Building on recent advances in the socioemotional wealth (SEW) literature and the concept of bifurcation bias, we explore the first turnaround response of family firms to a decline in financial performance. We argue that heterogeneity among family firms in terms of their levels of family ownership and family involvement in management alters their response to an economic crisis situation. We also contend that severity of a crisis situation significantly moderates the relationships. Our multi-level analysis of a sample of crisis situations pertaining to family firms supports our hypotheses.

中文翻译：

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家族企业在危机情况下的第一次转机反应

基于社会情感财富 (SEW) 文献的最新进展和分叉偏差的概念，我们探讨了家族企业对财务业绩下降的第一次转变反应。我们认为，家族企业在家族所有权水平和家族参与管理方面的异质性改变了它们对经济危机形势的反应。我们还认为，危机情况的严重性会显着缓和这种关系。我们对与家族企业有关的危机情况样本的多层次分析支持了我们的假设。