Pub Date : 2024-10-25DOI: 10.1177/08944865241290856
Ivan Miroshnychenko, Rui Torres de Oliveira, Alfredo De Massis, Ruth Überbacher
Prior literature establishes a link between family involvement and the firm financial performance. However, the mechanisms through which family involvement in a firm affects its financial performance in different institutional settings are largely unknown. Using an unbalanced panel of 3,322 listed firms from 32 countries over a 9-year period, we find that family involvement in ownership and management on average has negative effects on financial performance. Moreover, the negative effect of family ownership is less profound in countries with good institutional quality. We further find that R&D intensity partially mediates the negative relationship between family involvement and the firm financial performance, but the mediation effect is conditional on the degree of institutional quality in a country. These findings advance the family business, innovation, and institutional literature, and offer important implications for theory and practice.
{"title":"Family Involvement and Firm Performance: A Worldwide Study Unveiling Key Mechanisms","authors":"Ivan Miroshnychenko, Rui Torres de Oliveira, Alfredo De Massis, Ruth Überbacher","doi":"10.1177/08944865241290856","DOIUrl":"https://doi.org/10.1177/08944865241290856","url":null,"abstract":"Prior literature establishes a link between family involvement and the firm financial performance. However, the mechanisms through which family involvement in a firm affects its financial performance in different institutional settings are largely unknown. Using an unbalanced panel of 3,322 listed firms from 32 countries over a 9-year period, we find that family involvement in ownership and management on average has negative effects on financial performance. Moreover, the negative effect of family ownership is less profound in countries with good institutional quality. We further find that R&D intensity partially mediates the negative relationship between family involvement and the firm financial performance, but the mediation effect is conditional on the degree of institutional quality in a country. These findings advance the family business, innovation, and institutional literature, and offer important implications for theory and practice.","PeriodicalId":51365,"journal":{"name":"Family Business Review","volume":"1 1","pages":""},"PeriodicalIF":8.8,"publicationDate":"2024-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142490851","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 : 2024-10-10DOI: 10.1177/08944865241285488
Philipp Jaufenthaler, Roland Schroll, Dhruv Grewal
Scholars and practitioners increasingly call for a more nuanced understanding of why and when family firm branding is more versus less effective. Across three studies, we find that, in general, communicating family ownership enhances consumer responses because it humanizes the company. Importantly, however, the effectiveness of this communication strategy depends on (a) the presence and (b) the source of positive corporate social responsibility (CSR) news. Specifically, we demonstrate that family firm branding is less effective when an external source informs consumers about the company’s CSR. It does offer a strong competitive advantage, however, when the company self-reports its CSR activities.
{"title":"Consumer Responses to CSR News of Family Business Brands: An Experimental Approach","authors":"Philipp Jaufenthaler, Roland Schroll, Dhruv Grewal","doi":"10.1177/08944865241285488","DOIUrl":"https://doi.org/10.1177/08944865241285488","url":null,"abstract":"Scholars and practitioners increasingly call for a more nuanced understanding of why and when family firm branding is more versus less effective. Across three studies, we find that, in general, communicating family ownership enhances consumer responses because it humanizes the company. Importantly, however, the effectiveness of this communication strategy depends on (a) the presence and (b) the source of positive corporate social responsibility (CSR) news. Specifically, we demonstrate that family firm branding is less effective when an external source informs consumers about the company’s CSR. It does offer a strong competitive advantage, however, when the company self-reports its CSR activities.","PeriodicalId":51365,"journal":{"name":"Family Business Review","volume":"12 1","pages":""},"PeriodicalIF":8.8,"publicationDate":"2024-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142405165","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}
This study investigates why and how family firms go public via initial public offering (IPO) and explores how family firms’ distinctive traits contribute to specific IPO behavior. The results show that family firms face IPO following three paths— shine, continue, and challenge. Family IPO firms emphasize control, identification, and succession ( shine); focus on family social capital, responsibility toward stakeholders, and family business identity ( continue); and highlight control, identification, new leaders’ self-affirmation, and generational transfers ( challenge). We uncover the complexities of emotional endowment—a reference point for making IPO decisions and a resource or constraint to engage in the IPO process.
