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Rising and thriving in the post covid-19 era: the case of antifragility in a cosmetics company
Abstract
Antifragility is the ability of organizations to face difficulties and improve their strategic position. Manufacturers, as opposed to service companies, are burdened by high fixed costs, impeding in developing antifragility. The purpose of the article is to analyze the factors that enhance antifragility in a cosmetics company. The article is exploratory in nature. The case of a cosmetics company that improved its business model and strengthened its competitive position during COVID-19 pandemic was analyzed. The author found that antifragility is a mix of operational agility, context intelligence and entrepreneurial attitude. The main resources and capabilities supporting the development of antifragility in the cosmetics company are slack financial resources and a large and varied network of partners for innovation and research. The creativity, velocity and operational agility were the main capabilities found. This article offers directions for entrepreneurs in the cosmetics industry to be prepared for adversity and turn it, as much as possible, into opportunities. The concepts of resilience and agility have been broadly studied, however there is a lack of research on antifragility. This is the first case study to explore factors enhancing antifragility in the cosmetics industry in Eastern Europe.
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Hillmann and Guenther provide an extensive review of research into organizational resilience in which they examine the different conceptualisations of the concept and their associated measurement scales. Their article emphasises stability, rather than other domains such as growth, as core to organizational resilience. We argue that this emphasis does not acknowledge the overlap between resilience and associated but distinctly different concepts like robustness and antifragility as observable phenomena in organizational responses to adversity. To extend Hillmann and Guenther’s work, we therefore conceptually contrast resilience with robustness and antifragility so that future research might craft a more nuanced understanding of the presence of all three concepts in management research, which is currently dominated by resilience.
The COVID-19 pandemic caused an unprecedented and synchronized contraction in the global economy. To assess the likely evolution of firm performance going forward, this paper investigates empirically the impact of past pandemics using firm-level data on more than 537,000 nonfinancial companies from 14 developing countries during the period 1998–2018. The analysis indicates that the prevalence of infectious diseases has an economically and statistically significant negative effect on nonfinancial corporate performance. This adverse impact is particularly pronounced on smaller and younger firms, compared to larger and more established corporations. We also find that a higher number of infectious-disease cases in the population increases the probability of failure among nonfinancial firms, particularly for small and young firms. In the case of COVID-19, the magnitude of these effects will be much greater, given the unprecedented scale of the outbreak and strict policy responses to contain its spread.
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The COVID-19 pandemic has challenged supply chains (SC) on an unprecedented scale testing viability and adaptation under severe uncertainty. However, the literature on the adaptation strategies and quantification of their impacts is still scarce. Mixing literature analysis, case study approach, and quantitative techniques for performance assessment under disruptions, our study generalizes four adaptations strategies - intertwining, scalability, substitution, and repurposing - to maintain SC viability when facing a pandemic, and offers a model to analyse and quantify deployment and impact of adaptation. First, we analyse the recent literature and identify some of the general characteristics of adaptation strategies during the COVID-19 pandemic. We then describe case studies to illustrate the practical context and supplement the literature analysis in order to derive relevant determinants for building of a conceptual framework and construction of a formal model. In the conceptual framework, we show how the adaptation strategies can be aligned with the SC viability, encompassing the levels of the ecosystem, network, and resources. In the generalised model, we formalize the impacts and efforts in deploying and assessing the adaptation strategies as both a process and an outcome. We close by proposing some open research questions and outline several future research directions.
The coronavirus disease 2019 pandemic upended work, family, and social life. These massive changes may have created shifts in exposure to work-life conflict. Using a national survey that followed Canadian workers from September 2019 into April and June 2020, the authors find that work-life conflict decreased among those with no children at home. In contrast, for those with children at home, the patterns depended on age of youngest child. Among individuals with children younger than 6 or between 6 and 12, no decreases in work-life conflict were observed. In contrast, those with teenagers did not differ from the child-free. Although these patterns did not significantly differ by gender, they were amplified among individuals with high work-home integration. These findings suggest an overall pattern of reduced work-life conflict during the pandemic—but also that these shifts were circumscribed by age of youngest child at home and the degree of work-home integration.
