RESEARCH PROJECT

The resilience of small and medium enterprises after covid-19

Abstract

This report is using Leadership, financial management, innovation and Adaptability, employee
engagement and Business Resilience. This study adopts a quantitative research approach since,
in certain circumstances, the more surveys that are completed, the more definitive the results
would be. This further confirms the prevailing notion of earlier studies while also
complementing one another becoming more impartial. The research was carried out at a variety
of small and micro firms in Vietnam. The COVID-19 pandemic has had effects not seen in other
crises, and SMEs are attempting to recover in the economy, according to one conclusion that
may be made from the study's findings on the economy after COVID-19. The analysis of the
connection between knowledge management and company resilience is the main goal of this
study. Following data gathering, 100 persons were surveyed. SmartPLS4 was used to analyze the
results and data. The project's end product is knowledge management, which has a substantial
influence on corporate resilience. Cronbach's alpha was 0.938 and R square = 0.887. The
findings indicate that the research model is extremely trustworthy and can be used by a wide
range of businesses.
Keywords: Leadership, financial management, innovation and Adaptability, employee
engagement, Enterprise resilience, Small and medium enterprises, COVID-19.

Recognition
Thank you to everyone who participated in this survey. Individuals who only go to work and
practice. Thanks to them, I received the survey results I expected.

Author
The University of Greenwich

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Table of Contents

I. Introduction.................................................................................................................................4

II. Literature review........................................................................................................................5

III. Research Methodology...........................................................................................................11

IV. RESULTS...............................................................................................................................14

V. Discussion.................................................................................................................................22

VI. Conclusion..............................................................................................................................23

References.....................................................................................................................................24

Appendix.......................................................................................................................................27

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I. Introduction
A new virus called Covid-19 was identified in Wuhan, China in late 2019 and early 2020. It
spreads from person to person and has a direct impact on daily life. As millions fell ill and died,
causing social isolation, the pandemic turned our lives upside down (World Physiotherapy,
2021). Every time the epidemic lasts, it will have a significant impact on the world economy,
especially trade and investment activities will be interrupted. The COVID-19 pandemic is not
just a health emergency on a worldwide scale, it also has an adverse effect on the socioeconomic
conditions of many nations, creating considerable barriers for foreign enterprises to conduct
business country (World Physiotherapy, 2021).
In Vietnam there are thousands of small and medium enterprises, small and medium enterprises
play an important role in the economy and government. The pandemic has hit SMEs hard, many
of which face significant financial constraints. Restrictions and styles have led to supply chain
disruptions and reduced consumer demand, leaving businesses struggling to stay afloat.
Government support programs are lifesavers. many small and medium enterprises in this difficult
time (Nguyen and Tran, 2022). Businesses, especially those that are less adaptable and take
longer to change, have felt the impact of the pandemic over the past two years. Vietnam will
have more than 811, 000 enterprises by the end of 2020, of which small and medium enterprises
account for 98.1% of them and generate up to 45% of the country's GDP. However, the COVID-
19 pandemic has caused an average of 10,000 businesses, mostly SMEs, to cease operations each
month since the beginning of 2021(Ministry of Information and Communication, 2022). A study
of more than 10,000 enterprises conducted in September 2021 by the Vietnam Chamber of
Commerce and Industry (VCCI) revealed that 87% of the firms were affected by COVID-19. In
comparison to before the pandemic, several firms have lost 50–90% of their income, and some
have even had to halt operations (Ministry of Information and Communication, 2022).
Community college is viewed in this context as one of the important answers to assist SMEs in
moving from merely surviving to succeeding, as well as to provide additional opportunity for
them to emerge from the COVID-19 epidemic stronger. It is one of the most important but also
the most fragile parts of the economy (World Bank Group, 2022).
Smith and Johnson (2022) conducted a comprehensive literature review on the topic of
business resilience skills for SMEs in response to the COVID-19 pandemic. The study aimed to
identify key strategies and skills that SMEs have adopted to combat and recover from the
adverse effects of the pandemic on their operations. SMEs that exhibit higher levels of
adaptation and innovation are more likely to survive and even thrive during the pandemic (Smith
and Johnson, 2022). Their ability to pivot and embrace new business models, products or
services plays a key role in their

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resilience. Businesses that integrated digital technology into their operations before the pandemic
are better equipped to transition to working remotely, selling online and interacting with virtual
customers during the lockdown and limited (Smith and Johnson, 2022). Effective financial
planning, prudent cost management, and access to finance have been instrumental in helping
SMEs weather the economic downturn caused by the pandemic (Smith and Johnson, 2022).
However, there is also much research in this area that fails to address the specific needs and
challenges of SMEs during the post-COVID-19 recovery period. SMEs often operate with
limited resources, so it is imperative to identify skills such as leadership, innovation, and
Business Resilience. This is the key outcome variable that measures the overall resilience of
SMEs. Business resilience skills cover a range of capabilities and strategies used by small and
medium-sized businesses to adapt, recover, and thrive in the face of challenges and disruptions.
Furthermore, the lack of empirical research on actual implementation hinders the translation of
theoretical predictions into viable strategies, creating a gap between theoretical understanding
and their real- world application.
The purpose of this study is to examine the impact on the recovery of SMEs in Vietnam after
the Covid-19 pandemic. This study aims to bridge the gap left by the Previous Study in order to
help Vietnamese businesses see aspects of supporting business recovery from a more
comprehensive perspective. include research papers on the potential and difficulties they may
face. The research project will address the following questions:
Q1: How will the economic recovery of small and medium enterprises after the covid pandemic
take place?
Q2: The ability to identify and mitigate risks that could impact the business?
Q3: Does the ability to innovate, adapt to changing circumstances, and embrace new
technologies and business models help businesses recover faster?
The essay is structured as follows: Section 2 Review of Literature, Planned Research Methods
presented in Section 3, Time Scales presented in Section 4. Section 5 finally concludes this
investigation. with a summary of the entire report.

