Reactions of Family Businesses to the Initial Effects of Pandemic Shock

• Authors: Ada Domańska , Agnieszka Gryglicka , Ireneusz Samodulski

Abstracts

PL

Pandemia COVID-19 w krótkim okresie rozprzestrzeniła się na całym świecie, negatywnie wpływając na życie społeczne i gospodarcze. Wprowadzone ograniczenia wpłynęły na wydajność przedsiębiorstw. Firmy rodzinne, które stanowią znaczną część sektora biznesowego, to podmioty, które z reguły nastawione są długą działalność, zorientowane są na przyszłość i charakteryzują się wytrwałością. Ze względu na wielopokoleniową perspektywę i swoją specyfikę podmioty te zmuszone były do szybkiej reakcji na pandemię chcąc łagodzić negatywne skutki spowolnienia gospodarczego, które wiązały się ze spadkiem przychodów i okresowymi trudnościami z zatrudnieniem.Celem artykułu jest ustalenie rodzajów reakcji podjętych przez przedsiębiorstwa rodzinne jako remedium na negatywne skutki szoku pandemicznego. W artykule przedstawiono dane zgromadzone w kwietniu i na początku maja 2020 r. wśród 202 przedsiębiorstw rodzinnych z Polski. Do analizy użyto modele regresji logistycznej. Na tej podstawie udało się ustalić, że firmy rodzinne w obliczu spadku zatrudnienia zdecydowały się wysłać pracowników na bezpłatne urlopy, obniżyć wynagrodzenia, wysłać pracowników na pracę zdalną i korzystać z rezerw płynnych środków finansowych. Ponadto, firmy zaczęły likwidować mniej rentowne obszary działalności, jeśli spodziewały się dalszego spadku zatrudnienia. W przypadku spadku przychodów podmioty te obniżyły także płace, wstrzymały spłatę kredytów oraz obsługę leasingu, a także wydłużyły terminy płatności zobowiązań. Badane firmy rodzinne, które szacowały niższy poziom przeżywalności, zdecydowały się również na likwidację mniej rentownych obszarów działalności, sprzedaż mniej istotnych aktywów produkcyjnych, wstrzymanie spłaty kredytów i obsługi leasingu, wydłużenie terminów spłaty zobowiązań oraz zawieszenie procesów inwestycyjnych.

EN

Theoretical background: A pandemic shock caused by the COVID-19 virus spread around the world, negatively affecting social and economic life in short term. Lockdowns, shutdowns and restrictions hit business performance extremely hard. Family businesses, a significant part of the business sector, are entities focusing generally on continuity, futurity and perseverance. Due to their multi-generational perspective, these firms are forced to react in the short term to deter negative impacts of the pandemic, including a drop in revenue and employment alongside doubtful prospects of survival. As an anti-crisis remedy, family businesses have drawn from their economic specificity to implement several intrinsic solutions aimed at mitigating the negative impacts of an economic downturn.Purpose of the article: The purpose of the paper is to isolate and determine which retrenchment, persevering and innovating responses to crisis were undertaken by family businesses as a remedy for the negative consequences of the pandemic shock.Research methods: The data collection was conducted in April and early May 2020. The final sample totalled 202 family businesses from Poland, and research questions were investigated by employing logit regression models. The dependent variables were various actions undertaken by family firm due to the crisis and independent variables were negative pandemic impact in businesses and self-estimated probability of their survival.Main findings: Family businesses facing a drop of employment decided to switch employees to non-paid holidays, reduce wages, switch employees to remote work and further tap liquid finance reserves. In addition, they started to liquidate less profitable areas if they expected a further employment drop. In the case of revenue decrease, these firms also reduced wages, suspended repayment of loans and leasing handling and extended payment terms of liabilities. The family firms investigated in this study that estimated a lower level of capital survivability also decided to liquidate less profitable areas of activity, sell less important production assets, suspend repayment of loans and leasing handling, extend payment terms of liabilities and suspend investment processes.

Keywords

EN

family businesses; COVID-19; response to crisis; pandemic

• Publisher: Wydawnictwo Uniwersytetu Marii Curie-Skłodowskiej
• Journal: Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia
• Year: 2022
• Volume: 56
• Issue: 1
• Pages: 37-59

Dates

published

2022

Contributors

author

Ada Domańska

• Uniwersytet Marii Curie-Skłodowskiej w Lublinie, Wydział Ekonomiczny

• https://orcid.org/0000000282394319

author

Agnieszka Gryglicka

• Uniwersytet Marii Curie-Skłodowskiej w Lublinie, Wydział Ekonomiczny

• https://orcid.org/0000000300031600

author

Ireneusz Samodulski

• Foundation of Polish Academy of Sciences

• https://orcid.org/0000000222927451

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Identifiers

DOI

10.17951/h.2022.56.1.37-59

Biblioteka Nauki

2168344