Keywords
yacht-building
SMEs
resilience
How to Cite
Accepted 2022-09-20
Published 2023-03-28
Abstract
Purpose: The business resilience literature provides several factors that help small and medium enterprises (SMEs) deal with situations of grave uncertainty. Yacht-building firms are a niche of SMEs, which play a key role within the local ecosystem, composed of SMEs and artisans. This research aims to understand the drivers of yacht-building firms’ resilience when the Covid-19 pandemic started.
Design/methodology/approach: Focusing on a selection of Italian firms, we adopted a qualitative strategy, analyzing the data with the Gioia method. Five dimensions drove yacht-building firms’ resilience: localized relationships, product attributes, organizational changes, internal capital, and a positive can-do attitude.
Findings: We present a unique finding: following the pandemic, yachts are considered a safe place, which contributed to firms’ resilience. The paper offers several contributions to the literature and practical implications, answering a call for more empirical studies on the drivers of resilience among SMEs.
References
Alberti, F.G., Ferrario, S. & Pizzurno, E. (2018). Resilience: resources and strategies of SMEs in a new theoretical framework. International journal of learning and intellectual capital, 15(2), 165-188.
Aleksić, A., Stefanović, M., Arsovski, S., & Tadić, D. (2013). An assessment of organizational resilience potential in SMEs of the process industry, a fuzzy approach. Journal of Loss Prevention in the Process Industries, 26(6), 1238-1245.
Ali, I., Nagalingam, S., & Gurd, B. (2017). Building resilience in SMEs of perishable product supply chains: enablers, barriers and risks. Production Planning & Control, 28(15), 1236-1250.
Annarelli, A., & Nonino, F. (2016). Strategic and operational management of organizational resilience: Current state of research and future directions. Omega, 62, 1-18.
Amore, M. D., Pelucco, V., & Quarato, F. (2022). Family ownership during the covid-19 pandemic. Journal of Banking & Finance, 135, 106385.
Bapuji, H., de Bakker, F. G., Brown, J. A., Higgins, C., Rehbein, K., & Spicer, A. (2020). Business and society research in times of the corona crisis. Business & Society, 59(6), 1067-1078.
Barczak, G. (2015). Publishing qualitative versus quantitative research. Journal of Product Innovation Management, 5(32), 658-658.
Bartik, A. W., Bertrand, M., Cullen, Z. B., Glaeser, E. L., Luca, M., & Stanton, C. T. (2020). How are small businesses adjusting to COVID-19? Early evidence from a survey (No. w26989). National Bureau of Economic Research.
Beninger, S., & Francis, J. N. (2022). Resources for business resilience in a covid-19 world: a community-centric approach. Business Horizons, 65(2), 227-238.
Bhamra, R., Dani, S. & Burnard, K. (2011). Resilience: the concept, a literature review and future directions. International journal of production research, 49(18), 5375-5393.
Bluhm, D.J., Harman, W., Lee, T.W. & Mitchell, T.R. (2011). Qualitative research in management: A decade of progress. Journal of Management Studies, 48(8), 1866-1891. https://doi.org/10.1111/j.1467-6486.2010.00972.x
Blundel, R., & Thatcher, M. (2005). Contrasting local responses to globalization: the case of volume yacht manufacturing in Europe. Entrepreneurship & Regional Development, 17(6), 405-429.
Branicki, L. J., Sullivan-Taylor, B., & Livschitz, S. R. (2017). How entrepreneurial resilience generates resilient SMEs. International Journal of Entrepreneurial Behavior & Research, 24(7), 1244-1263.
Brun, A. & Karaosman, H. (2019). Customer influence on supply chain management strategies: An exploratory investigation in the yacht industry. Business Process Management Journal. https://doi.org/10.1108/BPMJ-05-2017-0133
Cavallini, I. ed. (2014). Portualità turistica e nautica da diporto in Toscana. Analisi delle dinamiche strategiche e degli impatti socio-economici. FrancoAngeli.
Conz, E. & Magnani, G. (2020). A dynamic perspective on the resilience of firms: A systematic literature review and a framework for future research. European Management Journal, 38(3), 400-412.
