This paper investigates whether and to what extent strategy disclosure influences the cost of capital, comparing family and non-family firms and considering the proportion of women directors. We theorize that voluntary strategy disclosure may be either beneficial or detrimental depending on the perceptions by financial stakeholders about the role of governance attributes. These stakeholders might, indeed, assess strategy disclosure differently based on their stereotyped view of the family firm status and women’s involvement on the board of directors. By referring to a sample of 93 listed Italian small and medium-sized enterprises, we show that, unlike with their non-family counterparts, strategy disclosure increases the cost of capital for family firms. However, an increasing proportion of women directors softens this negative effect. Moreover, when a critical mass of women directors is appointed to the board, the strategy disclosure becomes beneficial for family firms too. We consequently offer a threefold contribution to the literature on gender diversity, family business and corporate voluntary disclosure.
{"title":"Strategy disclosure and cost of capital: The key role of women directors for family firms","authors":"Rafaela Gjergji , Luigi Vena , Giovanna Campopiano , Salvatore Sciascia , Alessandro Cortesi","doi":"10.1016/j.jfbs.2023.100570","DOIUrl":"10.1016/j.jfbs.2023.100570","url":null,"abstract":"<div><p>This paper investigates whether and to what extent strategy disclosure influences the cost of capital, comparing family and non-family firms and considering the proportion of women directors. We theorize that voluntary strategy disclosure may be either beneficial or detrimental depending on the perceptions by financial stakeholders about the role of governance attributes. These stakeholders might, indeed, assess strategy disclosure differently based on their stereotyped view of the family firm status and women’s involvement on the board of directors. By referring to a sample of 93 listed Italian small and medium-sized enterprises, we show that, unlike with their non-family counterparts, strategy disclosure increases the cost of capital for family firms. However, an increasing proportion of women directors softens this negative effect. Moreover, when a critical mass of women directors is appointed to the board, the strategy disclosure becomes beneficial for family firms too. We consequently offer a threefold contribution to the literature on gender diversity, family business and corporate voluntary disclosure.</p></div>","PeriodicalId":47661,"journal":{"name":"Journal of Family Business Strategy","volume":null,"pages":null},"PeriodicalIF":7.2,"publicationDate":"2024-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78799298","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-05-22DOI: 10.1016/j.jfbs.2024.100619
The behavioral agency model predicts that family firms underinvest in R&D to preserve socioemotional wealth. In transition economies, family firms suffer from institution voids, so political embeddedness helps them do business. In a mixed gamble analysis of publicly listed firms in China, we find that politically embedded family firms are more likely to invest in R&D than those that are not politically embedded. However, this effect is weaker when the firms are in more-competitive industries or regions with higher speed of pro-market reforms. Hence, in regions with higher pro-market reforms speed or in more-competitive industries of China, family firms should be aware that potential financial and SEW gains derived from R&D investment are less dependent on the government and that political embeddedness does not always confer advantages. Family firms need to be strategic in response to institutional changes when implementing nonmarket strategies.
{"title":"Political embeddedness, socioemotional wealth, and R&D investment in family firms: Evidence from China as a transition economy","authors":"","doi":"10.1016/j.jfbs.2024.100619","DOIUrl":"10.1016/j.jfbs.2024.100619","url":null,"abstract":"<div><p><span>The behavioral agency model predicts that family firms underinvest in R&D to preserve socioemotional wealth. </span>In transition economies<span>, family firms suffer from institution voids, so political embeddedness<span><span> helps them do business. In a mixed gamble analysis of publicly listed firms in China, we find that politically embedded family firms are more likely to invest in R&D than those that are not politically embedded. However, this effect is weaker when the firms are in more-competitive industries or regions with higher speed of pro-market reforms. Hence, in regions with higher pro-market reforms speed or in more-competitive industries of China, family firms should be aware that potential financial and SEW gains derived from R&D investment are less dependent on the government and that political </span>embeddedness does not always confer advantages. Family firms need to be strategic in response to institutional changes when implementing nonmarket strategies.</span></span></p></div>","PeriodicalId":47661,"journal":{"name":"Journal of Family Business Strategy","volume":null,"pages":null},"PeriodicalIF":9.5,"publicationDate":"2024-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141143260","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-05-17DOI: 10.1016/j.jfbs.2024.100621
Despite the efforts to contextualize human resource management to family firms, scientific literature addressing this study domain suffers from limited systematization. The article arranges an integrative framework to make sense of the challenges faced by family firms in designing and implementing human resource management practices. Bibliographic coupling was run on an intellectual core of 69 papers to illuminate dominant research streams. Besides, co-citation was executed to determine the conceptual roots nurturing recent scholarly advancements. A dance between formality and informality of human resource management practices characterizes extant research, calling for developments to understand how family firms can deal with it.
