Crisis Strategies by Women Executives During COVID-19: Evidence from Turkish SMEs

1. Introduction

A crisis threatens an organization’s high-level goals, endangers its survival, and requires immediate response, often creating tensions where anticipation and prevention mechanisms are insufficient [1,2,3]. Crisis management, therefore, requires rapid and effective decision-making and the timely correction of deviations [3,4,5]. Crises challenge both the existence of organizations and their ability to respond effectively to adverse conditions [3,6,7]. As reflected in the well-known interpretation of the Chinese term for crisis as combining “danger” and “opportunity,” outcomes depend critically on how organizations are managed during such periods.

In this context, leadership becomes a central determinant of organizational resilience. Effective leadership contributes not only to ethical outcomes but also to organizational stability, learning, employee commitment, and the ability to navigate rapid change, ultimately improving firm performance and long-term sustainability [8]. This raises an important question regarding whether leadership effectiveness during crisis differs systematically across genders.

This paper explores crisis management in Turkish SMEs through a gender lens. The COVID-19 pandemic created an unprecedented crisis environment for Turkish SMEs, characterized by demand shocks, supply disruptions, and operational uncertainty. Existing research suggests that crisis management is not gender-neutral but is shaped by gendered expectations, norms, and leadership styles [9,10,11]. Crisis leadership has traditionally been associated with masculine-coded traits such as control, risk-taking, and decisiveness [12,13]. However, studies also suggest that leadership styles more commonly associated with women—such as transformational, relational, and collaborative approaches—may be particularly effective in crisis contexts [11,14,15,16]. At the same time, broader evidence indicates that firms with greater representation of women in leadership positions tend to exhibit stronger organizational performance, higher social responsibility, and improved stakeholder relations [17]. Women’s leadership is often characterized as more interactive, relationship-oriented, and transformational [18,19], although empirical findings on performance outcomes remain mixed.

The COVID-19 pandemic has provided a unique context to examine these dynamics. Studies focusing on political leadership report mixed evidence regarding the effectiveness of women leaders. Some studies find no significant gender differences in pandemic outcomes [20,21,22], while others document more favorable outcomes under women’s leadership, often linked to earlier or more decisive interventions [23,24,25]. These mixed findings suggest that the impact of gender on crisis leadership may be context-dependent and domain-specific.

Within the Turkish context, studies also highlight persistent structural challenges faced by women in leadership. For example, Atay and Gürgen [26] found that perceptions of the glass ceiling among Turkish academic women remained largely unchanged during the pandemic, while pressures related to leadership and work-life balance increased. Similarly, Atay et al. [14] found that gender diversity on boards is positively associated with firm performance, particularly through education and learning effects. These findings suggest that while women’s leadership potential is recognized, structural constraints continue to shape leadership opportunities and outcomes.

Despite this growing body of research, limited attention has been given to how women executives influence crisis management at the firm level, particularly in SMEs and emerging market contexts. SMEs are especially vulnerable during crises due to limited financial buffers, making leadership decisions regarding cost control, operational adaptation, and strategic orientation critical for survival.

This study addresses this gap by examining how women in executive positions influenced crisis management strategies and firm outcomes among Turkish SMEs during the COVID-19 pandemic. Using survey data from 207 SMEs across 12 sectors, the study investigates whether firms with women executives demonstrate greater resilience, whether women executives influence the adoption of crisis response strategies, and whether they are more likely to pursue ambidextrous strategies balancing cost control and revenue generation.

This study contributes to the literature in several ways. First, it extends research on women’s leadership during COVID-19, which is largely focused on public sector and political leadership, to the context of private-sector SMEs. Second, it provides empirical evidence on the strategic mechanisms through which women executives influence crisis outcomes, showing that women leaders are more likely to implement cost-control measures and pursue balanced strategies. Third, the findings highlight an important intention–outcome gap: while women executives adopt ambidextrous strategies, only the defensive component (such as cost and liquidity management) translates into measurable outcomes during crisis conditions. This suggests that the benefits of women’s leadership may be domain-specific, particularly in areas of internal organizational control. Finally, by focusing on Turkish SMEs, the study contributes to the limited evidence on gender and crisis leadership in emerging economies.

