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Family Businesses during the COVID-19 Crisis – Evidence from Poland

100%
Zajkowski R., Żukowska B.
Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia
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2020
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vol. 54
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issue 3
EN
Theoretical background: Family businesses are a specific group of enterprises in which family bonds play a vital role in determining the economic and noneconomic goals of the business. The subject literature emphasises the long-term focus of family businesses which is on continuity, futurity and perseverance. During the COVID-19 crisis, unique family business traits can allow these entities to access useful resources and take positive actions such as forging strong networking relationships, tapping into local idiosyncratic knowledge, exercising rapid response, having flexibility and exercising trust with caution. This suggests that family businesses might also react to the COVID-19 crisis in their own distinctive ways using their unique attributes.Purpose of the article: In this paper we will show how family businesses deal with coronavirus restrictions and what measures they undertook during this challenging period. The paper is organised around four research questions.Research methods: This research was conducted using a sample of 167 family businesses. Primary data related to reactions of family businesses facing the COVID-19 crisis were collected in April and at the beginning of May 2020. To achieve the goals of this study, we carried out such research methods and procedures as fractal analyses, descriptive statistics, statistical comparison of means and subjective classification of the factors.Main findings: For family businesses, a sudden fall in revenue was a common result of COVID-19 restrictions in the Polish economy. In the case of the majority of surveyed family firms, revenues fell by 44%, and in the next 2 to 3 months businesses expected additional decreases of 39.8%. More than 65% declared a stable level of employment, but more than a quarter of surveyed family fims showed an average dip in fim employment of 15.7% and expected further job losses at around 13.1%. To protect businesses against the negative effects of the pandemic, surveyed family fims undertook several ad hoc measures. We divided the analysed reactions to COVID into three groups: proactive, neutral and progressive. We noticed that the most common measures were those marked as “neutral”, or those which neither expanded nor retrenched the business in the short term. This observation suggests that family businesses might choose “persevering” as their first strategic response to the sudden crisis. We also found that “proactive” measures were undertaken in family businesses which evaluated their probability of survival as higher than businesses that indicated “neutral” or “defensive” reactions. In addition, we isolated statistically significant differences in family fims’ average probability of survival among the firms which introduced particular neutral and defensive measures and those which did not. On this basis we can conclude that the lower the perceived probability of survival is, the more retrenchment-oriented types of measures begin to be taken. Additionally, it should be mentioned that so-called anti-crisis shields implemented by the Polish government were assessed as inadequately supportive of business entities’ survival.
PL
Theoretical background: Family businesses are a specific group of enterprises in which family bonds play a vital role in determining the economic and noneconomic goals of the business. The subject literature emphasises the long-term focus of family businesses which is on continuity, futurity and perseverance. During the COVID-19 crisis, unique family business traits can allow these entities to access useful resources and take positive actions such as forging strong networking relationships, tapping into local idiosyncratic knowledge, exercising rapid response, having flexibility and exercising trust with caution. This suggests that family businesses might also react to the COVID-19 crisis in their own distinctive ways using their unique attributes.Purpose of the article: In this paper we will show how family businesses deal with coronavirus restrictions and what measures they undertook during this challenging period. The paper is organised around four research questions.Research methods: This research was conducted using a sample of 167 family businesses. Primary data related to reactions of family businesses facing the COVID-19 crisis were collected in April and at the beginning of May 2020. To achieve the goals of this study, we carried out such research methods and procedures as fractal analyses, descriptive statistics, statistical comparison of means and subjective classification of the factors.Main findings: For family businesses, a sudden fall in revenue was a common result of COVID-19 restrictions in the Polish economy. In the case of the majority of surveyed family fims, revenues fell by 44%, and in the next 2 to 3 months businesses expected additional decreases of 39.8%. More than 65% declared a stable level of employment, but more than a quarter of surveyed family firms showed an average dip in firm employment of 15.7% and expected further job losses at around 13.1%. To protect businesses against the negative effects of the pandemic, surveyed family firms undertook several ad hoc measures. We divided the analysed reactions to COVID into three groups: proactive, neutral and progressive. We noticed that the most common measures were those marked as “neutral”, or those which neither expanded nor retrenched the business in the short term. This observation suggests that family businesses might choose “persevering” as their first strategic response to the sudden crisis. We also found that “proactive” measures were undertaken in family businesses which evaluated their probability of survival as higher than businesses that indicated “neutral” or “defensive” reactions. In addition, we isolated statistically significant differences in family fims’ average probability of survival among the firms which introduced particular neutral and defensive measures and those which did not. On this basis we can conclude that the lower the perceived probability of survival is, the more retrenchment-oriented types of measures begin to be taken. Additionally, it should be mentioned that so-called anti-crisis shields implemented by the Polish government were assessed as inadequately supportive of business entities’ survival.
2
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Polityka pieniężna Europejskiego Banku Centralnego w odpowiedzi na kryzysy lat 2008–2020

