Strategic Management Decisions in Large Enterprises in the Times of Economic Turbulence

In periods of economic turbulence, it is paramount for companies to select an appropriate business development strategy, as this choice will determine whether the company can enhance its success amidst instability or exacerbate its financial and market position relative to competitors. This paper investigates the impact of various strategic management decisions on the financial stability of companies during times of economic turbulence. Our empirical research is based on a sample of over 300 of the largest Russian companies during the Russian-Ukraine political crisis. We examined how the chosen strategy, along with other external and internal factors, influences the financial performance of the organization. As the parameter of interest, we explored revenue growth in absolute values from 2022 to 2023. Internal variables encompass indicators of financial stability, financial performance, and the volume of company assets and costs. Conversely, external variables comprise sector-specific information and pertinent data on external constraints imposed on this sector of the Russian economy. The aspect of the strategy that delineate the trajectories of corporate development was reflected through the categorical variable obtained via the neuro-linguistic model that utilizes IFRS reports, interviews with top management and official statements of the companies. As the result, our investigation revealed that the Innovation strategy exerts a positive influence on the company's revenue change, whereas the Retrenchment strategy renders a negative one. Furthermore, we have identified that such principal variables as revenue, cost of sales, fixed assets and profit from sales in 2022 exert significant impact on the revenue change 2022-2023. Key words: response strategies, economic turbulence, strategic management, large enterprises, NLP.