2. Materials and Methods

Research demonstrates that good leadership is associated with enhanced organizational harmony, stability, and learning capacity, as well as greater employee commitment, empowerment, and performance. Organizations with strong leadership also demonstrate improved ability to navigate change. These organizational attributes translate into tangib-le business outcomes including higher customer satisfaction, stronger growth and retention rates, and improved financial performance [8].

Over many years, crisis management research consistently shows that what happens in a crisis is shaped less by the shock itself and more by how leaders interpret it, prioritize threats, and mobilize limited resources under time pressure [1,7,27]. This is particularly true for SMEs, where thin liquidity buffers and limited overall resources make survival highly sensitive to day-to-day, managerial decisions. Evidence from the COVID-19 period illustrates how quickly small businesses can experience severe disruptions to operations and expectations, reinforcing why internal control responses such as cost discipline and operational continuity can matter more than growth-oriented moves in the short run [6,28,29]. In this context, crisis response often becomes a process of stabilizing the organization before pursuing recovery and innovation.

Given the central role of leadership in crisis settings, an important question is whether leadership effectiveness differs by gender. Literature suggests that crisis leadership is not gender-neutral as leadership is evaluated and enacted through social expectations about how leaders “should” behave, especially under threat [30]. Meta-analytic evidence indicates that women, on average, display more transformational leadership behaviors, which are often linked to communication, coordination, and team motivation during uncertain environments [31].

At the same time, crisis contexts may trigger role congruency dynamics: when the crisis is framed in ways that value relational or communal responses, women may be perceived as more suitable or may adopt approaches that emphasize stability, cohesion, and collective coordination [10,32]. Through this end, Bruckmüller & Branscombe [15] further refine when and why women are selected in crisis contexts, emphasizing how stereotypes about women as “communal fliers” can influence leadership appointment decisions. However, crisis research also cautions that through these appointment decisions women can be disproportionately placed into fragile leadership situations (i.e., the “glass cliff”), which can help explain why measurable advantages may show up first in controllable internal domains rather than market outcomes. Evidence in research focusing on FTSE 100 firms supports that women are more likely to be placed in risky leadership positions, complicating causal interpretations of leader gender and performance [33].

Empirical evidence from the COVID-19 pandemic provides mixed findings regarding the effectiveness of women’s leadership. Some studies report that women leaders performed as well as or better than men in managing crisis outcomes. Bruce et al. [23] exa-mined the impact of women's leadership during COVID-19. The findings reveal that municipalities led by women mayors experienced substantially better pandemic outcomes. Importantly, these results could not be attributed to pre-pandemic policy differences or other observable mayoral characteristics such as education level or political orientation. The study provides causal evidence that gender of leadership directly influenced crisis management effectiveness and public health outcomes during COVID-19 [23]. Similarly, Sergent and Stajkovic [25] showed that U.S. states led by women adopted earlier stay-at-home policies and recorded fewer pandemic fatalities.

Wilson and Newstead [8] examined how women heads of state led their countries during the first wave of COVID-19. Their study found that virtues-based leadership contributes to positive organizational outcomes including stability, employee commitment, and improved performance — benefits that extend to customer satisfaction and financial returns. The authors argue this creates a strong business case for ethical leadership beyond its moral value. Their analysis demonstrated that leadership virtues play an important role in effective crisis management. The Lowy Institute's January 2021 ranking of 98 countries' pandemic performance supported their findings, showing that women heads of state achieved above-average results on average. However, the authors note that sustaining crisis response over time proved challenging for all leaders, with many countries — experiencing subsequent outbreaks, health system strain, and economic disruption. While these studies demonstrate that women's leadership improved public health outcomes at the municipal government level, our study extends this inquiry to the private sector, examining whether women in executive positions similarly influenced SME crisis management and firm-level outcomes during COVID-19.

