Pub Date : 2022-12-22DOI: 10.24310/ejfbejfb.v12i2.14657
Matti Schulze, German German
The COVID19 pandemic has disclosed the compelling necessity for businesses to develop and maintain a high resilience to survive the constantly changing environment they operate in and the rising number of crises they face. Our study sheds light on the resilience of owner-managed family businesses, with a special focus on different levels within and beyond the organization, by analyzing digitalization efforts as one form of strategic response to a crisis. More precisely, building on an extensive explorative multiple case study, we explore how and why owner-managed family businesses differ regarding their resilience and the implications this has for their crisis management. We contribute both to the literature on resilience and to research on family business strategies by showing differences in crisis response related to different levels of family business resilience and the special role of the owner-manager.
{"title":"Family Business Resilience: The Importance of Owner-Manager's Relational Resilience in Crisis Response Strategies","authors":"Matti Schulze, German German","doi":"10.24310/ejfbejfb.v12i2.14657","DOIUrl":"https://doi.org/10.24310/ejfbejfb.v12i2.14657","url":null,"abstract":"The COVID19 pandemic has disclosed the compelling necessity for businesses to develop and maintain a high resilience to survive the constantly changing environment they operate in and the rising number of crises they face. Our study sheds light on the resilience of owner-managed family businesses, with a special focus on different levels within and beyond the organization, by analyzing digitalization efforts as one form of strategic response to a crisis. More precisely, building on an extensive explorative multiple case study, we explore how and why owner-managed family businesses differ regarding their resilience and the implications this has for their crisis management. We contribute both to the literature on resilience and to research on family business strategies by showing differences in crisis response related to different levels of family business resilience and the special role of the owner-manager.","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72740370","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 : 2022-12-22DOI: 10.24310/ejfbejfb.v12i2.14718
Remedios Hernández Linares, Triana Arias-Abelaira
The objective of this paper is to examine the current state of strategic renewal research in family businesses, identifying the main research gaps and providing a path for future research to the academics. To do so, we have performed a systematic and comprehensive review of 21 studies (20 articles and 1 book chapter) about strategic renewal and family business published between 2009 and 2022. Our comprehensive analysis reveals that the majority of studies to date are empirical studies that have focused on the strategic renewal’s antecedents, while the strategic renewal’s outcomes remain unexplored. This and other significant research gaps are identified and discussed in this review, which emphasizes the need for further research about the topic.
{"title":"Adapt or Perish ! A Systematic Review of the Literature on Strategic Renewal and the Family Firm","authors":"Remedios Hernández Linares, Triana Arias-Abelaira","doi":"10.24310/ejfbejfb.v12i2.14718","DOIUrl":"https://doi.org/10.24310/ejfbejfb.v12i2.14718","url":null,"abstract":"The objective of this paper is to examine the current state of strategic renewal research in family businesses, identifying the main research gaps and providing a path for future research to the academics. To do so, we have performed a systematic and comprehensive review of 21 studies (20 articles and 1 book chapter) about strategic renewal and family business published between 2009 and 2022. Our comprehensive analysis reveals that the majority of studies to date are empirical studies that have focused on the strategic renewal’s antecedents, while the strategic renewal’s outcomes remain unexplored. This and other significant research gaps are identified and discussed in this review, which emphasizes the need for further research about the topic.","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81423860","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}
{"title":"Family and Technology: Resilience Factors in SMEs in a Pandemic","authors":"Vanessa Diaz-Moriana, Remedios Hernández‐Linares, Valeriano Sanchez‐Famoso","doi":"10.24310/ejfbejfb.v12i2.15918","DOIUrl":"https://doi.org/10.24310/ejfbejfb.v12i2.15918","url":null,"abstract":"","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86776021","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 : 2022-12-14DOI: 10.24310/ejfbejfb.v12i2.14572
J. Borralho, Maria Isabel Duarte
The present study analyzes dividends paid in unlisted family and non-family businesses, exploring factors that lead to higher or lower dividend payments. Data from 612 Spanish companies during 12 consecutive years was analyzed. This study indicates that family businesses, as a result of the greater proximity of the family to the business, pay lower dividends. However, we found evidence of higher dividends paid in pyramid structures, susceptible to higher agency costs, both in family and non-family businesses. In family businesses, this can be explained by their aim to maintain levels of trust with minority interests, and in non-family businesses by the purpose to mitigate conflicts of interest as a consequence of greater autonomy of subsidiaries. The evidence obtained adds value to the investigation, which has generally been focused on listed companies. Considering that unlisted companies use the dividend policy to align divergent interests, especially in more fragile governance structures, the results contribute to reduce the gap in research, and have practical implications for companies and investors.
