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Long-term family firm survival and growth considering owning family adaptive capacity and federal disaster assistance receipt

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  • Stafford, Kathryn
  • Danes, Sharon M.
  • Haynes, George W.
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    Abstract

    Natural disasters are expected to increase in number and severity. This study initiates a stream of research on effective family business strategies to address the threat of natural disasters to long-term survival and growth of family firms. The purpose of this study was to analyze the mitigating effects of the owning family's adaptive capacity and federal disaster assistance on long-term survival and growth of family firms. Data for 282 family firms in the National Family Business Panel were merged with data on federal disaster assistance from the Public Entity Risk Institute. Indicators of family adaptive capacity had both more numerous significant effects and larger effects on survival and growth than did business characteristics. Experiencing fewer negative family stressors meant a greater likelihood of remaining open from 1997 to 2007 and increasing revenue from 2000 to 2007. Consistent family leadership in times of stability and change and resource focused-management practices decreased the likelihood of survival. Family firms benefitted indirectly from federal disaster assistance to the county and directly from federal disaster assistance when a natural disaster hit their own family firms.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Family Business Strategy.

    Volume (Year): 4 (2013)
    Issue (Month): 3 ()
    Pages: 188-200

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    Handle: RePEc:eee:fambus:v:4:y:2013:i:3:p:188-200

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    Related research

    Keywords: Family business; Natural disasters; Adaptive capacity; Small business; Survival; Sustainable family business theory;

    References

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    12. Sharon M. Danes & Jinhee Lee & Kathryn Stafford & Ramona Kay Zachary Heck, 2008. "The Effects Of Ethnicity, Families And Culture On Entrepreneurial Experience: An Extension Of Sustainable Family Business Theory," Journal of Developmental Entrepreneurship (JDE), World Scientific Publishing Co. Pte. Ltd., vol. 13(03), pages 229-268.
    13. Danes, Sharon M. & Stafford, Kathryn & Loy, Johnben Teik-Cheok, 2007. "Family business performance: The effects of gender and management," Journal of Business Research, Elsevier, vol. 60(10), pages 1058-1069, October.
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    16. Jean-Luc Arregle & Michael A. Hitt & David G. Sirmon & Philippe Very, 2007. "The Development of Organizational Social Capital: Attributes of Family Firms," Journal of Management Studies, Wiley Blackwell, vol. 44(1), pages 73-95, 01.
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