The .com crisis of 2000, the financial crisis of 2008 and the COVID-19 crisis of 2020 show us the importance for organisations to become resilient or even antifragile to survive (unexpected) external stressors. Research states that the current VUCA world will expose enterprises to more and more stressors. Resilience is the way how a system bounces
back from impact by a stressor. Antifragile is the way a system improves by impact by a stressor. This thesis combines (1) literature research on resilience with (2) the antifragile attributes found in the literature and (3) variety engineering into one model. This model is an Extended Antifragile Attribute List (EAAL). The research provided in this thesis enables the leadership of an organisation to determine if the organisation should aim to be antifragile or to be a specific type of resilience. After this determination, the EAAL model enables leadership to determine which attributes to include into their enterprise design. The EAAL is validated with various experts and with the leadership of various organisations. The EAAL model might also be applied to generic system design including technology infrastructure, software systems etc. The validation of the application in these domains is outside the scope of this research.
During the COVID-19 pandemic, unusual consumer behavior, such as hoarding toilet paper, was reported globally. We investigated this behavior when fears of consumer market disruptions started circulating, to capture human behavior in this unique situation. Based on the stimulus-organism-response (S-O-R) framework, we propose a structural model connecting exposure to online information sources (environmental stimuli) to two behavioral responses: unusual purchases and voluntary self-isolation. To test the proposed model, we collected data from 211 Finnish respondents via an online survey, and carried out analysis using PLS-SEM. We found a strong link between self-intention to self-isolate and intention to make unusual purchases, providing empirical evidence that the reported consumer behavior was directly linked to anticipated time spent in self-isolation. The results further revealed exposure to online information sources led to increased information overload and cyberchondria. Information overload was also a strong predictor of cyberchondria. Perceived severity of the situation and cyberchondria had significant impacts on people's intention to make unusual purchases and voluntarily self-isolate. Future research is needed to confirm the long-term effects of the pandemic on consumer and retail services.
Contemporary business ecosystems are continuously challenged by unexpected disruptive events, which are increasing in their frequency and effects. A critical question is why do some organizations collapse in the face of extreme events, while others not? On the other hand, current engineering and socio-technical systems were designed to operate in "mostly stable" situations; sporadic instability and disturbances are at best captured by exception handling mechanisms, focusing on reliability and robustness. Recent and more ambitious design goals, however, aim at building systems that are expected to cope with severe disruptions, and survive or even thrive in a context of volatility and uncertainty. This led to an increasing attention to the concepts of resilience and antifragility. As such, this article introduces the findings of a comprehensive literature survey aimed at shedding light on emerging concepts and approaches to handle disruptions in business ecosystems. The main contributions include a clarification of related concepts, identification and classification of disruption sources and drivers, and extensive lists of strategies and underlying capabilities to cope with disruptions. Related perspectives and approaches developed in multiple knowledge areas are also analysed and synthesized. Finally, a collection of engineered systems implementing promising approaches to increase resilience and antifragility are presented.
This paper focuses on how companies deploy structural properties of adaptive capacity (multiplexity, redundancy and loose coupling) to cope with the phenomenon of internal challenges of Open Innovation (OI) implementation, i.e. organisational and cultural changes. We developed a single case study, which offered significant findings. First, the multiplexity of relationships in OI settings helps to face the challenges of organisational and cultural changes by triggering trust formation and interaction. Second, redundancy has twofold elements: institutional logics redundancy triggers cultural change challenges which can be overcome through management practices and communications; task redundancy facilitates knowledge sharing and collaboration, thus helping to deal with organisational change challenges. Finally, loose coupling in OI settings facilitates social interconnectedness among members through management practices, helping to face organisational and cultural change challenges. We provide managerial and theoretical implication to deal with the challenges of OI in relation to both organisational and cultural changes.