{"title":"Why and How Do Family Firms Go Public? A Socioemotional Wealth Perspective of IPO","authors":"Emmadonata Carbone, Giovanna Campopiano, Alessandro Cirillo, Donata Mussolino","doi":"10.1177/08944865241273380","DOIUrl":"https://doi.org/10.1177/08944865241273380","url":null,"abstract":"This study investigates why and how family firms go public via initial public offering (IPO) and explores how family firms’ distinctive traits contribute to specific IPO behavior. The results show that family firms face IPO following three paths— shine, continue, and challenge. Family IPO firms emphasize control, identification, and succession ( shine); focus on family social capital, responsibility toward stakeholders, and family business identity ( continue); and highlight control, identification, new leaders’ self-affirmation, and generational transfers ( challenge). We uncover the complexities of emotional endowment—a reference point for making IPO decisions and a resource or constraint to engage in the IPO process.","PeriodicalId":51365,"journal":{"name":"Family Business Review","volume":"20 1","pages":""},"PeriodicalIF":8.8,"publicationDate":"2024-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142236786","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 : 2024-08-31DOI: 10.1177/08944865241273435
Ritu Virk, A. J. Corner, James G. Combs, Peter Jaskiewicz
Different social exchange relationships among family members and between family and non-family stakeholders influence individual, group, and family-firm outcomes. Although many studies provide insights into social exchange relationships in family businesses, these studies are scattered across multiple literatures. Using the lens of social exchange theory, we review and organize 74 such studies. After discussing what is known and what gaps remain, we juxtapose our review with new theorizing about social exchanges to elicit research opportunities for family business research and for leveraging the family business context to “give back” to social exchange theory.
{"title":"Social Exchanges in Family Businesses: A Review and Future Research Agenda","authors":"Ritu Virk, A. J. Corner, James G. Combs, Peter Jaskiewicz","doi":"10.1177/08944865241273435","DOIUrl":"https://doi.org/10.1177/08944865241273435","url":null,"abstract":"Different social exchange relationships among family members and between family and non-family stakeholders influence individual, group, and family-firm outcomes. Although many studies provide insights into social exchange relationships in family businesses, these studies are scattered across multiple literatures. Using the lens of social exchange theory, we review and organize 74 such studies. After discussing what is known and what gaps remain, we juxtapose our review with new theorizing about social exchanges to elicit research opportunities for family business research and for leveraging the family business context to “give back” to social exchange theory.","PeriodicalId":51365,"journal":{"name":"Family Business Review","volume":"6 1","pages":""},"PeriodicalIF":8.8,"publicationDate":"2024-08-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142100869","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 : 2024-03-18DOI: 10.1177/08944865241232455
Joshua J. Daspit, Kristen Madison, Mattias Nordqvist, Philipp Sieger
{"title":"Advancing Family Firm Research: The Importance of Multilevel Considerations","authors":"Joshua J. Daspit, Kristen Madison, Mattias Nordqvist, Philipp Sieger","doi":"10.1177/08944865241232455","DOIUrl":"https://doi.org/10.1177/08944865241232455","url":null,"abstract":"","PeriodicalId":51365,"journal":{"name":"Family Business Review","volume":"141 1","pages":""},"PeriodicalIF":8.8,"publicationDate":"2024-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140162170","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 : 2024-02-23DOI: 10.1177/08944865231224506
Miruna Radu-Lefebvre, James H. Davis, William B. Gartner
This article maps and integrates research on legacy in family business using a sample of 140 articles. After describing the process of arriving at a corpus of legacy articles, we propose a systematic literature review that summarizes current literature based on five overarching questions: (a) What is legacy? (b) Who sends and receives legacy? (c) Why is legacy sent and accepted/rejected? (d) How is legacy sent and received? and (e) In which contexts? Based on this review, we identify gaps in the literature and suggest theoretical perspectives and research questions to guide future research on legacy in family business.
