Pub Date : 2023-12-15DOI: 10.24310/ejfb.13.2.2023.17638
Rocio Arteaga, R. Basco
The existing typologies, classifications that identify types of family firms based on specific characteristics, aim to enhance our understanding of the heterogeneity of family businesses. However, these typologies fall short in thoroughly exploring and predicting behavioural and performance consequences associated with being categorized within specific classifications. Furthermore, the majority of the existing analyses have been empirically tested in one single country. To address these two research gaps, we use a sample of 814 small- and medium-sized family firms operating in 21 countries, collected by the STEP Project Global Consortium. This sample is employed to classify family firms based on their corporate governance similarities and explore their behavioural and performance patterns. Building on the principles of the configurative approach, we find that each of the four family firm configuration—group of family firms with related corporate governance mechanisms—has a unique yet similar combination of patterns in terms of transgenerational entrepreneurship practices, non-economic goals, and firm performance. Additionally, expanding on the isomorphic effect, we find evidence indicating that certain world macroregions exhibit a greater propensity for specific corporate governance configurations compared to others.
{"title":"Disentangling family firm heterogeneity: Evidence from a cross-country analysis","authors":"Rocio Arteaga, R. Basco","doi":"10.24310/ejfb.13.2.2023.17638","DOIUrl":"https://doi.org/10.24310/ejfb.13.2.2023.17638","url":null,"abstract":"The existing typologies, classifications that identify types of family firms based on specific characteristics, aim to enhance our understanding of the heterogeneity of family businesses. However, these typologies fall short in thoroughly exploring and predicting behavioural and performance consequences associated with being categorized within specific classifications. Furthermore, the majority of the existing analyses have been empirically tested in one single country. To address these two research gaps, we use a sample of 814 small- and medium-sized family firms operating in 21 countries, collected by the STEP Project Global Consortium. This sample is employed to classify family firms based on their corporate governance similarities and explore their behavioural and performance patterns. Building on the principles of the configurative approach, we find that each of the four family firm configuration—group of family firms with related corporate governance mechanisms—has a unique yet similar combination of patterns in terms of transgenerational entrepreneurship practices, non-economic goals, and firm performance. Additionally, expanding on the isomorphic effect, we find evidence indicating that certain world macroregions exhibit a greater propensity for specific corporate governance configurations compared to others.","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139000373","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-12-15DOI: 10.24310/ejfb.13.2.2023.17034
Luis Diaz-Matajira, Francisca Sinn, Fernando Sandoval‐Arzaga, James Davis
The family CEOs' intention to retire seems to be critical to trigger the succession process. For a more comprehensive understanding of the leadership succession in family businesses, it is important to study the antecedents of the family CEO's intended retirement age. Using a global database, we examine the incumbents' retirement age from their own perspective as the determinant of retirement timing. We apply the theory of planned behavior to explore factors affecting retirement age with a forward perspective, using the intended age of retirement as an antecedent for effective retirement age. Our results suggest that individual factors of the intended retirement age have stronger explanatory power in leader intended retirement age compared to the family business factors.
{"title":"When Does S(he) Plan to Retire? Antecedents of Retirement Age In Family Businesses","authors":"Luis Diaz-Matajira, Francisca Sinn, Fernando Sandoval‐Arzaga, James Davis","doi":"10.24310/ejfb.13.2.2023.17034","DOIUrl":"https://doi.org/10.24310/ejfb.13.2.2023.17034","url":null,"abstract":"The family CEOs' intention to retire seems to be critical to trigger the succession process. For a more comprehensive understanding of the leadership succession in family businesses, it is important to study the antecedents of the family CEO's intended retirement age. Using a global database, we examine the incumbents' retirement age from their own perspective as the determinant of retirement timing. We apply the theory of planned behavior to explore factors affecting retirement age with a forward perspective, using the intended age of retirement as an antecedent for effective retirement age. Our results suggest that individual factors of the intended retirement age have stronger explanatory power in leader intended retirement age compared to the family business factors.","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138999315","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-29DOI: 10.24310/ejfbejfb.v13i1.16571
Guillermo Pérez-Elizundia, Seyka Sandoval, Jesus F. Lampon
This paper aims to identify and analyze trends in the study of supply chain financing (SCF). We use bibliometrics and content analysis as a methodology. Scientific maps analysis highlights the production and performance of the SCF, as well as the keywords that characterize it. The supply chain management (SCM) field contains SCF as a sub-field of knowledge. We found a significant fragmentation and specialization in this thematic area. The topics associated and emerging are innovation, collaboration, and resilience as critical factors in the development of the SCF, and the adoption of Blockchain to promote the sustainable performance of supply chains. Moreover, the construction of a comprehensive conceptual framework of the SCF, universally accepted by the parties involved in supply chains.