The confusion surrounding the role of architecture when aiming for Agility isn’t simply a labored talking point – it’s part of the reason Agile initiatives fail, and architecture teams are losing influence. In a recent survey conducted by IASA Global of 260 organizations, greater than 75% were implementing some form of Agile practice, 50% of the 260 were implementing agile at scale. Of those who responded, less than 50% have integrated architecture into their agile process. As it stands, it appears agile & architecture are struggling to find a fit. This paper considers the possible impacts of a third way – Agility through Antifragility. Rather than aiming to control, or to remove control, we seek to build systems, both technical and business, that aim to be Antifragile to change. This allows the production of business and technical architectures that actually enable Agility through design rather than process or ‘mindset’. Taking ideas from Systems Engineering, and Complexity Science, and data from IASA’s 2018 Architecture Survey, we explore how the inherent interconnectedness of architecture and Agility can be leveraged to make the management of complexity something all organizations can do.
This paper explores small and medium enterprises’ (SMEs) proximity preferences when selecting partners for collaborative process innovation. Drawing on a survey of 362 Danish SMEs, we address four partner proximity characteristics: geographic, cognitive, organizational, and social. The results show that SMEs prioritize geographic openness over regional clustering. Furthermore, to simultaneously facilitate collaboration and ensure innovation, firms tend to collaborate with partners that are characterized by cognitive similarity at a technological level and knowledge distance at a market level. Technological proximity is also found to be more relevant than social proximity when it comes to bridging the potential geographic and market distance between the collaborative partners. Finally, the results indicate that the tendency of organizational proximity to facilitate informal interactions with partners enhances process innovation only at two of four process innovation levels. Thus, the results highlight the fact that the value of partner proximity characteristics change with the level of process innovation considered.
Many studies have attempted to investigate the potential benefits of open innovation. However, the long-term effects of openness have yet to be demonstrated, even if few researchers hypothesized that high openness could increase firms’ dynamic capabilities and hence their resilience in the face of adversities, such economic downturns. Hence, this article attempts to investigate this dynamic relationship between openness and firm performance with particular considerations addressing the recent financial crisis in 2008. Based upon the UK Community Innovation Survey (CIS) panel data collected between 2006 and 2012, this study finds evidence that supports the positive influence of openness on long-term firm performance. The results show that (i) increasing a firm's openness is an effective way of enhancing its dynamic capability and hence its resilience, and (ii) of all the various configurations of openness, the collaboration with partners outside the firm's value chain and international partners has the highest impact on turnover recovery, as they will increase the chances of acquiring newer knowledge, which in turn will help firms to identify new opportunities to achieve sustainable growth. The findings of this article have some practical implications for managers and policymakers.
In today's tightly connected global economy, traditional management practices that rely on “steady-state” conditions are challenged by chaotic external pressures and turbulent change. Just in the last few years, the world has experienced a string of catastrophic events, including a global economic meltdown, a volcanic eruption in Iceland, an oil spill in the Gulf of Mexico, a disastrous tsunami and power blackout in Japan, and political upheavals in Africa and the Middle East. Managing the risk of an uncertain future is a challenge that requires resilience—the ability to survive, adapt, and grow in the face of turbulent change. This research develops a measurement tool titled the Supply Chain Resilience Assessment and Management (SCRAM™). Data gathered from seven global manufacturing and service firms are used to validate SCRAM™, using qualitative methodology with 1,369 empirical items from focus groups reviewing 14 recent disruptions. Critical linkages are uncovered between the inherent vulnerability factors and controllable capability factors. Through mixed-method triangulation, this research identified 311 specific linkages that can be used to guide a resilience improvement process. Pilot testing suggests a correlation between increased resilience and improved supply chain performance.
Purpose
This paper explores digital transformation's impact on the work of owners in entrepreneurial firms. The interplay between working practices and technology is analyzed, taking into account the organizations' specific contexts.
Design/methodology/approach
A multiple case study design was applied. Eight cases of entrepreneurial firms, defined as companies that bring new products and services to the market by creating and seizing opportunities, were selected, with the goal to maximize the diversity of cases. The sample includes both small- and medium-sized firms, as well as high- tech and low- tech companies in equal number. Interviews have been used to collect both quantitative and qualitative data, which was analyzed in a structured way.