II. Literature review

1. Business Resilience
The term "resilience" first appeared in ecological literature (Holling, 1973), but it is now used in
a variety of other scientific disciplines, including engineering (Hollnagel et al., 2006), sociology
(Adger, 2000), disaster management (Manyena, 2006), and business administration (Sutclife &
Vogus, 2003). Resilience is a phrase that appears more frequently in business and startup
literature and is based on the same idea.

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Business resilience is the ability of a company to quickly adjust to changes in the environment
while continuing to operate, protecting people, assets, and the overall value of the brand.
Corporate resilience extends beyond disaster resilience (DR) and corporate continuity by
providing post- disaster methods to mitigate vulnerabilities, minimize costly downtime, and stay
afloat in the face of subsequent, unforeseen breaches (Kirvan, 2022). Business processes and
workflows must be protected in order for businesses to withstand unforeseen disasters, which is
where enterprise resilience starts. Planning for company recovery has several major difficulties,
including the human factor. Everyone has to be prepared and knowledgeable on how to handle
tumultuous circumstances (Kirvan, 2022). Company continuity plans are another name for
company recovery plans. Many various methods to preparation, such as business continuity,
technology disaster recovery, crisis management, risk management, and incident management,
combine to provide resilience (Saad et al., 2021). Organizational, operational, cyber, and supply
chain resiliency are just a few examples of the numerous components of overall resilience that
are included in business resilience. The term's spread reflects the value of resilience to
organizations including enterprises, governments, and other institutions (Saad et al., 2021).
2. Leadership Capabilities
2.1 Definition
Leadership capabilities refer to the specific skills, qualities, and attributes that individuals
possess to effectively lead and guide a group of people or an organization towards achieving
common goals. Leadership capabilities encompass a range of competencies that enable a person
to inspire, influence, and motivate others, as well as make sound decisions, navigate challenges,
and foster a positive and productive work environment (Anderson, 2022). Some key leadership
capabilities include:
The first is vision - the ability to present a clear and convincing vision of the future and inspire
others to share that vision. Next is the ability to communicate well, both in terms of expressing
ideas and actively listening to others, to ensure clarity and cohesion within the group (Koryak et
al., 2015). The third is to understand and manage one's own emotions as well as empathize
with the emotions of others, fostering stronger relationships and teamwork. Fourth is the ability
to flexibly and openly adapt to change, as well as being able to adapt strategies in response to
evolving situations (Koryak et al., 2015). Integrity is an essential trait that demonstrates
honesty, ethics, and authenticity, helping to build trust and credibility with team members.
Leaders also have the ability to resolve conflicts, handle conflicts and disagreements within
the team, work towards a win-win solution, thereby inspiring and motivating others to do their
best work, promoting a positive and enthusiastic working environment. Most importantly,
have strategic

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thinking and the ability to collaborate. The ability to think long-term and set strategic
priorities for the organization or team. Encourage teamwork and collaboration, promote synergy
and cooperation situations (Koryak et al., 2015).

2.2 The relationship between leadership capacity and Business resilience

Leadership and business resilience are closely linked. Leadership refers to the abilities, skills and
qualities of leaders in an organization, while business resilience is the ability of a company to
withstand and recover from various disruptions, challenges and changes in the business
environment. Leadership affects the resilience of the business as follows. Strong leadership
enables leaders to make informed and strategic decisions in times of crisis or uncertainty.
Leaders with sound judgment can assess risks and opportunities, build effective strategies, and
navigate the business through challenging situations, enhancing organizational resilience
(Southwick et al., 2017). Leaders are often able to adapt to rapidly changing circumstances and
remain flexible in their approach. Their agility allows them to adjust business operations,
reallocate resources and pivot to new opportunities, enhancing the overall resilience of the
business. Risk management is a top priority by leaders, who also create extensive contingency
plans (Southwick et al., 2017). A company's ability to withstand shocks and recover quickly
from unforeseen disasters is improved by proactive planning and risk reduction measures. An
organization can be guided through challenging times with a clear long-term vision and a focus
on long-term success by leaders with such a vision(Southwick et al., 2017). The organization
remains dedicated to its goals despite temporary setbacks thanks to this sense of direction and
purpose. In summary, leadership has a significant impact on the resilience of a business.
Effective leaders possessing strong strategic acumen, adaptability, employee engagement, crisis
management skills, and a focus on innovation can build a resilient organization that is able to
withstand challenges, recover quickly, and thrive in the face of uncertainty (Southwick et al.,
2017).
H1: Leadership Capabilities have a favorable impact on corporate resilience.

3. Financial Management
3.1 Definition
Financial management can simply be understood as the process of planning, organizing,
directing and controlling an organization's financial resources to achieve its financial goals
efficiently and effectively. It involves making informed financial decisions, analyzing financial
data, and implementing strategies to maximize the value of the organization while minimizing
financial risk (Emeritus, 2022).