{"title":"Trends in global research on supply chain finance from 1900 to 2021: a bibliometric analysis","authors":"Guillermo Pérez-Elizundia, Seyka Sandoval, Jesus F. Lampon","doi":"10.24310/ejfbejfb.v13i1.16571","DOIUrl":"https://doi.org/10.24310/ejfbejfb.v13i1.16571","url":null,"abstract":"This paper aims to identify and analyze trends in the study of supply chain financing (SCF). We use bibliometrics and content analysis as a methodology. Scientific maps analysis highlights the production and performance of the SCF, as well as the keywords that characterize it. The supply chain management (SCM) field contains SCF as a sub-field of knowledge. We found a significant fragmentation and specialization in this thematic area. The topics associated and emerging are innovation, collaboration, and resilience as critical factors in the development of the SCF, and the adoption of Blockchain to promote the sustainable performance of supply chains. Moreover, the construction of a comprehensive conceptual framework of the SCF, universally accepted by the parties involved in supply chains.","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135154765","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-29DOI: 10.24310/ejfbejfb.v13i1.15751
Oscar Montiel, Rosa Azalea Canales-Garcia, Omar Humberto Gardea-Morales
Focusing on different positions on the dark side of entrepreneurship (DSE) (Montiel & Clark, 2018; Shepherd, 2019), including the dark side of the family business (Montiel & Soto, 2021), we investigate iatrogenesis and its application in entrepreneurship. Through a literature review, we clarified and defined entrepreneurial iatrogenesis (EI) as a novel perspective, as well as the factors that can promote it. Through a conceptual model, a potential research stream is proposed, and the results show that both its elements and dimensions are related, a systemic position where the context has a determining action. We conclude that it is feasible to extend this analysis to the development of public policies focused on entrepreneurship, as well as the creation of entrepreneurship and small and medium-sized enterprise (SMEs) programs at different levels, such as government and universities, and in general for the entrepreneurial community to establish strategies that can foresee and address it.
{"title":"Entrepreneurial Iatrogenesis: An explorative view","authors":"Oscar Montiel, Rosa Azalea Canales-Garcia, Omar Humberto Gardea-Morales","doi":"10.24310/ejfbejfb.v13i1.15751","DOIUrl":"https://doi.org/10.24310/ejfbejfb.v13i1.15751","url":null,"abstract":"Focusing on different positions on the dark side of entrepreneurship (DSE) (Montiel & Clark, 2018; Shepherd, 2019), including the dark side of the family business (Montiel & Soto, 2021), we investigate iatrogenesis and its application in entrepreneurship. Through a literature review, we clarified and defined entrepreneurial iatrogenesis (EI) as a novel perspective, as well as the factors that can promote it. Through a conceptual model, a potential research stream is proposed, and the results show that both its elements and dimensions are related, a systemic position where the context has a determining action. We conclude that it is feasible to extend this analysis to the development of public policies focused on entrepreneurship, as well as the creation of entrepreneurship and small and medium-sized enterprise (SMEs) programs at different levels, such as government and universities, and in general for the entrepreneurial community to establish strategies that can foresee and address it.","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135154764","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-29DOI: 10.24310/ejfbejfb.vi.15154
Katerina Kampouri, Yannis Hajidimitriou
This study aims to address the question of why the efforts of family Small and Medium Enterprises (family SMEs) to develop international partnerships fail. In particular, it draws on the network theory of internationalisation and SEW perspective and explores how family managers’ interpretation of the behaviour of potential international partners can lead to the failure of the attempt to develop an international partnership in the context of family SMEs internationalisation. To do so, it conducts a multiple case study of four internationalised Greek family SMEs in the food and beverages sector. The findings suggest that family managers set strict criteria, regarding their expectations about international partners’ behaviour when evaluating the potential international partners, which emerge from family managers’ effort to fulfil family goals (e.g., the preservation of family harmony and family reputation), and reveal that the family managers’ priority on the fulfilment of family goals can hinder the international partnership development process. These findings build upon the limited, yet important, family SMEs literature on international partnership failures and enrich previous networking theories about family SMEs’ internationalisation.
