Retrenchment Strategies and Family Involvement: The Role of Survival Risk
研究了家族企业在危机中采取的紧缩策略，发现家族董事会成员和CEO的影响取决于生存风险，绩效下滑时家族参与会加剧紧缩，生存受威胁时紧缩也会加剧。
This article analyzes retrenchment strategies that family businesses adopt during periods of crisis. From a socioemotional wealth perspective, we propose that the influence of family board members and family CEOs on retrenchment depends on survival risk. We collected empirical data from companies on the Spanish Stock Exchange (2008-2012). Our findings reveal that family involvement intensifies retrenchment when performance is declining, and that retrenchment intensifies when survival is at risk. We also demonstrate that family firms are able to implement retrenchment measures when required to improve their performance.