The concept of a financial crisis can be defined as a situation in which there is a disruption in the overall financial system, which can increase the severity of risks in the financial market. Under such circumstances, financial markets are unable to trade money effectively, leading to a contraction in various economic activities and harming the functioning of financial markets.

Various forms are identified in the existing literature to address financial crises, however, there are three main types of crises that are very important to discuss here. These types can be classified from different dimensions, but these dimensions can overlap in these types:

1- Currency Crisis:

This type of crisis is typically referred to as a currency level crisis and occurs when there is a speculative attack on a currency that leads to an immediate drop in the value of that currency. As a result of this crisis, central banks must face many challenges as they must increase the level of foreign reserves with a large interest margin to protect the local currency.

2- Banking Crisis:

The banking crisis of the financial crisis is also known as financial panic, which refers to the situation where market confidence from investors such as banks is lost, leading many agents to withdraw their deposits. Their primary motivation is to secure their deposits and place them in a safe location or another institution. These crises are attributed to the poor quality of loans that become worthless when a market crisis occurs.

3- Debt Crisis:

A part of the debt crisis occurs when borrowers in the market stop meeting their debt obligations either in the form of assets or interest. These types of loans are linked to the private sector or the public sector or both, which involve significant risks.

4- Financial Market Crisis:

This type of crisis is also known as a financial explosion, occurring as a result of intense speculative activities that have some final outcomes in the form of asset valuation drop and loss of confidence from various lenders. Such crises lead to a slowdown in the operations of the real economic sector. The global financial crisis simply means the situation of economic value in the world, resulting from the credit provided by the mortgage market in the United States during the 2007-2008 period.

In other words, the global financial crisis is a difficult environment for success because potential consumers tend to limit their purchases of goods and services until the economic situation improves.

These declared financial crises arise from various circumstances and reasons, and some of the factors that cause a crisis are related to microeconomics, while others have a macroeconomic nature.

Different monetary and fiscal policies can reactivate loans and large amounts of debt, which increases the level of investment in the non-productive sector. This investment can lead to an increase in asset prices, and monetary policies must play their role in correcting prices. Ultimately, these factors lead to a slowdown in economic activity, a decline in the real value of additional guarantees, and an increase in the level of receivables ratios.

Moreover, the disruptions experienced by the financial sector due to credit expansion may lead external capital influence alongside the collapse of the financial market to cause a financial crisis. The fragility of the financial sector is reflected through lax credit policies and imbalances in banks' balance sheets.

Financial sustainability is defined as the consistency of institutions in generating positive outcomes that not only cover costs but also accelerate growth. The aftermath of the mortgage crisis revealed that institutions with financial sustainability were the least affected by the financial crisis. Financial stability for any organization is viewed as the ratio of income to expenses, which helps determine the level of cash available to them, as financial stability based on a sound financial system helps normalize any crisis situation.

The reason for the importance of financial sustainability lies in its impact on the overall financial system. It was observed following the global financial crisis that financial sustainability is key to avoiding and managing such crises. It also provides a moral understanding of the dimensions of sustainability and encourages the institution to work towards achieving a balance between economic, environmental, and social sectors. After the Rio Summit, it became a blueprint for a new approach that integrates environmental and social issues in organizational processes and works towards the triple bottom line outcome.

This new sustainability approach is gaining attention from most countries and helps translate the proposed rules and regulations into actions. These rules and regulations establish indicators to define the concept of sustainability to facilitate its application on an international level within organizations. Countries have increasingly adopted sustainable development as the main developmental strategy to enhance both environmental and social performance in order to boost economic growth.

The sustainable development sector helps enhance managers' ability to identify key issues they should focus on, analyze environmental, social, and economic performance, and provide overall social goals for both institutions and governments to work towards achieving sustainability performance.

This leads us to define financial performance, which is a term often repeated in the business field, regardless of the industry. When we look back at the past, it becomes clear that the success of any company or organization was evaluated based on its financial performance, regardless of other factors that may have aimed to dominate the market.

Some definitions have defined performance as the ability of the institution to achieve its objectives effectively using resources. It also includes the outputs of the operational strategy of management and the implementation of that strategy in the company's plan leading to performance measurement. In line with some other definitions, organizational performance is interpreted as a measure of the financial condition change of any organization, or its financial results.

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