IDEAS home Printed from https://ideas.repec.org/a/eee/fambus/v14y2023i1s187785852200002x.html
   My bibliography  Save this article

Playing the wild cards: Antecedents of family firm resilience

Author

Listed:
  • Czakon, Wojciech
  • Hajdas, Monika
  • Radomska, Joanna

Abstract

The purpose of this study is to explore how family firms respond to wild cards. We aim to capture the understanding of family firm owners/managers of what wild cards are in terms of frequency, kind, and impact. We also examine how familiness and entrepreneurial orientation form the resilience and survival of family firms when facing wild cards. The scope of our attention is limited to extreme events so far overlooked in the family firm resilience literature, and the empirical context of our study involves the COVID-19 pandemic. Our findings show that the response to wild cards depends on the understanding of those extreme situations that family firms managers/owners develop. Deep time horizon is relevant in developing a useful understanding of wild cards, and generational involvement helps to socially construct it. After developing an understanding, family firm managers/owners use decision making preferences in selecting their response to wild cards. Our study offers a behavioral take on family firms resilience, and provides a fine grained view incorporating behavioral constructs.

Suggested Citation

  • Czakon, Wojciech & Hajdas, Monika & Radomska, Joanna, 2023. "Playing the wild cards: Antecedents of family firm resilience," Journal of Family Business Strategy, Elsevier, vol. 14(1).
    • Handle: RePEc:eee:fambus:v:14:y:2023:i:1:s187785852200002x
    DOI: 10.1016/j.jfbs.2022.100484
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S187785852200002X
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.jfbs.2022.100484?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Kathryn Stafford & Vibha Bhargava & Sharon Danes & George Haynes & Katherine Brewton, 2010. "Factors Associated with Long-Term Survival of Family Businesses: Duration Analysis," Journal of Family and Economic Issues, Springer, vol. 31(4), pages 442-457, December.
    2. Patrick Raymund James M. Garcia & Pramodita Sharma & Alfredo De Massis & Mike Wright & Louise Scholes, 2019. "Perceived Parental Behaviors and Next-Generation Engagement in Family Firms: A Social Cognitive Perspective," Entrepreneurship Theory and Practice, , vol. 43(2), pages 224-243, March.
    3. Andreas Rauch & Johan Wiklund & G.T. Lumpkin & Michael Frese, 2009. "Entrepreneurial Orientation and Business Performance: An Assessment of past Research and Suggestions for the Future," Entrepreneurship Theory and Practice, , vol. 33(3), pages 761-787, May.
    4. Johan Wiklund & Dean A. Shepherd, 2011. "Where to from Here? EO-as-Experimentation, Failure, and Distribution of Outcomes," Entrepreneurship Theory and Practice, , vol. 35(5), pages 925-946, September.
    5. Joep P. Cornelissen & Saku Mantere & Eero Vaara, 2014. "The Contraction of Meaning: The Combined Effect of Communication, Emotions, and Materiality on Sensemaking in the Stockwell Shooting," Journal of Management Studies, Wiley Blackwell, vol. 51(5), pages 699-736, July.
    6. Dennis A. Gioia & Kumar Chittipeddi, 1991. "Sensemaking and sensegiving in strategic change initiation," Strategic Management Journal, Wiley Blackwell, vol. 12(6), pages 433-448, September.
    7. Zellweger, Thomas M. & Eddleston, Kimberly A. & Kellermanns, Franz W., 2010. "Exploring the concept of familiness: Introducing family firm identity," Journal of Family Business Strategy, Elsevier, vol. 1(1), pages 54-63, March.
    8. Carlo Salvato & Francesco Chirico & Pramodita Sharma, 2010. "A farewell to the business: Championing exit and continuity in entrepreneurial family firms," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 22(3-4), pages 321-348, May.
    9. Catherine Welch & Rebecca Piekkari & Emmanuella Plakoyiannaki & Eriikka Paavilainen-Mantymaki, 2011. "Theorising from case studies: Towards a pluralist future for international business research," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 42(5), pages 740-762, June.
    10. Jess H. Chua & James J. Chrisman & Lloyd P. Steier & Sabine B. Rau, 2012. "Sources of Heterogeneity in Family Firms: An Introduction," Entrepreneurship Theory and Practice, , vol. 36(6), pages 1103-1113, November.
    11. Conz, Elisa & Lamb, Peter William & De Massis, Alfredo, 2020. "Practicing resilience in family firms: An investigation through phenomenography," Journal of Family Business Strategy, Elsevier, vol. 11(2).
