Characterizing the Resilience of Micro, Small, and Medium Enterprises (MSMEs) and Its Causal Determinants Amid the Health Crisis
Business resilience is the ability to quickly recover from difficulties and continue operating by applying innovative strategies. The article aims to document the resilience level of micro, small, and medium enterprises (MSMEs) in the Pacific towns of Southern Leyte, Philippines, and capture its causal determinants amid the health crisis using descriptive correlational research design. Using a research-made questionnaire, cross-sectional and primary data were collected from a random sample of MSMEs and were summarized using statistical measures. The significant determinants of the resilience of MSMEs were determined using the Chi-square test for independence via cross-tabulation of categorical data. Results depicted that, on average, MSMEs during the pandemic are "resilient", particularly in their situational awareness, keystone vulnerabilities, and adaptive capacity as they combat the disruption of the health crisis. The Chi-square test reveals that age, civil status, business job position of the MSMEs' personnel, and the estimated monthly income of the enterprise are the highly significant factors that affect the resilience of MSMEs during the health crisis. In particular, younger age, single status, and owner of the enterprise are more active and creative in digital business technology, which increases their resilience in response to challenges brought about by the pandemic. Moreover, enterprises with lower incomes do adopt innovative business strategies that improve economic resilience and profit. Furthermore, the study suggests that enterprises must consider strategic plans and goals to enhance their capability in risk management as they will face future crises.