Strategic responses of the family businesses in accommodation industry: lessons for overcoming crises
Journal of Family Business Management
; 2022.
Article
in English
| Web of Science | ID: covidwho-2018506
ABSTRACT
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.
Full text:
Available
Collection:
Databases of international organizations
Database:
Web of Science
Language:
English
Journal:
Journal of Family Business Management
Year:
2022
Document Type:
Article
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