What drives crisis readiness? An assessment of managers in the United States: The effects of market turbulence, perceived likelihood of a crisis, small‐ to medium‐sized enterprises and innovative capacity

We investigate four contributors to crisis readiness: market turbulence, innovative capacity, perceived likelihood of a crisis (PLC) and firm size. Results from a PLS‐SEM assessment of 284 managers in the United States suggest that market turbulence is not only a precursor to crisis readiness but also affects PLC and innovative capacity in firms. We conclude that managers in SMEs were more likely to expect a crisis but less prepared to address one when it strikes.