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The financial manager of an organization sets goals, creates rules, sets guidelines, puts programs
in place, and allocates budgets for all financial activities. Adequate funds can be ensured for a
business at every stage of its operations through good financial management procedures
(Emeritus, 2022). The importance of financial management can be assessed by taking into
account its key responsibilities, including having sufficient funds, balancing income and
expenses to ensure financial stability, developing and implementing business growth and
expansion plans, and protecting the organization from market uncertainties by establishing an
emergency fund (Ajupov, 2014).

3.2 The relationship between Financial Management and Business Resilience

Financial management and business resilience are closely linked, and effective financial
management is essential to building and maintaining resilience within an organization.
Identification and control of different financial risks, such as market, credit, and liquidity risks,
are part of financial management. Businesses that employ risk management techniques are better
able to endure economic downturns and lessen the effect of financial shocks (Simmons, 2011).
Organizations may invest in methods and technology that increase resilience thanks to sound
financial management. This can entail modernizing the infrastructure, making technological
investments to boost operational effectiveness, or diversifying the sources of income to lessen
dependency on certain markets (Simmons, 2011).
In summary, financial management plays a pivotal role in building business resilience. It enables
businesses to plan for uncertainties, manage risk effectively, maintain financial stability, and
invest in strategies that enhance resilience and innovation. By leveraging sound financial
practices, organizations can better withstand economic challenges, recover from failure, and
position for long-term success.
H2: Financial management enhances business resilience.

H1a: Leadership has a positive effect on financial management

4. Innovation and Adaptability

4.1 Definition
The realization that events are taking place that don't match expectations is at the heart of
adaptive innovation. Possible explanations for this include individuals using a service in a way
that wasn't anticipated and necessitating adjustments to make it function (Roberts, 2018). Or it
could involve realizing that there are new possibilities that could alter the way things are done, as
was the case when social media first emerged and caused public agencies to reconsider some of
their methods
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of engaging with residents (Roberts, 2018). Adaptive innovation is essentially an effort to gain a
better understanding of how things actually function. Positive deviance, design, transparency,
participatory or co-design, co-creation, study of edge cases, and through suggestion boxes and
ideas management systems are some of the techniques and practices that enable it (Roberts,
2018).
4.2 The relationship between Innovation and Adaptability and Business resilience
Resilience is the ability to recover and recover from setbacks. Innovative organizations are better
equipped to handle disruption because they are more likely to have diverse revenue streams,
alternative business models, or contingency plans (Sahir, Saputra and Sari, 2021). By
continuously innovating and discovering new opportunities, businesses can reduce their reliance
on a single market or product, making them more resilient to unexpected changes. Resilient
companies can quickly adjust strategy, reallocate resources, and modify their operations to
effectively deal with disruptions (Sahir, Saputra and Sari, 2021). Innovation and adaptability
give businesses a competitive advantage. In rapidly changing markets, companies that can
respond quickly to new trends and customer needs gain an edge over their competitors. This
advantage contributes to their resilience, allowing them to maintain or improve their market
position in times of uncertainty (Sahir, Saputra and Sari, 2021). In summary, innovation and
adaptability are essential components of business resilience. These factors reinforce each other,
as innovation promotes adaptability and vice versa. Organizations that prioritize innovation and
drive resilience will be better positioned to respond effectively to disruptions, seize new
opportunities, and build long-term resilience in an ever-changing business landscape.
H3: The impact of innovation and adaptability on business resilience is favorable and

limited H1b: Leadership has a positive effect on innovation and adaptation

5. Employee Engagement
5.1 Definition
A term in human resources (HR) called employee engagement refers to how enthusiastic and
committed an employee is to their work. Affected by their job and the company's performance,
engaged workers believe that their contributions matter. An engaged employee is in it for more
than just a salary and may believe that their performance and, by extension, their well-being, are
directly related to the success of the firm (Smith, 2010).
Given its obvious connections to work satisfaction and employee morale, employee engagement
may be crucial to a company's success. Engagement among employees can only be established
and sustained via effective communication (Smith, 2010). Employees who are engaged are more

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likely to be productive and perform well. They frequently exhibit a stronger dedication to a
company's ideals and objectives (Smith, 2010).
5.2 The relationship between Employee Engagement and Business Resilience
The relationship between employee engagement and business resilience is an important factor
that significantly impacts an organization's ability to overcome challenges and maintain long-
term success. Employee engagement refers to an employee's emotional commitment and
commitment to their job, their team, and the organization as a whole (Phillips, 2023). Business
resilience is the ability of a company to withstand and recover from disruptions, adapt to changes
and thrive in a dynamic environment. This is how employee engagement positively affects
business resilience. Engaged employees are more committed and motivated to contribute to the
success of the organization (Phillips, 2023). During challenging times, their dedication and sense
of ownership leads to increased effort and willingness to overcome obstacles, thereby
strengthening the organization's resilience. High employee engagement is associated with lower
turnover rates. Retaining experienced employees ensures that the organization's knowledge and
expertise remains within the organization, contributing to better continuity and resilience during
periods of uncertainty. Engaged employees tend to provide better customer service and
experiences (Phillips, 2023). Satisfied customers are more likely to remain loyal to the business,
which helps maintain revenue streams and supports business continuity . Engaged employees are
more likely to see setbacks as temporary challenges than permanent failures. This mindset
resiliency allows an organization to recover more quickly from adverse events. It can be seen
that employee engagement is an important factor in building business resilience (Phillips, 2023).
Engaged employees contribute to a positive work environment, adaptability, innovation,
customer loyalty and the overall ability of the organization to withstand challenges and thrive in
a dynamic business landscape. Promoting employee engagement can be a strategic investment
that encourages long- term success and resilience.
H4: Employee engagement contributes to business resilience.

