Pub Date : 2022-03-23DOI: 10.24310/ejfbejfb.vi.13487
Silvia Abella-Garcés, J. Ferrer
This research aims to cover some of the existing gap in the strategy of family firms literature, taking into account the heterogeneity of this kind of firms. We use a logit regression methodology in order to analyse the relationship between the strategy selected by the family firm and its performance, and whether differences exist depending on the degree of the family involvement in the firm. In order to test for our hypothesis, we use a sample of Spanish firms from the wine sector. Our results show that Porter’s cost strategy is positively related to performance for all type of family firms, and that a Miles’ analyser strategy is positively related to performance in family firms, although the effect of this strategy loses its impact as the degree of involvement of the family in the firm increases. It has also been shown that Miles’ reactive strategy, in family firms with more than fifty per cent of family involvement, negatively influences performance. In short, the results show that the strategy chosen by the family firm depends on the degree of property owned by the family.
{"title":"Family Firm Heterogeneity and its Effect on Strategy. The Case of the Spanish Wine Sector","authors":"Silvia Abella-Garcés, J. Ferrer","doi":"10.24310/ejfbejfb.vi.13487","DOIUrl":"https://doi.org/10.24310/ejfbejfb.vi.13487","url":null,"abstract":"This research aims to cover some of the existing gap in the strategy of family firms literature, taking into account the heterogeneity of this kind of firms. We use a logit regression methodology in order to analyse the relationship between the strategy selected by the family firm and its performance, and whether differences exist depending on the degree of the family involvement in the firm. In order to test for our hypothesis, we use a sample of Spanish firms from the wine sector. Our results show that Porter’s cost strategy is positively related to performance for all type of family firms, and that a Miles’ analyser strategy is positively related to performance in family firms, although the effect of this strategy loses its impact as the degree of involvement of the family in the firm increases. It has also been shown that Miles’ reactive strategy, in family firms with more than fifty per cent of family involvement, negatively influences performance. In short, the results show that the strategy chosen by the family firm depends on the degree of property owned by the family.","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75018815","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 : 2022-03-08DOI: 10.24310/ejfbejfb.vi.13536
Duarte Pimentel, Raquel Rodrigues
This paper aims to assess differences between employees of family and non-family firms regarding their levels of employee silence and their perceptions of the company’s entrepreneurial orientation. Moreover, focusing on family firms, we assess the relationship between the levels of employees’ silence and their perceptions of the firm’s entrepreneurial orientation. The empirical evidence is provided by a sample of 245 Portuguese employees, 117 employees of family firms, and 128 of non-family firms, who responded to a questionnaire that included employee silence and entrepreneurial orientation measures. Results reveal that family firms’ employees show higher levels of employee silence but perceive their companies as less entrepreneurially oriented than employees of non-family companies. In addition, our results do not support the idea that there is a relationship between the levels of employee silence and the employee’s perception of the company’s entrepreneurial orientation. This paper offers initial insights into the debate on the relationship between the levels of employee silence and the employee’s perception of the company’s entrepreneurial orientation in family firms.
{"title":"Employee Silence and Entrepreneurial Orientation in Small and Medium-Sized Family Firms","authors":"Duarte Pimentel, Raquel Rodrigues","doi":"10.24310/ejfbejfb.vi.13536","DOIUrl":"https://doi.org/10.24310/ejfbejfb.vi.13536","url":null,"abstract":"This paper aims to assess differences between employees of family and non-family firms regarding their levels of employee silence and their perceptions of the company’s entrepreneurial orientation. Moreover, focusing on family firms, we assess the relationship between the levels of employees’ silence and their perceptions of the firm’s entrepreneurial orientation. The empirical evidence is provided by a sample of 245 Portuguese employees, 117 employees of family firms, and 128 of non-family firms, who responded to a questionnaire that included employee silence and entrepreneurial orientation measures. Results reveal that family firms’ employees show higher levels of employee silence but perceive their companies as less entrepreneurially oriented than employees of non-family companies. In addition, our results do not support the idea that there is a relationship between the levels of employee silence and the employee’s perception of the company’s entrepreneurial orientation. This paper offers initial insights into the debate on the relationship between the levels of employee silence and the employee’s perception of the company’s entrepreneurial orientation in family firms.","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-03-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78740178","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}
A pesar de que el estudio de la empresa familiar tiene historia y cuenta con múltiples teorías como apoyo a la investigación, existe la necesidad de utilizar enfoques que permitan comprender mejor esta realidad, a partir de los miembros de la familia que la integran. Esta investigación hace una revisión sobre las teorías que pueden servir de fundamento al estudio de la empresa familiar y de la familia empresaria. Concluye con la presentación del Enfoque de Bienestar Subjetivo como nueva forma de estudio de la empresa familiar, pudiendo contribuir al enriquecimiento de otros conceptos al incluir en el análisis las emociones y enfocarse en los miembros de la familia empresaria.
