid transformation. A system of scientifically based recommendations for enhancing organizational resilience has been developed, including quantitative benchmarks and implementation tools. Special attention is paid to the Ukrainian experience of enterprises operating under martial law, which creates a unique empirical basis for international resilience research. The practical significance of the research results lies in their potential application by enterprise management to develop resilience enhancement strategies, by government bodies to formulate business support policies during crises, and by scientists for further development of organizational resilience theory. The study contributes to understanding the multidimensional nature of organizational resilience and provides a comprehensive framework for strategic decision-making under uncertainty.