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

Strategic responses of the family businesses in accommodation industry: lessons for overcoming... 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/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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Family Business Management Emerald Publishing

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

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References (137)

Publisher
Emerald Publishing
Copyright
© Emerald Publishing Limited
ISSN
2043-6238
DOI
10.1108/jfbm-03-2022-0045
Publisher site
See Article on Publisher Site

Abstract

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/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.

Journal

Journal of Family Business Management – Emerald Publishing

Published: Mar 2, 2023

Keywords: Strategic orientations; Family business; Family adaptability; Strategic responses; Crisis survival

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