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}
Pub Date : 2023-10-11DOI: 10.1177/08944865231199791
Philipp Sieger, Naveed Akhter, Francesco Chirico
Applying an inductive case study approach, we analyze four Pakistani family business portfolios and reveal that rural-based family business portfolios tend to grow internally (organically) and through related diversification. In contrast, urban-based portfolios rather grow externally through acquisitions and partnerships and pursue unrelated diversification. The family’s entrepreneurial legacy and how it is transferred to members of the next generation through grooming and imprinting in rural versus urban contexts emerge as a key underlying mechanism.
{"title":"Rural and Urban Family Business Portfolio Growth: The Role of Entrepreneurial Legacy","authors":"Philipp Sieger, Naveed Akhter, Francesco Chirico","doi":"10.1177/08944865231199791","DOIUrl":"https://doi.org/10.1177/08944865231199791","url":null,"abstract":"Applying an inductive case study approach, we analyze four Pakistani family business portfolios and reveal that rural-based family business portfolios tend to grow internally (organically) and through related diversification. In contrast, urban-based portfolios rather grow externally through acquisitions and partnerships and pursue unrelated diversification. The family’s entrepreneurial legacy and how it is transferred to members of the next generation through grooming and imprinting in rural versus urban contexts emerge as a key underlying mechanism.","PeriodicalId":51365,"journal":{"name":"Family Business Review","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136212014","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 : 2023-08-11DOI: 10.1177/08944865231192339
Philipp Jaufenthaler, Oliver Koll, Maximilian Lude, Reinhard Prügl
While most studies on family firm branding report positive reputational consequences, we lack empirical evidence to which degree these benefits vary across different geographical contexts. This study explores associations elicited by the term family business in Germany, India, and the United States and discusses reasons for the varying differentiation power of the family firm signal. Our large-scale association study ( n = 1,383) reveals that prototypical family firm perceptions are prevalent in the United States and Germany, but less in India. Through qualitative insights and an experimental study, we investigate why the power of the family firm signal to enhance reputation varies across countries.
{"title":"Country Differences in Family Firm Reputation: An Exploration in Germany, India, and the United States","authors":"Philipp Jaufenthaler, Oliver Koll, Maximilian Lude, Reinhard Prügl","doi":"10.1177/08944865231192339","DOIUrl":"https://doi.org/10.1177/08944865231192339","url":null,"abstract":"While most studies on family firm branding report positive reputational consequences, we lack empirical evidence to which degree these benefits vary across different geographical contexts. This study explores associations elicited by the term family business in Germany, India, and the United States and discusses reasons for the varying differentiation power of the family firm signal. Our large-scale association study ( n = 1,383) reveals that prototypical family firm perceptions are prevalent in the United States and Germany, but less in India. Through qualitative insights and an experimental study, we investigate why the power of the family firm signal to enhance reputation varies across countries.","PeriodicalId":51365,"journal":{"name":"Family Business Review","volume":"1 1","pages":""},"PeriodicalIF":8.8,"publicationDate":"2023-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42610768","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 : 2023-07-29DOI: 10.1177/08944865231185799
E. Tetzlaff, Peter Jaskiewicz, Johan Wiklund
, family responses to a family
，家庭对家庭的回应
{"title":"Implications of Mental Health for Business Families and Family Businesses: Toward a Holistic Research Agenda","authors":"E. Tetzlaff, Peter Jaskiewicz, Johan Wiklund","doi":"10.1177/08944865231185799","DOIUrl":"https://doi.org/10.1177/08944865231185799","url":null,"abstract":", family responses to a family","PeriodicalId":51365,"journal":{"name":"Family Business Review","volume":"36 1","pages":"284 - 295"},"PeriodicalIF":8.8,"publicationDate":"2023-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48313837","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 : 2023-07-27DOI: 10.1177/08944865231188788
R. Suddaby, W. Ng, Natalia Vershinina, G. Markman, Matthew J. Cadbury
How do family values endure decades after an enterprise is no longer a family business? Addressing this question has been a challenge in social theory, and it is an issue of particular concern for family businesses where firm and family values are often indistinguishable. We analyze the transmission of family, organizational, and religious values across generations in Cadbury, a multinational confectionary company founded in England in 1824. We identify sacralization as a central process that explains Cadbury’s success in transferring values across time and different organizational structures. We describe how sacralization is driven by moralization, communion, and syncretism.
