Date of Conferral

2023

Degree

Doctor of Business Administration (D.B.A.)

School

Business Administration

Advisor

Carol-Anne Faint

Abstract

Covid-19 has been the most significant economic shock of the 21st century, evidenced by the S&P 500 index plunging over 30% in early 2020. Business leaders who fail to prepare for black swan events are at a high risk of failure. Grounded in Taleb’s black swan theory, the purpose of this qualitative multiple case study was to explore strategies some public market CEOs use to defend share price returns during economic shocks. The participants were five CEOs of five publicly traded companies listed on the Toronto Stock Exchange who generated positive investor returns since the pandemic began. Data were collected using in-person, semistructured interviews and a review of corporate disclosures. Data were analyzed using Yin’s five-step approach. Six themes emerged: Covid-19 disruption appreciation, credit covenant importance, shareholder communication priorities, internal communication benefits, black swan event planning, and compromised mergers and acquisitions (M&A) growth backdrop. A key recommendation is for CEOs to use the black swan blueprint, which prioritizes right-sizing operations immediately, balance sheet stability, and organic growth opportunities given M&A instability. The implications for positive social change include the potential for business leaders to be better prepared and more resilient for subsequent black swan events.

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