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Resilience in Romanian Small Family Businesses
Keywords
Resilience, family-owned firms, change strategy, SMEs performance
Abstract
One of the key characteristics of small family businesses who could enhance profitability frequently mentioned in last years by the academic literature refers to resilience. Increased competition, shift to knowledge based economy, changes in customer behavior and managerial practices are factors that influence significantly SMEs performances. This article analyze the connections between resilience- change management strategy- performances for Romanian small family businesses. The research found that family firms are more likely to emphasize performance using change management strategy than other small and medium companies and also that relationship between change strategy and both turnover and profitability is stronger for these companies.