    12. Margherita, Alessandro & Heikkilä, Marikka, 2021. "Business continuity in the COVID-19 emergency: A framework of actions undertaken by world-leading companies," Business Horizons, Elsevier, vol. 64(5), pages 683-695.
    13. Crick, James M. & Crick, Dave, 2021. "Coopetition and family-owned wine producers," Journal of Business Research, Elsevier, vol. 135(C), pages 319-336.
    14. Benjamin Saunders & Julius Sim & Tom Kingstone & Shula Baker & Jackie Waterfield & Bernadette Bartlam & Heather Burroughs & Clare Jinks, 2018. "Saturation in qualitative research: exploring its conceptualization and operationalization," Quality & Quantity: International Journal of Methodology, Springer, vol. 52(4), pages 1893-1907, July.
    15. Conz, Elisa & Magnani, Giovanna, 2020. "A dynamic perspective on the resilience of firms: A systematic literature review and a framework for future research," European Management Journal, Elsevier, vol. 38(3), pages 400-412.
    16. David G. Sirmon & Michael A. Hitt, 2003. "Managing Resources: Linking Unique Resources, Management, and Wealth Creation in Family Firms," Entrepreneurship Theory and Practice, , vol. 27(4), pages 339-358, October.
    17. Hanqing “Chevy†Fang & James J. Chrisman & Daniel T. Holt, 2021. "Strategic Persistence in Family Business," Entrepreneurship Theory and Practice, , vol. 45(4), pages 931-950, July.
    18. Ricarda B. Bouncken & Yixin Qiu & Noemi Sinkovics & Wolfgang Kürsten, 2021. "Qualitative research: extending the range with flexible pattern matching," Review of Managerial Science, Springer, vol. 15(2), pages 251-273, February.
    19. Ilse Matser & Sascha Kraus & Stefan Märk, 2011. "Securing post-succession continuity in family firms through knowledge transfer," International Journal of Entrepreneurship and Small Business, Inderscience Enterprises Ltd, vol. 14(4), pages 478-496.
    20. Marshall, Alasdair & Ojiako, Udechukwu & Wang, Victoria & Lin, Fenfang & Chipulu, Maxwell, 2019. "Forecasting unknown-unknowns by boosting the risk radar within the risk intelligent organisation," International Journal of Forecasting, Elsevier, vol. 35(2), pages 644-658.
    21. Peter Jaskiewicz & Andrew A. Luchak, 2013. "Explaining Performance Differences between Family Firms with Family and Nonfamily CEOs: It's the Nature of the Tie to the Family that Counts!," Entrepreneurship Theory and Practice, , vol. 37(6), pages 1361-1367, November.
    22. Alonso-Dos-Santos, Manuel & Llanos-Contreras, Orlando, 2019. "Family business performance in a post-disaster scenario: The influence of socioemotional wealth importance and entrepreneurial orientation," Journal of Business Research, Elsevier, vol. 101(C), pages 492-498.
    23. Scholes, Louise & Hughes, Mathew & Wright, Mike & De Massis, Alfredo & Kotlar, Josip, 2021. "Family management and family guardianship: Governance effects on family firm innovation strategy," Journal of Family Business Strategy, Elsevier, vol. 12(4).
    24. Zeynep Arsel & Darren DahlEditor & Eileen FischerEditor & Gita JoharEditor & Vicki MorwitzEditor, 2017. "Asking Questions with Reflexive Focus: A Tutorial on Designing and Conducting Interviews," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 44(4), pages 939-948.
    25. Thomas Zellweger & Philipp Sieger, 2012. "Entrepreneurial orientation in long-lived family firms," Small Business Economics, Springer, vol. 38(1), pages 67-84, January.
    26. Jaskiewicz, Peter & Combs, James G. & Rau, Sabine B., 2015. "Entrepreneurial legacy: Toward a theory of how some family firms nurture transgenerational entrepreneurship," Journal of Business Venturing, Elsevier, vol. 30(1), pages 29-49.
    27. Sucheta Nadkarni & Tianxu Chen & Jianhong Chen, 2016. "The clock is ticking! Executive temporal depth, industry velocity, and competitive aggressiveness," Strategic Management Journal, Wiley Blackwell, vol. 37(6), pages 1132-1153, June.
    28. Shu‐hui Lin & Shing‐yang Hu, 2007. "A Family Member or Professional Management? The Choice of a CEO and Its Impact on Performance," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(6), pages 1348-1362, November.
    29. G. T. Lumpkin & Keith H. Brigham, 2011. "Long–Term Orientation and Intertemporal Choice in Family Firms," Entrepreneurship Theory and Practice, , vol. 35(6), pages 1149-1169, November.
    30. Ivan Miroshnychenko & Alfredo De Massis & Danny Miller & Roberto Barontini, 2021. "Family Business Growth Around the World," Entrepreneurship Theory and Practice, , vol. 45(4), pages 682-708, July.