There are also studies that report weaker or more context-dependent effects. Aldrich and Lotito [20] examined government responses to COVID-19 and their relationship to leader gender, focusing on the timing of policy implementation. Their analysis found limited statistical evidence that women leaders made systematically different choices than men regarding stay-at-home orders or public information campaigns. However, they identified one area of potential difference: decisions related to school closures appeared to vary based on leader gender. The authors note that while their findings do not support broad claims of women's leadership superiority during the pandemic, they highlight the importance of examining specific policy domains rather than assuming uniform gender effects across all crisis responses.

Recent research highlights the importance of task-oriented leadership behaviors during crisis conditions. Aroussi et al. [34] examined differences between women's and men's leadership practices during COVID-19 in the United Arab Emirates. The study assessed employees' perceptions of their leaders across four meta-categories: task-oriented, relations-oriented, change-oriented, and external leadership practices. Using t-tests, ANOVA, correlation analysis, and multiple regression, the authors found significant differences in leadership behaviors between genders. Notably, women demonstrated higher task-oriented management practices than men during the pandemic. This finding suggests that women leaders may emphasize structured, goal-focused approaches during crisis conditions.

Similarly, Cartwright et al. [35] argue that women leaders often demonstrate adaptive and connective leadership behaviors during crisis situations. Their Connective Leadership framework emphasizes authenticity, awareness, alignment, and adaptability as key attributes that allow leaders to respond effectively to complex and rapidly changing environments.

Research demonstrates that companies with greater representation of women in leadership positions tend to achieve higher profitability, exhibit stronger social responsibility, and deliver superior customer experiences. Studies also indicate that women exhibit different leadership and managerial styles than men, particularly during crisis conditions. According to a report of UN Women, the pandemic had severe social and economic consequences for women. Although the pandemic period represented challenges for everyone, it is argued to have even more challenging aspects for women [36]. In particular, it is useful to consider the ways the crisis influences women’s experiences and how they make sense of them.

The literature characterizes female leadership as more interactive, relationship-oriented, and transformational, whereas male leadership is typically described as more directive, task-oriented, and transactional. However, empirical findings on performance outcomes present a more layered picture. Multiple studies have found that companies with more women in leadership positions achieve better overall financial performance [37]. Regarding crisis leadership specifically, Aroussi et al. [34] exa-mined leadership behaviors and effectiveness during COVID-19, finding that while men exhibited higher levels of leadership behaviors overall and in certain categories, women performed better in task-oriented behavior, which is a dimension positively related to leadership effectiveness.

This domain-specific pattern also fits what ambidexterity theory would predict under extreme corporate situations. Prior research suggests that women’s representation in top decision-making roles and gender-diverse leadership structures can support organizational ambidexterity, especially in balancing competing strategic priorities (e.g., efficiency vs innovation)[38,39]. Additional foundational work on exploration and exploitation argues that firms try to balance efficiency focused actions with experimentation and growth, but the two compete for scarce attention and resources [40,41]. Even when leaders adopt a genuinely balanced posture, the outcomes that move first in a crisis are often those tied to exploitation and internal execution, because they can be implemented quickly and measured directly, whereas revenue recovery depends heavily on external conditions and may lag even when the strategic intent is present [42].

A specific key case that is in scope of this paper was carried out by Tang et al. [43] on Chinese high-tech SMEs, which aims to explain why and when gender diversity in leadership positions translates into a more ambidextrous strategic orientation. They build their argument on social role theory, which suggests men and women are socialized into somewhat different role-based behavioral tendencies that shape interaction patterns in teams [44,45]. Their results indicate that the indirect effect of gender diversity on ambidextrous strategic orientation is stronger when resources are lower rather than higher, implying that gender-diverse leadership can be especially valuable in low-resource SME settings, where strategic trade-offs are sharper and teams must coordinate tightly to pursue both alignment and adaptability. This study fits within the broader ambidexterity traditional view that suggests sustained performance as dependent on balancing the two ends of stability and growth [27,40,41,42]. More recent work builds on this leadership centric view of ambidexterity by continuing to unpack the foundations of how top management teams enable dual strategies, often by focusing on integration and coordination mechanisms like open information sharing, constructive conflict, joint decision-making which are closely attributed to women in leadership positions.