H1c: Leadership leads to better employee engagement

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III. Research Methodology
1. Study design

The author chose the quantitative research approach because it can be stated in quantifiable
figures and may be used to evaluate hypotheses quickly and with no need for extensive data
collecting (Fleetwood, 2018). Quantitative approaches to data collection, analysis, and
interpretation can be more efficient when working with huge data sets or populations. Based on
numerical data and statistical analysis, quantitative research enables accurate measurement and
an objective evaluation of the connection between variables. Larger sample sizes are frequently
used in quantitative research, which makes it simpler to extrapolate findings to larger populations
and raises the likelihood of outlier results. Comparatively, qualitative research is time-consuming
and susceptible to the researcher's personal bias (Fleetwood, 2018).

2. Sampling technique

The recovery strategy was applied in this investigation. The intended audience is Vietnamese
entrepreneurs running small and medium-sized businesses. To guarantee that the selection was
representative of the study population, businesses operating in this industry were chosen.

The information for this study was gathered from a variety of sources. In order to establish
hypotheses and comprehend the context of the research, secondary data is gathered from relevant
papers and websites. We also identify gaps in the literature and provide a conceptual framework
for future research. First, we produced a questionnaire and distributed it to the participants. We
next utilize this data to test the hypothesis in the SEM model with the SmartPLS tool.

3. Research hypothesis and research model

Resilience has been characterized as a mental or behavioral quality at the individual level.
Entrepreneurial resilience is especially significant in small and medium-sized businesses since
they are fundamental to the business's direction and functioning. Our study proposed seven
major possibilities. There are seven possibilities in all, which are as follows:

Hypothesis 1: Leadership has a favorable effect on firm resilience.

Hypothesis 1a: Leadership has a positive effect on financial management

Hypothesis 1b: Leadership has a positive effect on innovation and adaptation

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Hypothesis 1c: Leadership leads to better employee engagement

Hypothesis 2: Financial management enhances business resilience.

Hypothesis 3: The impact of innovation and adaptability on firm resilience is favorable and
limited.

Hypothesis 4: Employee engagement contributes to firm resilience.

Figure 1. Research Model

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Variable Observation variable Code References

Leadership Capabilities Transformational LC1

(Witton at el, 2019)

Reletionship between LC2

project leader and
personal
Financial Management Financal control FM1 (Victoria Adebayo and Damilola Ilesanmi, 2020)

Investors FM3

Knowledge Society FM4

Innovation and External knowledge IA1 (Saunila, 2017)

adaptability
Employee activity IA2

Know-how IA4

Employee-engagement Confidence EE2

(De-la-Calle-Durán and Rodríguez-Sánchez, 2021)

Compensation EE3

Communication EE4

Bussiness resilience Income and Feeding BR1 (Vargas and González, 2016)

Social rewards BR2

Asset BR3

Adaptaption BR4

Stability BR5

Table 1. List of observed variables

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IV. RESULTS

1. Sample statistics

Demographic variables n %
Gender
Male 40 33.6%
Fermale 79 66.4%

Age
Less than 20 32 26.9%
20-30 72 60.5%
30-40 10 8.4%
Above 40 5 4.2%

Posistion in enterprises
Director/CEO/Founder/Chairman 10 8.4%
Manager 5 4.2%
Staff 34 28.4%
Student 62 52.1%
Other 8 7.6%

Business Experience
1-3 years 54 45.5%
3-5 years 9 7.6%
> 5 years 17 14.3%
Other 39 32.8%

Table 2. Demographic

Gender According to the above data, the proportion of males (33.6%) participating in this poll is
lower than that of women (66.4%). A larger male/female ratio may not auger well for this study,
as females participate in business surveys at a higher rate than males.

Age Table 2 above shows that at the age of 20-30, the most participants accounted for 60.5% and
over 40 years old was the lowest, under 20 years old accounted for 26.9% and 30-40 years old
accounted for 8.4%. That shows a lot of people are 20 -30 years old. So it can be seen that it can
be a good representative of the study

Position in enterprises of survey respondents The table above shows that the largest number
of fighters is students with 52.1% and the lowest is managemnt with 4.2%. The remaining
staff

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accounted for 28.4%, Ceo/founder.. accounted for 8.4%, the rest were other members. It can be
seen that it is suitable to be a good representative of the study.

Business Experience It can be seen that people with 1-3 years of age accounted for the most
with 54 people, equivalent to 45.5%, whereas at least people from 3-5 years had only 9 people,
accounting for 7.6%. The rest are over 5 years and others account for 14.3% and 32.8%
respectively. With this data it will be difficult to judge. It can be seen that the position in the
business and the experience of the survey participants are quite different. While there are only 10
Directors/CEOs/Founder/Chairman accounting for 8.4% and the number of people with more
than 5 years of work experience accounted for 14.3% or 17 people, it is a pity for those with
good experience who do not work. owner. The rest are Managers, employees and students, most
of whom have 1-3 years of experience, which is quite reasonable.

