A Journey From the GFC to the COVID ‐19 Pandemic: Does Corporate Leaders' Learning in One Crisis Matter in Another?

We examine whether executives' and directors' collective learning from the Global Financial Crisis (GFC) enhanced firm resilience during the COVID‐19 crisis. Drawing on learning transfer theory, we argue that knowledge acquired during one crisis influences subsequent corporate policies and outcomes. Using a sample of U.S. firms, we find that greater GFC experience among leadership teams is associated with superior firm performance in 2020. Additional analyses indicate that lessons learned during the GFC shaped post‐crisis corporate decisions, which contributed to stronger performance during the pandemic. Overall, our findings highlight the value of collective learning and knowledge transfer in strengthening organizational resilience.