Building on the above discussion, this study examines how women executives influence firm resilience, crisis strategy adoption, and strategic orientation during the COVID-19 pandemic. Accordingly, the following hypotheses are proposed:

H1: Businesses with women in executive positions demonstrated greater resilience during COVID-19 (measured by revenue maintenance, cash flow sustainability, or business continuity).

H2: The percentage of women in management positions is positively correlated with adoption of innovative (aggressive or more passive) crisis response strategies.

H3: Businesses with women in upper management positions were more likely to implement ambidextrous strategies (balancing both cost-cutting and revenue generation) than those without women leaders.

3. Results

To test H1, which proposes that businesses with women in executive positions demonstrated greater resilience during COVID-19, we examined four crisis-related outcomes:

• Performance: overall performance of the firm compared to pre-covid (Survey question: “Compared to 2019, how will your firm’s performance change in the future?”)
• Cash flow: cash flow adequacy during pre-covid (Survey question: “How long can you maintain the cash flow of your firm during the pandemic?”)
• Revenue: revenue generation compared to pre-covid (Survey question: “Compared to 2019, how will your revenues change in the future in real terms?”)
• Cost control: costs incurred compared to pre-covid (Survey question: “Compared to 2019, how will your costs change in the future in real terms?”)

The descriptive statistics reported in Table 2 indicate that most firms experienced adverse outcomes during the pandemic across overall performance, cash flow, revenue, and costs. For each performance dimension, we constructed a binary indicator equal to 1 if the reported outcome is “better” or “unchanged,” and 0 if it is “worse” or “significantly worse”. These indicators are employed in non-parametric correlation analysis. In the multivariate framework, we retained the original ordinal measures and estimate ordered logit models, controlling firm-level characteristics.

H1 is partially supported. The non-parametric tests presented in Table 3 indicate statistically significant differences between firms with and without women in executive positions for cash flow adequacy and cost outcomes (p < 0.01), while no significant differences are observed for overall performance or revenue generation.

The ordered logit estimations provide similar results (Table 4). The presence of a woman in an executive position is positively and significantly associated with cash flow sustainability (β = 1.075, p < 0.01) and cost management (β = 1.181, p < 0.01). However, the coefficients for revenue generation and overall performance are not statistically significant. These findings suggest that firms with women in executive roles were more effective in maintaining liquidity and controlling costs during the pandemic, while their ability to sustain revenues or overall performance was not significantly different from firms without female executives.

These results suggest that women executives excel at defensive crisis management, such as preserving liquidity and controlling costs, but this advantage does not extend to revenue generation or growth-oriented outcomes. During acute crisis conditions like COVID-19, the ability to control what is controllable (internal costs, cash reserves) may be more valuable than pursuing revenue growth in a collapsing market.

The findings align with research suggesting women leaders tend toward more risk-aware financial management. In crisis contexts, this "conservative" orientation may represent superior strategic judgment, such as prioritizing firm survival over performance metrics that may be unattainable during severe external shocks.

Women executives demonstrated a "resilience through restraint" approach during COVID-19. Rather than pursuing revenue maintenance—which may have required risk-taking during extreme uncertainty—firms with women in leadership positions showed superior cash flow management and cost control. These findings suggest that gender-diverse leadership teams may be particularly valuable during crisis periods, not because women pursue growth more effectively, but because they may be more willing to prioritize firm survival over performance metrics. In the context of Turkish SMEs, where access to emergency credit was limited, this conservative approach may have been the difference between survival and failure.

