Playing the wild cards: Antecedents of family firm resilience

• Deep time horizon is relevant to family firms managers/owners in developing an adequate understanding of wild cards. • Generational involvement helps managers/owners to develop a socially constructed understanding of wild cards. • Entrepreneurial Orientation impacts response preferences when facing wild cards. • Binding social ties and Emotional attachment of family members impact response preferences when facing wild cards. • Family firms managers/owners accurately identify a variety of wild cards. The purpose of this study is to explore how family firms respond to wild cards. We aim to capture the understanding of family firm owners/managers of what wild cards are in terms of frequency, kind, and impact. We also examine how familiness and entrepreneurial orientation form the resilience and survival of family firms when facing wild cards. The scope of our attention is limited to extreme events so far overlooked in the family firm resilience literature, and the empirical context of our study involves the COVID-19 pandemic. Our findings show that the response to wild cards depends on the understanding of those extreme situations that family firms managers/owners develop. Deep time horizon is relevant in developing a useful understanding of wild cards, and generational involvement helps to socially construct it. After developing an understanding, family firm managers/owners use decision making preferences in selecting their response to wild cards. Our study offers a behavioral take on family firms resilience, and provides a fine grained view incorporating behavioral constructs.