TAKE ONE FOR THE TEAM! THE IMPORTANCE OF FAMILY BUSINESSESFOR THE WORLD ECONOMY AMID THE COVID-19 PANDEMIC CRISIS

Batrancea Larissa
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Batrancea Larissa: BABES-BOLYAI UNIVERSITY CLUJ-NAPOCA,FACULTY OF BUSINESS, ROMANIA

Annals - Economy Series, 2020, vol. 6, 89-94

Abstract: Family businesses are of paramount importance for the world economy since they represent the most numerous economic entities on the global market, employing the majority of the working force and generating more than half of the world GDP. Amid the current pandemic crisis, family businesses may serve as sources of inspiration for managers aiming to survive these unprecedented times and regain their market shares through resilience, creative strategies, accurate up-to-date financial analysis and cash flow forecasting, long-term orientation and strong core business values. The article gives account of the challenges faced by family businesses during these unprecedented times and reports on the creative strategiesimplemented by some family business owners in order to continue operating on the market.

Keywords: family business; world economy; long-term orientation; cash flow; pandemic (search for similar items in EconPapers)
Date: 2020
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