Family Businesses and Adaptation: A Dynamic Capabilities Approach |
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Authors: | Abel Duarte Alonso Seng Kok Michelle O’Shea |
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Affiliation: | 1.Liverpool Business School,Liverpool John Moores University,Liverpool,UK;2.School of Business and Law,Edith Cowan University,Joondalup,Australia;3.School of Business,Western Sydney University,Penrith South DC,Australia |
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Abstract: | The main objective of this research was to propose a framework centred on the dynamic capabilities approach, and to be applied in the context of family businesses’ adaption to their changing business environment. Data were gathered through interviews with ten FBs operating in Western Australia. Based on the findings, the clusters of activities, sensing, seizing, and transforming emerged as key factors for firms’ adaptation, and were reinforced by firms’ open culture, signature processes, idiosyncratic knowledge, and valuable, rare, inimitable and non-substitutable attributes. Thus, the usefulness of the proposed framework was confirmed. Implications and future research opportunities are presented. |
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