14708: The Wartime Economy: Implications for Management and Family Business Research

Wars have always impacted society and economies. Today, more than ever, recent geopolitical tensions and armed conflicts – such as the Russo-Ukrainian war and the Arab-Israeli conflict – are affecting the global landscape, with effects reverberating to both local and worldwide economies, affecting business survival and their societal responsibilities. Businesses are presented with unique challenges for firms. Consequently, research on business challenges and responses to the wartime economy is timely and relevant. By identifying and examining five domains (i.e., financial, organizational, competitive, social, and psychological) we review the literature on war and firms, identifying challenges faced by businesses and offering insights into this topic. Then, we shed light into how family firms can leverage their strengths to transform challenges into opportunities, thereby informing management studies on ways to navigate the wartime economy. Lastly, we present a research agenda and practical lessons for family business and management studies to navigate turbulent times and ensure long-term success.

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