PRESERVING THE SOCIO-EMOTIONAL WEALTH OF THE FAMILY BUSINESS: LOOKING BEYOND THE PANDEMIC OF COVID-19
PRESERVING THE SOCIO-EMOTIONAL WEALTH OF THE FAMILY BUSINESS: LOOKING BEYOND THE PANDEMIC OF COVID-19
Author(s): Atar Benismael, El mabrouki Mohamed NabilSubject(s): Business Economy / Management, Health and medicine and law, Family and social welfare
Published by: Facultatea de Management, Academia de Studii Economice din Bucuresti
Keywords: Family business; Socio-emotional wealth; Crisis; covid-19;
Summary/Abstract: Family businesses are one of the most popular form of economic organizations, known for their agility and resilience to the external environment. Despite this, many family businesses have faced enormous challenges related to the covid-19 crisis, straining the emotional and physical well-being of family members as well as non-family employees. In this research work, we focus on how the pressures of the crisis influence the non-economic goals of family firms, in particular their ability to preserve their socio-emotional wealth. Based on the five dimensions of socio-emotional wealth. We found that the ability to adapt to these new circumstances has become essential to preserve their socio-emotional wealth and this can be done through good communication, transparency, maintaining positive emotions, developing trusting relationships and anticipating sudden successions.
Journal: Business Excellence and Management
- Issue Year: 12/2022
- Issue No: 2
- Page Range: 5-18
- Page Count: 14
- Language: English