Our second hypothesis H2 is whether the presence of women in management positions is positively correlated with adoption of innovative (aggressive or more passive) crisis response strategies. Our dependent variable is the strategy employed during the pandemic crisis. The relevant survey question is “Which strategies has your firm employed during the pandemic?”). The following list presents the responses:

• MINCOST: Reduce production and operating costs
• MINBUS: Divest loss-making/less profitable business units
• MINCOM: Adopt online telecommuting
• MINWAGE: Decrease in salaries
• MININV: Decrease or stop the investment
• MINPERK: Following strategies for lowering staff expenses (unpaid leave, part-time work, short-term work …etc.);
• NEWCUST: Optimize business models to capture new customer needs
• NEWCHAN: Develop marketing channels and remove dependence on offline transactions
• NEWTECH: Actively invest in technological innovation
• NEWMARK: Diversify into new business areas
• NEWSC: Integrate supply chain

The descriptive results based on our survey presented in Table 5 indicate that the most common response to the crisis is NEWCUST (optimize business models to capture new customer needs), NEWCHAN (develop marketing channels and remove dependence on offline transactions), and MINCOST (reduce production and operating costs). The least common responses are MININV (decrease or stop the investment), MINPERK (lowering staff expenses) and MINWAGE (decrease salaries).

We conducted non-parametric tests to understand whether there is any statistical link between business strategies employed during the crisis and the presence of women in executive positions. The results are presented in Table 6.

H2 is partially supported. Women in executive positions are significantly more likely to adopt specific cost-cutting measures:

• MINCOST: Reducing production and operating costs (p<0.05)
• MINCOM: Implementing telecommuting (p<0.05)
• MINPERK: Pursuing staff expense reduction strategies (p<0.01)

No significant differences were found for other strategies.

We classified the strategies into two categories: those focused on cost cutting (MINCOST, MINBUS, MINCOM, MINWAGE, MININV, MINPER) and those on innovative solutions (NEWCUST, NEWCHAN, NEWTECH, NEWMARK, NEWSC). We repeated the same statistical analysis using these two newly created variables. We found that the correlation between presence of women executives and cost cutting strategies is statistically significant with p<0.011. Ordered logit results also point to a similar result. These findings provide behavioral evidence supporting H1. Women executives don't just achieve better cost outcomes — they actively choose cost-focused strategies. The significant adoption of telecommuting is particularly notable, as it represents both cost reduction and operational adaptation to pandemic conditions.

The absence of differences in innovative strategy adoption is important. Women executives are not avoiding growth — they simply show no differential tendency toward innovation-focused responses. Combined with H1, this suggests women leaders during COVID-19 focused their energy where they could make measurable impact (costs) rather than pursuing growth strategies that market conditions made difficult. Ambidexterity, knowledge management, and innovation in Turkish Technology Development Zones is also examined by Sirkintioğlu and Atay [46].

Table 7. Non-parametric Tests on the Link between Strategies Employed during the Crisis and Women in Executive Position.

Wilcoxon rank-sum (Mann-Whitney U) test	Woman
Average cost cutting	2.254 (0.011)*
Average innovative solutions	-1.021 (0.307)

* Significant at 5%, ** Significant at 1%.

Table 7. Non-parametric Tests on the Link between Strategies Employed during the Crisis and Women in Executive Position.

Wilcoxon rank-sum (Mann-Whitney U) test	Woman
Average cost cutting	2.254 (0.011)*
Average innovative solutions	-1.021 (0.307)

* Significant at 5%, ** Significant at 1%.

Table 8. Regression Results on the Determinants of Strategies Employed during the Crisis.

Ordered logit results	Dependent variable: Cost cutting	Dependent variable: Innovative solutions
Woman	-0.787 (-2.52)*	0.258 (0.84)
Year (log)	-0.120 (-1.07)	0.146 (0.97)
Emp (log)	-0.147 (-1.07)	-0.041 (-0.30)
Sectoral dummies	YES	YES
N	200	200
LR of the model	12.37	17.66
Model significance	0.576	0.223
Pseudo R2	0.011	0.016

Table 8. Regression Results on the Determinants of Strategies Employed during the Crisis.