{"title":"De la empresa familiar a la familia empresaria: Enfoque de Bienestar Subjetivo","authors":"Zusell Porto-Robles, Karen Watkins-Fassler, Lázaro Rodríguez-Ariza","doi":"10.24310/ejfbejfb.v12i1.13017","DOIUrl":"https://doi.org/10.24310/ejfbejfb.v12i1.13017","url":null,"abstract":"A pesar de que el estudio de la empresa familiar tiene historia y cuenta con múltiples teorías como apoyo a la investigación, existe la necesidad de utilizar enfoques que permitan comprender mejor esta realidad, a partir de los miembros de la familia que la integran. Esta investigación hace una revisión sobre las teorías que pueden servir de fundamento al estudio de la empresa familiar y de la familia empresaria. Concluye con la presentación del Enfoque de Bienestar Subjetivo como nueva forma de estudio de la empresa familiar, pudiendo contribuir al enriquecimiento de otros conceptos al incluir en el análisis las emociones y enfocarse en los miembros de la familia empresaria. ","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80147940","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 : 2022-02-03DOI: 10.24310/ejfbejfb.v12i1.13020
I. Kinias
This paper examines the effect of the family involvement in the performance of Greek listed companies, during the Greek financial crisis. The involvement of family in firm’s ownership, management and governance along with the firm’s age constitute the unified framework that describe the family influence on the enterprise. The main contribution of this paper is the investigation of a research period when Greece faced an unprecedented economic 9 year crisis that affected all sectors of the economy, with 72% of listed companies showing a decrease in revenue and the total capitalization of the Greek Stock Exchange shrinking by 70%. No previous study has incorporated performance data on listed companies during a corresponding financial crisis with large fluctuations in all performance indicators and a high volatility in the national economy. The sample of the research includes 80 family firms listed in the Greek Stock Exchange. The findings illustrate a better performance for family firms with lower family ownership and prove a stronger performance in younger family businesses. The results of the study do not confirm the positive involvement of family members, through management (CEO) and governance (BoD) positions in the family business performance.
{"title":"The Performance of Family Firms During Crisis Periods: The Case of Greece","authors":"I. Kinias","doi":"10.24310/ejfbejfb.v12i1.13020","DOIUrl":"https://doi.org/10.24310/ejfbejfb.v12i1.13020","url":null,"abstract":"This paper examines the effect of the family involvement in the performance of Greek listed companies, during the Greek financial crisis. The involvement of family in firm’s ownership, management and governance along with the firm’s age constitute the unified framework that describe the family influence on the enterprise. The main contribution of this paper is the investigation of a research period when Greece faced an unprecedented economic 9 year crisis that affected all sectors of the economy, with 72% of listed companies showing a decrease in revenue and the total capitalization of the Greek Stock Exchange shrinking by 70%. No previous study has incorporated performance data on listed companies during a corresponding financial crisis with large fluctuations in all performance indicators and a high volatility in the national economy. The sample of the research includes 80 family firms listed in the Greek Stock Exchange. The findings illustrate a better performance for family firms with lower family ownership and prove a stronger performance in younger family businesses. The results of the study do not confirm the positive involvement of family members, through management (CEO) and governance (BoD) positions in the family business performance.","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83352427","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 : 2022-02-03DOI: 10.24310/ejfbejfb.v12i1.10528
Manuel Humberto De La Garza, M. Zerón, G. Briano-Turrent
Las empresas zombis tienen una connotación negativa dado que afectan a los mercados en donde operan. Para entender este tipo de empresas en México, se analiza la influencia del tipo de estrategia empresarial en la probabilidad de ser empresa zombi. Para ello, se empleó un análisis logit para evaluar la probabilidad de incurrir en la característica zombi, se usó un panel de 99 empresas que cotizaron en la Bolsa Mexicana de Valores durante el periodo de 2013 a 2017. El resultado empírico evidencia que el tipo de estrategia defensivo disminuye la probabilidad de incurrir en la situación zombi; por otro lado, el tipo de estrategia analizador y proactivo muestran una mayor probabilidad en ser catalogadas como empresas zombis, lo que, a priori podría sorprender, sin embargo, el entorno institucional Latinoamericano favorece que dicho comportamiento sea propenso a derivar en la situación zombi.
