Journal articles: 'Family business heterogeneity'

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Guillén Gorbe, Tomás, and Alejandro Escribá-Esteve. "Heterogeneity in Family Firms." Harvard Deusto Business Research 10, no. 1 (May 29, 2021): 26–52. http://dx.doi.org/10.48132/hdbr.334.

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This research explores in greater depth the importance of considering the heterogeneity between family businesses so as to better understand the differences in their strategic behavior, performance and business results. With this, we attempt to contribute to the theories on the relationship between corporate governance and strategic management in the field of family business research. Our study identifies the different configurations that may be adopted in the ownership structures and the management and governance bodies of family firms, analyzing how these configurations are related to the firm’s strategic outcomes. Using a sample of 111 family firms, we perform a cluster analysis that allows us to determine distinct types of family businesses based on a set of dimensions regarding the characteristics of their governance bodies, both in business and in the family, as well as their ownership structure and degree of family involvement in management tasks. We then link the different types found with the profiles of managers, the repertoire of strategies used by these companies, and the differences in obtaining results in recent years.

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Li, Zonghui, and Joshua J. Daspit. "Understanding family firm innovation heterogeneity." Journal of Family Business Management 6, no. 2 (July 11, 2016): 103–21. http://dx.doi.org/10.1108/jfbm-02-2015-0010.

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Purpose – In family business studies, inconsistent findings exist regarding the relationship between family involvement and firm innovation. The purpose of this paper is to understand the heterogeneity of family firm innovation. Design/methodology/approach – The authors draw on governance literature and the socioemotional wealth (SEW) perspective to examine how the extent of family governance and the type of SEW objectives jointly influence innovation strategies in family firms. Findings – The authors develop a typology of family firm innovation strategies, positing that the family firm’s risk orientation, innovation goal, and knowledge diversity vary depending on the degree of family involvement in governance and the type of SEW objective. The authors propose that four family firm innovation strategies (e.g. Limited Innovators, Intended Innovators, Potential Innovators, and Active Innovators) emerge when family involvement in the dominant coalition (high or low) is contrasted with the SEW objective (restricted or extended) pursued by the family. Practical implications – Understanding how governance and SEW goals work together to influence the firm’s innovation strategies is potentially valuable for managers of family firms. The authors offer practical suggestions for how to strategically reposition the firm to pursue innovation strategies more in line with those of the Active Innovator. Originality/value – This study contributes to the family business literature by using a multi-dimensional approach to examine family firm heterogeneity. In addition, by articulating various family firm innovation strategies, the authors offer insight into the previously inconsistent findings concerning firm innovation behavior and outcomes in family business studies.

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Rau, Sabine B., Viktoria Schneider-Siebke, and Christina Günther. "Family Firm Values Explaining Family Firm Heterogeneity." Family Business Review 32, no. 2 (May 21, 2019): 195–215. http://dx.doi.org/10.1177/0894486519846670.

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Family firm heterogeneity results in reduced predictability of firm behavior as well as inconsistent results regarding research on family firm behavior. We argue that family firm heterogeneity is based, among other factors, on values heterogeneity. In order to lay the ground for future research, we develop a taxonomy of family firms based on values. Using values theory, we identify six value categories, resulting in five family firm types with five distinct value profiles. Second, we posit family firm values profiles are distinct to the group of family firms as nonfamily firms do not display similar value profiles.

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Wieszt, Attila. "Governance in Hungarian family businesses." Central European Review of Economics and Management 3, no. 1 (March 27, 2019): 7. http://dx.doi.org/10.29015/cerem.786.

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Aim: A large-scale, exploratory survey had been conducted on the whole population of family businesses in Hungary in 2017/18 concentrating on the heterogeneity of the family business population. This paper presents the findings of this survey focusing only on the governance practices of the Hungarian family businesses.Design / Research methods: Two questionnaires were asked from a sample of Hungarian family businesses in the form of a computer-assisted phone interview. This sample is based on probability sampling of a larger database representative to the Hungarian population of business organization in terms of annual revenue, geographical location and industry. Questions were formulated considering models of family involvement, socio-emotional wealth, succession, governance, and professionalization.Conclusions/findings: Hungarian family businesses succeed in involving a growing number of family members into the company which also positively relates to the business performance of the firms. The developmental patterns of their governance practices reflect their increasing level of professionalization.However, they can hardly involve external, non-family professionals into the Top Management Team, which may be crucial especially for the further growth of medium-sized firms. Their family governance concentrates rather on operatively bridging family and company, and not on planning the maintenance of long-term family control.Originality/value of the article: The paper delivers both informations on the heterogeneity of the Hungarian family businesses from a governance-related point of view, and show direct, practical implications regarding the family business governance system. Its results can be of interest both for family business owners, researchers, and consultants.

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García-Álvarez, Ercilia, and Jordi López-Sintas. "A Taxonomy of Founders Based on Values: The Root of Family Business Heterogeneity." Family Business Review 14, no. 3 (September 2001): 209–30. http://dx.doi.org/10.1111/j.1741-6248.2001.00209.x.

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The new economy offers a large range of opportunities to family businesses if they are able to promote values that allow constantly innovative behavior and business evolution. Although family firms are commonly associated with a traditional way of doing business, this paper shows the heterogeneity among first-generation family firms by building a taxonomy of four groups of founders based on values. The results show the relevance of identifying founders' value systems to understand the founders' influence on family business behavior. This value profile can be a valuable tool for family business owner-managers and advisors in identifying and promoting values that add value to firms without compromising next-generation family firm development.

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Carney, Michael, and Robert S. Nason. "Family Business and the 1%." Business & Society 57, no. 6 (July 28, 2016): 1191–215. http://dx.doi.org/10.1177/0007650316661165.

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Growing concern about economic inequality has generated a polarized narrative regarding the causes and consequences of extreme wealth. We contend that divided ideological positions obscure a more mundane reality about the typical wealthiest 1% households. Using data from the triennial survey of consumer finance, we demonstrate that there is substantial heterogeneity within the 1%. Contrary to public discourse, the typical 1% household does not have wealth reflective of popular rich lists, but derives a significant share of its wealth from ownership and active management of small- to medium-sized private enterprise. We use these findings to shed new insights on business families’ relationship to economic inequality and open promising new areas of inquiry regarding the role of the family business in society.

