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Family business strategies for resilience during the Covid-19 pandemic: an evidence-based study on Italian FBS in the manufacturing industry
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The Covid-19 pandemic has been a major challenge for many organisations worldwide, holding unprecedented consequences for long-standing ways of doing business. Research on the topic is still preliminary, with many implications for how to strategically cope with the pandemic yet to be studied. So far, few studies have investigated the role of Family Businesses (FBs) in managing the crisis. Hence this research aims to address the lack of knowledge by drawing on evidence from ten interviews with owners and managers of Italian FBs. This thesis investigates the strategic focus of these companies. Further, it develops a strategic model for understanding the observed path of FBs to foster resilience throughout the pandemic.Findings advance existing knowledge on effective crisis management and resilience behaviours, further proposing the importance of bouncing forward from a crisis by engaging in adaptive behaviours aimed at innovating and investing towards growth. The role of crisis perception is regarded as a critical moderator of behaviours triggering resilience as defensive or progressive. Lastly, theoretical and managerial contributions of the study are derived while further instructing on directions for future research to extend on the proposed strategic implications.
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Strategy Family business Covid-19 pandemic