Abstract
With the increasing frequency and depth of crisis shocks, the analysis of factors that determine the recovery of tourism industry enterprises across various institutional contexts is becoming particularly relevant. The purpose of the study is to assess the impact of geographical location and marketing activities on anti-crisis adaptation and revenue dynamics of tourism organizations, and to analyze the relationship between operational changes and marketing strategies during the crisis. The research methodology is based on structural equation modeling (hereinafter – SEM), which enables simultaneous assessment of direct, indirect, and moderating effects among key variables. The empirical base of the study includes data from a survey of 342 tourism organizations from 40 countries, including 187 companies registered in Kazakhstan (54.7%) and 155 companies from other countries (45.3%). The data were collected in 2025 using a questionnaire and cover marketing activities, operational changes, crisis challenges, geographical location, and a subjective assessment of the crisis's impact on revenue. The results of the study showed that geographical location is the only statistically significant predictor of revenue changes (β = -0.157; p = 0.004): companies operating in Kazakhstan, on average, demonstrated higher revenue indicators compared with organizations from other countries. Marketing activities proved to be the strongest factor influencing the implementation of operational changes (β = 0.385; p < 0.001). The results indicate the need to develop context-specific anti-crisis strategies and confirm the role of marketing activities as a key driver of organizational adaptability, rather than as a direct source of financial recovery.