99%
Adamiec D.
Studia BAS
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2021
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issue 3(67)
71-85
EN
The article explores the reaction of the European Central Bank (ECB) to two major economic crises that the EU had to face in the last two decades: the financial crisis which began in 2008 and the latest crisis caused by the COVID-19 pandemic. Although causes underlying both crises were ultimately different, the response of the ECB was based on the same unconventional monetary policy tools. The author analyses the similarities and differences between both of these crises, as well as the ECB’s reaction to them, drawing attention to a shift in the ECB’s monetary policy towards unconventional tools and consequences of such a shift for the position and future policy directions of the ECB.
3
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Koncepcja badania społeczno‑ekonomicznych konsekwencji i wyzwań pandemii

71%
Kudełko J., Szmigiel K., Wałachowski K., Żmija D.
Prace Komisji Geografii Przemysłu Polskiego Towarzystwa Geograficznego
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2022
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vol. 36
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issue 2
27-46
EN
The crisis triggered by the COVID-19 pandemic revealed the shortcomings and weaknesses of regional economies. It should therefore be perceived as an impulse for change, aimed at building greater resilience to various external shocks, which will also occur in the future. The aim of the article is to present the original concept of studying the socio‑economic consequences of the crisis caused by the COVID-19 pandemic and the challenges arising in the face of the identified development problems. Our research shows that the necessary values to be strengthened in order to create a modern and resilient regional economy include competences, scientific and technological knowledge, financial capital and public and social security. We find that to strengthen the priority values, the specific styles of actions should be adopted, which would enable effective use of endogenous potential resources of the region. These include flexibility, diversification and communication and cooperation. The authors employ the method of scientific analysis and deduction, they refer to their own observations of socioeconomic phenomena and critically analyse literature and strategic documents.
PL
Kryzys wywołany pandemią COVID-19 ujawnił niedociągnięcia i słabości gospodarek regionalnych. W związku z tym powinien on być postrzegany jako impuls do zmian, mających na celu budowanie większej odporności na podobne sytuacje. Celem artykułu jest przedstawienie autorskiej koncepcji badania społeczno‑ekonomicznych konsekwencji kryzysu wywołanego pandemią COVID-19 oraz wyzwań pojawiających się w obliczu zidentyfikowanych problemów rozwojowych. Z przeprowadzonych badań wynika, że do niezbędnych wartości, które trzeba wzmocnić, aby stworzyć nowoczesną i odporną gospodarkę regionalną, należą kompetencje, wiedza naukowa i technologiczna, kapitał finansowy oraz bezpieczeństwo publiczne i społeczne. W celu wzmocnienia wartości priorytetowych warto przyjąć określone style działań, które pozwolą na efektywne wykorzystanie endogenicznych zasobów regionu. Są nimi elastyczność, dywersyfikacja, komunikacja i współpraca. Autorzy posługują się metodą analizy naukowej i dedukcją, ponadto odwołują się do własnych obserwacji zjawisk społeczno‑gospodarczych oraz krytycznej analizy literatury i dokumentów strategicznych.
4
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Business performance during the COVID-19 crisis: a major contribution of entrepreneurial resilience

