Women Executives, Crisis Strategies, and Firm Outcomes in Turkish SMEs During COVID-19

Gendered leadership theories suggest that women executives may adopt distinct crisis management approaches, yet evidence from private-sector small- and medium-sized enterprises (SMEs) remains limited. This study examines associations between women’s executive presence, crisis strategies, and firm outcomes during COVID-19. Using survey data from 207 SMEs across 12 sectors in Istanbul, Türkiye, we apply non-parametric tests and regression models controlling for firm age, size, and sector. Firms with women executives reported stronger cash-flow sustainability and cost management outcomes but no significant differences in revenue generation or overall performance. They also scored higher on a composite defensive strategy index, although measurable outcome differences were limited to the cost-related dimension. These findings suggest that the association between women’s executive presence and crisis outcomes is domain-specific rather than uniform across performance dimensions. Because the indicator captures executive presence rather than decision-making authority, these associations may also reflect organizational characteristics with which women’s executive presence coincides.