Figure 2. SEM model (SmartPLS 4)

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 VIF
BR1 2.072
BR2 2.215
BR3 2.463
BR4 2.515
BR5 2.212
EE2 2.355
EE3 1.465
EE4 2.390
FM1 2.263
FM3 2.508
FM4 1.968
IA1 1.566
IA2 1.533
IA4 1.515
LC2 2.245
LC1 2.245

Table 3: VIF (SmartPLS 4)

Multicollinearity occurs when the independent variables in the regression model or the SEM
model are closely related. (Variable inflation factor) (VIF) is a statistic used in regression
analysis to evaluate the degree of multicollinearity. A VIF greater than or equal to 5 indicates
collinearity and the model is severely damaged. The model can be collinear if the VIF is from 3
to 5 (Processing, 2021). There is no collinearity in the model, according to the VIF value less
than 3. According to the research results, all variables have VIF values less than 3, showing the
model. There is no significant collinearity problem between the predictors. It suggests that there
is little or no multicollinearity. In modeling, this can benefit the stability and reliability of your
regression results. Low multicollinearity helps to ensure that the impact of each predictor on the
outcome variable can be more accurately estimated and interpreted.

Business Employee Financial Innovation and Leadership

Resilience Engagement Management Adaptability Capabilities

BR1 0.819
BR2 0.812
BR3 0.836
BR4 0.858
BR5 0.824
EE2 0.879
EE3 0.796

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 EE4 0.892
FM1 0.887
FM3 0.909
FM4 0.857
IA1 0.842
IA2 0.802
IA4 0.821
LC2 0.930
LC1 0.938

Table 4. Outer loading of observation variables

For assessing hidden variables in the PLS-SEM model. Outer loading values below 0.7 are
regarded as weak and perhaps unreliable. When an indicator's external load value is less than 0.7,
it means that the indicator is not powerful enough to correctly measure the related hidden
variable. Table 4 shows the Outer loading of the variables in the model. It can be observed that
under the model, values larger than 0.7 are often regarded trustworthy. In the table, there are no
variables with values less than 0.7 (Processing, 2023).
Business Resilience (BR1, BR2, BR3, BR4, BR5)
BR1: Outer loading = 0.819 - This demonstrates a strong correlation between the latent variable
"Business Resilience" and the BR2 indicator. This statistic is regarded as a substantial
contributor to the Enterprise Resilience structural measure. BR3: Outer Loading = 0.836 - As
with BR2, this indicates a strong correlation between "Business Resilience" and the BR3
indicator. BR4: Outer Loading = 0.858 and BR5: Outer Load = 0.824 demonstrate a perfect
correlation between the latent variable and the indicator, indicating that the indicator accurately
depicts the structure.
Employee Engagement (EE2, EE3, EE4):
EE2: Outer Loading = 0.979 - This indicates a strong correlation between the Employee
Engagement variable and the EE3 index. EE4 Outer Loading = 0.892 - As with EE2, this
indicator demonstrates a significant link between Employee Engagement metrics and EE4.
Financial management (FM1, FM3, FM4):
FM1: Outer loading = 0.887 indicates a strong correlation between Financial Management and
the FM3 index. FM3 and FM4: Outer Loading both have values greater than 0.857, indicating a
tight link between Financial Management and these variables.
Innovation and Adaptability (IA1,IA2,IA4)
All three variables, IA1, IA2, and IA4, have an Outer loading more than 0.800, indicating a
strong link between Innovation and Adaptability.
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The rest is Leadership capacity (LC1, LC2)
The above variables LC1, LC2 are shown to have an extremely close relationship.
In general, the bulk of your indicators' external loads are more than 0.7, indicating strong
measurement quality and a close link between latent variables and their indicators.

2. Model test results

Cronbach’s Composite reliability Composite reliabity Average variance

alpha (rho_a) (rho_c) extracted (AVE)
LC 0.854 0.856 0.932 0.872
BR 0.887 0.887 0.917 0.689
EE 0.817 0.820 0.892 0.734
FM 0.861 0.865 0.915 0.782
IA 0.760 0.765 0.862 0.676

Table 5. Construct reliability

Reliability of Composites Many academics use composite reliability (CR) over Cronbach's
Alpha because Cronbach's Alpha rates a lower degree of confidence than CR. Chin (1998)
proposed that in exploratory research, CR should be 0.6 or higher. The CR score has a relevance
threshold of 0.7 for confirmatory investigations Many other studies concur that 0.7 is a
reasonable value for the majority of situations (Processing, 2021).

Leadership Capabilities : Cronbach's Alpha is a measure of internal consistency reliability. It

assesses the extent to which the items within a construct are correlated with each other. An Alpha
value of 0.854 suggests a relatively high level of internal consistency, indicating that the items
measuring Leadership Capabilities are reliable and consistently measuring the same underlying
construct. Composite Reliability is another measure of internal consistency, similar to
Cronbach's Alpha. It evaluates how well the observed variables (items) reflect the latent
construct. A Composite Reliability value of 0.856 indicates a high degree of internal consistency
and reliability of the Leadership Capabilities construct. AVE assesses the amount of variance
captured by the construct's indicators relative to the measurement error. An AVE value of 0.872
suggests that, on average, 87.2% of the variance in the observed variables is explained by the
latent construct of Leadership Capabilities. This indicates a good convergence among the items
and suggests that the construct is adequately capturing the variance it intends to measure.

