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Family Businesses Overcoming the COVID-19 Crisis with Innovation: An Exploratory Analysis of the Jewelry Retail Sector in Spain

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  • Mariano Soler-Porta

    (Department of Accounting and Management, Universidad de Málaga, 29016 Málaga, Spain)

  • Beatriz Rodríguez Díaz

    (Department of Applied Economics, Universidad de Málaga, 29016 Málaga, Spain)

Abstract

Innovation is a trending topic in many disciplines but has a particular focus when it is studied in family businesses (FBs) due to their unique behavior in decision-making. Moreover, there is a gap in research on how these family businesses overcome economic crises by applying innovation. The main purpose of this paper is to provide empirical insight regarding this gap in an understudied sector, such as the Jewelry retail sector. This research was conducted in five cases, taken as examples of what these companies did, in terms of innovation, to overcome the COVID-19 crisis situation. This was considered sufficient, given the homogeneous structure of the sector and the exploratory nature of the research. The results revealed that different strategies caused them to obtain different results and clearly showed that FBs that used innovation during the crisis had better financial results. This paper contributes to the understanding of how FBs overcome economic crises by applying innovation. The implications for this type of business are also included.

Suggested Citation

  • Mariano Soler-Porta & Beatriz Rodríguez Díaz, 2024. "Family Businesses Overcoming the COVID-19 Crisis with Innovation: An Exploratory Analysis of the Jewelry Retail Sector in Spain," Sustainability, MDPI, vol. 16(6), pages 1-14, March.
    • Handle: RePEc:gam:jsusta:v:16:y:2024:i:6:p:2259-:d:1353500
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    References listed on IDEAS

    as
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    2. Philipp Koellinger, 2008. "Why are some entrepreneurs more innovative than others?," Small Business Economics, Springer, vol. 31(1), pages 21-37, June.
    3. Josip Kotlar & Alfredo De Massis, 2013. "Goal Setting in Family Firms: Goal Diversity, Social Interactions, and Collective Commitment to Family–Centered Goals," Entrepreneurship Theory and Practice, , vol. 37(6), pages 1263-1288, November.
    4. Batrancea Larissa & Rathnaswamy Malar Maran & Batrancea Ioan & Nichita Anca & Rus Mircea-Iosif & Tulai Horia & Fatacean Gheorghe & Masca Ema Speranta & Morar Ioan Dan, 2020. "Adjusted Net Savings of CEE and Baltic Nations in the Context of Sustainable Economic Growth: A Panel Data Analysis," JRFM, MDPI, vol. 13(10), pages 1-17, October.
    5. Jess H. Chua & James J. Chrisman & Lloyd P. Steier & Sabine B. Rau, 2012. "Sources of Heterogeneity in Family Firms: An Introduction," Entrepreneurship Theory and Practice, , vol. 36(6), pages 1103-1113, November.
    6. Jaime Pinilla & Patricia Barber & Laura Vallejo-Torres & Silvia Rodríguez-Mireles & Beatriz G. López-Valcárcel & Luis Serra-Majem, 2021. "The Economic Impact of the SARS-COV-2 (COVID-19) Pandemic in Spain," IJERPH, MDPI, vol. 18(9), pages 1-13, April.
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