71%
Sari P. A., Sari W. P., Rinaldo D.
Studia z Polityki Publicznej
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2022
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vol. 9
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issue 2(34)
63-82
PL
Pandemia COVID-19 w sposób katastrofalny wpłynęła na cały świat. Kryzys dotknął również Indonezję, jeśli chodzi zarówno o stan zdrowia ludności, jak i kwestie gospodarcze. Oddziaływał także na wsparcie gospodarcze dla mikroprzedsiębiorstw oraz małych i średnich przedsiębiorstw (MMSP). Przedstawione badanie zostało przeprowadzone w prowincji Jawa Zachodnia z udziałem respondentów z MMSP. Celem było sprawdzenie, w jaki sposób przedsiębiorcza rezyliencja i poczucie własnej sprawczości wpłynęły na wyniki firm podczas kryzysu związanego z COVID-19. Do oceny związku między zmiennymi wykorzystano metodologię ilościową. Częściowe modelowanie metodą najmniejszych kwadratów (PLS-SEM) posłużyło do walidacji hipotezy modelu, który opiera się na studiach literaturowych przeprowadzonych wcześniej przez wielu innych badaczy. Wyniki tego badania pokazują, że w porównaniu z przedsiębiorczą samowystarczalnością przedsiębiorcza rezyliencja ma znaczący wpływ na wyniki MMSP podczas pandemii COVID-19. Na tej podstawie należy stwierdzić, że niezbędne jest wspieranie zmiennych zewnętrznych, takich jak polityka rządu.
EN
COVID-19 affected the entire world, culminating in a devastating worldwide disaster. The crisis had a major impact on Indonesia, both in terms of health and economic concerns. As economic support in Indonesia, micro, small and medium-sized enterprises (MSMEs) are also impacted. This study was carried out in the West Java Province, including respondents among MSME actors. The aim of this study was to see how entrepreneurial resilience and self-efficacy affected company performance during the COVID-19 crisis. To assess the connection between variables, this research technique uses a quantitative methodology. The partial least squares path modeling (PLS-SEM) is used to validate the model's hypothesis, which is based on its association in a literature study done by numerous prior researchers. The findings of this study show that, as compared to entrepreneurial self-efficacy, entrepreneurial resilience has a substantial impact on MSME company performance during the COVID-19 pandemic. Based on the evaluation of the results of the research on the resilience of MSME owners, it must be supported by external variables such as government policies.
5
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Obywatelstwo korporacyjne i filantropia korporacyjna hybrydowych spółek z udziałem Skarbu Państwa w kryzysie COVID-19

71%
Gigol T., Kreczmańska-Gigol K.
Studia i Prace Kolegium Zarządzania i Finansów
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2022
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issue 183
19-31
EN
The COVID-19 crisis affected most sectors of the economy. Financial difficulties caused by the outbreak forced some companies to seek short-term profits due to increasing pressure for survival. However, many companies have actively engaged in activities for the welfare of society, which is characteristic of corporate citizenship. The objectives of state-owned enterprises are often linked not only to business, but also to job retention and government social policy. They therefore belong to the group of hybrid organizations. Listed state-owned enterprises are subject to three different institutional logics: state logic, corporate logic and capital market logic. The dilemmas associated with the different institutional logics collide with the dilemmas of stakeholder management in the pandemic crisis, and thus decisions about corporate citizenship and corporate philanthropy. This paper presents the results of a qualitative study that shows how board members of hybrid companies made decisions concerning corporate citizenship and corporate philanthropy in the heat of the COVID-19 crisis, and how different institutional logics exerted an impact on top managers’ decisions to engage in these activities.
PL
Kryzys COVID-19 dotknął większości sektorów gospodarki. Trudności finansowe spowodowane wybuchem epidemii zmusiły niektóre firmy do dążenia do krótkoterminowych zysków z powodu rosnącej presji na przetrwanie. Wiele przedsiębiorstw aktywnie zaangażowało się w działania na rzecz dobrostanu społeczeństwa, co jest charakterystyczne dla obywatelstwa korporacyjnego. Cele przedsiębiorstw państwowych są często związane nie tylko z biznesem, lecz także z utrzymaniem miejsc pracy i polityką społeczną rządu. Dlatego należą one do organizacji o charakterze hybrydowym. Notowane na giełdzie przedsiębiorstwa państwowe podlegają trzem różnym logikom instytucjonalnym – logice państwa, logice korporacyjnej i logice rynku kapitałowego. Dylematy związane z różnymi logikami instytucjonalnymi zderzają się z dylematami dotyczącymi zarządzania interesariuszami w kryzysie pandemicznym, a zatem decyzjami co do obywatelstwa korporacyjnego i korporacyjnej filantropii. W artykule zaprezentowano wyniki badań jakościowych, w których pokazano, w jaki sposób członkowie zarządów przedsiębiorstw hybrydowych podejmowali decyzje dotyczące obywatelstwa korporacyjnego i filantropii korporacyjnej w gorącym okresie kryzysu COVID-19 oraz jak odmienne logiki instytucjonalne wpływały na decyzje top-menedżerów co do zaangażowania się w te działania.
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