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Publication Details
AFRICAN RESEARCH NEXUS
SHINING A SPOTLIGHT ON AFRICAN RESEARCH
business, management and accounting
The economics of COVID-19: initial empirical evidence on how family firms in five European countries cope with the corona crisis
International Journal of Entrepreneurial Behaviour and Research, Volume 26, No. 5, Year 2020
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Description
Purpose: Within 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/approach: Exploratory 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. Findings: The 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 sizes adapt their business models to changing environmental conditions within a short period of time. Finally, the findings also show that the crisis is bringing about a significant yet unintended cultural change. On the one hand, a stronger solidarity and cohesion within the company was observed, while on the other hand, the crisis has led to a tentative digitalization. Originality/value: To the knowledge of the authors, this is the first empirical study in the management realm on the impacts of COVID-19 on (family) firms. It provides cross-national evidence of family firms' current reactions to the crisis. © 2020, Emerald Publishing Limited.
Authors & Co-Authors
Kraus, Sascha
United Kingdom, Durham
Durham University
Clauss, Thomas
Germany, Witten
Universität Witten/herdecke
Breier, Matthias
Finland, Lappeenranta
Lut University
Gast, Johanna
France, Montpellier
Montpellier Business School
Zardini, Alessandro
Italy, Verona
Università Degli Studi Di Verona
Tiberius, Victor
Germany, Potsdam
Universität Potsdam
Statistics
Citations: 423
Authors: 6
Affiliations: 6
Identifiers
Doi:
10.1108/IJEBR-04-2020-0214
ISSN:
13552554
Research Areas
Covid
Study Design
Exploratory Study
Study Approach
Qualitative