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Michiels, Anneleen, and Vincent Molly. "Financing Decisions in Family Businesses: A Review and Suggestions for Developing the Field." Family Business Review 30, no. 4 (November 7, 2017): 369–99. http://dx.doi.org/10.1177/0894486517736958.

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Motivated by the growing attention to the financing decisions of family firms, this review brings together the two highly relevant research fields of family business and finance. This study critically reviews 131 articles on financing decisions in family businesses, published between 1977 and 2016 in 64 finance and management journals. We develop a state of the art on family business financing literature and present a model to guide extant and future research by identifying gaps across the theoretical perspectives and across context-specific elements such as family business heterogeneity and country-specific factors.

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Jaskiewicz, Peter, and W. Gibb Dyer. "Addressing the Elephant in the Room: Disentangling Family Heterogeneity to Advance Family Business Research." Family Business Review 30, no. 2 (March 27, 2017): 111–18. http://dx.doi.org/10.1177/0894486517700469.

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Hoopes, David G., and Danny Miller. "Ownership Preferences, Competitive Heterogeneity, and Family-Controlled Businesses." Family Business Review 19, no. 2 (June 2006): 89–101. http://dx.doi.org/10.1111/j.1741-6248.2006.00064.x.

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This article models ownership concentration, owner preferences, and competitive advantage. It argues that ownership structure and owner preferences can give rise to resources and capabilities that increase firm profits. The model is then used to explain how successful family-controlled businesses (FCBs) differ from firms with less concentrated ownership and less successful FCBs. Because of their ownership concentration and reduced monitoring costs, many FCBs will have a resource surplus. That surplus and the tendency toward long-term investment among some FCBs create unique competitive opportunities under conditions we specify.

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Labaki, Rania, and Giorgia M. D’Allura. "A Governance Approach of Emotion in Family Business: Towards a Multi-level Integrated Framework and Research Agenda." Entrepreneurship Research Journal 11, no. 3 (June 14, 2021): 119–58. http://dx.doi.org/10.1515/erj-2021-2089.

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Abstract While emotion in family business is beginning to garner closer attention among researchers, the nexus of emotion management and governance has received little attention to date. In this essay, we reflect on and extend the Special Issue contributions by integrating the emotion management literature with the family business and governance literatures. We suggest a governance approach of emotion through a multilevel integrated framework. We introduce “emotion governance” as an overarching set of informal and formal mechanisms that are rooted and developed in the embedded family business contexts. We argue that emotion governance influences the explicit emotion management strategies of family business members at different stages: ex-ante (incentive alignment), during the process (education and support), and ex-post (monitoring). It thereby contributes to ensure their accountability in line with family business continuity. Considering the heterogeneity of family businesses, we capture nuances in our framework across family business archetypes through a series of propositions. We chart an agenda for future research to advance the development of a theory of family business governance inclusive of emotion.

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Hsueh, Josh Wei-Jun, and Manuel Gomez-Solorzano. "Social Tie Heterogeneity and Firms’ Networking Strategy." Entrepreneurship Theory and Practice 43, no. 2 (August 30, 2018): 352–59. http://dx.doi.org/10.1177/1042258718796074.

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The social ties of the owners, directors, and managers of firms have cross-level effects on firms’ network development. Firms can develop affiliations with a business group and connections across business groups. We expand the theoretical focus of Mani and Durand’s examination of the family and community ties of firm leaders and their impact on firms’ business group networks. We discuss the relational content heterogeneity of those ties and the associated logic in developing a firm’s networking strategy. Thus, we suggest alternative developmental processes for a firm’s network development strategy.

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Fernández-Méndez, Carlos, and Rubén Arrondo-García. "Sustainability Practices in Australian Firms: The Effect of Family Control and the Generational Stage." Sustainability 13, no. 3 (January 25, 2021): 1244. http://dx.doi.org/10.3390/su13031244.

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This paper examines the effects of family control on a firm’s adoption of sustainability practices, with special attention given to the heterogeneity of the family business derived from the generational stage of the company. Using a panel of 166 Australian companies listed between 2011 and 2018, we found that family businesses have lower sustainability scores compared to non-family businesses, according to the predictions of the socioemotional wealth (SEW) approach. For a subsample of family businesses, we found that multi-generational family businesses score better on sustainability than firms managed by the founders (first-generation). The SEW perspective could explain the effects of family control based on the pursuit of non-economic goals and the higher risk-aversion of family businesses. The decline in non-economic goals resulting from the ageing of the company stimulates the adoption of better sustainability practices. The generational stage of a family business could be a moderator of the relationship between family control and the adoption of sustainability practices and is a central element in explaining the disparity in the sustainability policies within family businesses.

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Daspit, Joshua J., James J. Chrisman, Triss Ashton, and Nicholas Evangelopoulos. "Family Firm Heterogeneity: A Definition, Common Themes, Scholarly Progress, and Directions Forward." Family Business Review 34, no. 3 (April 26, 2021): 296–322. http://dx.doi.org/10.1177/08944865211008350.

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While progress has been made in recent years to understand the differences among family firms, insights remain fragmented due, in part, to an incomplete understanding of heterogeneity and the scope of differences that exist among family firms. Given this, we offer a definition of and review the literature on family firm heterogeneity. A latent semantic analysis of 781 articles from 33 journals identified nine common themes of family firm heterogeneity. For each theme, we review scholarly progress made and highlight differences among family firms. Additionally, we offer directions for advancing the study of family firm heterogeneity.

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Marques, Pilar, Pilar Presas, and Alexandra Simon. "The Heterogeneity of Family Firms in CSR Engagement." Family Business Review 27, no. 3 (June 23, 2014): 206–27. http://dx.doi.org/10.1177/0894486514539004.

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This study addresses the heterogeneity of family firms in their engagement with corporate social responsibility (CSR). We build on stewardship theory and socioemotional wealth to explore the foundations of CSR in family firms and to examine whether the extent of engagement is based on values, and how and why this happens. We use the interpretative method of grounded theory to address these questions. Based on 12 case studies of Spanish family firms, this article illustrates the patterns of influence of family involvement and values in explaining the extent and scope of CSR.

