Abstract
To investigate how firms attempt to overcome a survival-threatening crisis and why they do so, we apply a classification scheme of turnaround strategies and take a SEW perspective. We theorize how the level of family ownership relates to the employment of different turnaround measures and, ultimately, to insolvency. Analyzing a unique sample with responses of 209 risk managers reveals that the higher family ownership, the more the endangered firms tend to “sit out” instead of going “all in”, and that higher family ownership indeed makes insolvency less likely. This contributes to the literature on turnaround, particularly in family-owned firms, SEW, and to practice.
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