Sacrifice, Protect, and Hope for the Best: Family Ownership, Turnaround Moves, and Crisis Survival

IF 7.8 1区管理学 Q1 BUSINESS

Entrepreneurship Theory and Practice Pub Date : 2022-10-11 DOI:10.1177/10422587221118062

Alexandra Bertschi-Michel, Philipp Sieger, Thomas Wittig, Andreas Hack

引用次数: 2

Abstract

A critical yet unanswered question for family-owned firms in a survival-threatening crisis is which turnaround moves to employ and for what reasons. Building on noneconomic goals associated with family ownership and related socioemotional wealth (SEW) considerations, we theorize that the higher the degree of family ownership, the more likely family owners are to sacrifice normative SEW dimensions and to protect instrumental SEW dimensions. This then affects which operational, portfolio, financial, and managerial turnaround moves are likely to be employed, and ultimately, the odds of insolvency. Analyzing a unique sample of responses from 209 bank turnaround managers generally confirms our theorizing.

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牺牲、保护和希望:家族所有权、转机行动和危机生存

在一场威胁生存的危机中，家族企业面临的一个关键问题是，哪些企业会采取转型行动，以及出于何种原因。基于与家族所有权和相关社会情感财富(SEW)相关的非经济目标，我们认为家族所有权程度越高，家族所有者就越有可能牺牲规范的SEW维度，并保护工具性的SEW维度。这就会影响到可能采取哪些运营、投资组合、财务和管理上的转型举措，并最终影响到破产的几率。分析了209家银行周转经理的独特回应样本，总体上证实了我们的理论。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Entrepreneurship Theory and Practice BUSINESS-

CiteScore

19.00

自引率

12.40%

发文量

期刊介绍： Entrepreneurship Theory and Practice (ETP) is an interdisciplinary scholarly journal dedicated to conceptual and empirical research that advances, tests, or extends theory relating to entrepreneurship in its broadest sense. Article Topics: Topics covered in ETP include, but are not limited to: New Venture Creation, Development, Growth, and Performance Characteristics, Behaviors, and Types of Entrepreneurs Small Business Management Family-Owned Businesses Corporate, Social, and Sustainable Entrepreneurship National and International Studies of Enterprise Creation Research Methods in Entrepreneurship Venture Financing Content: The journal publishes articles that explore these topics through rigorous theoretical development, empirical analysis, and methodological innovation. ETP serves as a platform for advancing our understanding of entrepreneurship and its implications for individuals, organizations, and society.