Business Resilience: An alpha value of 0.887 indicates a high level of internal consistency
among the items that make up the Business Resilience construct. This suggests that the items are
measuring the same underlying construct reliably. Composite Reliability (rho_a) value of 0.887

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further confirms the high degree of reliability and internal consistency of the items measuring
Business Resilience. (rho_c) a value of 0.917 suggests very strong internal consistency and
indicates that the items within the Business Resilience construct are highly correlated with each
other. An AVE value of 0.689 indicates that, on average, approximately 68.9% of the variance in
the observed variables is explained by the latent construct of Business Resilience. While this
value is decent, it's worth noting that an AVE value above 0.50 is generally considered good for
convergent validity.

Employee Engagement: An alpha value of 0.817 suggests a reasonably good level of internal
consistency, indicating that the items within the Employee Engagement construct are fairly
reliable and consistently measure the same underlying concept. Composite Reliability (rho_a) a
value of 0.820 suggests a good level of internal consistency for the Employee Engagement
construct. Composite Reliability (rho_c) a value of 0.829 indicates a solid level of consistency
within the Employee Engagement construct, as measured by this approach. An AVE value of
0.734 suggests that, on average, 73.4% of the variance in the observed variables is explained by
the latent construct of Employee Engagement. This indicates a reasonable convergence among
the items and suggests that the construct is adequately capturing the intended variance.
Financial Management: Cronbach's Alpha (α) = 0.861 indicates a good level of internal
consistency, suggesting that the items measuring Financial Management are reliable and
consistently measure the same construct. Composite Reliability ( a )= 0.865 reflects a high level
of internal consistency and reliability, indicating that the construct is reliably measured by the
items in the measurement instrument. Composite Reliability (c)= 0.915 indicates an even higher
level of internal consistency and reliability, further reinforcing the construct's reliability. Average
Variance Extracted (AVE) = 0.782 demonstrates that, on average, around 78.2% of the variance
in the observed variables is explained by the Financial Management construct.
Innovation and Adaptability: Cronbach's Alpha (α) the value of 0.760 indicates a moderate
level of internal consistency among the items. While it suggests reasonable consistency, there is
room for improvement. Composite Reliability (ρa) = 0.765 also indicates moderate internal
consistency. It aligns with Cronbach's Alpha and suggests a decent level of consistency among
the items. Composite Reliability (rho_c)=0.862 for this indicator is relatively higher and suggests
a better level of internal consistency when considering the average inter-item correlations. The
AVE value of 0.676 indicates that the construct is capturing about 67.6% of the variance in the
observed variables, which is acceptable but not very high. In conclusion, while the measurement
instrument demonstrates reasonable reliability and validity for the "Innovation and Adaptability"
construct, there is potential for improvement.

19
 R-square R-square adjusted
BR 0.656 0.641
EE 0.543 0.538
FM 0.627 0.623
IA 0.601 0.597

Table 6. R-square

The degree of explanation of the independent variables on a dependent variable in the model is
represented by R squared. There will be more or less R-squared coefficients in the model
depending on how many variables have a dependent role. Aside from R-squared (R-square), the
program includes an R-squared (adjusted R-square) adjustment method that more correctly
represents the explanatory level of the independent variables.

R-squared : Business Resilience 0.656 means that around 65.6% of the variance in the
dependent variable can be explained by the independent variables in the model. Employee
Engagement 0.543 means that around 54.3% of the variance in the dependent variable can be
explained by the independent variables in the model. Financial Management: 0.627 means that
around 62.7% of the variance in the dependent variable can be explained by the independent
variables in the model. Innovation and Adaptability 0.601 means that around 60.1% of the
variance in the dependent variable can be explained by the independent variables in the model.

Adjusted R-squared : Business Resilience 0.641 means that even after adjusting for the number
of variables, around 64.1% of the variance in the dependent variable can be explained by the
independent variables in the model. Employee Engagement 0.538 means that around 53.8% of
the variance in the dependent variable can be explained by the independent variables in the
model, considering the adjustment for the number of variables. Financial Management 0.623
means that around 62.3% of the variance in the dependent variable can be explained by the
independent variables in the model, considering the adjustment. Innovation and Adaptability
0.597 means that around 59.7% of the variance in the dependent variable can be explained by the
independent variables in the model, considering the adjustment. In general, higher R-squared and
adjusted R- squared values indicate a better fit of the model to the data.

20
 BR EE FM IA LC
BR
EE 0.073
FM 0.038
IA 0.072
LC 0.012 1.189 1.682 1.508
Table 7. F-square

Based on the F square results, it is clear that: f Square 0.02: extremely minor or no influence 0.15
f Square 0.35: moderate effect

Leadership Business Employee Financial Innovation and

Capabilities Resilience Engagement Management Adaptability

LC
BR 0.705
EE 0.881 0.912
FM 0.920 0.820 0.948
IA 0.959 0.942 1.116 0.993

Table 8. Heterotrait-Monotrait
The Heterotrait-Monotrait (HTMT) correlation index between the hidden variables has a
value greater than 0.7 in Table 7. There are 5 variables with a value greater than 0.7. This
proves that the hidden variable has high variability compared to other factors.