{"title":"Untangling the yarn: A contextualization of human resource management to the family firm setting","authors":"","doi":"10.1016/j.jfbs.2024.100621","DOIUrl":"10.1016/j.jfbs.2024.100621","url":null,"abstract":"<div><p>Despite the efforts to contextualize human resource management to family firms, scientific literature addressing this study domain suffers from limited systematization. The article arranges an integrative framework to make sense of the challenges faced by family firms in designing and implementing human resource management practices. Bibliographic coupling was run on an intellectual core of 69 papers to illuminate dominant research streams. Besides, co-citation was executed to determine the conceptual roots nurturing recent scholarly advancements. A dance between formality and informality of human resource management practices characterizes extant research, calling for developments to understand how family firms can deal with it.</p></div>","PeriodicalId":47661,"journal":{"name":"Journal of Family Business Strategy","volume":null,"pages":null},"PeriodicalIF":9.5,"publicationDate":"2024-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1877858524000160/pdfft?md5=afe7d975da38c56adb032061ce35134e&pid=1-s2.0-S1877858524000160-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141031696","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-05-14DOI: 10.1016/j.jfbs.2024.100622
In their groundbreaking study of family business leader succession, Sonnenfeld and Spence (1989) found that the heroic self-concept, consisting of heroic stature and heroic mission, prevents the incumbent patriarch from letting go (retiring, stepping aside). For all the impact that their study has had on succession scholarship, we assert that they failed to consider female family business leaders. We re-examine their findings, through a generalizability replication with extensions grounded in recent scholarship. We thereby extend the original study and broaden its reach, stressing the need for exploration of letting go by female leaders in family businesses. When introducing gender in the heroic self-concept/letting go relationship, we find that heroic mission and heroic stature are each significant to males, but not females, suggesting a gendered difference in letting go. Our analysis confirms the original study’s findings for male leaders and we expose limits to the generalizability of their work to female leaders.
{"title":"A gendered examination of heroic self-concept and letting go by family firm leaders","authors":"","doi":"10.1016/j.jfbs.2024.100622","DOIUrl":"10.1016/j.jfbs.2024.100622","url":null,"abstract":"<div><p>In their groundbreaking study of family business leader succession, Sonnenfeld and Spence (1989) found that the heroic self-concept, consisting of heroic stature and heroic mission, prevents the incumbent patriarch from letting go (retiring, stepping aside). For all the impact that their study has had on succession scholarship, we assert that they failed to consider female family business leaders. We re-examine their findings, through a generalizability replication with extensions grounded in recent scholarship. We thereby extend the original study and broaden its reach, stressing the need for exploration of letting go by female leaders in family businesses. When introducing gender in the heroic self-concept/letting go relationship, we find that heroic mission and heroic stature are each significant to males, but not females, suggesting a gendered difference in letting go. Our analysis confirms the original study’s findings for male leaders and we expose limits to the generalizability of their work to female leaders.</p></div>","PeriodicalId":47661,"journal":{"name":"Journal of Family Business Strategy","volume":null,"pages":null},"PeriodicalIF":9.5,"publicationDate":"2024-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141038097","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-04-27DOI: 10.1016/j.jfbs.2024.100620
Corruption is an important social and economic problem globally, and family firms are an important source of such corruption that we know too little about. By leveraging insights from the literature on family priorities, governance, and institutional environments, we develop a multi-level model highlighting why some family firms are prone to exhibit corruption in specific contexts. We focus on businesses where close connections between firm and family cause the priorities of the one to affect the other. There, family loyalties, conflicts, ethics, and social aspirations can enhance the willingness to engage in corrupt behavior. Private ownership and secrecy facilitate that behavior, as do tempting contexts with few institutional constraints. We provide examples and propositions for further research.