Corbin, J. & Strauss, A. (2014). Basics of qualitative research: Techniques and procedures for developing grounded theory. Sage publications.
Dal Maso, L. & Lattanzi, N. (2014). Local firms’ strategies and cluster coopetition in Tuscany: the case of “Toscana Promozione” Agency. Problems and Perspectives in Management, 12(1), 131-141.
Dana, L. P. (1999). Preserving culture through small business: government support for artisans and craftsmen in Greece. Journal of Small Business Management, 37(1), 90.
De Ceglia, V. (2021), “La nautica resiste al Covid-19: Italia leader mondiale nel settore dei superyacht”, La Repubblica, 22 June. Available at: https://www.repubblica.it/dossier/economia/i-gioielli-del-made-in-italy/2021/06/22/news/la_nautica_batte_il_covid-19_italia_in_vetta_nei_superyacht-307219060/
Duchek, S. (2020). Organizational resilience: a capability-based conceptualization. Business Research, 13(1), 215-246.
Eggers, F., (2020). Masters of disasters? Challenges and opportunities for SMEs in times of crisis. Journal of Business Research, 116, 199-208. https://doi.org/10.1016/j.jbusres.2020.05.025
European Union Commission. (2003). Commission recommendation of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises. official Journal of the European union, 46(L124), 36-41.
Garmestani, A.S., Allen, C.R., Mittelstaedt, J.D., Stow, C.A. & Ward, W.A. (2006). Firm size diversity, functional richness, and resilience. Environment and Development Economics, 11(4), 533-551.
Gerli, F., Tognazzo, A., & Giubitta, P. (2012). What makes Italian sme entrepreneurs successful? The leverage effect of relational competencies. Piccola Impresa / Small Business, (3). https://doi.org/10.14596/pisb.33
Graebner, M.E., Martin, J.A. & Roundy, P.T. (2012). Qualitative data: Cooking without a recipe. Strategic Organization, 10(3), 276-284. https://doi.org/10.1177/1476127012452821
Guest, G., Bunce, A. & Johnson, L. (2006). How many interviews are enough? An experiment with data saturation and variability. Field methods, 18(1), 59-82.
Gunasekaran, A., Rai, B. K., & Griffin, M. (2011). Resilience and competitiveness of small and medium size enterprises: an empirical research. International journal of production research, 49(18), 5489-5509.
Herbane, B. (2010). Small business research: Time for a crisis-based view. International small business journal, 28(1), 43-64.
Hillmann, J. & Guenther, E. (2021). Organizational resilience: a valuable construct for management research?. International Journal of Management Reviews, 23(1), 7-44.
Hossain, M. R., Akhter, F., & Sultana, M. M. (2022). SMEs in Covid-19 Crisis and Combating strategies: A Systematic Literature Review (SLR) and A Case from Emerging Economy. Operations Research Perspectives, 100222.
Juergensen, J., Guimón, J. & Narula, R. (2020). European SMEs amidst the COVID-19 crisis: assessing impact and policy responses. Journal of Industrial and Business Economics, 47(3), 499-510. https://doi.org/10.1007/s40812-020-00169-4
Kantur, D., & İşeri-Say, A. (2012). Organizational resilience: A conceptual integrative framework. Journal of Management & Organization, 18(6), 762-773.
Kantur, D., & Say, A. I. (2015). Measuring organizational resilience: A scale development. Journal of Business Economics and Finance, 4(3).
Korber, S. & McNaughton, R.B. (2017). Resilience and entrepreneurship: a systematic literature review. International Journal of Entrepreneurial Behavior & Research.
Kvale, S. (1983). The qualitative research interview: A phenomenological and a hermeneutical mode of understanding. Journal of phenomenological psychology, 14(2), 171.