Path Standard deviation T statistics P Results

(STDEV) (|O/STDEV|) values
H1 LC->BR 0.117 0.952 0.341 Not support
H2 LC->EE 0.070 10.500 0.000 Support
H3 LC->FM 0.053 15.042 0.000 Support
H4 LC->IA 0.047 16.625 0.000 Support
H5 EE->BR 0.213 1.655 0.098 Not support
H2 FM->BR 0.160 1.399 0.162 Not support
H3 IA->BR 0.136 2.738 0.006 Support

Table 9. Hypothesis test results

With the results of hypothesis testing according to the table above, the study accepts the
main hypotheses by p-value < 0.05. This means accepting hypotheses H1c, H1b, H1a, H3.

All have 4 possibilities, as follows:

21
 Hypothesis 1a: Leadership Capabilities has a positive impact on financial management

Hypothesis 1b: Leadership Capabilities p has a positive effect on innovation and adaptation

Hypothesis 1c: Leadership Capabilities leads to better employee engagement

Hypothesis 3: The impact of innovation and adaptability on firm resilience is favorable and
limited.

V. Discussion

Many companies are concerned about their ability to recover from the Covid-19 outbreak. By
utilizing contemporary technologies, SMEs may regain their financial stability. Businesses may
function more adaptably, reduce the effects of natural catastrophes, the environment, and other
force majeure causes, and have the capacity for greater recovery by implementing technology into
their business models. The study produced a number of conclusions using the quantitative research
approach. This study methodology for analyzing gathered data is scientific and simple to
comprehend because it is based on mathematical concepts and statistical analysis. Participants in
the survey have easy access to the information thanks to the convenience sampling technique
utilized in the research. This strategy, however, does not account for sampling error and may not
yield correct population inferences based on sample data. Furthermore, inaccuracies in survey
question phrasing might cause respondents to misread the context or issue, affecting the findings
of the study. Research through case studies, surveys, and observations yield insights into effective
leadership. Contextual change leadership and transformational leadership positively impact
engagement and innovation. Diverse leadership styles should be cultivated and training should
emphasize real-world situations. Financial management with quantitative analysis, comparison
and expert interview informing financial strategy. Proactively manage, diversify and audit to
ensure organizational sustainability. Technology and data analytics enhance financial decision
making. Innovation and adaptability innovation workshops, longitudinal research and
collaboration drive innovation. Agility and experimentation encourage successful adaptation.
Collaborative cross- functional innovation strategy is key. Employee Engagement surveys
employees, focus groups, and social media analytics measure engagement. Satisfaction,
transparent communication, and recognition drive engagement. Act on feedback and provide
development opportunities that drive engagement. Regarding the general recommendation, mixed
methods should be used for comprehensive insights. Embrace a culture of continuous
improvement. Encourage interdisciplinary collaboration in research groups. By using these
methods and heeding lessons learned, organizations
22
can make informed decisions to enhance leadership, financial management, innovation,
adaptability and employee engagement, thereby ensuring the success of businesses when it comes
to business recovery

VI. Conclusion

In summary, this research has shown the author that entrepreneurs' personal issues must be
addressed in order to aid small and medium-sized businesses in recovering as rapidly as possible
from COVID-19. The government may support firms by fostering their innovative potential while
also fostering an entrepreneurial spirit in them, assist in the development of the business
information network, and provide courses to students to increase their knowledge and abilities in
innovation- related areas. The analysis of the connection between knowledge management and
company resilience is the main goal of this study. Following data gathering, 100 persons were
surveyed. SmartPLS4 was used to analyze the results and data. The project's end product is
knowledge management, which has a substantial influence on corporate resilience. Cronbach's
alpha was 0.938 and R square = 0.887. The findings indicate that the research model is extremely
trustworthy and can be used to a wide range of businesses.

23
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 Appendix

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08:47:51 dophuong25203@gmail.com Nam 20 - 30 tuổi 1-3 năm Sinh viên Greenwich
10/08/2023 nguyenminhngoc02122003@gma
09:17:59 il.com Nữ Dưới 20 khác Sinh viên Đại học văn hoá
Công ty TNHH
10/08/2023 Công Nghệ
09:23:53 hqnguyen628@gmail.com Nữ 20 - 30 tuổi 1-3 năm Nhân viên Dairry Hàn Quốc
10/08/2023
09:33:18 duyanh04092003@gmail.com Nam 20 - 30 tuổi 1-3 năm Sinh viên Đại học Đại Nam
10/08/2023 ĐH tài chính ngân
10:08:31 tam070820@gmail.com Nữ 20 - 30 tuổi 3-5 năm Sinh viên hàng
10/08/2023
10:39:16 tuletuuyen2811@gmail.com Nữ 20 - 30 tuổi khác Sinh viên Phenikaa
10/08/2023 Lehoangquynhtrang0203@gmail.
10:40:01 com Nữ 20 - 30 tuổi 1-3 năm Sinh viên Đh Greenwich
10/08/2023
10:44:05 tuannaph31810@fpt.edu.vn Nam Dưới 20 khác Sinh viên FPT Polytechnic
10/08/2023 Cty tamron
10:45:52 tranhuyen03102003@gmail.com Nữ 20 - 30 tuổi 1-3 năm Nhân viên optical viet nam
10/08/2023
10:48:39 ngocchamm0709@gmail.com Nữ 20 - 30 tuổi 1-3 năm Nhân viên Nhà thuốc
Giám đốc/
10/08/2023 CEO/Founder/Chair
10:52:21 conbo11@gamil.com Nam 20 - 30 tuổi 3-5 năm man CD thương mại
10/08/2023 Học viện Chính
10:58:08 dothutra07102003@gmail.com Nữ Dưới 20 khác Sinh viên sách và Phát triển
10/08/2023
11:00:51 nguyenvandat1015@gmail.com Nam 20 - 30 tuổi 1-3 năm Sinh viên FPT
10/08/2023
11:13:14 hangltgbh190362@fpt.edu.vn Nữ 20 - 30 tuổi 1-3 năm Nhân viên Công ty OTK
Giám đốc/
10/08/2023 CEO/Founder/Chair cty tnhh sx và xk
11:14:01 tanhoangdaovn@gmail.con Nữ Trên 40 tuổi khác man Gia Bảo