{"title":"A multi-level model of family enterprise corruption","authors":"","doi":"10.1016/j.jfbs.2024.100620","DOIUrl":"10.1016/j.jfbs.2024.100620","url":null,"abstract":"<div><p>Corruption is an important social and economic problem globally, and family firms are an important source of such corruption that we know too little about. By leveraging insights from the literature on family priorities, governance, and institutional environments, we develop a multi-level model highlighting why some family firms are prone to exhibit corruption in specific contexts. We focus on businesses where close connections between firm and family cause the priorities of the one to affect the other. There, family loyalties, conflicts, ethics, and social aspirations can enhance the willingness to engage in corrupt behavior. Private ownership and secrecy facilitate that behavior, as do tempting contexts with few institutional constraints. We provide examples and propositions for further research.</p></div>","PeriodicalId":47661,"journal":{"name":"Journal of Family Business Strategy","volume":null,"pages":null},"PeriodicalIF":9.5,"publicationDate":"2024-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1877858524000159/pdfft?md5=a4539127a1ba3f5c47d1bd4fac681763&pid=1-s2.0-S1877858524000159-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141947986","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-03-01DOI: 10.1016/j.jfbs.2022.100535
Orlando Llanos-Contreras , Manuel Alonso-Dos-Santos , Dianne H.B. Welsh
Attracting business college graduates is a major challenge for the growth and transgenerational success of family firms. Moreover, the institutional context of countries is critical in explaining family firms’ potential advantages and/or disadvantages in attracting nonfamily talent. This study aims to elucidate how communicating firm ownership (family vs. nonfamily), firm size (large vs. small), and type of job offered (professional vs. nonprofessional) influences the perceptions and attitudes of Latin American business graduates toward working in such firms. In an experimental study that uses job advertisement stimuli, we found that communicating family ownership positively influences career development’s perceptions of firm prestige. Large (vs. small) firm size also has a positive influence on job seekers’ perceptions of firms. Importantly, both firm prestige and career development positively influence the attraction of working in family firms. In this paper, we discuss the differences in the results among countries and professional vs. nonprofessional job positions advertised. The results have several implications for family firm owners and managers.
{"title":"Graduating college students apply here: Communicating family firm ownership and firm size","authors":"Orlando Llanos-Contreras , Manuel Alonso-Dos-Santos , Dianne H.B. Welsh","doi":"10.1016/j.jfbs.2022.100535","DOIUrl":"10.1016/j.jfbs.2022.100535","url":null,"abstract":"<div><p>Attracting business college graduates is a major challenge for the growth and transgenerational success of family firms. Moreover, the institutional context of countries is critical in explaining family firms’ potential advantages and/or disadvantages in attracting nonfamily talent. This study aims to elucidate how communicating firm ownership (family vs. nonfamily), firm size (large vs. small), and type of job offered (professional vs. nonprofessional) influences the perceptions and attitudes of Latin American business graduates toward working in such firms. In an experimental study that uses job advertisement stimuli, we found that communicating family ownership positively influences career development’s perceptions of firm prestige. Large (vs. small) firm size also has a positive influence on job seekers’ perceptions of firms. Importantly, both firm prestige and career development positively influence the attraction of working in family firms. In this paper, we discuss the differences in the results among countries and professional vs. nonprofessional job positions advertised. The results have several implications for family firm owners and managers.</p></div>","PeriodicalId":47661,"journal":{"name":"Journal of Family Business Strategy","volume":null,"pages":null},"PeriodicalIF":7.2,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78493764","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Organizational ambidexterity —the ability to simultaneously engage in exploration and exploitation— is an important characteristic of firms that are interested in pursuing continuity. One of the prevalent goals of family firms is continuity. Thus, there is great interest in understanding ambidexterity and the factors that promote this behavior within family firms. Although there is some research that has explored this topic, there is a limited understanding regarding which family factors drive ambidexterity, how they influence it, and the role of the context in this process. We conducted a study with 21 Latin American family firms to better understand the family factors that play a role in the strategic orientation towards ambidexterity of family firms and the conditions under which these family factors matter. Our findings indicate that family maturity and family social responsibility are two family factors that drive the ambidextrous orientation of family firms when they help the family business develop dynamic capabilities. Additionally, the institutional context also influences how business families implement and use these capabilities to enhance their ambidextrous orientations. We discuss the implications of our findings for theory and future research.
