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The business sector plays a major role in achieving comprehensive economic development goals in emerging economies. Consequently, the effects of business responses to the COVID-19 pandemic are receiving increasing research attention from an organizational management development perspective. This article aims to examine the role of leadership in charting the course in an extraordinary crisis context.

Using institutional leadership theory, leadership contingency theory and dynamic leadership capability theory, the authors present a research framework that defines macrochallenges and organizational level responses and outcomes. The article adopts a case study approach, which includes the identification of four target companies and conducting in-depth interviews with senior management professionals within those companies at different time periods.

Based on the interviews, the steps that Indian companies adopted to respond to the COVID-19 challenge are identified. Expanding the insight from the case study, the findings suggest that although feeling overwhelmed at first, organizational leaders combine prudent (i.e. timely and speedy actions for survival first) and bold (i.e. future envisioning for expansion and growth) actions enabling these firms to weather two waves of the COVID-19 pandemic in India.

These multiple case studies are unique in exploring MNEs from different industries. This study also highlights the dynamic relationships between leadership practices, risk management strategies and performance outcomes based on a sound theoretical model and rigorous study methods.

The COVID-19 pandemic presents unprecedented challenges for small and medium enterprises (SMEs) in emerging economies. This paper aims to examine how India's SMEs implement their strategic responses in this crisis.

The study uses dynamic capability theory to explore the strategic responses of SMEs. Strategy implementation theory helps to explain how they implement innovative practices for outcomes. A research model defines the COVID-19 challenges, strategic responses and performance outcomes. The study reports the findings of an initial pilot study of 75 firms and follow-up case study results in the context of COVID-19.

Firms choose their approaches according to their perceived market risks. Case studies illustrate that firms display diverse attitudes depending on their strategic direction, leadership vision and organizational culture. They achieve different outcomes by implementing specific styles of risk management practices (e.g. risk-averting, risk-taking and risk-thriving).

Although the study context is Indian SMEs, the findings suggest meaningful lessons for other emerging economies in similar crisis events. The propositions may be extended to future research in broad contexts.

Even in the extraordinary COVID-19 market crisis, SMEs with limited resources display their strategic potential by recognizing their unique capabilities, translating them into effective actions and achieving desirable outcomes.

In the COVID-19 pandemic, top leaders' mental attitude, strategic perspective and routine practices are contagious. Positive leadership motivates both internal and external stakeholders with an enormous level of collaboration.

This rare study of Indian SMEs provides a theoretical framework for designing a pilot survey and conducting a case study of multiple firms. Based on these findings, testable propositions are articulated for future research in diverse organizational and national contexts.