In this research note, we examine Finnboat, a traditional Finnish family firm, from the interrelated perspectives of crisis behavior and innovation. The firm under study has endured three major crises: the economic recession of the 1990s, the 2008–2009 financial crisis, and the coronavirus pandemic. Our study shows that Finnboat has undertaken only very modest, if any, innovations during stable periods but has conducted a series of radical business-model and technology innovations, triggered by the different crises. This finding implies that during crises, a risk-averse family firm can productively engage into risk-taking and innovative behavior, effectively engaging in a “preference reversal.” We also find evidence of a deliberate accumulation of slack resources during periods of calm, which are mobilized to back up innovation and renewal efforts when a crisis hits. Our findings highlight family firms’ potential to endure crises by adopting a temporal separation logic to the risk-aversion vs. risk-taking paradox, and relatedly, by strategically managing the resource portfolio. Based on the case study, we suggest several research directions, approaches, and methodologies for studying family firm behavior and change during and in-between crises.

在本研究报告中，我们从危机行为和创新的相互关联的角度审视了芬兰传统家族企业 Finnboat。所研究的公司经历了三大危机：1990 年代的经济衰退、2008-2009 年的金融危机和冠状病毒大流行。我们的研究表明，Finnboat 在稳定时期仅进行了非常适度的创新（如果有的话），但在不同危机引发的情况下进行了一系列激进的商业模式和技术创新。这一发现意味着，在危机期间，规避风险的家族企业可以有效地参与冒险和创新行为，有效地参与“偏好逆转”。我们还发现了在平静时期蓄意积累闲置资源的证据，当危机来袭时，它们被调动起来支持创新和更新工作。我们的研究结果突出了家族企业通过对风险厌恶与冒险悖论采用时间分离逻辑以及通过战略管理资源组合来承受危机的潜力。基于案例研究，我们提出了几个研究方向、方法和方法论，用于研究家族企业在危机期间和危机期间的行为和变化。