{"title":"The role of the family and the institutional context for ambidexterity in Latin American family firms","authors":"Fernanda Canale , Claudio Müller , Eddy Laveren , Bart Cambré","doi":"10.1016/j.jfbs.2023.100567","DOIUrl":"10.1016/j.jfbs.2023.100567","url":null,"abstract":"<div><p>Organizational ambidexterity —the ability to simultaneously engage in exploration and exploitation— is an important characteristic of firms that are interested in pursuing continuity. One of the prevalent goals of family firms is continuity. Thus, there is great interest in understanding ambidexterity and the factors that promote this behavior within family firms. Although there is some research that has explored this topic, there is a limited understanding regarding which family factors drive ambidexterity, how they influence it, and the role of the context in this process. We conducted a study with 21 Latin American family firms to better understand the family factors that play a role in the strategic orientation towards ambidexterity of family firms and the conditions under which these family factors matter. Our findings indicate that family maturity and family social responsibility are two family factors that drive the ambidextrous orientation of family firms when they help the family business develop dynamic capabilities. Additionally, the institutional context also influences how business families implement and use these capabilities to enhance their ambidextrous orientations. We discuss the implications of our findings for theory and future research.</p></div>","PeriodicalId":47661,"journal":{"name":"Journal of Family Business Strategy","volume":null,"pages":null},"PeriodicalIF":7.2,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75251438","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-03-01DOI: 10.1016/j.jfbs.2022.100505
Allan Discua Cruz , Eleanor Hamilton , Giovanna Campopiano , Sarah L. Jack
This paper examines the role of women in family business. Prior studies suggest that in Latin America the contribution of women in family business remains largely hidden, often relegated to a supportive role. Drawing on an entrepreneurial stewardship perspective, this study challenges that perception, paying close attention to the contribution of women to family business continuity. This study relies on a multiple case study design, and uses a critical approach to examine family businesses in rural areas of Honduras. We find that gendered norms are fluid, as women’s roles are multi-faceted being simultaneously influenced by household and family business logics. Thus, the contribution of women emerges specifically in terms of embracing a stewarding role, nurturing resilience, and shaping family and business networks. What our findings point to is that the contribution of women to the continuity of family businesses in Latin America, previously perceived as invisible and/or disguised, is enacted through a formal and visible managerial role, as well as an informal and discreet stewarding role. Implications for theory and practice, as well as opportunities for future research, are offered.
{"title":"Women’s entrepreneurial stewardship: The contribution of women to family business continuity in rural areas of Honduras","authors":"Allan Discua Cruz , Eleanor Hamilton , Giovanna Campopiano , Sarah L. Jack","doi":"10.1016/j.jfbs.2022.100505","DOIUrl":"10.1016/j.jfbs.2022.100505","url":null,"abstract":"<div><p>This paper examines the role of women in family business. Prior studies suggest that in Latin America the contribution of women in family business remains largely hidden, often relegated to a supportive role. Drawing on an entrepreneurial stewardship perspective, this study challenges that perception, paying close attention to the contribution of women to family business continuity. This study relies on a multiple case study design, and uses a critical approach to examine family businesses in rural areas of Honduras. We find that gendered norms are fluid, as women’s roles are multi-faceted being simultaneously influenced by household and family business logics. Thus, the contribution of women emerges specifically in terms of embracing a stewarding role, nurturing resilience, and shaping family and business networks. What our findings point to is that the contribution of women to the continuity of family businesses in Latin America, previously perceived as invisible and/or disguised, is enacted through a formal and visible managerial role, as well as an informal and discreet stewarding role. Implications for theory and practice, as well as opportunities for future research, are offered.</p></div>","PeriodicalId":47661,"journal":{"name":"Journal of Family Business Strategy","volume":null,"pages":null},"PeriodicalIF":7.2,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1877858522000237/pdfft?md5=43c22d8265fa7364e78795d4dda49779&pid=1-s2.0-S1877858522000237-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76693621","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-03-01DOI: 10.1016/j.jfbs.2023.100605
Pedro Vazquez , Isabel C. Botero , Unai Arzubiaga , Esra Memili
This editorial introduces the special issue on “Family Business in Latin America”. We argue that the cultural context plays an important role as a source of heterogeneity of family firms. Thus, in this introductory piece, we describe the Latin American cultural context and explain how and why it creates a unique environment that requires family firms to behave differently. We build on past research as well as on the four articles published in this special issue. The goal is to stimulate further research on Latin American family firms, what makes them unique, and what we can learn from this context that may be useful in other cultural environments.