Kwon, O.K. (2020). How is the COVID-19 pandemic affecting global supply chains, logistics, and transportation?. Journal of International Logistics and Trade, 18(3), 107-111. https://doi.org/10.24006/JILT.2020.18.3.107
Lazzeretti, L. & Capone, F. (2010). Mapping shipbuilding clusters in Tuscany: main features and policy implications. Maritime Policy & Management, 37(1), 37-52. https://doi.org/10.1080/03088830903461183
Lazzerini, M. & Putoto, G. (2020). COVID-19 in Italy: momentous decisions and many uncertainties. The Lancet Global Health, 8(5), e641-e642. https://doi.org/10.1016/S2214-109X(20)30110-8
Linnenluecke, M.K. (2017). Resilience in business and management research: A review of influential publications and a research agenda. International Journal of Management Reviews, 19(1), 4-30.
Merendino, A. (2013). Luxury Yacht Market and the Anti-Cyclical Industry: An Empirical Comparison Among the Worldwide Leaders in Italian Shipyards”. The Macrotheme Review, 2(4), 27-48.
Miles, M.B. & Huberman, A.M. (1994). Qualitative data analysis: An expanded sourcebook. Sage.
Morse, J.M., Barrett, M., Mayan, M., Olson, K. & Spiers, J. (2002). Verification strategies for establishing reliability and validity in qualitative research. International journal of qualitative methods, 1(2), 13-22.
Neergaard, H. & Ulhøi, J.P. eds. (2007). Handbook of qualitative research methods in entrepreneurship. Edward Elgar Publishing.
Ortiz‐de‐Mandojana, N. & Bansal, P. (2016). The long‐term benefits of organizational resilience through sustainable business practices. Strategic Management Journal, 37(8), 1615-1631.
Pal, R., Torstensson, H. & Mattila, H. (2014). Antecedents of organizational resilience in economic crises—an empirical study of Swedish textile and clothing SMEs. International Journal of Production Economics, 147, 410-428.
Parker, L. D., & Northcott, D. (2016). Qualitative generalising in accounting research: concepts and strategies. Accounting, Auditing & Accountability Journal. 29(6). http://dx.doi.org/10.1108/AAAJ-04-2015-2026
Pencarelli, T., Cesaroni, F. M., & Demartini, P. (2021). Covid-19 and Italian small and medium-sized enterprises: consequences, threats and opportunities. Piccola Impresa / Small Business, (3). https://doi.org/10.14596/pisb.413
Ponticelli, S., Mininno, V., Dulmin, R. & Aloini, D. (2013). Supply chain implications for one-off luxury products: cases from the yacht industry. International Journal of Retail & Distribution Management, 41(11/12), 1008-1029. https://doi.org/10.1108/IJRDM-01-2013-0002
Rapaccini, M., Saccani, N., Kowalkowski, C., Paiola, M. & Adrodegari, F. (2020). Navigating disruptive crises through service-led growth: The impact of COVID-19 on Italian manufacturing firms. Industrial Marketing Management, 88, 225-237. https://doi.org/10.1016/j.indmarman.2020.05.017
Ruuska, I., Ahola, T., Martinsuo, M. & Westerholm, T. (2013). Supplier capabilities in large shipbuilding projects. International Journal of Project Management, 31(4), 542-553. https://doi.org/10.1016/j.ijproman.2012.09.017
Savelli, E. (2011). Role of brand management of the luxury fashion brand in the global economic crisis: A case study of Aeffe group. Journal of Global Fashion Marketing, 2(3), 170-179. https://doi.org/10.1080/20932685.2011.10593095
Sullivan-Taylor, B., & Branicki, L. (2011). Creating resilient SMEs: why one size might not fit all. International Journal of Production Research, 49(18), 5565-5579.
Thomas, D. R. (2006). A general inductive approach for analyzing qualitative evaluation data. American journal of evaluation, 27(2), 237-246.
Vargo, J. & Seville, E. (2011). Crisis strategic planning for SMEs: finding the silver lining. International Journal of production research, 49(18), 5619-5635.
Yin, R.K. (2011). Applications of case study research. Sage.
Wolcott, H.F. (1994). Transforming qualitative data: Description, analysis, and interpretation. Sage.
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Copyright (c) 2023 Alessia Patuelli, Shahab Zare, Nicola Lattanzi