Managing crisis or crisis in crisis management? The influence of crisis on Greek and foreign companies that operate in Greece

Evangelia Fragouli, Maria Kolonia

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    Abstract

    The austerity packages that have been implemented in Greece since 2010 have been a factor causing political and social turbulence in the country. The present study investigates the influence of crisis on companies that operate in Greece and examines how this has been managed till now. An empirical study to a sample of employees working in Greek and foreign companies that operate in Greece demonstrates the preparedness or lack of preparedness of these companies and the implementation of possible crisis management plans and policies during the Greek economic crisis. The findings indicate that most of the Greek companies were not prepared and do not manage the crisis successfully. Foreign companies have managed the stressful situation more successfully. The paper suggests that crisis management requires strategic actions to be taken towards a desirable resolution to the problem. Managers have to develop organizational systems and be able to detect early warning signals and enable them to be better prepared for crisis events. This study has also shown that a crisis in managing crisis situation is possible to happen, when companies and corporate management teams do not develop crisis management plans on time.
    Original languageEnglish
    Pages (from-to)61-100
    Number of pages40
    JournalHellenic Open Business Administration Journal
    Volume2
    Issue number2
    Publication statusPublished - 2016

    Keywords

    • crisis
    • management
    • leadership
    • business
    • influence
    • planning

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