Regional Revitalization and Entrepreneurship

The Role of Family Business in the Age of Living with COVID─19

Abstract

COVID─19 has expanded from early 2020 rapidly and has dramatically revealed the negative aspects of accelerated globalization and pursuit of mobility. In the Age of Living with COVID─19, there will be increasing urgency to rebuild society in a decentralized form, to ensure the independence and resilience of regional cities and communities in Japan.

This paper explores the role of family business in regional revitalization by focusing on the relationship between the characteristics of the socioemotional wealth of the family business and entrepreneurship.

In order to create regional revitalization, innovation that creates economic and social value by taking advantage of regional characteristics is necessary. This and other elements of regional strength, such as tradition-based innovation and entrepreneurship, the curbing of excessive competition such as cutthroat competition, and a shift from quantitative growth to qualitative growth, are the antithesis of the various problems of modern society that must be reflected on. The key is the producers’ sense of belonging and attachment to the region: the region and their own survival are perceived as two sides of the same coin.

This paper insists that the leading force behind regional revitalization is a family business that conducts business succession in the region over a long period of time, retains SEW, and has indigenousness and legitimacy. Family business is expected to play a role in contributing to the realization of a decentralized society as a driving force for an independent local economy.