How Family Firms In Indonesia Re-Initiate Strategies During Covid 19 Pandemies : Empirical Initial Evidence From 5 Provinces In Java Island (original) (raw)
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International Journal of Entrepreneurial Behavior & Research, 2020
PurposeWithin a very short period of time, the worldwide pandemic triggered by the novel coronavirus has not only claimed numerous lives but also caused severe limitations to daily private as well as business life. Just about every company has been affected in one way or another. This first empirical study on the effects of the COVID-19 crisis on family firms allows initial conclusions to be drawn about family firm crisis management.Design/methodology/approachExploratory qualitative research design based on 27 semi-structured interviews with key informants of family firms of all sizes in five Western European countries that are in different stages of the crisis.FindingsThe COVID-19 crisis represents a new type and quality of challenge for companies. These companies are applying measures that can be assigned to three different strategies to adapt to the crisis in the short term and emerge from it stronger in the long run. Our findings show how companies in all industries and of all s...
Family Businesses during the COVID-19 Crisis – Evidence from Poland
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia, 2020
Theoretical background: Family businesses are a specific group of enterprises in which family bonds play a vital role in determining the economic and noneconomic goals of the business. The subject literature emphasises the long-term focus of family businesses which is on continuity, futurity and perseverance. During the COVID-19 crisis, unique family business traits can allow these entities to access useful resources and take positive actions such as forging strong networking relationships, tapping into local idiosyncratic knowledge, exercising rapid response, having flexibility and exercising trust with caution. This suggests that family businesses might also react to the COVID-19 crisis in their own distinctive ways using their unique attributes.Purpose of the article: In this paper we will show how family businesses deal with coronavirus restrictions and what measures they undertook during this challenging period. The paper is organised around four research questions.Research met...
Bouncing forward or bouncing back? How family firms enact resilience in times of crisis
Journal of Family Business Management
PurposeThe study aims to develop theoretical understanding about how family-run businesses navigate unexpected and highly disruptive events by examining how family-based resilience capacity is variously transformed into an organizational capability.Design/methodology/approachThe study relies on a qualitative comparative case study design to explore how Croatian family-run businesses navigated market and operational disruptions brought on by the global coronavirus (COVID-19) pandemic. Drawing on semi-structured interviews and organizational data, this study compares how family-run businesses operating in different industries experienced and coped with disruptions. Using inductive qualitative coding methods, patterns across codes were identified and aggregated into dimensions that describe two broad approaches for leveraging family social capital in the enactment of organizational resilience.FindingsThe analysis shows that family-run businesses may employ family social capital in retr...
Family Business Evidence from Countries of Two Continents: Survival Strategy of Coronavirus Pandemic
Proceedings of the 4th International Conference of Economics, Business, and Entrepreneurship, ICEBE 2021, 7 October 2021, Lampung, Indonesia
The COVID-19 pandemic is forcing many businesses to close their businesses, driving major changes in various industry sectors, for example retailers and brands face various short-term challenges related to health and safety, supply chain, workforce, cash flow, consumer demand, sales and marketing [1]. In reality, several other types of business areas, including as tourism and hospitality, were virtually completely immobilized as a result of the disaster. Start-ups must also adjust by refraining from hiring. This situation is also having an impact on the family business. A family business is one in which the majority of the ownership and management is handled by the family or descendants of the family. This paper discusses a family business's survival plan during a Coronavirus pandemic affecting two continents. This article finds out that the COVID-19 pandemic has made all companies move to activate various innovations, both in terms of digital services and direct services.
Family firms’ resilience during the COVID-19 pandemic: Evidence from French firms
Corporate Ownership and Control
The purpose of this paper was to comprehend what are the characteristics that allow companies to be more resilient to cope with the crisis caused by the COVID-19 pandemic. More specifically, we explore the relationship between families’ involvement in corporate ownership and leadership and financial performance. Using a sample of 226 French-listed firms during the period from January 24 to April 27, 2020, we found that firms controlled by family shareholders showed higher stock market performance than their non-family in the pandemic period. This finding is stronger in the case of the first family firms’ generation where the founder still holds the position of executive chef, president or general manager. Contrary to our expectations, family firms perform better when led by a professional chief executive officer (CEO). Overall, our results add to previous research by illustrating how family ties influence a firm’s response to external shocks.
