Crisis Reveals Character: Founder and Founding Family Involvement During Firm Crises
区分创始人参与、创始家族参与和无此类参与三种情况，研究它们如何不同地影响企业危机中的扭亏策略和绩效，并探讨危机严重程度和企业年龄的调节作用。
We differentiate between “founder involvement,” “founding family involvement,” and the absence of such involvement in a firm. We maintain that family owners and chief executive officers (CEOs) assume a “familial” identity given family relations within the firm, whereas mere founders, influenced by arms-length relations to commercial stakeholders, embrace the opportunity-seeking “entrepreneurial” identity of an independent maker. We theorize and show how founder and founding family involvement shape the turnaround strategy and performance of firms divergently—from each other and from cases without such involvement—and explicate how the respective effects are moderated by crisis severity and firm age.