Findings
The digital transformation of entrepreneurial work, that is the daily work of entrepreneurs, is an evolutionary, practice-based phenomenon, rather than the result of rational design. The use of different digital tools is interrelated and depends on the characteristics, and dynamics of the surrounding environment.
Practical implications
The findings of this study are relevant to entrepreneurs interested in understanding the dynamics of their working practice, to software development firms interested in entrepreneurs as customers and to institutions interested in the education of entrepreneurs.
Originality/value
To the best of the authors' knowledge this is the first study which considers the interplay between digital technology and the daily activities of entrepreneurs, considered as a whole. It provides insights on how these interconnected dimensions evolve, thus contributing to understanding the work of entrepreneurs, and as a consequence the dynamics of entrepreneurial firms in the context of digital transformation of organizations.
The Covid‐19 pandemic offers an unprecedented opportunity to advance research on how various corporate governance mechanisms shape firms’ decision‐making, survival and success. In the short term, corporate governance research could pinpoint which mechanisms in place before the pandemic (e.g., ownership structure, board attributes, executive compensation) will shape corporate responses, thus affecting firms’ survival in the post‐pandemic period. In the long term, the crisis will trigger structural changes in governance mechanisms to enable firms to either prevent or respond to the occurrences of potentially similar events.
In the reminder of this essay, we will first discuss the peculiar nature of the recent crisis in relation to other recent crises. Then, we will analyse the impact of Covid‐19 on five key areas in the field of corporate governance (i.e., corporate purpose, ownership structure, board of directors, executive compensation and accountability) and, for each of them, we will suggest a series of research questions that contribute to redirecting and advancing the domain.
Purpose
E-business maturity models have been widely used to guide the process of digital transformation of business. However, these models have been criticized for their predominantly technocentric approach, which is poorly suited for SMEs. The purpose of this paper is to produce a holistic, nonlinear e-business development model for SMEs that takes into account the interactions of the organization in the pursuit of its business objectives.
Design/methodology/approach
Based on the literature review, this paper proposes a nonlinear digital development model for SMEs that factors in the interactions between digital technologies and organizational processes. The model is applied to three cases using a qualitative research approach.
Findings
The analysis of the cases demonstrates how the model recognizes that SMEs have an agile and flexible operating structure and reduces the role of technology in order to refocus the entrepreneurs on the relationship among business goals, organizational capabilities and communication requirements.
Practical implications
The proposed model helps the business owners to clarify and better understand what kind of interaction levels exist between the relevant actors in the pursuit of the firm's goals and to identify the best mix of digital and nondigital communication methods to support their work. It also assists policymakers to overcome technological bias when assessing the current state of play of e-business development in the SME universe and formulate actions that support the development of digitally oriented SMEs.
Originality/value
This paper proposes a novel, nonlinear, interaction-based development model for SMEs in order to complement previous technocentric models focusing mainly on a mechanist perspective of e-business maturity models.
In light of growing scholarly works on business failure, across the social science domains, it is surprising that past studies have largely overlooked how extreme environmental shocks and ‘black swan’ events such as those caused by the coronavirus (COVID-19) pandemic and other global crises, can precipitate business failures. Drawing insights from the current literature on business failure and the unfolding event of COVID-19, we highlight the paradoxes posed by novel exogenous shocks (that is, shocks that transcend past experiences) and the implications for SMEs. The pandemic has accelerated the reconfiguration of the relationship between states and markets, increasing the divide between those with political connections and those without, and it may pose new legitimacy challenges for some players even as others seem less concerned by such matters, whilst experiential knowledge resources may be both an advantage and a burden.
Purpose
The purpose of this paper is to investigate how entrepreneurial behaviors support small and medium-sized enterprise (SME) resilience, refine the concept of entrepreneurial resilience, and identify how SME resilience might be promoted.
Design/methodology/approach
Qualitative data were collected in the UK via 11 focus groups which provided a sub-sample of 19 SME participants.
Findings
Because of their experience operating in uncertain environments, their direct experience of adversity, and the informal organizational settings they inhabit, entrepreneurs are often highly resilient and possess capabilities that enable SMEs to be resilient. Entrepreneurial resilience provides a basis for SME resilience that differs significantly from best practices as understood in larger firms.