{"title":"International Partnership Failures in the Context of Family Small and Medium Enterprises Internationalisation","authors":"Katerina Kampouri, Yannis Hajidimitriou","doi":"10.24310/ejfbejfb.vi.15154","DOIUrl":"https://doi.org/10.24310/ejfbejfb.vi.15154","url":null,"abstract":"This study aims to address the question of why the efforts of family Small and Medium Enterprises (family SMEs) to develop international partnerships fail. In particular, it draws on the network theory of internationalisation and SEW perspective and explores how family managers’ interpretation of the behaviour of potential international partners can lead to the failure of the attempt to develop an international partnership in the context of family SMEs internationalisation. To do so, it conducts a multiple case study of four internationalised Greek family SMEs in the food and beverages sector. The findings suggest that family managers set strict criteria, regarding their expectations about international partners’ behaviour when evaluating the potential international partners, which emerge from family managers’ effort to fulfil family goals (e.g., the preservation of family harmony and family reputation), and reveal that the family managers’ priority on the fulfilment of family goals can hinder the international partnership development process. These findings build upon the limited, yet important, family SMEs literature on international partnership failures and enrich previous networking theories about family SMEs’ internationalisation.","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135154769","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-29DOI: 10.24310/ejfbejfb.v13i1.16744
Gloria Aparicio, Txomin Iturralde
Sustainability in family businesses is becoming an exigent, interesting, and ever-evolving topic in the field of business research, owing to the requirements of sustainable development agendas for all types of companies. The growing body of research on this topic, considering traditional and new challenges for family firms, encourages the synthesis and organization of existing knowledge through a literature review. This study conducts a combination of different analyses with bibliometric techniques to provide an overview of the evolution of scientific literature on sustainability in family businesses and its structure in terms of relevant groups of researchers, most cited articles, and the contributing journals. Finally, future research endeavors are suggested for each identified open theme. Unlike previous reviews, the present work considered emergent sub-fields such as environmental studies and environmental sciences in document selection, which have been incorporated into the traditional research fields like business, management, and economics and finance in the context of family businesses.
{"title":"New Research Trends in Sustainability in Family Businesses: A Bibliometric Literature Review","authors":"Gloria Aparicio, Txomin Iturralde","doi":"10.24310/ejfbejfb.v13i1.16744","DOIUrl":"https://doi.org/10.24310/ejfbejfb.v13i1.16744","url":null,"abstract":"Sustainability in family businesses is becoming an exigent, interesting, and ever-evolving topic in the field of business research, owing to the requirements of sustainable development agendas for all types of companies. The growing body of research on this topic, considering traditional and new challenges for family firms, encourages the synthesis and organization of existing knowledge through a literature review. This study conducts a combination of different analyses with bibliometric techniques to provide an overview of the evolution of scientific literature on sustainability in family businesses and its structure in terms of relevant groups of researchers, most cited articles, and the contributing journals. Finally, future research endeavors are suggested for each identified open theme. Unlike previous reviews, the present work considered emergent sub-fields such as environmental studies and environmental sciences in document selection, which have been incorporated into the traditional research fields like business, management, and economics and finance in the context of family businesses.","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135154766","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-29DOI: 10.24310/ejfbejfb.vi.15377
Miguel Angel Gallo
Based on the author's own experience as an external and independent director of several boards of directors of family-owned companies, the objective of this paper is to show the responsibilities that these directors must assume and how they should preserve their qualities as "external" and "independent" directors. In this way, it is expected that this commentary can help to shape the procedure of incorporation and evaluation of external and independent directors.
{"title":"Family Business Governance and Outside Directors—Expectations from an Independent Director","authors":"Miguel Angel Gallo","doi":"10.24310/ejfbejfb.vi.15377","DOIUrl":"https://doi.org/10.24310/ejfbejfb.vi.15377","url":null,"abstract":"Based on the author's own experience as an external and independent director of several boards of directors of family-owned companies, the objective of this paper is to show the responsibilities that these directors must assume and how they should preserve their qualities as \"external\" and \"independent\" directors. In this way, it is expected that this commentary can help to shape the procedure of incorporation and evaluation of external and independent directors.","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135154770","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-29DOI: 10.24310/ejfbejfb.v13i1.16065
Guadalupe del Carmen Briano-Turrent, Karen Watkins-Fassler, Lázaro Rodríguez-Ariza, Carolina Reyes-Bastidas
From the perspective of agency and socio-emotional theories, the family firm’s innovation behavior differs from non-family companies. We investigate the relationship between the family element and Research and Development (R&D) investment, and how the moderating effect of the board composition affects this relationship. Using a panel data composed by 1,284 observations-year during the period 2004-2014 from Argentina, Brazil, Chile and Mexico, empirical results show that family firms increase R&D investment when the moderating effect of the board composition is included. For instance, larger boards, the independence of the board, the COB-CEO duality and female directors motivates to a higher R&D and capital expenditures. These results confirm that board composition constitutes a monitoring mechanism of family members' actions, which leads to an increase of innovation strategies and suggest that family firms promote a long-term orientation with the purpose of preserving the wealth for next generations. This research contributes to the international literature analyzing a region not explored before and characterized by a weak institutional framework and lower rates on R&D investment compared to other emerging countries.
