Companies’ management during economic crisis
Ekonomika ir vadyba,
Lithuania ; Economic crisis ; Retail business ; Crisis management ; Baltic countries
Lots of companies faced recent economic crisis. It was generated by global markets deregulation and it triggered relevant situation to emerge other types of crisis. Many scientists all over the world analyses how crisis affected global economy and changed companies’ management actions. Scientists exclude these types of crisis: economic, informational, physical, human resource, reputational, psychopathic acts production and financial. This paper examines economic crisis generated negative effects, how it started companies’ human resources and reputational crisis. Analysis is made by using triangular Crisis Management model (Alas, 2009) and Gao (2009) triangular of Main Types of Crisis. Two retail business companies were selected from Baltic countries: Lithuania and Estonia, to compare their financial results and managerial plans variation during pre-crisis, crisis and post-crisis periods.