#4587. Exogenous shocks and the adaptive capacity of family firms: exploring behavioral changes and digital technologies in the COVID-19 pandemic

August 2026publication date
Proposal available till 19-05-2025
4 total number of authors per manuscript0 $

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Journal’s subject area:
Business, Management and Accounting (all);
Business and International Management;
Strategy and Management;
Management of Technology and Innovation;
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Abstract:
The COVID-19 pandemic has been and is currently still affecting organizations of all sizes and in many industries, and research still lacks profound insights into the managerial implications of this phenomenon. In particular, it is unclear how family firms, which are the economic backbone of most of the countries affected by the pandemic, have adapted to COVID-19. We develop a framework for understanding how family firms adapt to exogenous shocks such as the COVID-19 pandemic and find that the exogenous shock further reinforces the family firm’s resource constraints and the family’s fear of losing their socio-emotional wealth. These motivational sources, in turn, trigger behavioral changes in both the firm and the family. In addition to a temporarily induced short-term orientation, these changes manifest in (pseudo)family cohesion, less rigid mental models, and the utilization of digital technologies. By providing a comprehensive understanding of how COVID-19 affects family firms, the insights from our study contribute to innovation research, business practice, and policymaking alike.
Keywords:
COVID-19; family firms; business practice; economic backbone

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