Strategic responses of the family businesses in accommodation industry: lessons for overcoming crises

PurposeThe purpose of this study is threefold: 1) to examine the relevance of specific strategic orientations for family businesses in the context of an intense crisis such as the COVID-19 pandemic;2) to investigate the role of a family adaptability in surviving the crisis;and 3) to assess how proactive strategic responses connected with marketing or retrenchment responses connected with reducing costs relate to the expected survival of the crisis.Design/methodology/approachThe method adopted is a quantitative research approach. The theoretical framework uses a partial least squares structural equation modeling (PLS-SEM) for the data collected from an online survey of a sample of 544 family businesses in the accommodation industry.FindingsThis paper makes three main findings. First, family businesses that invest in operational marketing actions as a strategic response to the crisis have a high expectation of surviving the crisis. Second, family businesses that reduce their operational and labor costs as a strategic response have a low expectation of surviving the crisis. Third, the family business's adaptability is also fundamental to their expectation of survival.Originality/valueThis is the first paper to identify the possible reactions of family businesses to the COVID-19 crisis. the authors show that there are proactive or retrenchment strategic responses, and the authors relate those responses to the expectancy of surviving the crisis. This is also the first study to examine the relevance of family adaptability as a measure of the resilience of family businesses and, therefore, as a determinant of the expectation of surviving the crisis.

Revival Duration and Determinants of ASEAN Machinery Trade During COVID-19 Pandemic and the Global Financial Crisis

This study performs survival analysis to evaluate duration of revived and new machinery import and the hazard ratios (HRs) of covariates related to the global financial crisis (GFC) and COVID-19 pandemic in the Association of Southeast Asian Nations (ASEAN). The results indicate that large tariff margins decreased the possibility of disruption (HR: 0.8024) to Japanese import from ASEAN countries after revived during the COVID-19 pandemic and increased the possibility of disruption (HR: 1.0338) to Chinese import from ASEAN countries of new import during the GFC.

How do restaurants respond to the COVID-19 pandemic? Lessons from Colombian restauranteurs and their survival strategies

This study attempted to identify the overall impact of COVID-19 on the restaurant industry in Colombia through the interviews with ten restaurant owners or chefs (e.g., fine-dining, family-dining, casual dining, and quick-service restaurants). Adopting the three phase post-pandemic planning framework, this study examined how the restaurants responded, recovered, and renewed their businesses and what survival strategies they have been implementing to respond to the new normal after the COVID-19 outbreaks. Findings of the study indicated the restaurants in Colombia focused on and developed four operational survival strategies: operational transformation and challenges, government support, social responsibility, and precautionary measurement practices, focusing on their core value and assets such as employees and menus.

Strategic responses of the family businesses in accommodation industry: lessons for overcoming crises

Purpose The purpose of this study is threefold: 1) to examine the relevance of specific strategic orientations for family businesses in the context of an intense crisis such as the COVID-19 pandemic;2) to investigate the role of a family adaptability in surviving the crisis;and 3) to assess how proactive strategic responses connected with marketing or retrenchment responses connected with reducing costs relate to the expected survival of the crisis. Design/methodology/approach The method adopted is a quantitative research approach. The theoretical framework uses a partial least squares structural equation modeling (PLS-SEM) for the data collected from an online survey of a sample of 544 family businesses in the accommodation industry. Findings This paper makes three main findings. First, family businesses that invest in operational marketing actions as a strategic response to the crisis have a high expectation of surviving the crisis. Second, family businesses that reduce their operational and labor costs as a strategic response have a low expectation of surviving the crisis. Third, the family business's adaptability is also fundamental to their expectation of survival. Originality/value This is the first paper to identify the possible reactions of family businesses to the COVID-19 crisis. the authors show that there are proactive or retrenchment strategic responses, and the authors relate those responses to the expectancy of surviving the crisis. This is also the first study to examine the relevance of family adaptability as a measure of the resilience of family businesses and, therefore, as a determinant of the expectation of surviving the crisis.