FAVOURABLE CULTURE FOR CRISIS MANAGEMENT – AN EMPIRICAL EVALUATION

Abstract

A favourable culture for crisis management has been recognized as one of the most critical factors determining the success and effectiveness of crisis management within organizations. Accordingly, various authors emphasize that the culture of an organization directly affects organizational preparedness for crises. The main aim of this article is to explore the mentioned construct further, as well as to examine whether it influences a firm’s financial success by conducting an empirical study on a sample of medium and large-sized firms that are doing business in Croatia. The research results show that there are no statistically significant differences between the means of the culture for crisis management, considering the level of the financial success of a firm. However, respondents in the study rated the importance of elements of a favourable culture for crisis management highly, meaning that they perceive the elements as significant for their businesses. Hence, this perception represents an additional validation of importance of the crisis management concept.