Ordered logit results	Dependent variable: Cost cutting	Dependent variable: Innovative solutions
Woman	-0.787 (-2.52)*	0.258 (0.84)
Year (log)	-0.120 (-1.07)	0.146 (0.97)
Emp (log)	-0.147 (-1.07)	-0.041 (-0.30)
Sectoral dummies	YES	YES
N	200	200
LR of the model	12.37	17.66
Model significance	0.576	0.223
Pseudo R2	0.011	0.016

Our third hypothesis H3 is that businesses with women in upper management positions were more likely to implement ambidextrous strategies (balancing both cost-cutting and revenue generation) than those without women leaders. We used the following question from our survey for that purpose:

“During the pandemic, which of the following strategies did your firm undertake to resume production?”

• Cost-cutting strategies (COST-STR)
• Revenue creating strategies (REV-STR)
• Both (Ambidextrous strategies)” (BALANCED-STR)

Table 9 summarizes the survey responses. Accordingly, revenue enhancing strategies were more widely used that cost cutting strategies, but most of the firms opted to use both.

We then proceeded with the empirical analysis by first employing non-parametric correlation tests, followed by logit regressions that control firm-level characteristics. For some variables, the results differ in direction across the two approaches. The Wilcoxon rank-sum test reported in Table 10 indicates a statistically significant and positive association between cost-cutting strategies and the presence of women in executive positions (p < 0.036). However, after controlling for firm age, size, and sector, the logit estimates suggest that firms with female executives are:

• Significantly MORE likely to pursue ambidextrous/balanced strategies (β=0.797, p<0.05)
• Significantly LESS likely to pursue cost-cutting only strategies (β=-1.309, p<0.01)
• No differences in pursuing revenue-only strategies

This reversal occurs because the logit controls firm characteristics that confound raw bivariate relationships. The controlled logit results presented in Table 11 provide more accurate interpretation. Overall, we concluded that that H3 is supported.

This finding refined our understanding of H1 and H2. Women executives are not simply "cost cutters." They pursue balanced strategies that combine cost-cutting with

revenue generation efforts. However, examining outcomes (H1) and specific strategy adoption (H2), we found that while women executives intend to balance both approaches, only the cost-cutting side produces measurable results.

This represents an intention-outcome gap: Women executives attempted

ambidextrous crisis management, but during acute COVID-19 conditions, the defensive component succeeded while the growth component did not translate into revenue advantages.

The three hypotheses together reveal a nuanced picture of how women executives managed Turkish SMEs during COVID-19.

The women executives:

• Pursued ambidextrous strategies attempting to balance cost control with revenue generation (H3)
• Actively implemented cost-cutting measures: operational cost reduction, telecommuting, staff expense management (H2)
• Did not differentially pursue innovative or growth-focused strategies (H2)

4. Discussion

This study examines how women in executive positions influenced crisis management strategies and firm outcomes among Turkish SMEs during the COVID-19 pandemic. The findings provide a nuanced understanding of the role of gender in leadership under conditions of extreme uncertainty.

First, the results show that firms with women executives demonstrated significantly better cash flow sustainability and cost management, while no significant differences were observed in revenue generation or overall performance. This suggests that women executives were particularly effective in managing internally controllable aspects of firm operations during crisis conditions. This finding aligns with prior research emphasizing the importance of disciplined financial management and risk awareness in leadership during periods of uncertainty [18,19], as well as studies highlighting the role of leadership in enhancing organizational stability and resilience [8].

Second, the analysis of crisis strategy adoption indicates that women executives were more likely to implement cost-cutting and operational adjustment strategies, including reducing operational costs, adopting telecommuting, and managing staff expenses. These findings are consistent with evidence suggesting that women leaders may demonstrate stronger task-oriented and adaptive leadership behaviors during crisis [34]. Rather than pursuing aggressive expansion or innovation, women executives appear to focus on stabilizing firm operations through practical and immediately actionable measures.