{"title":"Family Firms and Research and Development Investment: The Moderator Effect of the Board Composition","authors":"Guadalupe del Carmen Briano-Turrent, Karen Watkins-Fassler, Lázaro Rodríguez-Ariza, Carolina Reyes-Bastidas","doi":"10.24310/ejfbejfb.v13i1.16065","DOIUrl":"https://doi.org/10.24310/ejfbejfb.v13i1.16065","url":null,"abstract":"From the perspective of agency and socio-emotional theories, the family firm’s innovation behavior differs from non-family companies. We investigate the relationship between the family element and Research and Development (R&D) investment, and how the moderating effect of the board composition affects this relationship. Using a panel data composed by 1,284 observations-year during the period 2004-2014 from Argentina, Brazil, Chile and Mexico, empirical results show that family firms increase R&D investment when the moderating effect of the board composition is included. For instance, larger boards, the independence of the board, the COB-CEO duality and female directors motivates to a higher R&D and capital expenditures. These results confirm that board composition constitutes a monitoring mechanism of family members' actions, which leads to an increase of innovation strategies and suggest that family firms promote a long-term orientation with the purpose of preserving the wealth for next generations. This research contributes to the international literature analyzing a region not explored before and characterized by a weak institutional framework and lower rates on R&D investment compared to other emerging countries.","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135154767","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-06-29DOI: 10.24310/ejfbejfb.vi.15094
Pedro Vazquez, Giovanna Campopiano
This article offers a conceptual discussion about the relationship between wealth and wellbeing of the business family. It provides a psychological perspective on ownership that explains the effect of wealth on individual and collective dimensions relevant to business families, namely psychological ownership, socioemotional wealth, and ownership competences. The study provides an integrative framework and offers propositions that illustrate the theoretical and practical implications of the model as regards the relationship between wealth and wellbeing of the business family.
{"title":"Beyond Money: Wealth and Wellbeing of the Business Family","authors":"Pedro Vazquez, Giovanna Campopiano","doi":"10.24310/ejfbejfb.vi.15094","DOIUrl":"https://doi.org/10.24310/ejfbejfb.vi.15094","url":null,"abstract":"This article offers a conceptual discussion about the relationship between wealth and wellbeing of the business family. It provides a psychological perspective on ownership that explains the effect of wealth on individual and collective dimensions relevant to business families, namely psychological ownership, socioemotional wealth, and ownership competences. The study provides an integrative framework and offers propositions that illustrate the theoretical and practical implications of the model as regards the relationship between wealth and wellbeing of the business family.","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135154771","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-05-16DOI: 10.24310/ejfbejfb.v13i1.16610
Ana M. Moreno-Menéndez, Concepción Pérez-Reina, Alicia Ramos-García
This paper analyzes how fast do family businesses react to a decline in their financial performance. Turnaround is especially relevant in family businesses due to the importance of non-economic goals. We study the differences between family and non-family businesses in relation to closure and recovery speed, and the role of firm age and size as contingent factors. The empirical research analyzes panel data comprising more than 23,000 declining Spanish firms, over an eleven-year period (2006-2016). Our findings show that family businesses will close earlier than non-family businesses without significant difference between family and non-family businesses recovery speed
{"title":"Speed of Retrenchment Strategies of Family Firms in Times of Crisis","authors":"Ana M. Moreno-Menéndez, Concepción Pérez-Reina, Alicia Ramos-García","doi":"10.24310/ejfbejfb.v13i1.16610","DOIUrl":"https://doi.org/10.24310/ejfbejfb.v13i1.16610","url":null,"abstract":"This paper analyzes how fast do family businesses react to a decline in their financial performance. Turnaround is especially relevant in family businesses due to the importance of non-economic goals. We study the differences between family and non-family businesses in relation to closure and recovery speed, and the role of firm age and size as contingent factors. The empirical research analyzes panel data comprising more than 23,000 declining Spanish firms, over an eleven-year period (2006-2016). Our findings show that family businesses will close earlier than non-family businesses without significant difference between family and non-family businesses recovery speed","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136215960","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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