Gender, governance, and resilience: firms’ performance and tactical responses during the COVID-19 pandemic

Purpose – This study aims to examine how leadership gender influenced firms’ immediate and short-run performance during the COVID-19 pandemic in Ecuador, focusing on the tactical responses initiated by women-led organizations. Design/methodology/approach – The author integrates administrative fiscal performance data of almost 5, 000 Ecuadorian firms with survey results obtained from a major financial institution. Various econometric models are used to assess the pandemic’s initial impact and firms’ fiscal performance in 2020, considering the tactical decisions made during this period. Findings – Women-led micro-firms and firms outside Ecuador’s principal cities experienced more pronounced setbacks at the start of the pandemic. Nonetheless, these firms’ performance by the end of 2020 was comparable to those of their non-women-led counterparts, demonstrating heightened resilience. Grounded in Upper Echelon Theory (UET) and Resource Dependency Theory (RDT), the analysis further shows that women-led firms were significantly more inclined to adopt tactical responses and that a stronger external orientation characterized them. Originality/value – This paper offers a novel perspective on the immediate and short-term impacts of the COVID-19 pandemic on Ecuadorian firms, emphasizing the role of leadership gender in shaping resilience. By uncovering the mechanisms – externally oriented tactics – that underpin this resilience, this study deepens the understanding of corporate governance during crises and contributes to the integration of UET and RDT. These findings provide actionable insights for policymakers and business leaders aiming to enhance organizational resilience, particularly in emerging markets where large-scale, representative evidence remains scarce.