PurposeThe present paper aims at exploring effective business model adaptations in response to unexpected events such as the COVID-19 pandemic.Design/methodology/approachThe authors test the effect of two major business model adaptations, namely changes in the value proposition and changes in the target market, on a sample of 96 family SMEs.FindingsResults show that only changes in the value proposition had a positive and significant impact on performance, helping family SMEs to better confront COVID-19. However, this effect is reduced in the case of target market change.Originality/valueTo the best of the authors’ knowledge, this is the first study to investigate how business model adaptations in family SMEs affect performance in crisis situations.
This paper offers a systematic review of the literature on nonfinancial reporting in family firms, which has substantially grown in recent years. We identified and analyzed 74 articles published between 2002 and 2023. The work contributes to the domains of nonfinancial reporting and family business by providing an integrative and critical overview of the literature and by identifying future research avenues. We conclude by offering practical implications for managers, consultants, and policymakers.
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