Owner-manager emotions and strategic responses of small family businesses to the COVID-19 pandemic

Michael Christofi, Elias Hadjielias, Raj V. Mahto, Shlomo Tarba and Amandeep Dhir

Journal of Small Business Management, 2024, vol. 62, issue 4, 2016-2057

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.

Date: 2024
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DOI: 10.1080/00472778.2023.2193230

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