Pub Date : 2025-06-05DOI: 10.1177/08944865251341696
Vanessa Diaz-Moriana, Eric Clinton, Catherine Faherty, Colm O’Gorman
This study explores how the past, present, and future interact in family firms in the context of responses to an external adverse event. Our study reveals that family firms exhibit ambitemporality, the simultaneous accommodation of seemingly contradictory temporal orientations, when invoking three relational-based resilience behaviors: drawing on predecessor’s prior actions, trusting sibling bonds, and leveraging inter-firm and community relationships. Family firms engage in temporal reflexivity in that they recognize the value of specific resilience behaviors and commit to investing in them, building resilience capabilities for the future. Our study highlights the importance of temporal orientations to understanding resilience in family firms and suggests practical implications for family business practitioners.
{"title":"Resilience Behaviors and Temporal Orientation in Family Firms","authors":"Vanessa Diaz-Moriana, Eric Clinton, Catherine Faherty, Colm O’Gorman","doi":"10.1177/08944865251341696","DOIUrl":"https://doi.org/10.1177/08944865251341696","url":null,"abstract":"This study explores how the past, present, and future interact in family firms in the context of responses to an external adverse event. Our study reveals that family firms exhibit ambitemporality, the simultaneous accommodation of seemingly contradictory temporal orientations, when invoking three relational-based resilience behaviors: drawing on predecessor’s prior actions, trusting sibling bonds, and leveraging inter-firm and community relationships. Family firms engage in temporal reflexivity in that they recognize the value of specific resilience behaviors and commit to investing in them, building resilience capabilities for the future. Our study highlights the importance of temporal orientations to understanding resilience in family firms and suggests practical implications for family business practitioners.","PeriodicalId":51365,"journal":{"name":"Family Business Review","volume":"46 1","pages":""},"PeriodicalIF":8.8,"publicationDate":"2025-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144218602","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 : 2025-04-24DOI: 10.1177/08944865251328412
Fabio Zona, Fabio Quarato, Domenico Rocco Cambrea
This study explains why outside directors in family firms are especially beneficial when co-CEOs are at the helm. Extending agency theory beyond the principal-agent and the principal-principal conflicts, it proposes a refined agent-agent conflict that arises when multiple co-CEOs run the firm. Assuming the principal opportunism, it predicts that outside directors will be beneficial under co-leadership, particularly under mixed co-leadership (i.e., comprising family and non-family co-CEOs) and family generations after the first. An analysis of Italian family firms’ export supports the hypothesized effects. The theoretical implications are discussed and have significance for research on both family businesses and agency theory.
{"title":"Agent-Agent Conflict: Outside Directors and Co-CEOs in Family Firms","authors":"Fabio Zona, Fabio Quarato, Domenico Rocco Cambrea","doi":"10.1177/08944865251328412","DOIUrl":"https://doi.org/10.1177/08944865251328412","url":null,"abstract":"This study explains why outside directors in family firms are especially beneficial when co-CEOs are at the helm. Extending agency theory beyond the principal-agent and the principal-principal conflicts, it proposes a refined agent-agent conflict that arises when multiple co-CEOs run the firm. Assuming the principal opportunism, it predicts that outside directors will be beneficial under co-leadership, particularly under mixed co-leadership (i.e., comprising family and non-family co-CEOs) and family generations after the first. An analysis of Italian family firms’ export supports the hypothesized effects. The theoretical implications are discussed and have significance for research on both family businesses and agency theory.","PeriodicalId":51365,"journal":{"name":"Family Business Review","volume":"27 1","pages":""},"PeriodicalIF":8.8,"publicationDate":"2025-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143872775","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 : 2025-04-15DOI: 10.1177/08944865251321881
Hanqing “Chevy” Fang, Josip Kotlar, James J. Chrisman
Shifting the attention from temporary to enduring competitive advantage, we theorize that family control of a business is a source of family-specific isolating mechanisms. These isolating mechanisms are based on path-dependent, socially complex, and inseparable resources that jointly enhance family firms’ ability to sustain competitive advantages vis-à-vis nonfamily firms. Longitudinal analyses of S&P 1500 manufacturing firms show that family firms are more likely to sustain superior performance than nonfamily firms. We also find that competitive advantages last longer in family firms that are older, have more family members involved, and a higher level of family ownership.
{"title":"Family Control and Sustainable Competitive Advantage","authors":"Hanqing “Chevy” Fang, Josip Kotlar, James J. Chrisman","doi":"10.1177/08944865251321881","DOIUrl":"https://doi.org/10.1177/08944865251321881","url":null,"abstract":"Shifting the attention from temporary to enduring competitive advantage, we theorize that family control of a business is a source of family-specific isolating mechanisms. These isolating mechanisms are based on path-dependent, socially complex, and inseparable resources that jointly enhance family firms’ ability to sustain competitive advantages vis-à-vis nonfamily firms. Longitudinal analyses of S&P 1500 manufacturing firms show that family firms are more likely to sustain superior performance than nonfamily firms. We also find that competitive advantages last longer in family firms that are older, have more family members involved, and a higher level of family ownership.","PeriodicalId":51365,"journal":{"name":"Family Business Review","volume":"7 1","pages":""},"PeriodicalIF":8.8,"publicationDate":"2025-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143832269","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 : 2025-02-17DOI: 10.1177/08944865251319954
Donella Caspersz, Yong Wang, Bart Henssen, Salvatore Tomaselli, Johan Karlsson
The purpose of this paper is to understand the conditions that influence family CEOs’ resilience in times of crisis. Drawing upon social cognitive theory and adopting a fuzzy-set qualitative comparative analysis analytic approach, the article analyzes data from 67 family businesses. The findings show that CEO resilience emerges from the interplay of different sets of conditions in single- and multi-generational family businesses. The study makes the contribution that CEO resilience is contingent on dynamics at individual, family, and business levels, suggesting that CEO resilience in crisis times reflects a “crisis bricolage” of “making do” with resources that are “in hand” and “within reach.”