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Wasim, Jahangir, James Cunningham, Alexander Maxwell-Cole, and James Richard Taylor. "Nonfamily knowledge during family business succession: a cultural understanding." International Journal of Entrepreneurial Behavior & Research 26, no. 1 (June 25, 2018): 141–57. http://dx.doi.org/10.1108/ijebr-05-2017-0167.

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Purpose Knowledge transfer plays a key role in the succession process. While much attention has been given to the passing of business knowledge form incumbent to successor, less is known about the use of nonfamily knowledge during this most crucial of family business events. The purpose of this paper is to look how knowledge from nonfamily employees is treated at times of succession. Importantly, it considers how the controlling family’s cultural background may influence nonfamily knowledge use, and subsequent implications for the succession process. Design/methodology/approach An exploratory comparative case study design is adopted in order to uncover the complex social and cultural dynamics around knowledge use. Four case studies are presented from family businesses of different, and contrasting, cultural origins. Data were collected using semi-structured interviews, observations and formal secondary data from the organisations, all of whom operate in the UK. Findings Findings reveal a complex picture, part influenced by the cultural dynamics of the family and part by business necessity. Specifically, power–distance appears as an informative cultural dimension, influencing how knowledge is used and nonfamily are perceived. While some family businesses privilege the knowledge from family, others see the need to build knowledge relationships more broadly. Originality/value This paper provides further evidence to the heterogeneity of family businesses. It moves beyond a processual explanation of succession to develop a more contextually aware understanding of the dynamics and sensitivities involved.

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Franco, Mário, and Patricia Piceti. "Family dynamics and gender perspective influencing copreneurship practices." International Journal of Entrepreneurial Behavior & Research 26, no. 1 (October 4, 2018): 14–33. http://dx.doi.org/10.1108/ijebr-11-2017-0431.

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Purpose The purpose of this paper is to understand the family dynamics factors and gender roles influencing the functioning of copreneurial business practices, to propose a conceptual framework based on these factors/roles. Design/methodology/approach For this purpose, a qualitative approach was adopted, through the analysis of seven businesses created by copreneurial couples in an emerging economy – Brazil. Data were obtained from an open interview with each member of the selected couples who are in charge of firm management. Findings The empirical evidence obtained shows that the most important factors for successful copreneurial family businesses are professionalization, dividing the couple’s tasks and business management. Trust, communication, flexibility and common goals are other essential relational-based factors for the good functioning of this type of family business and stability in the personal relationship. Practical implications It is clear that professionalization and the separation of positions and functions are fundamental for a balance between business management and the couple’s marital life. When couples are in harmony and considering factors such as trust, communication and flexibility (relational-based factors), the firm’s life-cycle and business success become real and more effective. Originality/value From the family dynamics factors and gender roles, this study focused on one of the most important and integrated family firm relationships, copreneurial couples. As there is little research on the heterogeneity of family firms runs specifically by copreneurial couples, this study is particularly important and innovative in the context of a developing economy, such as Brazil. Based on empirical evidence, this study was proposed an integrative and holistic framework that shows the functioning of copreneurial businesses practices.

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Felício, J. Augusto, and Maria Purificación Galindo Villardón. "FAMILY CHARACTERISTICS AND GOVERNANCE OF SMALL AND MEDIUM-SIZED FAMILY FIRMS." Journal of Business Economics and Management 16, no. 6 (December 24, 2015): 1069–84. http://dx.doi.org/10.3846/16111699.2012.747446.

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The purpose of this paper is to study the influence of family characteristics on the governance of small and medium-sized family firms. The study presents and tests a theoretical model resorting to data on 151 Portuguese SMEs. The study uses nonlinear principal component analysis by alternating least squares, bivariate analysis and cluster analysis. Family characteristics influence governance mechanisms and family firms form clusters based on family characteristics and governance mechanisms. The results reveal that family characteristics are a source of heterogeneity among family firms which corroborates the criticism on family firms' homogeneity assumption. The identification of clusters of firms constitutes a reference for family firms' definition of governance models. The originality of the paper relies on the analysis of specific family characteristics and its importance as a source of family firms' heterogeneity is proven. This study opens new insights on family firms' governance research and may be extended to other family characteristics and overall implications on performance.

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Raithatha, Mehul, and Tara Shankar Shaw. "Do Family Firms Choose Conservative Accounting Practices?" International Journal of Accounting 54, no. 04 (December 2019): 1950014. http://dx.doi.org/10.1142/s1094406019500148.

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We investigate whether family firms are motivated to adopt conservative accounting practices, given their unique characteristics of high promoter holdings, less diversified equity, and long-term interest in the business. We examine whether heterogeneity within family firms, captured through family members’ involvement in management and the firm’s affiliation to a business group, drives conservative behavior. We test our model on a sample of 2534 listed Indian firms from 2006 to 2015. Our results indicate that family-controlled firms are more conditionally conservative in their accounting practices, especially when family members manage them and when they are affiliated with a business group. These findings are robust to alternative measures of conservatism and also after controlling for omitted variable bias and reverse causality.

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Tsai, Fu-Sheng, Che-Hung Lin, Julia L. Lin, I.-Pin Lu, and Aida Nugroho. "Generational diversity, overconfidence and decision-making in family business: A knowledge heterogeneity perspective." Asia Pacific Management Review 23, no. 1 (March 2018): 53–59. http://dx.doi.org/10.1016/j.apmrv.2017.02.001.

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Barontini, Roberto, and Stefano Bozzi. "Family firm heterogeneity and CEO compensation in Continental Europe." Journal of Economics and Business 97 (May 2018): 1–18. http://dx.doi.org/10.1016/j.jeconbus.2018.02.001.

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Brune, Alexander, Martin Thomsen, and Christoph Watrin. "Family Firm Heterogeneity and Tax Avoidance: The Role of the Founder." Family Business Review 32, no. 3 (February 21, 2019): 296–317. http://dx.doi.org/10.1177/0894486519831467.

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Family business research suggests that the population of family firms cannot be regarded as a homogenous group. Therefore, with respect to tax avoidance, we analyze the role of the founder as one dimension of family firm heterogeneity. Specifically, we consider socioemotional wealth loss aversion and find that founders may affect the level of tax avoidance not only when they have direct influence (i.e., serving as CEO) but also when they possess solely indirect influence (i.e., having substantial ownership or a seat on the board). Overall, our results suggest that founders remain attached to their firms despite giving up executive positions.