Research limitations/implications
Exploratory qualitative research on a small sample ( n =19) limits the generalizability of this work. Further research could quantitatively test the paper’s findings and/or examine the link between entrepreneurial resilience and the resilience of larger firms.
Practical implications
Rather than encouraging formal planning and redundancy, policy and practice designed to promote the resilience of SMEs should pay greater attention to building capacities to cope with uncertainty, generating and leveraging personal relationships, and activating the ability to experiment and think creatively in response to crises.
Originality/value
This paper draws on organizational psychology research to refine understanding of entrepreneurial resilience and to empirically examine and inductively theorize the multi-level relationships between entrepreneurial resilience and SME resilience.
Highly improbable events can have a substantial impact on complex socio‐economic systems and are frequently difficult to predict beforehand but easy to explain afterwards. Antifragile systems can withstand and benefit from this kind of outlier events, whereas merely robust systems cannot in any case. Yet the aim to design robust systems is almost as old as the system dynamics field itself. This research therefore aims to investigate the extent to which an antifragile system design criterion is more valuable than a robust one. By means of an extensive literature review, a simulation model was constructed, which is demonstrated to be antifragile. Comparing the antifragile and robust versions of the model shows that the former—as theorized—yields more favourable results in an environment with impactful outlier events. Implementing antifragility in systems involves the difficult task of changing policies (and, eventually, the mental models) of decision‐makers. Consequently, this research concludes that antifragility should not and cannot always be attained; its feasibility is to be assessed at the start of a system dynamics modelling project.
Promoting more resilient firms and production chains could be the key to much more resilient communities who remain in shock prone areas. Otherwise, shock-upon-shock will produce an immiserizing effect, notably among the smallest and most vulnerable firms. The experience of small and medium scale enterprises and their corresponding value chains affected by Typhoon Yolanda (also known as Typhoon Haiyan) offers important insights here. Public sector and donor support for disaster- and crisis-hit communities is critical; but it is only when firms get back up that the community is able to recover fully. Crises even offer opportunities for expansion and innovation for those firms that are most resilient and are able to boost their competitiveness after crises. Nevertheless, not all firms are able to seize opportunities during crises. These types of shocks have the potential to further increase the productivity divide between relatively smaller and larger firms. All these factors appear cogent in the case of Eva Marie Arts and Crafts, as it recovered from Typhoon Yolanda. Using data gathered through key informant interviews and focus group discussions with the relevant persons in the production chain of the firm, this case study reveals how the coherence across emergency aid and resilience building policy interventions is critical. It also highlights the necessity of knowing the language and circumstance of the locals, the human spirit of resilience, and the importance of supplying to businesses similar aid offered to individuals and households.
Using 1,234 microfinance firms in 106 countries, this study investigates the determinants of default on the microcredit debt obligation of borrowers. Using the variant of extreme bounds analysis that systematically tests the fragility of coefficient estimates, we examine the importance of 42 variables in explaining default risk. At the micro level, the results from the modeling of model uncertainty reveal that regulation, cost per loan/cost per borrower, loan balance, borrower per loan officer, and the number of loan officers are robust factors. From the macroeconomic context, the time required to start a business and human capital are the determinants of default on debt obligations.
The success of the open innovation (OI) paradigm is still debated and literature is searching for its determinants. Although firms’ internal social context is crucial to explain the success or failure of OI practices, such context is still poorly investigated. The aim of the paper is to analyse whether internal social capital (SC), intended as employees’ propensity to interact and work in groups in order to solve innovation issues, mediates the relationship between OI practices and innovation ambidexterity (IA). Results, based on a survey research developed in Finland, Italy and Sweden, suggest that collaborations with different typologies of partners (scientific and business) achieve good results in terms of IA, through the partial mediation of the internal SC.