{"title":"Legacy in Family Business: A Systematic Literature Review and Future Research Agenda","authors":"Miruna Radu-Lefebvre, James H. Davis, William B. Gartner","doi":"10.1177/08944865231224506","DOIUrl":"https://doi.org/10.1177/08944865231224506","url":null,"abstract":"This article maps and integrates research on legacy in family business using a sample of 140 articles. After describing the process of arriving at a corpus of legacy articles, we propose a systematic literature review that summarizes current literature based on five overarching questions: (a) What is legacy? (b) Who sends and receives legacy? (c) Why is legacy sent and accepted/rejected? (d) How is legacy sent and received? and (e) In which contexts? Based on this review, we identify gaps in the literature and suggest theoretical perspectives and research questions to guide future research on legacy in family business.","PeriodicalId":51365,"journal":{"name":"Family Business Review","volume":"17 1","pages":""},"PeriodicalIF":8.8,"publicationDate":"2024-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139938930","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 : 2023-12-29DOI: 10.1177/08944865231217882
Kajsa Haag, Hanna Almlöf, Marina B. Madsen, Mette Neville
Family business owners are dependent on legal advice to control ownership changes and uphold a functional balance between owners. This advice spans both family law and business law. However, family business owners are found to underutilize the legal instruments available, especially for small- and medium-sized enterprises. We explore the market for legal advice provided to family business owners. Our findings describe specific ownership costs that decrease owners’ willingness and ability to contract. This avoidance of ex ante costs puts the owners at risk of extensive ex post costs that could ultimately jeopardize the business.
{"title":"Legal Advisors and Family Business Owners: A Transaction Cost Understanding of “the Ownership Contract”","authors":"Kajsa Haag, Hanna Almlöf, Marina B. Madsen, Mette Neville","doi":"10.1177/08944865231217882","DOIUrl":"https://doi.org/10.1177/08944865231217882","url":null,"abstract":"Family business owners are dependent on legal advice to control ownership changes and uphold a functional balance between owners. This advice spans both family law and business law. However, family business owners are found to underutilize the legal instruments available, especially for small- and medium-sized enterprises. We explore the market for legal advice provided to family business owners. Our findings describe specific ownership costs that decrease owners’ willingness and ability to contract. This avoidance of ex ante costs puts the owners at risk of extensive ex post costs that could ultimately jeopardize the business.","PeriodicalId":51365,"journal":{"name":"Family Business Review","volume":" 8","pages":""},"PeriodicalIF":8.8,"publicationDate":"2023-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139142873","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 : 2023-11-29DOI: 10.1177/08944865231210901
Marina D. Palm, Vanessa Diaz-Moriana, Nadine H. Kammerlander
How do owners of family firm portfolios restructure poorly performing firms? To answer this question, we conducted an in-depth qualitative case-study analysis of six poorly performing family portfolio firms, on the basis of 39 interviews, 117 pieces of archival data, and observations we gathered over 2 years. Drawing upon the socioemotional wealth (SEW) perspective and escalation-of-commitment literature, we suggest that family firm owners initially show refraining behaviors toward restructuring their poorly performing portfolio firms. Subsequently, they exhibit escalating behaviors by first investing and then reshuffling assets, to safeguard firm-level SEW. Yet, when retaining these poorly performing firms threatens the existence of the remaining portfolio and, thus, portfolio-level SEW, family firm owners exhibit de-escalating behaviors by divesting. Preferably, they attempt a sale and, when a sale is no longer an option, a liquidation. We developed a model that contributes to a more granular theoretical understanding of the family firm’s restructuring behavior, in the context of portfolio entrepreneurship.
家族企业投资组合的所有者如何重组表现不佳的企业？为了回答这个问题，我们对六家业绩不佳的家族投资组合公司进行了深入的定性案例研究分析，并在此基础上进行了 39 次访谈、117 项档案数据以及历时两年的观察。借鉴社会情感财富（SEW）观点和承诺升级（escalation-of-commitment）文献，我们认为，家族企业所有者最初对重组表现不佳的投资组合公司表现出克制行为。随后，他们会表现出升级行为，首先进行投资，然后重新安排资产，以保障公司层面的 SEW。然而，当保留这些表现不佳的公司威胁到剩余投资组合的生存，进而威胁到投资组合层面的 SEW 时，家族企业所有者就会通过撤资来表现出降级行为。他们最好是尝试出售，当出售不再是一种选择时，就会进行清算。我们建立了一个模型，有助于从理论上更深入地理解家族企业在投资组合创业背景下的重组行为。