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Saridakis, George, Yanqing Lai, Rebeca I. Muñoz Torres, and Anne-Marie Mohammed. "Actual and intended growth in family firms and non-family-owned firms: are they different?" Journal of Organizational Effectiveness: People and Performance 5, no. 1 (March 12, 2018): 2–21. http://dx.doi.org/10.1108/joepp-04-2017-0033.

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Purpose Drawing on the motivation theory and family business literature, the purpose of this paper is to investigate the influence of family effect in growth behaviour of small-and-medium-sized enterprises (SMEs) in the UK. Design/methodology/approach The authors first compare the actual and expected growth of family and non-family-owned SMEs. The authors then compare the growth behaviour of small family firms managed by owner-directors and small family businesses co-managed by family and non-family directors with the non-family-owned SMEs. Findings The authors find a negative effect of family ownership on actual and intended small business growth behaviours. In addition, the findings also suggest that small family firms co-managed by non-family and family directors are no different from non-family-owned firms, in terms of reporting past actual growth in employment size and turnover as well as expecting growth in workforce size and turnover. The authors also observe a significant difference in anticipating sales growth between family-controlled and non-family-controlled firms. However, this difference is not explained by the heterogeneity of a top management team. Practical implications The study has important implications for managerial practice to family firms and on policies that improve the growth of SMEs. Specifically, the competence of managers and decision makers matters considerably in evaluating the efficient operation of the business and maximising the economic growth in SMEs. Originality/value The study makes two important theoretical contributions to small business growth literature. First, the findings underline a negative family effect in the actual and expected growth behaviour of SMEs. Second, the mode of family ownership alone may not sufficiently capture family effect and offer a thorough understanding of growth behaviour in SMEs.

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Simarasl, Nastaran, David S. Jiang, Franz W. Kellermanns, and Bart J. Debicki. "Unmasking the Social Ghost in the Machine: How the Need to Belong and Family Business Potency Affect Family Firm Performance." Family Business Review 33, no. 4 (August 19, 2020): 351–71. http://dx.doi.org/10.1177/0894486520948992.

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Research often assumes that a controlling family’s social bonds contributes to superior firm performance. However, there is little theory to address these relationships and findings are often mixed. Here, we integrate resource-based and need-to-belong theories to address these issues, introducing family business potency as a key mediating variable between family cohesion, participative strategy processes, and firm performance in 109 family firms. Altogether, our study answers ongoing theoretical calls for more need-based psychological research in family firms, introduces family business potency to the literature, and contributes to research on family firm heterogeneity. Implications for future research and practice are also discussed.

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Nordqvist, Mattias, Pramodita Sharma, and Francesco Chirico. "Family Firm Heterogeneity and Governance: A Configuration Approach." Journal of Small Business Management 52, no. 2 (March 12, 2014): 192–209. http://dx.doi.org/10.1111/jsbm.12096.

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Michiels, Anneleen. "Formal compensation practices in family SMEs." Journal of Small Business and Enterprise Development 24, no. 1 (February 20, 2017): 88–104. http://dx.doi.org/10.1108/jsbed-12-2015-0173.

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Purpose By investigating the use of formal compensation practices in family small- and medium-sized enterprises (SMEs), the purpose of this paper is to provide important new insights in these issues for academics, as well as family business practitioners, prospective applicants and financiers of family businesses. Moreover, this study includes a contingency that allows to explore heterogeneity across family businesses in their use of formal compensation practices: the CEO type. Design/methodology/approach A survey of 124 small- and medium-sized Belgian family businesses to explore the use of formal compensation practices is analyzed by the author. Findings The results support the hypothesis that family firms with a family CEO adopt significantly less formal compensation practices than their counterparts that are led by a non-family CEO. Research limitations/implications Generalizing the findings of this study must be taken with care, as the findings are based on a cross-sectional sample of family SMEs in one country, Belgium. Future research can build on these findings with studies on larger samples in other countries. Practical implications This study may be interesting for family business practitioners and consultants, as it provides insight in the actual use of formal compensation practices that are recommended as a best practice in numerous practitioner handbooks. Also, the results of this study might be important for prospective applicants and financiers, since the compensation system is an important communication device to signal legitimacy to external stakeholders. Originality/value Compensation issues are among the main challenges SMEs, especially family firms, face. Despite the clear importance of this matter, academic interest has been rather limited. This paper therefore displays sound descriptive survey results and empirically investigates the determinants of the use of formal compensation practices in Belgian family SMEs by distinguishing between different types of family businesses.

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Gjergji, Rafaela, Valentina Lazzarotti, Federico Visconti, and Teresa García-Marco. "Open innovation in family firms: a systematic literature review." Management Research: Journal of the Iberoamerican Academy of Management 17, no. 3 (August 19, 2019): 304–32. http://dx.doi.org/10.1108/mrjiam-03-2019-0913.

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Purpose The purpose of this study is threefold: first, to provide a comprehensive and systemized literature review on open innovation (OI) in family firms; second, to identify the antecedent of family firms’ heterogeneity (i.e. governance structure, goals and resources) and to outline how they affect OI behavior; and third, to propose potential avenues for further research. Design/methodology/approach The study consists of a systematic literature review and analyses the findings of 36 papers on OI and family firms. Findings Based on the results of the reviewed papers, authors show how family firms’ specific characteristics/factors strictly related to their governance structure, goals and resources affect OI behavior. Furthermore, the authors highlight also that adoption of different mechanisms/strategies can be useful to family firms to overcome OI barriers. Finally, discussion and avenues for further research are presented. Practical implications This review can be useful to family business managers, directors and/or external consultants to better understand family-specific characteristics to support family businesses in opening up their boundaries to external partners. Originality/value To the best knowledge, this is the first systematic review on OI and family firms that attempt to identify all family-specific characteristics/factors, known as the antecedent of heterogeneity that affects family firm OI behavior. The authors believe that it could represent an important guide for future research on this topic.

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Chrisman, James J., Jess H. Chua, Isabelle Le Breton-Miller, Danny Miller, and Lloyd P. Steier. "Governance Mechanisms and Family Firms." Entrepreneurship Theory and Practice 42, no. 2 (December 26, 2017): 171–86. http://dx.doi.org/10.1177/1042258717748650.