{"title":"Determinants of Dividend Payout in Unlisted Spanish Family and Non-Family Firms","authors":"J. Borralho, Maria Isabel Duarte","doi":"10.24310/ejfbejfb.v12i2.14572","DOIUrl":"https://doi.org/10.24310/ejfbejfb.v12i2.14572","url":null,"abstract":"The present study analyzes dividends paid in unlisted family and non-family businesses, exploring factors that lead to higher or lower dividend payments. Data from 612 Spanish companies during 12 consecutive years was analyzed. This study indicates that family businesses, as a result of the greater proximity of the family to the business, pay lower dividends. However, we found evidence of higher dividends paid in pyramid structures, susceptible to higher agency costs, both in family and non-family businesses. In family businesses, this can be explained by their aim to maintain levels of trust with minority interests, and in non-family businesses by the purpose to mitigate conflicts of interest as a consequence of greater autonomy of subsidiaries. The evidence obtained adds value to the investigation, which has generally been focused on listed companies. Considering that unlisted companies use the dividend policy to align divergent interests, especially in more fragile governance structures, the results contribute to reduce the gap in research, and have practical implications for companies and investors.","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89070642","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 : 2022-12-02DOI: 10.24310/ejfbejfb.v12i2.14631
Jahangir Wasim, F. Almeida
This study critically investigates and evaluates the childhood and adolescent year strategies, and efforts that parent-owners of family businesses incorporate to encourage and prepare children for a successful future succession. The sample consisted of six family businesses in the North East of Scotland: two successfully introduced a second-generation, two a third generation and one a fourth generation, with one still in the founder stage. The findings reveal that the succession planning process was an instantaneous event into generational bridging, where no formal planning process was commenced. Parent-owners influenced and facilitated knowledge transfer and education, leaving control to the child successors with career options. The research has also shown the difficulties in how the child successors of the future may find succession challenging and demanding with contextually complex issues.
{"title":"Bringing a Horse to Water: The Shaping of a Child Successor in Family Business Succession","authors":"Jahangir Wasim, F. Almeida","doi":"10.24310/ejfbejfb.v12i2.14631","DOIUrl":"https://doi.org/10.24310/ejfbejfb.v12i2.14631","url":null,"abstract":"This study critically investigates and evaluates the childhood and adolescent year strategies, and efforts that parent-owners of family businesses incorporate to encourage and prepare children for a successful future succession. The sample consisted of six family businesses in the North East of Scotland: two successfully introduced a second-generation, two a third generation and one a fourth generation, with one still in the founder stage. The findings reveal that the succession planning process was an instantaneous event into generational bridging, where no formal planning process was commenced. Parent-owners influenced and facilitated knowledge transfer and education, leaving control to the child successors with career options. The research has also shown the difficulties in how the child successors of the future may find succession challenging and demanding with contextually complex issues. ","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83937158","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 : 2022-11-28DOI: 10.24310/ejfbejfb.v12i2.15295
Gibb Dyer
In this essay, the author describes some of the trends regarding the family that he has witnessed over his lifetime as well as raise some questions concerning family formation, structure, and size that may influence the creation and sustainability of family businesses. Moreover, he makes some suggestions for those who, like himself, would like to see family businesses survive and thrive in the future.