    31. Jess H. Chua & James J. Chrisman & Pramodita Sharma, 1999. "Defining the Family Business by Behavior," Entrepreneurship Theory and Practice, , vol. 23(4), pages 19-39, July.
    32. Stafford, Kathryn & Danes, Sharon M. & Haynes, George W., 2013. "Long-term family firm survival and growth considering owning family adaptive capacity and federal disaster assistance receipt," Journal of Family Business Strategy, Elsevier, vol. 4(3), pages 188-200.
    33. Salvatore Sciascia & Pietro Mazzola & Francesco Chirico, 2013. "Generational Involvement in the Top Management Team of Family Firms: Exploring Nonlinear Effects on Entrepreneurial Orientation," Entrepreneurship Theory and Practice, , vol. 37(1), pages 69-85, January.
    34. Danny Miller & Isabelle Le Breton–Miller, 2014. "Deconstructing Socioemotional Wealth," Entrepreneurship Theory and Practice, , vol. 38(4), pages 713-720, July.
    35. Torsten M. Pieper & Anne D. Smith & Jerry Kudlats & Joseph H. Astrachan, 2015. "The Persistence of Multifamily Firms: Founder Imprinting, Simple Rules, and Monitoring Processes," Entrepreneurship Theory and Practice, , vol. 39(6), pages 1313-1337, November.
    36. Julia Hillmann, 2021. "Disciplines of organizational resilience: contributions, critiques, and future research avenues," Review of Managerial Science, Springer, vol. 15(4), pages 879-936, May.
    37. Martina K. Linnenluecke & Andrew Griffiths & Monika Winn, 2012. "Extreme Weather Events and the Critical Importance of Anticipatory Adaptation and Organizational Resilience in Responding to Impacts," Business Strategy and the Environment, Wiley Blackwell, vol. 21(1), pages 17-32, January.
    38. Bövers, Jana & Hoon, Christina, 2021. "Surviving disruptive change: The role of history in aligning strategy and identity in family businesses," Journal of Family Business Strategy, Elsevier, vol. 12(4).
    39. Brewton, Katherine E. & Danes, Sharon M. & Stafford, Kathryn & Haynes, George W., 2010. "Determinants of rural and urban family firm resilience," Journal of Family Business Strategy, Elsevier, vol. 1(3), pages 155-166, September.
    40. Brinkerink, Jasper & Rondi, Emanuela & Benedetti, Carlotta & Arzubiaga, Unai, 2020. "Family business or business family? Organizational identity elasticity and strategic responses to disruptive innovation," Journal of Family Business Strategy, Elsevier, vol. 11(4).
    41. James J. Chrisman & Jess H. Chua & Lloyd P. Steier, 2011. "Resilience of Family Firms: An Introduction," Entrepreneurship Theory and Practice, , vol. 35(6), pages 1107-1119, November.
    42. Orlando Llanos-Contreras & Manuel Alonso-Dos-Santos & Domingo Ribeiro-Soriano, 2020. "Entrepreneurship and risk-taking in a post-disaster scenario," International Entrepreneurship and Management Journal, Springer, vol. 16(1), pages 221-237, March.
    43. Sally Maitlis & Scott Sonenshein, 2010. "Sensemaking in Crisis and Change: Inspiration and Insights From Weick (1988)," Journal of Management Studies, Wiley Blackwell, vol. 47(3), pages 551-580, May.
    44. Joep P. Cornelissen & Saku Mantere & Eero Vaara, 2014. "The Contraction of Meaning : The Combined Effect of Communication, Emotions, and Materiality on Sensemaking in the Stockwell Shooting," Post-Print hal-02313191, HAL.
    45. Vincent Lefebvre & Miruna Radu-Lefebvre & William B. Gartner & Jean S. Clarke, 2021. "Building Multitemporal Awareness and Reflexivity in Family Business : A Visual Sensemaking Exercise," Post-Print hal-03193728, HAL.
    46. Shipp, Abbie J. & Edwards, Jeffrey R. & Lambert, Lisa Schurer, 2009. "Conceptualization and measurement of temporal focus: The subjective experience of the past, present, and future," Organizational Behavior and Human Decision Processes, Elsevier, vol. 110(1), pages 1-22, September.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. José Manuel Hurtado & Inés Herrero, 2024. "Board of directors and firm resilience from a social capital perspective," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(4), pages 2770-2782, July.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Chirico, Francesco & Duane Ireland, R. & Pittino, Daniel & Sanchez-Famoso, Valeriano, 2022. "Radical innovation in (multi)family owned firms," Journal of Business Venturing, Elsevier, vol. 37(3).
    2. Vanessa Diaz-Moriana & Eric Clinton & Nadine Kammerlander & G. T. Lumpkin & Justin B. Craig, 2020. "Innovation Motives in Family Firms: A Transgenerational View," Entrepreneurship Theory and Practice, , vol. 44(2), pages 256-287, March.
    3. Conz, Elisa & Lamb, Peter William & De Massis, Alfredo, 2020. "Practicing resilience in family firms: An investigation through phenomenography," Journal of Family Business Strategy, Elsevier, vol. 11(2).
