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- Akhter, Naveed
(författare)
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Family business portfolios : Enduring entrepreneurship and exit strategies
- 2016
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- This dissertation examines how family business portfolios endure across time and investigates the entrepreneurial strategies that they engage in. The goal of this dissertation is addressed through five appended papers in which I have argued for the importance of business families owning multiple firms, that is, portfolio entrepreneurship. Portfolio entrepreneurship plays a central role in economic development as it is a prevalent phenomenon in developed and emerging economies. However, despite its importance, there is currently very little research on portfolio entrepreneurship, especially in the context of family firms.In so doing, I study nine business families owning multiple businesses in Pakistan. I conducted in-depth interviews with family owners and employees; the interviews were supplemented with other sources of data such as observations and archival material. When studying questions such as how a portfolio is built-up across generations, how and why business families exit and, when they exit, which businesses they choose to exit from, I draw on insights from the literature on portfolio entrepreneurship, business exit, family firms, socioemotional wealth, sensemaking, compassion and social identity theory in the five papers.The dissertation addresses the calls for studies on portfolio entrepreneurship in the context of family firms by examining the process through which a portfolio is constructed by studying performance and exit related issues. In other words, it examines both the growth and the contraction of portfolios. The study offers several contributions. First, it contributes to studies on enduring entrepreneurship by investigating how business families last across time despite encountering difficult situations and declining business. Second, the study contributes to the portfolio entrepreneurship literature by elucidating how portfolios are built across generations and the roles of both growth and contractions while addressing processual and contextual issues.Third, the study contributes to the business exit literature by looking at the exit process in a family business context and exploring multiple exits. This isunique, as it is, to the best of my knowledge, the first study on business exits looking at multiple exit in the context of family firms. Fourth, the study also contributes to the literature on family firms by exploring how and why business families refrain from exiting from their core legacy business and how their emotions influence the exit process.Finally, the study contributes to context-related issues. The study adds to the literature on contextualization and addresses the call for more context-specific studies in entrepreneurship scholarship. This dissertation is focused on context-based factors considering the spatial and social context, where the former has been undertaken by taking an emerging economy and country context as the setting, while the latter refers to the relational and emotional ties within family firms. In addition to its theoretical contributions, this dissertation has important implications for practice. The dissertation brings to the fore some promising and unique ways in which entrepreneurship endures across time and context through the transgenerational transmission of entrepreneurship and insights into how business families behave in a declining business situation. Additionally, this study offers insights for family owners and managers on how to address the dilemma of continued entrepreneurship, that is, how to encourage and foster enduring entrepreneurship in organizations, in particular in the context of family firms.
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- Akhter, Naveed, et al.
(författare)
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Harvest and after : Entrepreneurial recycling in family firm portfolios
- 2014
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Konferensbidrag (refereegranskat)abstract
- Entrepreneurial exit is an integral component of the entrepreneurial process. Yet entrepreneurs often fail to realize the gains from their harvesting activities (Dehlen et al., 2012). This study extends our understanding of entrepreneurial recycling which allows a firm to re-allocate and re-invest the harvested resources (Mason & Harrison, 2006). Although entrepreneurial recycling is viewed as an important element of the post exit process (DeTienne & Chirico, 2013), with few exceptions there is little research present on this phenomenon. This is especially interesting in the case of a special breed of entrepreneurs called portfolio entrepreneurs (DeTienne, 2010; Rosa, 1998) who own multiple businesses simultaneously and undertake multiple exits as compare to entrepreneurs who start and harvest a single venture only (MacMillan, 1986). Theoretical and empirical research suggests that the context of family firms has a profound impact on portfolio entrepreneurship as well as on entrepreneurial recycling strategies (Carter & Ram, 2003).
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- Akhter, Naveed, et al.
(författare)
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If we cannot have it then no one should : Shutting down versus selling in family business portfolios
- 2015
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Ingår i: Academy of Management Proceedings, January 2015 (Meeting Abstract Supplement) 15764, 2015.
