Family SMEs and managerial approaches to sustainability in the blue economy

This study investigates the managerial approaches family SMEs adopt to address sustainability in the context of the Blue Economy. Using a qualitative methodology, we conduct nine case studies of family firms operating in Sicily's COSVAP Fishing District area. The data are collected via semi-structured interviews with the founders/managers and analyzed using the Gioia method. The results reveal that family SMEs approach sustainability by adopting three managerial approaches. In the first approach, SME managers conceive sustainability as a threat to the economic sustainability of their firms. The second approach implies that sustainability must undergo specific compromises. The third approach considers sustainability as an opportunity whereby social, environmental, and economic sustainability goals are balanced. Regarding the theoretical implications, our work provides a comprehensive account of managerial approaches of family SMEs toward sustainability. The study offers insights for practitioners and policymakers concerning how to facilitate the transition of family SMEs – and, specifically, fisheries – toward sustainability.