30
 Giám đốc/ cty tnhh GB
10/08/2023 CEO/Founder/Chair AGRITEK VIET
11:17:04 truongthom2003@gmail.com Nữ Trên 40 tuổi khác man NAM
10/08/2023
11:19:52 anhnqgbh210894@fpt.edu.vn Nữ Dưới 20 1-3 năm Sinh viên Greenwich
CÔNG TY
TNHH
10/08/2023 WOOJINWTP
11:29:40 duongcongxabn@gmail.com Nam 30 - 40 tuổi trên 5 năm Nhân viên VIỆT NAM
10/08/2023
11:30:55 vinhphtgch210892@fpt.edu.vn Nam 20 - 30 tuổi 1-3 năm Trưởng phòng S connect
10/08/2023 Đại Học Công
11:33:19 caichuongbo@gmail.com Nam 20 - 30 tuổi khác Sinh viên Nghiệp Hà Nội
10/08/2023 Trường Đại học
11:35:27 nhatu08032003@gmail.com Nữ 20 - 30 tuổi 1-3 năm Sinh viên Ngoại ngữ
Giám đốc/
10/08/2023 CEO/Founder/Chair Công ty TNHH
11:41:13 luonghong198@gmail.com Nữ 20 - 30 tuổi trên 5 năm man XNK KV
Cty TNHH
10/08/2023 WOOJIN WTP
11:59:38 nguyenthiviet.utehy@gmail.com Nữ 30 - 40 tuổi trên 5 năm Nhân viên Việt Nam
10/08/2023 Greenwich Việt
12:37:15 huyentkgbh210159@fpt.edu.vn Nữ 20 - 30 tuổi 1-3 năm Sinh viên Nam
10/08/2023 trung học phổ
12:55:56 nguyenhuevd1989@gmail.com Nữ 20 - 30 tuổi 3-5 năm Nhân viên thông quế võ
CÔNG TY
10/08/2023 THHH WOOJIN
12:56:36 thanhsu2306@gmail.com Nữ 30 - 40 tuổi trên 5 năm Nhân viên WTP VIỆT NAM
CÔNG TY
10/08/2023 TNHH WOOJIN
13:02:54 thanhsu2306@gmail.com Nữ 30 - 40 tuổi trên 5 năm Nhân viên WTP VIỆT NAM
công ty THHH
10/08/2023 WoojinWTP Việt
13:06:02 nguyenhuyen1982qv@gmail.com Nữ 30 - 40 tuổi trên 5 năm Nhân viên Nam
10/08/2023 trung học phổ
13:07:30 nguyenhuevd1989@gmail.com Nữ 20 - 30 tuổi trên 5 năm Nhân viên thông quế võ
10/08/2023
13:07:42 xuan14489@gmail.com Nữ 20 - 30 tuổi 1-3 năm Nhân viên woojinwtp
10/08/2023 woojin wtp viêt
13:08:42 mainganmnhc@gmail.com Nữ 30 - 40 tuổi trên 5 năm Nhân viên nam
10/08/2023 CTY TNHH
13:15:14 nguyenchiemqv1986@gmail.com Nữ 30 - 40 tuổi trên 5 năm Nhân viên WOOJIN WTP
CÔNG TY
TNHH ABCO
10/08/2023 ELECTRONICS
13:17:39 daosenbn@gmail.com Nữ 30 - 40 tuổi trên 5 năm Nhân viên VINA
10/08/2023
14:46:30 cuongthe10062003@gmail.com Nam 20 - 30 tuổi 1-3 năm Sinh viên HUMG
10/08/2023
15:16:32 quynhanhlehuong29@gmail.com Nữ Dưới 20 1-3 năm Sinh viên HUBT
10/08/2023 Đại học Kinh tế
16:21:14 iampt503@gmail.com Nữ 20 - 30 tuổi khác Sinh viên Quốc dân
10/08/2023 4Ways Fresh
19:53:05 bsuong72@yahoo.com Nữ 20 - 30 tuổi trên 5 năm Nhân viên Produce

31
10/08/2023 duongthuhuyen28112003@gmail. Đại học Thương
20:04:21 com Nữ Dưới 20 khác Sinh viên mại
亿丰越南制造有
10/08/2023
限公司
21:10:01 maomaoxdd@gmail.com Nữ 20 - 30 tuổi 1-3 năm Nhân viên
Công ty tnhh
11/08/2023 thương mại quốc
09:46:45 langkhai.lkvn@gmail.com Nữ 20 - 30 tuổi trên 5 năm Trưởng phòng tế lãng khải

32