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Konferensbidrag (refereegranskat)abstract
- The present study investigates exit patterns in family business portfolios in times of declining performance. Drawing on social identity theory and a sample of six family business portfolios from Pakistan, we reveal that business families often prefer shutting down satellite portfolio firms rather than selling them. This is found to be mainly driven by the identity fit of the family and the satellite business and the desire to restart it at a later point in time. This study contributes to literature on portfolio entrepreneurship, business exit, and long-term success and endurance of family firms.
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- Akhter, Naveed, et al.
(författare)
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If we can't have it, then no one should : Shutting down versus selling in family business portfolios
- 2016
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Ingår i: Strategic Entrepreneurship Journal. - : Wiley. - 1932-4391 .- 1932-443X. ; 10:4, s. 371-394
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Tidskriftsartikel (refereegranskat)abstract
- How does a business family manage its business portfolio in times of declining performance to sustain the portfolio's long-term endurance? Drawing on social identity theory and six family business portfolios from Pakistan, we find that business families may prefer to shut down a satellite business rather than sell it, which is primarily driven by identity considerations. In addition, the family's goal to recycle the assets, the aim to restart the business later, and the increasing decline in performance are important contingency factors. This study contributes to the literature on portfolio entrepreneurship, business exit, and the enduring entrepreneurship of family firms.
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- Arregle, Jean-Luc, et al.
(författare)
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Family firm internationalization : Past research and an agenda for the future
- 2021
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Ingår i: Journal of International Business Studies. - : Springer. - 0047-2506 .- 1478-6990. ; 52, s. 1156-1198
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Tidskriftsartikel (refereegranskat)abstract
- Although the study of family firm internationalization has generated considerable scholarly attention, existing research has offered varied and at times incompatible findings on how family ownership and management shape internationalization. To improve our understanding of family firm internationalization, we systematically review 220 conceptual and empirical studies published over the past three decades, structuring our comprehensive overview of this field according to seven core international business (IB) themes. We assess the literature and propose directions for future research by developing an integrative framework of family firm internationalization that links IB theory with conceptual perspectives used in the reviewed body of work. We propose a research agenda that advocates a cross-disciplinary, multi-theoretic, and cross-level approach to studying family firm internationalization. We conclude that family firm internationalization research has the potential to contribute valuable insights to IB scholarship by increasing attention to conceptual and methodological issues, including micro-level affective motivations, background social institutions, temporal perspectives, and multi-level analyses.
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| 14. |
- Bahuleyan, Athira, et al.
(författare)
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Process and variance research : Integrating research on university spinoff evolution
- 2024
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Ingår i: Technovation. - : Elsevier. - 0166-4972 .- 1879-2383. ; 130
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Tidskriftsartikel (refereegranskat)abstract
- University spinoffs (USOs) are firms created to commercialize research outcomes or innovative technologies developed by university members. This paper adopts a systematic literature review approach for exploring the trajectory of the USO research field. It categorizes the literature based on two perspectives: the process of how USOs develop and what factors can explain the variance of USO development; the paper critically examines the USO literature through these two lenses. By integrating these two perspectives and examining 120 peer-reviewed journal articles published between 1987 and 2022, we develop a comprehensive model of USO development. The paper contributes to the extant literature on academic entrepreneurship by contending that while the “how” and “what” questions pose unique challenges for USO scholars, they cannot be separated because the process and variance models are complementary and important in advancing research on USOs. As such, we explore and identify specific factors that affect each of the distinct phases of the USO development at the institutional, organizational, and individual levels of analysis which form the basis for a rich future research agenda.
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| 15. |
- Baù, Massimo, et al.