{"title":"Comportamiento estratégico de las empresas Zombis en México","authors":"Manuel Humberto De La Garza, M. Zerón, G. Briano-Turrent","doi":"10.24310/ejfbejfb.v12i1.10528","DOIUrl":"https://doi.org/10.24310/ejfbejfb.v12i1.10528","url":null,"abstract":"Las empresas zombis tienen una connotación negativa dado que afectan a los mercados en donde operan. Para entender este tipo de empresas en México, se analiza la influencia del tipo de estrategia empresarial en la probabilidad de ser empresa zombi. Para ello, se empleó un análisis logit para evaluar la probabilidad de incurrir en la característica zombi, se usó un panel de 99 empresas que cotizaron en la Bolsa Mexicana de Valores durante el periodo de 2013 a 2017. El resultado empírico evidencia que el tipo de estrategia defensivo disminuye la probabilidad de incurrir en la situación zombi; por otro lado, el tipo de estrategia analizador y proactivo muestran una mayor probabilidad en ser catalogadas como empresas zombis, lo que, a priori podría sorprender, sin embargo, el entorno institucional Latinoamericano favorece que dicho comportamiento sea propenso a derivar en la situación zombi.","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87850742","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 : 2022-02-03DOI: 10.24310/ejfbejfb.v12i1.10812
Pieter Vandekerkhof, Laura Hoeks, Brent Claus
This study focuses on the emotional climate of family firms. In particular, we highlight the expression of emotions by emphasizing the phenomenon of emotional dissonance within these firms. Emotional dissonance, a person-role conflict, originates from the discrepancy between expressed and experienced emotions. Additionally, we look into the role of the (non)family status of the CEO and the generational phase of the firm in the occurrence of the emotional climate. Research on emotions within firms has steadily increased over the years, although almost always neglecting family firms. This is a remarkable observation given the preeminence of family firms in the worldwide economy and the overlap between business and family these firms are confronted with. Through an in-depth qualitative study, we unravel both the impact of family firms’ emotional climate and the facets that contribute to this climate.
{"title":"An Exploratory Study on the Emotional Climate within Family Firms: The Impact of Emotional Dissonance","authors":"Pieter Vandekerkhof, Laura Hoeks, Brent Claus","doi":"10.24310/ejfbejfb.v12i1.10812","DOIUrl":"https://doi.org/10.24310/ejfbejfb.v12i1.10812","url":null,"abstract":"This study focuses on the emotional climate of family firms. In particular, we highlight the expression of emotions by emphasizing the phenomenon of emotional dissonance within these firms. Emotional dissonance, a person-role conflict, originates from the discrepancy between expressed and experienced emotions. Additionally, we look into the role of the (non)family status of the CEO and the generational phase of the firm in the occurrence of the emotional climate. Research on emotions within firms has steadily increased over the years, although almost always neglecting family firms. This is a remarkable observation given the preeminence of family firms in the worldwide economy and the overlap between business and family these firms are confronted with. Through an in-depth qualitative study, we unravel both the impact of family firms’ emotional climate and the facets that contribute to this climate.","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2022-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76793407","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 : 2021-11-17DOI: 10.24310/ejfbejfb.v11i2.10591
Laura Rienda, Rosario Andreu
Many papers have addressed the influence of different characteristics of family businesses on strategic decisions, including those of internationalisation. However, little is known about the relationship between the internationalization of family firms and firm profitability. For this reason, from the socioemotional wealth perspective, in this paper, we focus on the moderating role of some heterogeneous characteristics of family firms on the relationship between internationalisation and business performance. Specifically, we analyse a sample of 76 companies belonging to the Spanish hotel industry, one of the most internationalised sectors and with a large presence of family businesses. The results show that family involvement in ownership and management, as well as generation, moderates the relationship between internationalisation and profitability in the Spanish hotel industry.
{"title":"The Role of Family Firms Heterogeneity on the Internationalisation and Performance Relationship","authors":"Laura Rienda, Rosario Andreu","doi":"10.24310/ejfbejfb.v11i2.10591","DOIUrl":"https://doi.org/10.24310/ejfbejfb.v11i2.10591","url":null,"abstract":"Many papers have addressed the influence of different characteristics of family businesses on strategic decisions, including those of internationalisation. However, little is known about the relationship between the internationalization of family firms and firm profitability. For this reason, from the socioemotional wealth perspective, in this paper, we focus on the moderating role of some heterogeneous characteristics of family firms on the relationship between internationalisation and business performance. Specifically, we analyse a sample of 76 companies belonging to the Spanish hotel industry, one of the most internationalised sectors and with a large presence of family businesses. The results show that family involvement in ownership and management, as well as generation, moderates the relationship between internationalisation and profitability in the Spanish hotel industry.","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72997954","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 : 2021-11-17DOI: 10.24310/ejfbejfb.v11i2.11961
M. Kozińska
In Poland, the main players in serving wealthy clients are banks. Nevertheless, the number of multi-family offices (MFOs) has increased notably, raising questions whether they can become real competitors to the private banking divisions. Therefore, an analysis of the activity profile of multi-family offices and private banking in Poland was conducted. Additionally, a survey of multi-family offices enabled the evaluation of their perceived competitive positions. The level of development of MFOs in Poland is low and their market is in its infancy. MFOs operating in Poland are, however, considerably more flexible than banks operating in the field of private banking.