{"title":"Where Have all the Families Gone— Is There a Future for Family Businesses?","authors":"Gibb Dyer","doi":"10.24310/ejfbejfb.v12i2.15295","DOIUrl":"https://doi.org/10.24310/ejfbejfb.v12i2.15295","url":null,"abstract":"In this essay, the author describes some of the trends regarding the family that he has witnessed over his lifetime as well as raise some questions concerning family formation, structure, and size that may influence the creation and sustainability of family businesses. Moreover, he makes some suggestions for those who, like himself, would like to see family businesses survive and thrive in the future.","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79654878","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 : 2022-11-17DOI: 10.24310/ejfbejfb.v12i2.14567
Eneko Urkiola, Mikel Alayo
Family firms show specific behavior in their internationalization because of the affective ties derived from the family’s influence in the business. The desire to achieve business and family objectives determines the strategic decision making of family members in governance and management, affecting the internationalization strategy. This research intends to determine the factors related to family influence in the internationalization of family firms. Thus, using a sample of 254 Spanish small- and medium-sized family firms, we analyze how family-related factors affect exports. The results confirm that family ownership and the generation in charge of the firm have positive effects on the export intensity of family firms. However, the results are not conclusive when assessing the relationship between family involvement in the board of directors and exports.
{"title":"Internationalization and Family Firms: The Influence of Family Involvement on Exports","authors":"Eneko Urkiola, Mikel Alayo","doi":"10.24310/ejfbejfb.v12i2.14567","DOIUrl":"https://doi.org/10.24310/ejfbejfb.v12i2.14567","url":null,"abstract":"Family firms show specific behavior in their internationalization because of the affective ties derived from the family’s influence in the business. The desire to achieve business and family objectives determines the strategic decision making of family members in governance and management, affecting the internationalization strategy. This research intends to determine the factors related to family influence in the internationalization of family firms. Thus, using a sample of 254 Spanish small- and medium-sized family firms, we analyze how family-related factors affect exports. The results confirm that family ownership and the generation in charge of the firm have positive effects on the export intensity of family firms. However, the results are not conclusive when assessing the relationship between family involvement in the board of directors and exports.","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82908198","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 : 2022-11-17DOI: 10.24310/ejfbejfb.v12i2.14071
Sara Terrón-Ibáñez, M. Gómez-Miranda, Lázaro Rodríguez‐Ariza
A family identity of a firm, exhibited by the presence of the family name in the business name, can influence the value of economic profitability. The present analysis also explores if this relationship varies depending on the size and the generation running the business. The sample used to conduct this study comprises a panel data set of 21,149 Spanish family firms containing information from 2003 to 2015, which translates into a balanced database including 274,937 observations. For analysis purposes, the firms are classified into small, medium-sized and large ones. Contrary to the competitive advantages brought about by the family identity of the businesses highlighted by previous research, the current study suggests its negative effects on the profitability of small and medium-sized family firms. This effect is more acute when the company is managed by its founding generation. The findings in the case of large family firms indicate that the company name does not have an impact upon economic profitability.