(författare)
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Acquisition and Divestitures in Family and Non-Family Firms
- 2015
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Konferensbidrag (refereegranskat)abstract
- Combining the core-periphery model with family firm literature, we find that family firms exhibit unique acquisition and divestiture behaviors. Analyzing a sample of Swedish privately held limited companies we find that family firms acquire and divest distant, unrelated and larger but fewer businesses. In addition to economic objectives, family firms pursuing non-economic objectives prefer to buy and sell unrelated businesses at longer geographic distances to lower impact on their core business from their restructuring activities.
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| 16. |
- Baù, Massimo, 1983-, et al.
(författare)
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Employee layoffs in times of crisis : do family firms differ?
- 2024
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Ingår i: Entrepreneurship and Regional Development. - : Taylor & Francis. - 0898-5626 .- 1464-5114.
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Tidskriftsartikel (refereegranskat)abstract
- In this study, we seek to understand firm behaviour during times of crisis, with a particular focus on family firms in different contexts. We theorize that family control mitigates (i.e. negatively moderates) the relationship between economic crisis and the layoff of employees, resulting in a higher propensity of family firms to retain their employees during a crisis compared to their nonfamily counterparts. Furthermore, taking a closer look at family firms, based on their location, we argue that family firms in rural regions are more likely to adopt measures leading to involuntary job turnover than family firms in urban areas due to a higher sensitivity to the loss of socioemotional wealth following a business closure. Relying on a panel dataset of Swedish private firms active in the period 2004-2012, our study contributes to a better understanding of family firms as employers in different contexts.
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| 17. |
- Baù, Massimo, 1983-, et al.
(författare)
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Fail but try again? The effects of age, gender, and multiple-owner experience on failed entrepreneurs’ reentry
- 2017
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Ingår i: Entrepreneurship. - : John Wiley & Sons. - 1042-2587 .- 1540-6520. ; 41:6, s. 909-941
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Tidskriftsartikel (refereegranskat)abstract
- We investigate what leads failed entrepreneurs to reenter entrepreneurship by taking a developmental career perspective. Specifically, we hypothesize that the age of failed entrepreneurs has a non-linear relationship with the likelihood of reentering entrepreneurship that follows different career stages (early, middle, and late). The gender of failed entrepreneurs and multiple-owner experience in the failed firm are hypothesized to be moderators of this relationship. We test our hypotheses using a database consisting of the Swedish population, including 4,761 entrepreneurs who failed between 2000 and 2004. Analyzing their career paths over the years following their failure offers support for our theoretical expectations.
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- Baù, Massimo, 1983-, et al.
(författare)
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Family versus non-Family Firm Mergers: Likes Attract Likes, but Complementarity also Helps
- 2018
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Ingår i: Academy of Management Proceedings.
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Konferensbidrag (refereegranskat)abstract
- Using social identity theory and the concept of acculturation, we examine how the identity of the target firm in a family firm-led merger impacts the merged entity’s subsequent performance. We compare family firms’ target preferences and post- merger performance to those of non-family firms, and find that not only are family firms more likely to prefer other family firms as merger partners, but also achieve better post-merger outcomes with them. Further, we test the moderating effect of industry unrelatedness on these relationships. Our results show that while cultural similarity helps post-merger outcomes, strategic and resource complementarity enhances the benefits of culture. We test our hypotheses using a large sample of Swedish private firms, which largely controls for national cultural differences. After controlling for endogeneity and self-selection bias, our results support all our hypotheses.
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| 19. |
- Baù, Massimo, 1983-, et al.
(författare)
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Modes of Business Entry and Exit in Family Firms: The Role of Resource Intangibility
- 2018
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Ingår i: Academy of Management Proceedings.
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Konferensbidrag (refereegranskat)abstract
- Are family firms’ business entry (internal development versus acquisition) and exit (dissolution versus sale) mode choices distinct from those of non-family firms, and what is the role played by intangible resources? Building on a comprehensive sample of privately-held Swedish firms, we find that family firms are more likely than non-family firms to enter a new business via internal development than acquisition, and more likely to exit from an existing business via dissolution than sale. Additionally, resource intangibility at the organizational level strengthens the differences in exit and entry modes between family and non-family firms such that compared to non-family firms, family firms are increasingly more likely to rely on the internal development and dissolution of business units as the availability of intangible resources increase. Contributions to existing literature on entry and exit modes and on family business’ strategic choices are shared in the concluding section.
