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PurposeThe purpose of the present study is twofold. First, the study will investigate the importance of tradition for businesses operating during the COVID-19 crisis, notably, as a valuable proposition and strategy. Second, the study seeks to advance theoretical understanding, proposing two frameworks based upon emerging dimensions, the resource-based view and dynamic capabilities.Design/methodology/approachAn online survey gathered the views of 107 predominantly micro and small-scale owner-manager and family-owned firms involved in the food and wine sector. These participants are based in Italy, one of the hardest-hit countries in the crisis.FindingsThree fundamental dimensions emerge from the findings. The first, “embedded advantage”, concerns firms' more direct involvement and tradition-related actions. The second, “active advantage”, highlights the already established value of tradition, for example, through firm identity gained, well-established roots and firm culture. The third dimension, “strategic fusion”, underscores the importance of upgrading the business model, where innovation complements tradition strategically.Originality/valueThe study's revealed dimensions provide new conceptual perspectives to understand tradition in the context of firms confronting an unprecedented event. The first proposed theoretical framework illustrates that firms appear to mainly rely on tradition as the fundamental pillar of their overall strategy. Additionally, other firms engage in actions to consolidate tradition's strategic significance, while others embrace innovation to further strengthen their competitiveness. The second framework emphasises relations between these dimensions and key attributes associated with the two adopted theoretical foundations, where the need to “reconfigure tradition” clearly emerges.

Purpose The purpose of this study is to build an understanding of how firms operate under the COVID-19 crisis. Specifically, the study examines the significance of firms’ survival for their surrounding community, business–community relations during this severe situation and factors helping firms address this unprecedented challenge. The conceptual tenets of stakeholder theory are considered. Design/methodology/approach A qualitative data collection approach was selected, with face-to-face and online interviews undertaken with owners and managers of 33 firms operating in Singapore. Findings Firstly, while survival during the current unprecedented crisis is perceived to be most important for the firms’ employees, owners/managers also perceive domino effects on other companies working alongside the participating firms, as well as effects on clients and suppliers. Secondly, increased collaboration with industry, stronger partnerships with suppliers and business partners and closer relationships with staff are highlighted during the crisis. Thirdly, key factors helping firms’ survival in the initial year of the crisis included: a clear goal; a cohesive/nimble staff team; reinventing, adapting and being resilient; and family support and management support. Originality/value This study contributes empirically and conceptually to the literature on firm adaptation and firm–community relationships during a severe crisis. Empirically, the findings and related dimensions provide practical guidance concerning the interdependence between firms and their stakeholders. Conceptually, the inductive analysis, which enabled the development of a theoretical framework, illustrates the relationships between the study’s emerging dimensions and those predicated by stakeholder theory, namely, the descriptive, instrumental, normative and managerial.

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