Setareh Azadi - Arak branch, Islamic Azad University
Qasemali Bazaei - Faculty Member, Islamic Azad University Central Tehran Branch

Crisis management consists of three completely separate phases, (1) foresight/ prevention, (2) planning/ training, (3) leading/controlling. As you observe, we can not do many things except for leading and controlling when a crisis occurs, and the most important actions in such a situation are to make proper decisions. From management perspective, data, information, process and analysis are required to take a right decision, but the main sources of all these are available to use just before crisis occurrence. If we have not conducted two pervious stages, foresight/ prevention and planning/ training, we will face with a new crisis during the occurred crisis. Thus, making frequent hastily and thoughtless decisions, we not only increase the situation seriousness but also create new crises which are not even detectable, and only the consequences resulting from them interfere with the main crisis regularly. After 1970s and oil crisis, a new skill was necessitated for the decision-makers of large corporations which was to manage crises (Yoo & Kim, 2012). Exploring most countries performance indicates that there is a close relationship between investment and economic advanced level meaning that countries which have an efficient pattern of capital allocation to diverse economic sections usually enjoy more economic progress and consequently also have higher social welfare. In emerging economics like Iran, the importance of creating a financing system effective in financial crisis time, transparent and fluent in order to encourage entrepreneurship and achieve development goals is double.

Management; strategy of risk management performance; financial crisis