Macro-Financial Volatility Exposure and Corporate Resilience: The Dual Contingencies of Resource-Capability Alignment and Cognition-Learning Adaptation

Abstract

Amid heightened global economic uncertainty, enhancing corporate capacity to resist systemic risks is crucial. This study examines how exposure to macro-financial volatility affects organizational resilience among Chinese A-share listed firms. Empirical tests reveal that macro-financial volatility elevates stock price crash risk in baseline market evaluations, thereby eroding organizational resilience, while extended specifications display consistent directional patterns across varying levels of statistical support. Moderation analysis indicates that external volatility transmission involves distinct structural and processual contingencies. Specifically, contrary to conventional views treating internal fit as a protective buffer, high resource-capability alignment induces structural rigidity that amplifies this eroding effect. Conversely, processual adaptation through organizational cognition and organizational learning exhibits time-lagged protective effects that cushion crash risk over time. Heterogeneity analyses show that internal liquid reserves, intangible assets, regional financial depth, and urban scale effectively buffer firm-level operations against macro shocks.