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Governance, along with goals and resources, is a key determinant of the distinctiveness and heterogeneity of family firms. Our introduction discusses formal and informal governance mechanisms that emanate from inside and outside the firm and then reviews, integrates, and extends the contributions to this topic of the six articles and four commentaries in this special issue. Building and reflecting on these contributions, we suggest that although formal governance mechanisms inside family firms have unique characteristics, informal governance mechanisms may be equally important, and external mechanisms, both formal and informal, can also profoundly influence the behavior and performance of family firms.

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Picone, Pasquale Massimo, Alfredo De Massis, Yi Tang, and Ronald F. Piccolo. "The Psychological Foundations of Management in Family Firms: Values, Biases, and Heuristics." Family Business Review 34, no. 1 (January 6, 2021): 12–32. http://dx.doi.org/10.1177/0894486520985630.

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Considering the heterogeneity of family firm behaviors as reflecting the values, biases, and heuristics of individuals, we discuss the implications of the psychological foundations of management in family firms. We develop a conceptual framework for investigating how the values, biases, and heuristics of family and nonfamily members affect strategic decision-making and the outcomes of family firms. To advance the field, we put forward some relevant questions and offer a future research agenda at the intersection of the psychological foundations of management and family business.

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Martin, Geoffrey, Luis R. Gómez–Mejía, Pascual Berrone, and Marianna Makri. "Conflict between Controlling Family Owners and Minority Shareholders: Much Ado about Nothing?" Entrepreneurship Theory and Practice 41, no. 6 (November 2017): 999–1027. http://dx.doi.org/10.1111/etap.12236.

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We examine the unique nature of conflict between controlling family owners and minority shareholders (principal–principal conflict) in publicly traded family controlled firms through examining shareholder proposals. Implicit in prior governance and family business research has been that nonfamily shareholders are likely to be in conflict with the dominant family owners. In general, we find that much of this fear may be unwarranted except under specific circumstances. Our findings elucidate sources of heterogeneity in family firm principal–principal conflict and add greater nuance to our understanding of this type of agency problem within family firms.

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Nikolov, Atanas Nik, and Yuan Wen. "Does family involvement matter post IPO? Adding value through advertising in family firms." Journal of Family Business Management 8, no. 3 (October 8, 2018): 218–34. http://dx.doi.org/10.1108/jfbm-01-2018-0002.

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PurposeThis paper brings together research on advertising, family business, and the resource-based view (RBV) of the firm to examine performance differences between publicly traded US family vs non-family firms. The purpose of this paper is to understand the heterogeneity of family vs non-family firm advertising after such firms become publicly traded.Design/methodology/approachThe authors draw on the RBV of the firm, as well as on extensive empirical literature in family business and advertising research to empirically examine the differences between family and non-family firms in terms of performance.FindingsUsing panel data from over 2,000 companies across ten years, this research demonstrates that family businesses have higher advertising intensity than competitors, and achieve higher performance returns on their advertising investments, relative to non-family competitors. The results suggest that the “familiness” of public family firms is an intangible resource that, when combined with their advertising investments, affords family businesses a relative advantage compared to non-family businesses.Research limitations/implicationsFamily involvement in publicly traded firms may contribute toward a richer resource endowment and result in creating synergistic effects between firm “familiness” and the public status of the firm. The paper contributes toward the RBV of the firm and the advertising literature. Limitations include the lack of qualitative data to ground the findings and potential moderating effects.Practical implicationsUnderstanding how family firms’ advertising spending influences their consequent performance provides new information to family firms’ owners and management, as well as investors. The authors suggest that the “familiness” of public family firms may provide a significant advantage over their non-family-owned competitors.Social implicationsThe implications for society include that the family firm as an organizational form does not need to be relegated to a second-class citizen status in the business world: indeed, combining family firms’ characteristics within a publicly traded platform may provide firm performance benefits which benefit the founding family and other stakeholders.Originality/valueThis study contributes by highlighting the important influence of family involvement on advertising investment in the public family firm, a topic which has received limited attention. Second, it also integrates public ownership in family firms with the family involvement–advertising–firm performance relationship. As such, it uncovers a new pathway through which the family effect is leveraged to increase firm performance. Third, this study also contributes to the advertising and resource building literatures by identifying advertising as an additional resource which magnifies the impact of the bundle of resources available to the public family firm. Fourth, the use of an extensive panel data set allows for a more complex empirical investigation of the inherently dynamic relationships in the data and thus provides a contribution to the empirical stream of research in family business.

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Bauweraerts, Jonathan, Julien Vandernoot, and Antoine Buchet. "Family Firm Heterogeneity and Tax Aggressiveness: A Mixed Gamble Approach." Canadian Journal of Administrative Sciences / Revue Canadienne des Sciences de l'Administration 37, no. 2 (May 9, 2019): 149–63. http://dx.doi.org/10.1002/cjas.1528.

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Yuan, Wenlong, and Zhenyu Wu. "Commentary: A Value Perspective of Family Firms." Entrepreneurship Theory and Practice 42, no. 2 (December 26, 2017): 283–89. http://dx.doi.org/10.1177/1042258717748934.

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This commentary extends Hillier, Martínez, Patel, Pindado, and Requejo (2018) by placing their insights within a wider context of the debate between the agency theory and stewardship theory. To reconcile the conflicts between the two theories, we propose a family-value perspective to incorporate the intrinsic heterogeneity of family firms. We highlight how different family values may lead to different strategic behavior and how various theoretical perspectives may be best used to describe the behavior of family firms with certain specific values.

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Sharma, Pramodita, James J. Chrisman, Jess H. Chua, and Lloyd P. Steier. "Family Firm Behavior From a Psychological Perspective." Entrepreneurship Theory and Practice 44, no. 1 (October 4, 2019): 3–19. http://dx.doi.org/10.1177/1042258719879675.

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The heterogeneity of family firms and their simultaneous pursuit of financial and nonfinancial goals is well established in the literature. However, causal factors underlying the variance in the goals, behaviors, and performance of family firms remain unclear. To help fill this gap, the articles in this special issue point to psychological aspects of individuals and families that underpin family firm behaviors and outcomes. Building on the theme of psychological influences, this introductory article discusses how the integration of five areas of psychology can accelerate our understanding of the causes and consequences of individual and group behaviors in family firms.