Consolidation strategies of small family firms in Poland during Covid-19 crisis
Entrepreneurial Business and Economics Review
The objective of the article is to contribute to research into family businesses by understanding how small family businesses are responding and adapting to the Covid-19 crisis. Research Design & Methods: The research method is based on a comparative analysis of case studies. To investigate the impact of Covid-19 on small family businesses in Poland, we conducted exploratory studies in 12 entities, based on 29 partially structured interviews with managers of these companies. Findings: The sudden spread of the Covid-19 pandemic around the world took many lives and caused severe restrictions in social and private life, including the business sector. While almost every firm has been affected by the pandemic crisis, small businesses, dominated by family businesses, are particularly vulnerable to it. Our findings show that the Covid-19 crisis affects all companies and presents a completely new challenge that has so far had no precedent. Small family businesses are not prepared for the prolonged state of uncertainty and tension threatening the continuity of their operations, which particularly endangers financial stability and employee maintenance. In responding to the crisis, small family firms cannot refer to previous experience or developed methods and patterns of operation. Implications & Recommendations: Small family businesses must quickly adapt their operations to changing conditions, regardless of their size and industry in which they operate. Covid-19 in small family businesses causes changes in their approach to running the business and family life. Contribution & Value Added: According to our knowledge, this is the first empirical study in Poland on the impact of Covid-19 on small family businesses. Article type: research article
Fostering Family Business Sustainability Strategies During Covid-19 Pandemic
European Proceedings of Multidisciplinary Sciences, 2022
The objective of this paper is to develop a set of family business parameters to ensure business survival in the market, particularly during and after the post-pandemic of COVID-19. This study investigates how the family business in Malaysia plan their strategy(s) to be resilient and agile for business sustainability and continuity during COVID-19 pandemic. This study explores the critical success factors that contribute to the family business response for sustainability. Nevertheless, issues regarding family conflict and business survival are the biggest challenges for a family business to strengthen its resilience and continuity. The current paper employs a content analysis approach on the STEP and KPMG, COVID-19 report findings, and a review of previous literature and past studies in Malaysia on the family business landscape. This paper focuses and highlights the results and findings on Malaysia and some related aspects and compares Malaysia's standings against family businesses in Europe, the Americas, Asia, and the Middle East and Africa (countries that participated in the STEP & KPMG 2020 study). Through the content analysis findings, propositions of a model are developed in order to address the issues and challenges towards family business growth and survival in the market. This paper presents (i) several propositions regarding family businesses strategy in Malaysia and (ii) critical success factors in sustaining the family businesses in Malaysia. This study also shows family business governance variables that are vital to respond to the challenges and opportunities in a given situation.
Cross Current International Journal of Economics, Management and Media Studies
In a volatile and changing context shaped by the succession of economic, social and health crises, etc., the resilience of organizations and companies is a key issue for managers and decision-makers. The family business (FB) is the most dominant form of entrepreneurial activity in economies over the world. They represent 60 to 90% of all businesses worldwide, taking many forms such as: Very Small Enterprises (VSE), Small Enterprises (SE), medium-sized enterprises (SMEs), and Large Enterprises. The main objective of our study is to explore theoretically the phenomenon of organizational resilience of FBs especially in this context of Covid-19 crisis. To this end, our research question is formulated as follows: To what extent the family firms are resilient during the Covid-19 crisis? The adoption of dynamic capabilities theory and the analysis of a rich and diverse literature review allow us to explore the antecedents of organizational resilience in the FB context. Therefore, this theo...
Mobilisation of survivability capital – family firm response to the coronavirus crisis
International Journal of Entrepreneurial Behavior & Research
PurposeSurvivability capital is a unique resource resulting from the “familiness” constituting an inherent feature of family firms. Familiness represents the ability of family members to reinforce the financial and non-financial resources of businesses facing threats to their economic existence. This work proposes and examines various dimensions of the survivability capital construct, verifying whether family firms expecting deterioration of their economic situation or problems with survival due to the COVID-19 crisis can mobilise sufficient capital to survive.Design/methodology/approachThis article provides empirical evidence based on a cross-sectional online survey of 167 Polish family firms, conducted at the beginning of the COVID-19 pandemic. The method (scale) of survivability capital measurement was elaborated and validated using principal component analysis (PCA) and confirmatory factor analyses (CFA). Next, the mobilisation of the different dimensions of survivability capita...