{"title":"Sacralization and the Intergenerational Transmission of Values in Cadbury","authors":"R. Suddaby, W. Ng, Natalia Vershinina, G. Markman, Matthew J. Cadbury","doi":"10.1177/08944865231188788","DOIUrl":"https://doi.org/10.1177/08944865231188788","url":null,"abstract":"How do family values endure decades after an enterprise is no longer a family business? Addressing this question has been a challenge in social theory, and it is an issue of particular concern for family businesses where firm and family values are often indistinguishable. We analyze the transmission of family, organizational, and religious values across generations in Cadbury, a multinational confectionary company founded in England in 1824. We identify sacralization as a central process that explains Cadbury’s success in transferring values across time and different organizational structures. We describe how sacralization is driven by moralization, communion, and syncretism.","PeriodicalId":51365,"journal":{"name":"Family Business Review","volume":"36 1","pages":"296 - 314"},"PeriodicalIF":8.8,"publicationDate":"2023-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45776124","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 : 2023-07-05DOI: 10.1177/08944865231182194
Yang Yu, T. Bai, Fei Tang, Y. Liu
This study investigates the effect of nonfamily chief executive officers (CEOs) on family firms’ propensity to form political connections. We combine research on corporate political activity and family business and draw from the bounded reliability theory to analyze how the presence of a nonfamily CEO is related to the hiring of politically connected managers and board members. We further examine how our base hypothesis is contingent upon the organizational and environmental factors influencing nonfamily CEOs’ bounded reliability. Using the data from publicly listed Chinese family firms, support for our model was found. The study advances the understanding of family firms’ political activity.
{"title":"The Impact of Nonfamily CEOs on Family Firms’ Pursuit of Political Connections: The Theory of Bounded Reliability Perspective","authors":"Yang Yu, T. Bai, Fei Tang, Y. Liu","doi":"10.1177/08944865231182194","DOIUrl":"https://doi.org/10.1177/08944865231182194","url":null,"abstract":"This study investigates the effect of nonfamily chief executive officers (CEOs) on family firms’ propensity to form political connections. We combine research on corporate political activity and family business and draw from the bounded reliability theory to analyze how the presence of a nonfamily CEO is related to the hiring of politically connected managers and board members. We further examine how our base hypothesis is contingent upon the organizational and environmental factors influencing nonfamily CEOs’ bounded reliability. Using the data from publicly listed Chinese family firms, support for our model was found. The study advances the understanding of family firms’ political activity.","PeriodicalId":51365,"journal":{"name":"Family Business Review","volume":"36 1","pages":"315 - 346"},"PeriodicalIF":8.8,"publicationDate":"2023-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47026461","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 : 2023-05-08DOI: 10.1177/00145246231172980
Morné Diedericks
The Synod of Chanforan in 1532 can rightly be considered a turning point in the history of the Waldensians. However, the popular romanticising of the 16th-century encounter between the Waldensians ...
{"title":"Perspective on the Waldensians of the 16th century from the letters of John Calvin","authors":"Morné Diedericks","doi":"10.1177/00145246231172980","DOIUrl":"https://doi.org/10.1177/00145246231172980","url":null,"abstract":"The Synod of Chanforan in 1532 can rightly be considered a turning point in the history of the Waldensians. However, the popular romanticising of the 16th-century encounter between the Waldensians ...","PeriodicalId":51365,"journal":{"name":"Family Business Review","volume":"1 5","pages":""},"PeriodicalIF":8.8,"publicationDate":"2023-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50167733","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 : 2023-05-02DOI: 10.1177/08944865231168918
Matthias Leute, Yannick Bammens, M. Carree, Jolien Huybrechts
This study examines the interplay between two influential yet opposing shareholder types—family blockholders and hedge funds—in relation to corporate innovation output. Using panel data on U.S. publicly traded firms listed in the S&P 1500, we find that family blockholders have a negative effect on radical innovation output in the form of citation-weighted patents and that this negative effect is intensified in the presence of activist hedge funds. Our study advances insight into the implications of ownership heterogeneity for innovation output choices in family-influenced firms.
{"title":"Ownership Heterogeneity and Corporate Innovation Output: A Study on Family Blockholders and Activist Hedge Funds","authors":"Matthias Leute, Yannick Bammens, M. Carree, Jolien Huybrechts","doi":"10.1177/08944865231168918","DOIUrl":"https://doi.org/10.1177/08944865231168918","url":null,"abstract":"This study examines the interplay between two influential yet opposing shareholder types—family blockholders and hedge funds—in relation to corporate innovation output. Using panel data on U.S. publicly traded firms listed in the S&P 1500, we find that family blockholders have a negative effect on radical innovation output in the form of citation-weighted patents and that this negative effect is intensified in the presence of activist hedge funds. Our study advances insight into the implications of ownership heterogeneity for innovation output choices in family-influenced firms.","PeriodicalId":51365,"journal":{"name":"Family Business Review","volume":"36 1","pages":"254 - 280"},"PeriodicalIF":8.8,"publicationDate":"2023-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41655509","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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