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Stanley, Laura J., Remedios Hernández-Linares, María Concepción López-Fernández, and Franz W. Kellermanns. "A Typology of Family Firms: An Investigation of Entrepreneurial Orientation and Performance." Family Business Review 32, no. 2 (March 29, 2019): 174–94. http://dx.doi.org/10.1177/0894486519838120.

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Drawing on family firm heterogeneity research, we develop a typology of family firms using differences in family influence and firm life cycle. We offer hypotheses regarding the relationships between the different firm types and two important outcomes: Entrepreneurial orientation (EO) and performance. Applying latent profile analysis to a sample of 684 Spanish and Portuguese family firms using variables related to family influence (i.e., ownership, family CEO) and firm life cycle (i.e., generational management, size, and presence of board of directors), we find four family firm types, which differentially affect EO and performance. Implications of our findings for EO, family firm performance, and the development of family firm typologies are discussed.

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Sánchez-Marín, Gregorio, María-José Portillo-Navarro, and José G. Clavel. "The influence of family involvement on tax aggressiveness of family firms." Journal of Family Business Management 6, no. 2 (July 11, 2016): 143–68. http://dx.doi.org/10.1108/jfbm-03-2015-0017.

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Purpose – The purpose of this paper is to analyze the tax aggressiveness among family firms considering their different levels of family involvement. Based on the family influence on power, experience, and culture approach proposed by Astrachan et al. (2002), this study examines to what extent the heterogeneity among family firms generates distinctive (and unique resource) combinations of family involvement that explain different levels of tax aggressiveness. Design/methodology/approach – A sample of 282 small and medium-sized family enterprises and a structural equation modeling approach have been used to study simultaneously the effects of family influence through the power, experience, and culture dimensions of tax aggressiveness in family firms. Findings – The family influences the business’ tax aggressiveness in different ways. As such, the greater the family experience, by the incorporation of second and subsequent generations, the greater the tax aggressiveness; in contrast, greater family power in terms of firm ownership and management negatively affects tax aggressiveness. Additionally, greater alignment of the family and business culture does not exert a significant effect on tax behaviors of family firms. Practical implications – Tax aggressiveness is a complex activity that should be managed from a global point of view in family firms. Managers should compensate for the negative influence of family governance on tax aggressiveness with the positive effect of the family generations in order to obtain proper and balanced tax management that contributes to the sustainability of family firms. Originality/value – This study contributes to the understanding of tax behavior heterogeneities among family firms by going further than most research (usually based mainly on comparative ownership aspects between large, publicly quoted family and non-family firms), considering some other more representative factors of family small and medium-sized enterprises, where the influence of characteristics of family management, family generation, and family values can be the main determinants of the firm taxation policies.

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Neubaum, Donald O., Nadine Kammerlander, and Keith H. Brigham. "Capturing Family Firm Heterogeneity: How Taxonomies and Typologies Can Help the Field Move Forward." Family Business Review 32, no. 2 (May 21, 2019): 106–30. http://dx.doi.org/10.1177/0894486519848512.

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Sacristán-Navarro, María, Silvia Gómez-Ansón, and Laura Cabeza-García. "Family Ownership and Control, the Presence of Other Large Shareholders, and Firm Performance: Further Evidence." Family Business Review 24, no. 1 (March 2011): 71–93. http://dx.doi.org/10.1177/0894486510396705.

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This article analyzes, using various econometric techniques, how family ownership, family control, and the presence of a second significant shareholder affect firm performance. The authors studied a panel of 118 nonfinancial Spanish companies (711 observations) from 2002 to 2008. Once endogeneity issues were considered, it was found that family ownership did not influence profitability. What seems to matter is family control. This study also reveals the importance of taking into account unobservable heterogeneity and endogeneity issues when analyzing firm performance and provides an interesting future avenue of research: the role played by other large shareholders in family firms.

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Stanley, Laura, Franz W. Kellermanns, and Thomas M. Zellweger. "Latent Profile Analysis." Family Business Review 30, no. 1 (November 17, 2016): 84–102. http://dx.doi.org/10.1177/0894486516677426.

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We demonstrate how latent profile analysis (LPA) can be applied to generate profiles (i.e., homogenous subgroups) in a sample of family firms. In doing so, we highlight how LPA can provide additional insight into family firm phenomena when used in conjunction with other methodological approaches (i.e., regression). We compare LPA with other techniques (i.e., cluster analysis and qualitative comparative analysis) and show LPA’s superior ability to capture complex patterns of important family firm characteristics. We demonstrate how profiles can be linked to differences in dependent variables, providing family firm scholars with a tool to assess heterogeneity and its consequences among family firms.

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Nordstrom, Onnolee Anne, and Lloyd Steier. "Social capital: a review of its dimensions and promise for future family enterprise research." International Journal of Entrepreneurial Behavior & Research 21, no. 6 (September 7, 2015): 801–13. http://dx.doi.org/10.1108/ijebr-07-2015-0148.

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Purpose – The purpose of this paper is twofold. First, to review the notion of social capital and its dominant dimensions and appraise the ways in which social capital and these dimensions have been applied within family business research. Second, to develop a number of suggestions of ways in which the concept could be extended, from a symbolic perspective, to provide greater insight into the complexity and heterogeneity of family systems. Design/methodology/approach – This is a conceptual paper designed to stimulate new ways of thinking about social capital and the competitive advantage of family firms. Findings – This paper suggests that social capital has a symbolic dimension, which has been largely overlooked both within the field of family business and across social capital research more generally. Within the field of family business the authors connect this neglect to an over-emphasis on business theories. The authors offer ways in which incorporating a family theory – symbolic interactionism – could help to better understand family firms, social capital, and competitive advantage. Originality/value – This paper proposes an original approach to social capital. Guided by the notion of informed pluralism the paper integrates seemingly unrelated theories and identifies opportunities for new and innovative research. By espousing a symbolic interactionist approach the argument developed within this paper is valuable for helping to advance new ways of thinking about social capital and the competitive (dis)advantage of family firms.

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Chrisman, James J., and Daniel T. Holt. "Beyond socioemotional wealth: taking another step toward a theory of the family firm." Management Research: Journal of the Iberoamerican Academy of Management 14, no. 3 (November 21, 2016): 279–87. http://dx.doi.org/10.1108/mrjiam-06-2016-0670.

