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موضوع به انگلیسی:Mobilisation of survivability
capital – family firm response to
the coronavirus crisis
بخشی از متن:Abstract
Purpose – Survivability capital is a unique resource resulting from the “familiness” constituting an inherent
feature of family firms. Familiness represents the ability of family members to reinforce the financial and nonfinancial
resources of businesses facing threats to their economic existence. This work proposes and examines
various dimensions of the survivability capital construct, verifying whether family firms expecting
deterioration of their economic situation or problems with survival due to the COVID-19 crisis can mobilise
sufficient capital to survive.
Design/methodology/approach – This article provides empirical evidence based on a cross-sectional online
survey of 167 Polish family firms, conducted at the beginning of the COVID-19 pandemic. The method (scale) of
survivability capital measurement was elaborated and validated using principal component analysis (PCA)
and confirmatory factor analyses (CFA). Next, the mobilisation of the different dimensions of survivability
capital was examined using PLS-SEM modelling.
Findings – The survivability capital of family firms is composed of two dimensions: internal (based on directly
involved family members) and external (based on not directly involved family members). Family firms facing
crisis-induced deterioration of the economic situation engage its internal component. Subsequently, family
firms forecasting decreasing probability of survival during a crisis try to engage both the internal and the
external components of survivability capital. Such behaviour is in line with the resource-based view as well as
with the sustainable family business theory.
Originality/value – To the best of the authors’ knowledge, this is one of the first studies to examine
analytically the survivability capital construct. While previous studies mentioned the existence of survivability
capital, this study attempts to introduce its various dimensions and test the mobilisation of survivability
capital during the COVID-19 crisis.
Keywords Family firms, Survivability capital, Resource-based theory, External shocks, Resilience capacity
Paper type Research paper