    4. Moreno-Menéndez, Ana M. & Casillas, José C., 2021. "How do family businesses grow? Differences in growth patterns between family and non-family firms," Journal of Family Business Strategy, Elsevier, vol. 12(3).
    5. Cherchem, Naïma, 2017. "The relationship between organizational culture and entrepreneurial orientation in family firms: Does generational involvement matter?," Journal of Family Business Strategy, Elsevier, vol. 8(2), pages 87-98.
    6. Sherlock, Chelsea & Dibrell, Clay & Memili, Esra, 2023. "The impact of family commitment on firm innovativeness: The mediating role of resource stocks," Journal of Family Business Strategy, Elsevier, vol. 14(3).
    7. María del Pilar Casado-Belmonte & María de las Mercedes Capobianco-Uriarte & Rubén Martínez-Alonso & María J. Martínez-Romero, 2021. "Delineating the Path of Family Firm Innovation: Mapping the Scientific Structure," Review of Managerial Science, Springer, vol. 15(8), pages 2455-2499, November.
    8. J. Ruben Boling & Torsten M. Pieper & Jeffrey G. Covin, 2016. "CEO Tenure and Entrepreneurial Orientation within Family and Nonfamily Firms," Entrepreneurship Theory and Practice, , vol. 40(4), pages 891-913, July.
    9. Dawn R. DeTienne & Francesco Chirico, 2013. "Exit Strategies in Family Firms: How Socioemotional Wealth Drives the Threshold of Performance," Entrepreneurship Theory and Practice, , vol. 37(6), pages 1297-1318, November.
    10. Sami Basly & Paul-Laurent Saunier, 2020. "Familiness, socio-emotional goals and the internationalization of French family SMEs," Journal of International Entrepreneurship, Springer, vol. 18(3), pages 270-311, September.
    11. Guedes, Maria João & Patel, Pankaj C. & Kowalkowski, Christian & Oghazi, Pejvak, 2022. "Family business, servitization, and performance: Evidence from Portugal," Technological Forecasting and Social Change, Elsevier, vol. 185(C).
    12. D’Allura, Giorgia Maria, 2019. "The leading role of the top management team in understanding family firms: Past research and future directions," Journal of Family Business Strategy, Elsevier, vol. 10(2), pages 87-104.
    13. Pittino, Daniel & Visintin, Francesca & Lauto, Giancarlo, 2017. "A configurational analysis of the antecedents of entrepreneurial orientation," European Management Journal, Elsevier, vol. 35(2), pages 224-237.
    14. Georgiou, Thoukis & Papasolomou, Ioanna & Vrontis, Demetris & Thrassou, Alkis, 2023. "Market-oriented succession effectiveness in family business – Case-based evidence from Cyprus family-owned wine business," Journal of Business Research, Elsevier, vol. 165(C).
    15. Jean-Luc Arregle & Francesco Chirico & Liena Kano & Sumit K. Kundu & Antonio Majocchi & William S. Schulze, 2021. "Family firm internationalization: Past research and an agenda for the future," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(6), pages 1159-1198, August.
    16. Unai Arzubiaga & Amaia Maseda & Txomin Iturralde, 2019. "Entrepreneurial orientation in family firms: New drivers and the moderating role of the strategic involvement of the board," Australian Journal of Management, Australian School of Business, vol. 44(1), pages 128-152, February.
    17. Elisa Conz & Giovanna Magnani & Antonella Zucchella & Alfredo Massis, 2023. "Responding to unexpected crises: The roles of slack resources and entrepreneurial attitude to build resilience," Small Business Economics, Springer, vol. 61(3), pages 957-981, October.
    18. James J. Chrisman & Pramodita Sharma & Lloyd P. Steier & Jess H. Chua, 2013. "The Influence of Family Goals, Governance, and Resources on Firm Outcomes," Entrepreneurship Theory and Practice, , vol. 37(6), pages 1249-1261, November.
    19. Rovelli, Paola & Benedetti, Carlotta & Fronzetti Colladon, Andrea & De Massis, Alfredo, 2022. "As long as you talk about me: The importance of family firm brands and the contingent role of family-firm identity," Journal of Business Research, Elsevier, vol. 139(C), pages 692-700.
    20. Debicki, Bart J. & Kellermanns, Franz W. & Chrisman, James J. & Pearson, Allison W. & Spencer, Barbara A., 2016. "Development of a socioemotional wealth importance (SEWi) scale for family firm research," Journal of Family Business Strategy, Elsevier, vol. 7(1), pages 47-57.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:fambus:v:14:y:2023:i:1:s187785852200002x. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/wps/find/journaldescription.cws_home/719791/description#description .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.