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Purpose The purpose of this paper is to explain how the concept of socioemotional wealth can be combined with other important concepts in the family firm literature to develop a theory of the family firm. Design/methodology/approach This is a conceptual paper based on a review of the paper of Martin and Gómez-Mejía in this issue as well as the family business literature in general. Findings Martin and Gómez-Mejía (this issue) present a theoretical model and propositions on the relationship between socioemotional and financial wealth that advances understanding of family firm decision-making. That paper provides an initial step toward a theory of the family firm that can explain why firms select the family form of organization to conduct economic activities, what determines their scale and scope and why heterogeneity is observed among family firms. This commentary takes another step toward such a theory by discussing how the combined consideration of goals, governance and resources could be used to address the above three questions. Originality/value The precepts of a new theory of the family firm is presented that incorporates the concepts of goals (socioemotional wealth), governance (family ownership and control) and resources (familiness) of family firms to explain why family firms exist and potentially thrive as well as to explain the heterogeneity among family firms.

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Yusriadi, Yusriadi, Saidna Zulfiqar bin Tahir, M. Awaluddin, and Misnawati Misnawati. "Poverty Alleviation through Social Entrepreneur." Journal of Education, Humaniora and Social Sciences (JEHSS) 3, no. 2 (December 2, 2020): 721–25. http://dx.doi.org/10.34007/jehss.v3i2.400.

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This research was conducted to determine the application of social entrepreneurship; this will be one solution to revive the country's economy, especially the business sector, which has had a huge impact due to the COVID-19 pandemic. The number of informants in this study was 10 mothers who received assistance from the Family Hope Program (PKH). The data in this study were obtained from the results of observation, interviews, and documentation. The results of the study describe the existence of social entrepreneurs that were carried out on PKH beneficiary mothers who have given positive results to revive business groups in Indonesia which have an impact on COVID-19, especially which will contribute to the surrounding community for transformation by seeing business opportunities carried out with a social spirit in this era of COVID-19. Social entrepreneurs who are carried out through mentoring have opened new businesses in the economy, which will add to the heterogeneity of entrepreneurs in Indonesia

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Wan Mohammad, Wan Masliza, Wan Fadzilah Wan Yusoff, and Nik Mohamad Zaki Nik Salleh. "Family ownership heterogeneity and audit committees independence and its implication towards the revised Malaysia code on corporate governance (MCCG, 2007)." Corporate Ownership and Control 11, no. 4 (2014): 456–62. http://dx.doi.org/10.22495/cocv11i4c5p3.

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This study examines the effectiveness of audit committee independence when moderated by firms’ family ownership. This is to investigate the implication of revised Malaysia Code on Corporate Governance (2007) that requires majority composition of independence directors in the audit committee. We study 1,206 firm-year observations between fiscal years 2004 to 2009 of firms listed in Bursa Malaysia. The findings suggest that independent directors are more effective in curbing earnings management when there is stronger ownership of family members. Our research offers insights on the important of family institutional structures on corporate governance reforms in Malaysia. Malaysian family firms are mostly traditional firms which have built their reputation and strength in the industry for many generations. The reputation built, improve shareholders confidence and reduce potential agency conflicts

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Steinerowska-Streb, Izabella, and Anna Wziątek-Staśko. "Innovations in family firms: a study of owner-managers’ knowledge development." Journal of Family Business Management 10, no. 3 (December 20, 2019): 247–64. http://dx.doi.org/10.1108/jfbm-09-2019-0058.

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Purpose The purpose of this paper is to identify the relationship between family firms’ innovation output and the continuous knowledge development of owner-managers. Moreover, the study aims to investigate the effect of the level of owner-managers’ educational background on family firms’ innovation. Design/methodology/approach The data originate from a primary research conducted in Poland. A log-linear analysis was used to verify the hypotheses. Findings The findings demonstrate that the positive relationship between the higher levels of education of owner-managers and the innovation output of family firms does not exist. However, the innovativeness of family firms is determined by the continuous development of owner-managers’ knowledge. Family firms whose owner-managers continuously expand their knowledge introduce significantly more product and marketing innovations. This relationship appears independent of firm’s size, type of business activity and owner-managers’ educational level. Practical implications Understanding how the continuous development of owner-managers’ knowledge influence the firm’s innovation output is potentially valuable for managers of family firms. The findings offer also practical suggestions for policymakers on how to support structures that aim to enhance innovation in family enterprises. Originality/value This study contributes to the family business literature by presenting quantitative findings describing links between family firms’ innovation outputs and continuous knowledge development of owner-managers. Thus, the study broadens knowledge on factors determining innovation of family firms and influencing family business heterogeneity.

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Schierstedt, Bennet, and Maarten Corten. "The influence of private family firm characteristics on audit fees: the family name as a red flag." Managerial Auditing Journal 36, no. 5 (July 26, 2021): 785–811. http://dx.doi.org/10.1108/maj-05-2020-2662.

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Purpose This study aims to examine the relationship between family firm characteristics and audit fees. It also examines the extent to which the family name is considered a red flag during the risk assessment of these firm characteristics. Design/methodology/approach Using an external panel data set that includes 1,252 firm-year observations of 204 private German firms with a time series from 2010–2016, regression analyses were conducted to test the hypotheses. Findings This study’s results indicate that family involvement in management and the supervisory board are negatively related to audit fees, suggesting less demand and supply of audit effort due to lower Type I agency conflicts. Family ownership is found to be positively associated with audit fees due to higher Type II agency conflicts. Moreover, the negative effect of family involvement in management on audit fees becomes weaker if the firm name contains the family name, indicating that it is considered a red flag by auditors during their risk assessment. Originality/value Prior studies that examined audit fees in family firms mainly compared family firms to non-family firms. However, auditors are not likely to look at firms in a dichotomous way during their risk assessment, especially as there are numerous definitions of family firms. Instead, they will assess the underlying characteristics regarding management, ownership and governance, although a firm name containing the family name may influence this assessment. This study contributes to the literature by accounting for the heterogeneity of family firms and examining how auditors will assess this heterogeneity.