{"title":"The Influence of the Business Name on the Economic Performance of Family Firms: An Analysis According to the Generational Stage","authors":"Sara Terrón-Ibáñez, M. Gómez-Miranda, Lázaro Rodríguez‐Ariza","doi":"10.24310/ejfbejfb.v12i2.14071","DOIUrl":"https://doi.org/10.24310/ejfbejfb.v12i2.14071","url":null,"abstract":"A family identity of a firm, exhibited by the presence of the family name in the business name, can influence the value of economic profitability. The present analysis also explores if this relationship varies depending on the size and the generation running the business. The sample used to conduct this study comprises a panel data set of 21,149 Spanish family firms containing information from 2003 to 2015, which translates into a balanced database including 274,937 observations. For analysis purposes, the firms are classified into small, medium-sized and large ones. Contrary to the competitive advantages brought about by the family identity of the businesses highlighted by previous research, the current study suggests its negative effects on the profitability of small and medium-sized family firms. This effect is more acute when the company is managed by its founding generation. The findings in the case of large family firms indicate that the company name does not have an impact upon economic profitability.","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78546891","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 : 2022-11-17DOI: 10.24310/ejfbejfb.v12i2.13881
Elena Fuetsch
Family business literature barely addresses family farms and their innovation behavior. Innovation can be key to mitigate typical threats family farms are faced with, e.g., global competition and climate change. This article investigates socioemotional wealth (SEW) and diversity of information sources as innovation drivers. It also explores the role of diversity of information sources as a moderator. A sample of 911 family farms was used for linear regression analysis. The SEW dimension identification of the family members with the farm positively affects the implementation of innovation measures because the stronger the family members identify with the business, the more important is it for them to preserve the identity endowments. Since innovation is a way to do that, strong identification will motivate family members to innovate. Diversity of information sources is also positively linked to innovation measures. However, it has a negative moderating effect on the relationship between identification and innovation measures. While diverse information sources seem to increase a family farm’s ability to innovate by supporting the opportunity identification and utilization, it can also mitigate the farms willingness to innovate when information is ambiguous. The study integrates knowledge from agricultural, innovation and family business research and contributes to a better understanding of the peculiar business type “family farms” and SEW as a multidimensional concept.
{"title":"What Drives Innovation in Family Farms? The Roles of Socioemotional Wealth and Diverse Information Sources","authors":"Elena Fuetsch","doi":"10.24310/ejfbejfb.v12i2.13881","DOIUrl":"https://doi.org/10.24310/ejfbejfb.v12i2.13881","url":null,"abstract":"Family business literature barely addresses family farms and their innovation behavior. Innovation can be key to mitigate typical threats family farms are faced with, e.g., global competition and climate change. This article investigates socioemotional wealth (SEW) and diversity of information sources as innovation drivers. It also explores the role of diversity of information sources as a moderator. A sample of 911 family farms was used for linear regression analysis. The SEW dimension identification of the family members with the farm positively affects the implementation of innovation measures because the stronger the family members identify with the business, the more important is it for them to preserve the identity endowments. Since innovation is a way to do that, strong identification will motivate family members to innovate. Diversity of information sources is also positively linked to innovation measures. However, it has a negative moderating effect on the relationship between identification and innovation measures. While diverse information sources seem to increase a family farm’s ability to innovate by supporting the opportunity identification and utilization, it can also mitigate the farms willingness to innovate when information is ambiguous. The study integrates knowledge from agricultural, innovation and family business research and contributes to a better understanding of the peculiar business type “family farms” and SEW as a multidimensional concept.","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81510034","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 : 2022-05-31DOI: 10.24310/ejfbejfb.v12i1.14630
Guillermo Salazar
For family business advisors and consultants, the analysis of their client’s shared narrative helps them understand their business and family dynamics and the reality they have built together. Understanding the language of family mythology and the behavior of the narrative processes, can help positively to reinforce the purpose and meaning of their legacy and its transmission. In this article readers will learn how Joseph Campbell’s Monomyth of the Hero concept fits with the founder/entrepreneur myth in a family business, and how making it conscious can be used as a coherent tool that brings true meaning and inspiration to every family member in every generation.
{"title":"The Archetype of Hero in Family Businesses","authors":"Guillermo Salazar","doi":"10.24310/ejfbejfb.v12i1.14630","DOIUrl":"https://doi.org/10.24310/ejfbejfb.v12i1.14630","url":null,"abstract":"For family business advisors and consultants, the analysis of their client’s shared narrative helps them understand their business and family dynamics and the reality they have built together. Understanding the language of family mythology and the behavior of the narrative processes, can help positively to reinforce the purpose and meaning of their legacy and its transmission. In this article readers will learn how Joseph Campbell’s Monomyth of the Hero concept fits with the founder/entrepreneur myth in a family business, and how making it conscious can be used as a coherent tool that brings true meaning and inspiration to every family member in every generation.","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91248752","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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