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- Baù, Massimo, et al.
(författare)
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Portfolio Restructuring in Family and Non-Family-Controlled Firms
- 2016
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Ingår i: Academy of Management Proceedings, January 2016 (Meeting Abstract Supplement) 12016. - : Academy of Management.
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Konferensbidrag (refereegranskat)abstract
- Are family firms’ corporate restructuring behaviors distinct from those of non-family firms? Although the corporate restructuring literature has drawn on economic motives for restructuring, recent developments in the family business literature suggest that both economic and noneconomic motives may result in distinct restructuring behaviors between family and non-family firms. We use Swedish Census data and draw on a sample of privately held family and non-family Swedish firms for the period between 2004 and 2007. Applying the core- periphery model to the family-firm corporate-restructuring context, we posit that family firms undertake restructuring at the periphery of their business to lower the impact on their core business. Our results support our arguments and show that compared with non-family firms, family firms acquire and divest more geographically distant, unrelated and larger but fewer businesses.
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| 22. |
- Baù, Massimo, 1983-, et al.
(författare)
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Roots to grow : Family firms and local embeddedness in rural and urban contexts
- 2019
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Ingår i: Entrepreneurship. - : Sage Publications. - 1042-2587 .- 1540-6520. ; 43:2, s. 360-385
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Tidskriftsartikel (refereegranskat)abstract
- The present study analyzes the nexus among business growth, ownership structure, and local embeddedness—that is, the involvement of economic actors in a geographically bound social structure—in rural and urban contexts. This work combines regional economics with studies on family business and firm growth and uses a coarsened matched sample of privately held Swedish firms. The findings indicate that family firms benefit more than nonfamily firms from local embeddedness and as such they achieve higher levels of growth and that this effect is more pronounced in rural areas. Research implications are shared in the Conclusion section.
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| 23. |
- Baù, Massimo, 1983-, et al.
(författare)
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Self-Employment Or Employment After Exit : The Effect Of An Entrepreneur’s Age And Gender
- 2013
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Ingår i: Frontiers of Entrepreneurship Research 2013 : Proceedings of the Thirty-third Annual Entrepreneurship Research Conference. - Boston : Babson College. - 9780910897389 - 0910897387
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Konferensbidrag (refereegranskat)abstract
- Building on career literature, we predict that an entrepreneur’s age at the time of re-entry has a unique and complex non-linear effect on the choice to become self-employed versus employed after an exit. Based on a database covering the whole Swedish population, we studied 79,356 entrepreneurs who experienced exit in a five year window (2000-2004) and we examined their career choice as self-employed versus employed. Our results show an inverted S-shaped curve which follows the career lifecycle stages (early, middle, and late). Also, we demonstrate that gender (man vs. woman) moderate the entrepreneur’s age/re-entry relationship.
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- Caccamo, Marta, et al.
(författare)
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Family firm density and likelihood of failure : An ecological perspective
- 2019
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Ingår i: The Palgrave handbook of heterogeneity among family firms. - Basingstoke : Palgrave Macmillan. - 9783319776750 - 9783319776767 ; , s. 821-846
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Bokkapitel (refereegranskat)abstract
- This chapter aims at establishing a link between family business research and regional science. Drawing from the density dependence model from organizational ecology and embeddedness theory, we develop four testable propositions to inquire about the effect of the emergence of family firms’ agglomerations in the territory on firms’ survival.We theorize that increased family firm density reduces the likelihood of firm failure and this effect is (a) higher for family firms than for non-family firms, (b) lower in urban than in rural areas, and (c) higher in fine-grained variable environments than in stable environments. Contributions and future research implications are detailed in the concluding section.
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