Third, the results reveal that women executives were more likely to adopt ambidextrous strategies, balancing cost control with revenue generation efforts. This finding is consistent with the literature on strategic ambidexterity, which emphasizes the importance of simultaneously pursuing efficiency and opportunity-seeking strategies during periods of environmental turbulence [47]. However, when considered together with the outcome variables, an important pattern emerges: while women executives attempted to balance both strategic dimensions, only the cost-control component translated into measurable performance improvements.

This pattern highlights an intention–outcome gap. Women executives did not rely solely on defensive strategies; instead, they pursued balanced approaches combining cost management with revenue-oriented efforts. However, under the severe demand contraction and uncertainty created by the COVID-19 pandemic, the revenue-generating component of these strategies did not yield significant results. This suggests that the effectiveness of strategic ambidexterity during crisis may be constrained by external market conditions beyond managerial control. This pattern is consistent with ambidexterity research: even when leaders adopt a genuinely balanced posture, the outcomes that move first in a crisis are often those tied to exploitation and internal execution, because they can be implemented quickly and measured directly, whereas revenue recovery depends heavily on external conditions and may lag even when the strategic intent is present [42].

The relationship between women's leadership and pandemic outcomes has yielded mixed findings in the literature. Several studies found no significant gender differences: Piscopo [21], Aldrich and Lotito [20], and Windsor et al. [22] reported that countries led by women experienced similar COVID-19 mortality rates to those led by men. Abras et al. [48] documented a negative association between female leadership and COVID-19 outcomes but attributed this to differences in health systems rather than leadership itself.

However, other research supports a positive effect of women's leadership. Garikipati and Kambhampati [24] found that countries led by women achieved better pandemic outcomes, attributing this to earlier adoption of non-pharmaceutical interventions by female leaders. Similarly, Sergent and Stajkovic [25] demonstrated that US states led by women experienced fewer COVID-19 deaths and implemented earlier stay-at-home orders. Bruce et al. [23] contributed to this debate providing causal evidence that women mayors achieved significantly better epidemiological outcomes than their male counterparts.

Our study extends this literature from public sector to private sector by examining how women executives influenced firm-level crisis management among Turkish SMEs. The findings reveal a nuanced picture that both aligns with and complicates prior research. Consistent with studies identifying positive effects of women’s leadership, firms with women executives demonstrated superior cash flow sustainability and cost management outcomes. However, no advantages emerged for revenue generation or overall performance, which is more consistent with studies reporting mixed or null results.

Importantly, our findings suggest an explanation for these seemingly contradictory results. Women executives in Turkish SMEs did not simply pursue defensive strategies. Rather, they adopted ambidextrous approaches attempting to balance cost control with revenue generation. They actively implemented cost-cutting measures — including operational cost reduction, telecommuting, and staff expense management — while not pursuing innovative or growth-focused strategies.

This reveals an intention-outcome gap: women executives attempted balanced crisis management, but only the defensive component produced measurable results. The growth component did not translate into revenue advantages. This finding suggests that women's leadership advantages during crisis may be domain-specific. Where outcomes are internally controllable — costs, cash flow, operational efficiency — women executives outperformed. Where outcomes depend on external market conditions — revenue, growth, performance — no gender differences emerged.

This distinction may help reconcile mixed findings in the broader literature. Studies examining outcomes that are more directly influenced by leadership decisions, such as policy implementation or operational management, tend to find positive effects of women’s leadership. In contrast, studies focusing on outcomes shaped by external conditions tend to report weaker or insignificant effects. Thus, women leaders may not demonstrate uniformly superior performance across all dimensions, but rather exhibit particular effectiveness in areas requiring disciplined internal management during periods of uncertainty.

Our findings align with Aldrich and Lotito's (2020) findings that gender differences in crisis leadership may be domain-specific rather than universal. Similarly, the results complement Aroussi et al. (2023), who show that women leaders demonstrate stronger task-oriented practices during crisis. In the context of Turkish SMEs, women executives exhibited comparable behavior by actively implementing concrete, task-focused measures. These actions translated into measurable improvements in cash flow sustainability and cost control.