{"title":"Restructuring of Poorly Performing Family-Owned Portfolio Firms: The Role of Socioemotional Wealth","authors":"Marina D. Palm, Vanessa Diaz-Moriana, Nadine H. Kammerlander","doi":"10.1177/08944865231210901","DOIUrl":"https://doi.org/10.1177/08944865231210901","url":null,"abstract":"How do owners of family firm portfolios restructure poorly performing firms? To answer this question, we conducted an in-depth qualitative case-study analysis of six poorly performing family portfolio firms, on the basis of 39 interviews, 117 pieces of archival data, and observations we gathered over 2 years. Drawing upon the socioemotional wealth (SEW) perspective and escalation-of-commitment literature, we suggest that family firm owners initially show refraining behaviors toward restructuring their poorly performing portfolio firms. Subsequently, they exhibit escalating behaviors by first investing and then reshuffling assets, to safeguard firm-level SEW. Yet, when retaining these poorly performing firms threatens the existence of the remaining portfolio and, thus, portfolio-level SEW, family firm owners exhibit de-escalating behaviors by divesting. Preferably, they attempt a sale and, when a sale is no longer an option, a liquidation. We developed a model that contributes to a more granular theoretical understanding of the family firm’s restructuring behavior, in the context of portfolio entrepreneurship.","PeriodicalId":51365,"journal":{"name":"Family Business Review","volume":"66 1","pages":""},"PeriodicalIF":8.8,"publicationDate":"2023-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139213050","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}
From a mixed gamble perspective, we contend that family firms (FFs) with different family shareholder structures are confronted with different trade-offs among current and prospective financial and socioemotional wealth (SEW), leading to differences in their international acquisition choices. We also explore the moderating role of family leadership and performance aspirations. Our findings show that FFs with a dominant family owner are more likely to pursue international acquisitions, especially when FFs are led by a family CEO or when they experience below-target performance, as in such cases, they prioritize prospective financial and SEW gains, thereby sacrificing current SEW and financial wealth.
{"title":"Family Firms’ Shareholder Structure and International Acquisitions: A Differentiated Socioemotional Wealth Approach","authors":"Andrea Calabrò, Mariateresa Torchia, Fabio Quarato, Alfredo Valentino, Domenico Rocco Cambrea, Fynn-Willem Lohe","doi":"10.1177/08944865231205847","DOIUrl":"https://doi.org/10.1177/08944865231205847","url":null,"abstract":"From a mixed gamble perspective, we contend that family firms (FFs) with different family shareholder structures are confronted with different trade-offs among current and prospective financial and socioemotional wealth (SEW), leading to differences in their international acquisition choices. We also explore the moderating role of family leadership and performance aspirations. Our findings show that FFs with a dominant family owner are more likely to pursue international acquisitions, especially when FFs are led by a family CEO or when they experience below-target performance, as in such cases, they prioritize prospective financial and SEW gains, thereby sacrificing current SEW and financial wealth.","PeriodicalId":51365,"journal":{"name":"Family Business Review","volume":"241 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136102474","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 : 2023-10-23DOI: 10.1177/08944865231203047
Thomas Dorsch, Peter Jaskiewicz, James G. Combs, Torsten Wulf
The transgenerational entrepreneurship perspective suggests senior-generation leaders with transgenerational control intentions (TCI) innovate to position the next generation for success, but many family firms fail to do so. We introduce transgenerational control uncertainty (TCU) as a theoretical mechanism explaining when TCI enhances innovation behaviors pre-succession. A multi-respondent, multi-time period survey of private German family firms shows that while TCI helps unleash innovation prior to succession, these effects also depend on lowering TCU as reflected in progress through the succession process. Our study suggests TCU might be a useful new construct for explaining other important differences among family firms.
{"title":"Uncertainty around Transgenerational Control: Implications for Innovation Prior to Succession","authors":"Thomas Dorsch, Peter Jaskiewicz, James G. Combs, Torsten Wulf","doi":"10.1177/08944865231203047","DOIUrl":"https://doi.org/10.1177/08944865231203047","url":null,"abstract":"The transgenerational entrepreneurship perspective suggests senior-generation leaders with transgenerational control intentions (TCI) innovate to position the next generation for success, but many family firms fail to do so. We introduce transgenerational control uncertainty (TCU) as a theoretical mechanism explaining when TCI enhances innovation behaviors pre-succession. A multi-respondent, multi-time period survey of private German family firms shows that while TCI helps unleash innovation prior to succession, these effects also depend on lowering TCU as reflected in progress through the succession process. Our study suggests TCU might be a useful new construct for explaining other important differences among family firms.","PeriodicalId":51365,"journal":{"name":"Family Business Review","volume":"26 8","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135413440","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}
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