Besonderheiten von Familienunternehmen in wirtschaftlichen Krisenzeiten – Wie große Familien- und Nicht-Familienunternehmen durch Krisen steuern

Abstract

Over the past 15 years, the economic world has been characterized by frequent and closely spaced global crises and geopolitical tensions (e.g. financial and economic crisis in 2008, refugee crisis in 2015, COVID-19 pandemic in 2020). These crises have evolved from singular events to multiple, overlapping challenges. This presents companies with a new normality, which requires sustainable adjustments to corporate management. Family businesses in particular, which account for a significant share of global and Austrian economic performance, have shown that they can successfully navigate through such crises. Nonetheless, little research has been conducted into which specific management tools are particularly crucial in times of crisis and whether and how these differ from those in non-family businesses. This master's thesis aims to develop an in-depth understanding of the crisis management tools used by both family businesses and non-family businesses and to compare these practices. A systematic literature review (SLR) was chosen as the research method to evaluate existing research findings and conclusions on crisis management in family and non-family businesses. This aims to analyze the existing literature in a methodologically sound and comprehensive manner in order to ensure a balanced presentation of the research landscape. This approach minimizes subjective bias and enables a holistic view of the research topic through clearly defined criteria. The SLR is followed by a qualitative empirical study with the aim of gaining deeper insights into the management instruments used by family and non-family businesses during economic crises in business practice. Detailed information on processes, structures and essentials is collected on the basis of 14 expert interviews. This qualitative approach makes it possible to identify patterns and structures and also provides implications for future research as well as practice-oriented recommendations based on the experiences and perspectives of the experts interviewed. According to the SLR findings, while non-family businesses often implement strict resource adjustments and downsizing measures, family businesses focus on optimizing networks and processes and promoting trust and loyalty, which leads to a strong reputation. In times of crisis, nonfamily businesses invest more in ESG measures and globalization strategies, while family businesses benefit from owner support, refraining from investment cuts and proactive marketing, which creates long-term competitive advantages. In turn, business practice suggests that family businesses stick to their values and culture during crises, create transparency through strong communication and strengthen stakeholder trust and loyalty. They use additional resources to strengthen customer loyalty and initiate collaborations and R&D projects in order to remain competitive. Investments are only stopped after careful consideration of the subsequent costs, with strategically important projects being continued even in times of economic crisis. The findings provide valuable insights into effective management practices that can contribute to resilient corporate governance in times of crisis.

Date of Award	2024
Original language	German (Austria)
Supervisor	Thomas Rockenschaub (Supervisor)