{"title":"CEO Resilience in Family Firms in Times of Crisis","authors":"Donella Caspersz, Yong Wang, Bart Henssen, Salvatore Tomaselli, Johan Karlsson","doi":"10.1177/08944865251319954","DOIUrl":"https://doi.org/10.1177/08944865251319954","url":null,"abstract":"The purpose of this paper is to understand the conditions that influence family CEOs’ resilience in times of crisis. Drawing upon social cognitive theory and adopting a fuzzy-set qualitative comparative analysis analytic approach, the article analyzes data from 67 family businesses. The findings show that CEO resilience emerges from the interplay of different sets of conditions in single- and multi-generational family businesses. The study makes the contribution that CEO resilience is contingent on dynamics at individual, family, and business levels, suggesting that CEO resilience in crisis times reflects a “crisis bricolage” of “making do” with resources that are “in hand” and “within reach.”","PeriodicalId":51365,"journal":{"name":"Family Business Review","volume":"18 1","pages":""},"PeriodicalIF":8.8,"publicationDate":"2025-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143427127","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 : 2025-02-13DOI: 10.1177/08944865251315791
Özgür Atılgan, Franz Kellermanns
We investigate how negative types of intra-family conflicts (i.e., status conflict and relationship conflict) influence the family firm leader’s socioemotional wealth importance (SEWi). Based on 159 matched responses from family firm leaders and next-generation family members in Turkish family firms, we hypothesize that these intra-family conflicts are negatively related to the SEWi of the family firm leader. We identify the family firm leader’s succession intention and intergenerational authority as moderators of the relationship between conflict and SEWi. While status conflict has a negative effect on the family firm leader’s SEWi, with succession intention serving as a moderator, relationship conflict affects SEWi only in conjunction with the moderator of intergenerational authority by alleviating the negative effect of relationship conflict on SEWi. We contribute to both the conflict and SEW literature by showing that intra-family conflicts can be important antecedents for SEWi.
{"title":"Family Firm Leader’s Socioemotional Wealth Importance Perceptions: The Influence of Negative Forms of Conflict","authors":"Özgür Atılgan, Franz Kellermanns","doi":"10.1177/08944865251315791","DOIUrl":"https://doi.org/10.1177/08944865251315791","url":null,"abstract":"We investigate how negative types of intra-family conflicts (i.e., status conflict and relationship conflict) influence the family firm leader’s socioemotional wealth importance (SEWi). Based on 159 matched responses from family firm leaders and next-generation family members in Turkish family firms, we hypothesize that these intra-family conflicts are negatively related to the SEWi of the family firm leader. We identify the family firm leader’s succession intention and intergenerational authority as moderators of the relationship between conflict and SEWi. While status conflict has a negative effect on the family firm leader’s SEWi, with succession intention serving as a moderator, relationship conflict affects SEWi only in conjunction with the moderator of intergenerational authority by alleviating the negative effect of relationship conflict on SEWi. We contribute to both the conflict and SEW literature by showing that intra-family conflicts can be important antecedents for SEWi.","PeriodicalId":51365,"journal":{"name":"Family Business Review","volume":"42 1","pages":""},"PeriodicalIF":8.8,"publicationDate":"2025-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143417220","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 : 2025-02-10DOI: 10.1177/08944865251314530
Jan-Philipp Ahrens, Marc Kowalzick, Jochim G. Lauterbach, Jennifer Louise Petriglieri
We differentiate between “founder involvement,” “founding family involvement,” and the absence of such involvement in a firm. We maintain that family owners and chief executive officers (CEOs) assume a “familial” identity given family relations within the firm, whereas mere founders, influenced by arms-length relations to commercial stakeholders, embrace the opportunity-seeking “entrepreneurial” identity of an independent maker. We theorize and show how founder and founding family involvement shape the turnaround strategy and performance of firms divergently—from each other and from cases without such involvement—and explicate how the respective effects are moderated by crisis severity and firm age.
{"title":"Crisis Reveals Character: Founder and Founding Family Involvement During Firm Crises","authors":"Jan-Philipp Ahrens, Marc Kowalzick, Jochim G. Lauterbach, Jennifer Louise Petriglieri","doi":"10.1177/08944865251314530","DOIUrl":"https://doi.org/10.1177/08944865251314530","url":null,"abstract":"We differentiate between “founder involvement,” “founding family involvement,” and the absence of such involvement in a firm. We maintain that family owners and chief executive officers (CEOs) assume a “familial” identity given family relations within the firm, whereas mere founders, influenced by arms-length relations to commercial stakeholders, embrace the opportunity-seeking “entrepreneurial” identity of an independent maker. We theorize and show how founder and founding family involvement shape the turnaround strategy and performance of firms divergently—from each other and from cases without such involvement—and explicate how the respective effects are moderated by crisis severity and firm age.","PeriodicalId":51365,"journal":{"name":"Family Business Review","volume":"21 1","pages":""},"PeriodicalIF":8.8,"publicationDate":"2025-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143375247","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 : 2024-10-25DOI: 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}
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