Exploring how family businesses turn covid-19 challenges into opportunities: A qualitative enquiry on the floriculture sector in Sri Lanka.
Perspectives and Strategies of Family Business Resiliency in Unprecedented Times
The sudden spread of Covid-19 around the world is causing significant damages to the corporate sector. Family businesses are not an exception to the crisis. During a pandemic, one of the most distinctive traits of a family business may be to react effectively to keep the business afloat. Family firms have been exposed to be better equipped to survive periods of political uncertainty and natural disasters with the courses of a mix of long-term horizon, and social and political capital. Conceptually, little is still acknowledged about how they survive and sustain during the COVID-19 pandemic, and the implications of family control on the ability of firms to overcome a pandemic are unclear. The authors explore how family businesses in the floriculture sector in Sri Lanka react and cope with this unexpected crisis, COVID-19. This study reveals how institutional theory links with macro, micro, and meso levels of interactions, and the model offers a richer understanding of the survival, resilience, and renewal process of floriculture family businesses in Sri Lanka.
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