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Asher, Anthony, Ramona Meyricke, Susan Thorp, and Shang Wu. "Age pensioner decumulation: Responses to incentives, uncertainty and family need." Australian Journal of Management 42, no. 4 (May 3, 2017): 583–607. http://dx.doi.org/10.1177/0312896216682577.

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Effective design and regulation of retirement benefits require accurate understanding of how the elderly decumulate. We analyse the income, assets and decumulation patterns of a longitudinal panel of 10,000 Australian age pensioners. On average, age pensioners preserve financial and residential wealth and leave substantial bequests. There is, however, considerable heterogeneity in decumulation patterns. Younger households generally run down financial wealth, while older households maintain their assets or save. Means-testing accelerates decumulation, with average drawdown rates 3% higher for pensioners subject to the income test relative to full pensioners and 9% higher for those subject to the asset test relative to full pensioners. Loss of a partner is linked to large falls in assets. The theoretical, empirical, and practical implications of these findings are discussed.

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Gill, Suveera, and Parmjit Kaur. "Family Involvement in Business and Financial Performance: A Panel Data Analysis." Vikalpa: The Journal for Decision Makers 40, no. 4 (December 2015): 395–420. http://dx.doi.org/10.1177/0256090915605756.

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Executive SummaryThe economic backdrop of most nations remains dominated by family businesses. Family control is common in publicly traded Indian companies. Such controlling families often hold large shareholdings and for the most part have representation at the top management level as well as on the board. Consequently, an overarching question that emerges is whether and how family ownership, management, and governance affect corporate performance.This article attempts to discern the relationship between family involvement in business (FIB) and financial performance (FP) of companies included in the S&P BSE 500 Index during the period 2006–2010. In addition, an attempt has been made to examine the difference in accounting and market measures of FP for family companies (FCs) vis-à-vis non-family companies (NFCs). A two-way fixed-effects panel model was used to examine the FIB–FP relationship with fixed effects being dummy variables for each year of the sample and dummy variables for each two-digit National Industrial Classification (NIC) code. Finally, to test for the ‘reverse causation’ between FIB and FP, the instrumental-variable—two-stage least-squares (IV-2SLS) regression was applied.The results confirm that FCs are a predominant form over a number of industries in a large sample, S&P BSE 500 Index. In addition, founding families are often involved in the actual management of the companies. Controlling for company-specific, industry affiliation, and corporate governance variables, the cross-sectional longitudinal analyses show that FIB is associated with superior FP. Furthermore, FP is higher for FCs vis-à-vis NFCs. Based on the market performance measure, FC appear to be better performers with higher outside board representations. On further analysis of the profile of independent directors, it was observed that they had a diverse background and expertise. The impact of firm size and unaffiliated blockholdings on FP was found to be significantly negative. Finally, the estimates from the IV-2SLS were found to be consistent with the preliminary results that FIB is associated with better FP.This article joins the evolving concurrence on the diversity and heterogeneity of family businesses by differentiating between family-owned, family-managed, and family-governed companies. It distinguishes itself from previous studies on the subject, as it uses different typologies based on the extent of FIB as well as presents multiple theoretical perspectives rather than a mono-theoretical view to empirical findings in the present study. Keeping this distinction in perspective is imperative for family business researchers, practitioners, and policymakers.

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Garcés-Galdeano, Lucia, and Carmen García-Olaverri. "How important is family involvement for small companies’ growth?" Journal of Small Business and Enterprise Development 27, no. 4 (May 28, 2020): 531–54. http://dx.doi.org/10.1108/jsbed-06-2019-0190.

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PurposeOur paper seeks to further understand how family involvement in management influences firm growth.Design/methodology/approachUsing a sample of small high-tech firms, we classify three different types of firms: family firms managed by family-CEOs, family firms managed by non-family CEOs and non-family firms.FindingsConsistent with our expectations, we show that firms managed by family-CEOs have less firm growth in comparison with the other two groups. When the family firm is managed by non-family CEOs, the presence of another family member in management positions has a negative impact on firm growth. Finally, we found that founder-led family firms have better firm growth than descendant-led family firms.Research limitations/implicationsImplications for the theory of family firms are discussed.Originality/valueThe value of the present study is to analyse in depth the heterogeneity of the family business trying to close the gap by exploring the effect of family involvement on small firm growth. Thus, we will find different behaviours of these family companies, depending on the family member’s presence in management positions.

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Li, Lei, Anand Vidyashankar, Guoqing Diao, and Ejaz Ahmed. "Robust Inference after Random Projections via Hellinger Distance for Location-Scale Family." Entropy 21, no. 4 (March 29, 2019): 348. http://dx.doi.org/10.3390/e21040348.

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Big data and streaming data are encountered in a variety of contemporary applications in business and industry. In such cases, it is common to use random projections to reduce the dimension of the data yielding compressed data. These data however possess various anomalies such as heterogeneity, outliers, and round-off errors which are hard to detect due to volume and processing challenges. This paper describes a new robust and efficient methodology, using Hellinger distance, to analyze the compressed data. Using large sample methods and numerical experiments, it is demonstrated that a routine use of robust estimation procedure is feasible. The role of double limits in understanding the efficiency and robustness is brought out, which is of independent interest.

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Bonilla, Claudio A., Jean Sepulveda, and Mariela Carvajal. "Family Ownership and Firm Performance in Chile: A Note on Martinez et al.'s Evidence." Family Business Review 23, no. 2 (June 2010): 148–54. http://dx.doi.org/10.1177/089448651002300204.

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The authors revisit the evidence presented in Martinez et al. using new data and estimation techniques that take into account unobserved firm heterogeneity. The results of the earlier study are found to be robust to the new procedures because performance of family-controlled firms continues to be superior to that of nonfamily firms. The authors then add the risk dimension to the earlier analysis using a risk-adjusted return on assets (ROA) variable, and family-controlled firms again performed better. A test of the standard deviations of ROA for both firm categories revealed that family-controlled firms not only perform better but also show less volatility in their returns.

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Fehre, Kerstin, and Florian Weber. "Why some are more equal: Family firm heterogeneity and the effect on management’s attention to CSR." Business Ethics: A European Review 28, no. 3 (February 4, 2019): 321–34. http://dx.doi.org/10.1111/beer.12225.

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Journal articles on the topic 'Family business heterogeneity'

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