{"title":"What makes Latin American family firms different? Moving beyond cross-cultural comparisons","authors":"Pedro Vazquez , Isabel C. Botero , Unai Arzubiaga , Esra Memili","doi":"10.1016/j.jfbs.2023.100605","DOIUrl":"10.1016/j.jfbs.2023.100605","url":null,"abstract":"<div><p>This editorial introduces the special issue on “Family Business in Latin America”. We argue that the cultural context plays an important role as a source of heterogeneity of family firms. Thus, in this introductory piece, we describe the Latin American cultural context and explain how and why it creates a unique environment that requires family firms to behave differently. We build on past research as well as on the four articles published in this special issue. The goal is to stimulate further research on Latin American family firms, what makes them unique, and what we can learn from this context that may be useful in other cultural environments.</p></div>","PeriodicalId":47661,"journal":{"name":"Journal of Family Business Strategy","volume":null,"pages":null},"PeriodicalIF":7.2,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139517008","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-03-01DOI: 10.1016/j.jfbs.2022.100551
Luis R. Gomez-Mejia , Anabel Mendoza-Lopez , Cristina Cruz , Patricio Duran , Herman Aguinis
The paradoxical nature of Latin America and the Caribbean (LAC) provides unique opportunities to advance management theory. Focusing on a dominant theoretical framework, Socioemotional Wealth (SEW), we argue that contextual features of LAC, namely the concept of extended family and the volatile, uncertain, complex, and ambiguous (VUCA) environment, make family businesses “SEW intensive” (i.e., high degree of preservation and enhancement of various aspects of SEW) and “SEW sensitive” (i.e., high degree of firm responsiveness to external factors that are SEW-relevant). In turn, these SEW features influence decision making and approaches to dealing with performance hazards and venturing risks. While we use LAC as a specific context, our theorizing and 12 propositions are also relevant to guide future research on other regions of the world, such as parts of Africa, Asia, and the Middle East, where the concept of extended family is widespread and a VUCA environment is also predominant. Overall, we use the characteristics of the LAC context to challenge existing assumptions, advance theory, and guide future empirical research on family businesses.
拉丁美洲和加勒比地区(LAC)的矛盾性质为推进管理理论提供了独特的机遇。我们以社会情感财富(SEW)这一主流理论框架为重点,认为拉加地区的背景特征,即大家庭的概念和动荡、不确定、复杂和模糊(VUCA)的环境,使家族企业成为 "SEW密集型"(即高度维护和增强社会情感财富的各个方面)和 "SEW敏感型"(即企业对与社会情感财富相关的外部因素的高度反应能力)。反过来,这些 SEW 特征又会影响决策以及处理业绩危害和创业风险的方法。虽然我们将拉丁美洲和加勒比地区作为一个特定的背景,但我们的理论研究和 12 个命题同样适用于指导世界其他地区的未来研究,如非洲、亚洲和中东的部分地区,在这些地区,大家庭的概念非常普遍,VUCA 环境也非常普遍。总之,我们利用拉丁美洲和加勒比地区的特点来挑战现有的假设,推进理论的发展,并指导未来有关家族企业的实证研究。
{"title":"Socioemotional wealth in volatile, uncertain, complex, and ambiguous contexts: The case of family firms in Latin America and the Caribbean","authors":"Luis R. Gomez-Mejia , Anabel Mendoza-Lopez , Cristina Cruz , Patricio Duran , Herman Aguinis","doi":"10.1016/j.jfbs.2022.100551","DOIUrl":"10.1016/j.jfbs.2022.100551","url":null,"abstract":"<div><p>The paradoxical nature of Latin America and the Caribbean (LAC) provides unique opportunities to advance management theory. Focusing on a dominant theoretical framework, Socioemotional Wealth (SEW), we argue that contextual features of LAC, namely the concept of extended family and the volatile, uncertain, complex, and ambiguous (VUCA) environment, make family businesses “SEW intensive” (i.e., high degree of preservation and enhancement of various aspects of SEW) and “SEW sensitive” (i.e., high degree of firm responsiveness to external factors that are SEW-relevant). In turn, these SEW features influence decision making and approaches to dealing with performance hazards and venturing risks. While we use LAC as a specific context, our theorizing and 12 propositions are also relevant to guide future research on other regions of the world, such as parts of Africa, Asia, and the Middle East, where the concept of extended family is widespread and a VUCA environment is also predominant. Overall, we use the characteristics of the LAC context to challenge existing assumptions, advance theory, and guide future empirical research on family businesses.</p></div>","PeriodicalId":47661,"journal":{"name":"Journal of Family Business Strategy","volume":null,"pages":null},"PeriodicalIF":7.2,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1877858522000754/pdfft?md5=0054bf5732c8e5799e71d200eeb4ee2e&pid=1-s2.0-S1877858522000754-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79623052","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}