5. Conclusions

This study examined the role of women in executive positions in shaping crisis management strategies and firm outcomes among Turkish SMEs during the COVID-19 pandemic. The findings provide a nuanced understanding of how gender influences leadership effectiveness under conditions of extreme uncertainty.

Consistent with prior research highlighting the potential advantages of women leadership, the results show that firms with women executives demonstrated superior cash flow sustainability and cost management. However, no significant differences were observed in revenue generation or overall performance. These findings suggest that the contribution of women executives during crisis is not uniform across all performance dimensions, but rather concentrated in areas that are directly controllable by management.

Importantly, the analysis reveals that women executives did not rely solely on defensive strategies. Instead, they pursued ambidextrous approaches, attempting to balance cost control with revenue generation. They actively implemented cost-cutting measures such as operational cost reduction, telecommuting, and staff expense management. However, the benefits of these strategies were realized primarily through the defensive dimension, as the revenue-generating component did not translate into measurable performance improvements. This highlights an intention–outcome gap, suggesting that while women executives adopted balanced crisis strategies, external market conditions limited the effectiveness of growth-oriented actions.

5.1. Theoretical Implications

This study contributes to the literature on gender and leadership by offering a more refined understanding of how women executives influence firm performance during crisis. Rather than assuming a general performance advantage, the findings demonstrate that leadership effects are domain-specific. Women executives appear to be particularly effective in managing internally controllable aspects of firm operations, such as cost structures and liquidity, while showing no differential impact on externally driven outcomes such as revenue.

5.2. Practical and Managerial Implications

The findings offer important insights for SME managers and business owners. First, they highlight the value of leadership approaches that emphasize financial discipline, liquidity management, and operational efficiency during crisis periods. Firms that prioritize these dimensions may be better positioned to withstand external shocks.

Second, the results suggest that gender diversity in executive teams can enhance organizational resilience, particularly in managing financial risks and operational adjustments. Rather than viewing diversity solely from a social or ethical perspective, firms may benefit from recognizing its strategic value in improving crisis preparedness and response.

Third, while ambidextrous strategies are widely recommended in the management literature, the findings indicate that during severe crises, firms may need to prioritize defensive strategies over growth-oriented initiatives, as external conditions may constrain the effectiveness of revenue-generating efforts.

5.3. Policy Implications

From a policy perspective, the findings suggest that promoting greater participation of women in executive and decision-making positions may contribute to the overall resilience of the SME sector. Policies aimed at reducing structural barriers to women’s advancement—such as improving access to professional networks, leadership opportunities, and work–life balance support—may have broader economic benefits.

5.4. Limitations

This study has several limitations that should be acknowledged. First, the analysis is based on cross-sectional survey data, which limits the ability to establish causal relationships between leadership characteristics and firm outcomes. Second, the measurement of women’s leadership as a binary variable does not capture differences in the number, seniority, or roles of women executives within firms. Third, the study focuses on a single country context, which may limit the generalizability of the findings to other global institutional and cultural environments.

In addition, some variables, such as government support, may be subject to measurement limitations, as firms may not have fully recognized or reported indirect forms of support received during the pandemic.

5.5. Future Research Directions

Future research could build on these findings in several ways. Longitudinal studies would allow to examine of how leadership strategies and firm outcomes evolve over time, particularly during the recovery phase following crisis. More detailed measures of gender diversity—such as the proportion of women in leadership or their specific roles—could provide deeper insights into the mechanisms underlying leadership effects.

Comparative studies across countries and institutional contexts would also help determine whether the observed patterns are specific to Turkish SMEs or reflect broader trends in emerging and developed economies. Finally, future research could explore the interaction between leadership characteristics and external support mechanisms, examining how public policies and firm-level strategies jointly influence resilience during crisis periods.