Extraordinary Endeavors in Turbulent Times: Asian Innovation, Inclusion, and Impact during COVID-19

8 ASIABUSINESSCOUNCIL HONGKONGUNIVERSITYOFSCIENCEANDTECHNOLOGY Editorial Insights: How Family Business Traits Helped Companies Adapt and Thrive During the COVID-19 Pandemic Notably, the contributions of the companies profiled in the study extend well beyond epidemic relief to champion causes such as the environment, women empowerment, and poverty relief. Indeed, philanthropic endeavours allow companies to reflect and redefine their values and their commitments to society. They are also able to consolidate their legacy and reputation and rethink the traditional boundaries around philanthropy and social responsibility. Conclusion While many companies took a tumble when COVID-19 swept across the globe, there weremany family businesses that bucked the trend. It is apparent fromour case studies that they were able to do this because they had certain traits that are typical of family businesses. Not only was the pandemic an opportunity to exercise flexibility in redirecting resources towards new investments and acquisitions to support existing functions. Companies also demonstrated resilience, adaptability, and a keen desire to give back to society. It is safe to say that these traits helped these companies navigate the stormy times of the pandemic.