Path dependence and the stabilization of strategic premises: how the funeral industry buries itself

Wenzel, Matthias

doi:10.1007/s40685-015-0021-4

Cited by 34 publications

(19 citation statements)

References 96 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…Persevering relates to measures aimed at sustaining a firm's business activities in response to crisis. Thus, in contrast to a narrowed scope of activities through retrenchment, such measures aim at preserving the status quo and mitigating the adverse impacts of the crisis (Wenzel, 2015). As prior studies indicate, persevering can be a surprisingly effective strategic response to crisis (Pacheco- de-Almeida, 2010;Stieglitz, Knudsen, & Becker, 2016).…”

Section: Perseveringmentioning

confidence: 99%

Strategic responses to crisis

2021

Strategic Management Journal

302

364

View full text Add to dashboard Cite

Research summary: The pandemic spread of the coronavirus COVID-19 is rightly focusing policymakers' attention on saving people's lives. At the same time, the pandemic crisis is threatening the survival of firms at a global scale, with potentially devastating societal and economic outcomes. In this Virtual Special Issue, we gather and discuss key papers published in the journals of the Strategic Management Society that provide insights into firms' potential strategic responses to crisis. Based on our overview, we identify four types of responses: retrenchment, persevering, innovating, and exit. Awareness of these responses has implications for managers and strategy scholars alike. Managerial summary: How can firms respond to crises such as the current pandemic spread of the coronavirus COVID-19? This Virtual Special Issue begins to provide answers to this question. Based on a select overview of papers published in the journals of the Strategic Management Society, we advance four types of strategic responses to crisis: retrenchment, persevering, innovating, and exit. Awareness of these responses has implications for managers and strategy scholars alike.

show abstract

Section: Perseveringmentioning

confidence: 99%

Strategic responses to crisis

2021

Strategic Management Journal

302

364

View full text Add to dashboard Cite

show abstract

“…The surveyed family businesses implemented several solutions directed at mitigating the adverse impacts of the crisis (Wenzel, 2015) that can be categorized as persevering crisis responses (Stieglitz et al, 2016). For example, they decided to switch employees to remote work, tapped liquid financial "reserves" and implemented e-commerce trade.…”

Section: Resultsmentioning

confidence: 99%

“…Persevering is connected with maintenance of the firm's ongoing operations and mitigating unfavourable impacts of the crisis (Wenzel, 2015). Generally, the main…”

Section: Literature Review Crisis and Crisis Managementmentioning

confidence: 99%

Reactions of Family Businesses to the Initial Effects of Pandemic Shock

Domańska

Gryglicka

Samodulski

2022

View full text Add to dashboard Cite

Theoretical background: A pandemic shock caused by the COVID-19 virus spread around the world, negatively affecting social and economic life in short term. Lockdowns, shutdowns and restrictions hit business performance extremely hard. Family businesses, a significant part of the business sector, are entities focusing generally on continuity, futurity and perseverance. Due to their multi-generational perspective, these firms are forced to react in the short term to deter negative impacts of the pandemic, including a drop in revenue and employment alongside doubtful prospects of survival. As an anti-crisis remedy, family businesses have drawn from their economic specificity to implement several intrinsic solutions aimed at mitigating the negative impacts of an economic downturn. Purpose of the article: The purpose of the paper is to isolate and determine which retrenchment, persevering and innovating responses to crisis were undertaken by family businesses as a remedy for the negative consequences of the pandemic shock.Research methods: The data collection was conducted in April and early May 2020. The final sample totalled 202 family businesses from Poland, and research questions were investigated by employing logit regression models. The dependent variables were various actions undertaken by family firm due to the crisis and independent variables were negative pandemic impact in businesses and self-estimated probability of their survival. Main findings: Family businesses facing a drop of employment decided to switch employees to non-paid holidays, reduce wages, switch employees to remote work and further tap liquid finance reserves. In addition, they started to liquidate less profitable areas if they expected a further employment drop. In the case of revenue decrease, these firms also reduced wages, suspended repayment of loans and leasing handling and extended payment terms of liabilities. The family firms investigated in this study that estimated a lower level of capital survivability also decided to liquidate less profitable areas of activity, sell less important production assets, suspend repayment of loans and leasing handling, extend payment terms of liabilities and suspend investment processes.

show abstract

“…These terms are additional unanalyzed organizational and external variables (e.g., organizational structure, strategy, competitive environment, etc.). Finally, the model also reflects the DN likely influences reciprocally the path-dependence of resources (Wenzel, 2015) to use in a future recombination process.…”

Section: Synthesis and Discussionmentioning

confidence: 99%

The role of resources in recombinations and the degree of novelty of products

Camani

2021

Int. J. Innov.

View full text Add to dashboard Cite

Objective of the study: To explain the characteristics and dynamics of resources and recombinations associated with developing products with low and high novelty.Methodology/Approach: The method was an integrative review of the literature on recombinant innovation. It included a creative synthesis that resulted in a theoretical model. Originality/Relevance: The research addresses topics the literature neglects, like explaining which resources and recombinations and why could relate to high or low product novelty.Main results: Certain features of resources (i.e., heterogeneity, specificity, accessibility) with high and low levels may differently influence costs, variety, and frequency of recombinations and, in turn, product novelty. To develop highly novel products, tangible resources, and internally produced new resources may be essential, as knowledge by itself may not be sufficient.Theoretical contributions: Different resource characteristics and their influence on recombinations may help explain whether a product will have low or high novelty. By going beyond the novel recombinations, the research expands the literature's understanding of recombinations and product novelty.Managerial contributions: Companies could assess ex ante which degree of product novelty besides types and costs of recombinations would result from their pools of resources. This assessment would make innovation more efficient for companies with fewer resources, like may occur in emerging markets.

show abstract

Path dependence and the stabilization of strategic premises: how the funeral industry buries itself

Cited by 34 publications

References 96 publications

Strategic responses to crisis

Strategic responses to crisis

Reactions of Family Businesses to the Initial Effects of Pandemic Shock

The role of resources in recombinations and the degree of novelty of products

Contact Info

Product

Resources

About