{"title":"The Competitive Advantages of Multi-Family Offices over Banks in Serving Wealthy Clients in Poland","authors":"M. Kozińska","doi":"10.24310/ejfbejfb.v11i2.11961","DOIUrl":"https://doi.org/10.24310/ejfbejfb.v11i2.11961","url":null,"abstract":"In Poland, the main players in serving wealthy clients are banks. Nevertheless, the number of multi-family offices (MFOs) has increased notably, raising questions whether they can become real competitors to the private banking divisions. Therefore, an analysis of the activity profile of multi-family offices and private banking in Poland was conducted. Additionally, a survey of multi-family offices enabled the evaluation of their perceived competitive positions. The level of development of MFOs in Poland is low and their market is in its infancy. MFOs operating in Poland are, however, considerably more flexible than banks operating in the field of private banking.","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73994561","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 : 2021-11-17DOI: 10.24310/ejfbejfb.v11i2.13840
J. Casillas, Mikel Alayo, Francisco J. Acedo
{"title":"International Behavior of Family Businesses: New Insights After 30 Years of Research","authors":"J. Casillas, Mikel Alayo, Francisco J. Acedo","doi":"10.24310/ejfbejfb.v11i2.13840","DOIUrl":"https://doi.org/10.24310/ejfbejfb.v11i2.13840","url":null,"abstract":"","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86388050","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 : 2021-11-17DOI: 10.24310/ejfbejfb.v11i2.10794
César Camisón, Alba Puig-Denia, Beatriz Forés, Montserrat Boronat-Navarro, José María Fernández-Yáñez
Este trabajo tiene como principal objetivo analizar los elementos de la particular estructura de gobierno de la empresa familiar y la implicación de la familia en el negocio con tal de comprobar sus efectos sobre las capacidades directivas. Asimismo, se estudiará la profesionalización en este tipo de empresas como variable moderadora. Para abordar este análisis, se tomarán como base el Enfoque Basado en Recursos y Capacidades y la Teoría de la Agencia. El estudio empírico se lleva a cabo sobre una base de 591 empresas turísticas españolas mediante un análisis de regresión lineal múltiple. Los resultados demuestran que muchas de las características peculiares de la empresa familiar ejercen un efecto negativo sobre sus capacidades directivas, impidiendo su correcto desarrollo. Sin embargo, la profesionalización del máximo responsable de la empresa familiar contribuiría a paliar dichos problemas, facilitando el desarrollo de dichas capacidades en la empresa familiar.
{"title":"Las capacidades directivas en la empresa familiar turística: ¿Es la profesionalización la clave para su desarrollo?","authors":"César Camisón, Alba Puig-Denia, Beatriz Forés, Montserrat Boronat-Navarro, José María Fernández-Yáñez","doi":"10.24310/ejfbejfb.v11i2.10794","DOIUrl":"https://doi.org/10.24310/ejfbejfb.v11i2.10794","url":null,"abstract":"Este trabajo tiene como principal objetivo analizar los elementos de la particular estructura de gobierno de la empresa familiar y la implicación de la familia en el negocio con tal de comprobar sus efectos sobre las capacidades directivas. Asimismo, se estudiará la profesionalización en este tipo de empresas como variable moderadora. Para abordar este análisis, se tomarán como base el Enfoque Basado en Recursos y Capacidades y la Teoría de la Agencia. El estudio empírico se lleva a cabo sobre una base de 591 empresas turísticas españolas mediante un análisis de regresión lineal múltiple. Los resultados demuestran que muchas de las características peculiares de la empresa familiar ejercen un efecto negativo sobre sus capacidades directivas, impidiendo su correcto desarrollo. Sin embargo, la profesionalización del máximo responsable de la empresa familiar contribuiría a paliar dichos problemas, facilitando el desarrollo de dichas capacidades en la empresa familiar.","PeriodicalId":100498,"journal":{"name":"European Journal of Family Business","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83660344","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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