Abstract
COVID-19 pandemic, a consensus crisis that has had a profound effect on societies and economies globally, compelled family businesses to respond strategically in order to remain afloat. We examine the role of their owner-managers’ emotions in the strategic response to the COVID-19 pandemic, drawing on 38 in-depth interviews with owner-managers of small family businesses in Cyprus. Our findings reveal that owner-managers have experienced mainly negative emotions during the pandemic, including higher levels of stress, insecurity, fear, and doubt. By reflecting on these emotions, owner-managers can activate affective mechanisms and apply a stewardship logic to respond strategically. We contribute to the family business literature by conceptualizing key processes at the intersection between owner-manager emotions and strategic responses to the COVID-19 pandemic. By focusing on individual (that is, owner-manager) emotional processes and stewardship attitudes, our study provides a microfoundational explanation of strategic responses during external crises and offers both theoretical and practical implications.
Original language | English |
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Journal | Journal of Small Business Management |
Early online date | 20 Apr 2023 |
DOIs | |
Publication status | E-pub ahead of print - 20 Apr 2023 |
Bibliographical note
Publisher Copyright:© 2023 International Council for Small Business.
Keywords
- emotions
- Family business
- owner-manager
- stewardship
- strategic response
ASJC Scopus subject areas
- General Business,Management and Accounting
- Strategy and Management
- Management of Technology and Innovation