Recent years have witnessed the growth of an interdisciplinary literature that seeks to identify the indicators, measures, and processes of social and ecological resilience. In ecology, resilience refers to "the capacity of a system to absorb disturbance and reorganize and yet persist in a similar state" (Gunderson, et al. 2006). In Holling's (1973) original and influential thesis, ecological resilience is akin to "stability behavior" and refers to an ecosystem's return to equilibrium after a disturbance. Since the 1980s, scholars have applied the concept of resilience to human systems to explain how both humans and urban ecosystems respond to traumatic events, and what factors explain the pace, trajectory, and nature of recovery (for an overview, see Brand and Jax 2007). An integrative component of ecological systems and human systems, practiced by the Resilience Alliance through their journal Ecology and Society, suggests that "adaptive capacity" is an essential characteristic of resilient urban ecosystems (Dietz et al. 2003). In this conception, resilience does not just mean adjustment, recovery, and return to a pre-disturbance state. Rather, resilience implies the capacity for renewal, regeneration, and re-organization when faced with disturbances (Folke 2006; Berkes et al. 2003, 13; Olsson et al. 2004). Resilient systems are those that are able to adapt to uncertainty and surprise, absorb recurrent disturbances to retain essential structures and processes, and build capacity for learning, improve-ment, and advancement over pre-disturbance conditions (Adger, et al. 2005; Folke 2006; Redman 2005; Pickett, Cadenasso, and Grove 2004, 373). Overall, resilience is not an inherent or static property of systems but varies by scale, organizational units, place, and time. This paper provides a critical review of urban scholarship on the relationship between social-ecological diversity and resilience. We identify empirical and theoretical gaps in the urban literature, suggest areas for future research, and develop a research agenda to examine and evaluate the social, institutional, and policy roots of urban ecosystem resilience. We develop the concept of transformative resilience as a heuristic device to examine how different urban ecosystems can adapt, adjust, renew, and transform in response to trauma. Explaining variation in post-trauma urban ecosystem resilience holds tremendous potential for uncovering the causal mechanisms and drivers of political, economic, and social change with policy implications for sustainable development.
This paper extends prior research in organizational resilience, which has failed to recognize that resilience can be a desirable or undesirable system characteristic depending on the system state. We introduce an organizational typology, the Resilience Architecture Framework (RAF), which forms a platform for the integration of divergent research streams organizational rigidity, dynamic capabilities and organizational ambidexterity into the study of organizational resilience. We conclude with framework implications and directions for future research. Crown Copyright
Purpose
– The aim of this paper is to investigate how enterprise resource planning (ERP) systems could create a competitive advantage for small and medium‐sized enterprises (SMEs). The objectives of this study are to examine how responsive and agile the existing ERP systems are to change and uncertainty, and to identify the types of change and uncertainty in SME manufacturing environments.
Design/methodology/approach
– A mixed methodology is used in this study, which involves literature review, questionnaire survey and follow‐up, in‐depth telephone interviews. An uncertainty diagnosing business model is applied to collect data from SME manufacturers in make‐to‐stock (MTS), make‐to‐order (MTO) and mixed mode (MM) manufacturing environments in a structured manner, and to analyse the effects of the underlying causes of uncertainty on product late delivery in MTS, MTO and MM manufacturing environments in SMEs. Some 108 enterprises responded (86 per cent response rate), of which 64 are SMEs. Analysis of variance (ANOVA) is carried out in SPSS to analyse the effects of the underlying causes of uncertainty on product late delivery in MTS, MTO and MM manufacturing environments in SMEs.
Findings
– ANOVA results show that a different group of underlying causes of uncertainty significantly affects the product late delivery performance in MTS, MTO and MM manufacturing environments in SMEs. This study found that ERP could improve responsiveness and agility to change, but not to uncertainty. SMEs could create a competitive advantage by being more responsive to change in the ERP system before generating purchase and work order. ERP systems could not deal with uncertainty due to its stochastic and unpredictable nature. SMEs use a range of buffering or dampening techniques under uncertainty to be competitive in delivery.
Originality/value
– It can be concluded that the application of the business model in SMEs that use ERP has provided useful knowledge about the significant underlying causes of uncertainty that affect product late delivery performance in MTS, MTO and MM manufacturing environments. Using this knowledge, similar SMEs could then prioritise the effort and devise suitable buffering or dampening techniques to manage the causes of uncertainty and hence prevent any changes to the ERP system.
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