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Industrial Diversification as an Adaptive Capability: Examining the Resilience Quantification of Industrial Ecosystems

Akwer Eva 1, Joseph David Madasi 1, and Akwer Eunice 2
1. College of Mathematics and Computer Science Zhejiang Normal University, Jinhua, China
2. College of Economics and Management Zhejiang Normal University, Jinhua, China
Abstract—Industrial diversification is necessary for the industrial sectors and organizations to withstand and remain operational during the economic shocks. This study investigates the role of industrial diversification on industrial ecosystem resilience, particularly on the revenue growth of the industrial network. To discover the remedy, we adopted a stochastic system model that captures the dynamics of the industrial ecosystem. The stochastic model was adopted with the resilience triangle approach, the industrial revenue residues exhibited, and the resilience quantified. Data collected from the year 1995 to 2015 and was divided into five phases. The countries of the sixty-two (62) Organization for Economic Co-operation Development (OECD) were selected for empirical testing. This study also selected seven developed and emerging economies with the highest gross domestic product (GDP) to test the consistency and validity of the outcomes. The results reveal a significant positive relationship between industrial diversification and industrial ecosystem resilience. This indicates that the more industrial diversification, the more it is resilient against economic shocks. Moreover, an industrial diversification strategy can be applied as an optimal control approach to reduce the economic risks, increase industrial ecosystem resilience, and avoid economic collapse.

Index Terms—industrial resilience, industrial diversification, industrial ecosystem, stochastic system, resilience triangle, resilience index

Cite: Akwer Eva, Joseph David Madasi, and Akwer Eunice, "Industrial Diversification as an Adaptive Capability: Examining the Resilience Quantification of Industrial Ecosystems," Journal of Advanced Management Science, Vol. 10, No. 3, pp. 77-87, September 2022. doi: 10.18178/joams.10.3.77-87
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