Table 1. List of independent and explanatory variables used in this study. The interviewees from enterprises were either owners or senior managers. Variable Variable description Independent variables Enterprise Resilience composite scale Composite scale of social resilience (see Table 3) Enterprise Resilience – exit or not Binary variable (1 = exit, 0 = not exit) of whether an enterprise indicates it will exit the reef tourism sector or not in the face of a shock scenario that leads to 50% reduction in tourist revenue to the enterprise for 12 months Explanatory variables Enterprise size The size of an enterprise measured by the natural logarithm of the number of equivalent full time employees Enterprise age The natural logarithm of the number of years an enterprise has been in operation Enterprise shock experience Binary variable (1 = past shock, 0 = no past shock) of whether an enterprise has experienced a slump of 25% or more in its tourism revenue for 3 months or more (beyond seasonal variation) Condition of coral reefs 5 point Likert scale of an enterprise’s perspective of the condition of the coral reefs that are the focus of an enterprise’s tourist activities Social capital The average of an enterprise’s a) expected extent of support from government, b) family and friends, and c) increased collaboration with other companies in a systemic shock scenario (all measured on 5 point Likert scales) Access to finance in shock scenario 5 point Likert scale of an enterprise’s expected ease of access to finance in a systemic shock scenario Financial condition in shock scenario The average of an enterprise’s expected level of indebtedness, profit and revenue in a systemic shock scenario of a 50% reduction in tourist revenue to the enterprise for 12 months (all measured on 5 point Likert scales) Human capital 5 point Likert scale of the confidence of owners and managers in the ability of the key staff in their enterprise to adapt successfully to future changes Lifestyle identity Composite scale of the extent to which the participation of owners and managerial staff in a reef tourism enterprise are driven by lifestyle decisions (Table 2)