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

Bertschi, Alexandra; Sieger, Philipp; Wittig, Thomas; Hack, Andreas (2022). Sacrifice, Protect, and Hope for the Best: Family Ownership, Turnaround Moves, and Crisis Survival. (In Press). Entrepreneurship theory and practice Wiley

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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 non-economic 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.

Item Type:

Journal Article (Original Article)

Division/Institute:

03 Faculty of Business, Economics and Social Sciences > Department of Business Management > Institute of Innovation Management > Management
03 Faculty of Business, Economics and Social Sciences > Department of Business Management > Institute of Organization and Human Resource Management > Human Resource Management
11 Centers of Competence > Center for Regional Economic Development (CRED)

UniBE Contributor:

Bertschi, Alexandra; Sieger, Philipp and Hack, Andreas

Subjects:

600 Technology > 650 Management & public relations

ISSN:

1540-6520

Publisher:

Wiley

Language:

English

Submitter:

Philipp Sieger

Date Deposited:

11 Aug 2022 11:45

Last Modified:

11 Aug 2022 11:45

Uncontrolled Keywords:

Family ownership, socioemotional wealth (SEW), turnaround moves, severe crisis

URI:

https://boris.unibe.ch/id/eprint/171562

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