1. |
- Aldrich, Howard E., et al.
(författare)
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Entrepreneurship in family firms : What's next? Multilevel embeddedness and individuals’ cognition
- 2023
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Ingår i: The Journal of Family Business Strategy. - : Elsevier. - 1877-8585 .- 1877-8593. ; 14:3
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Tidskriftsartikel (refereegranskat)abstract
- This special issue contributes to the literature on entrepreneurship in family firms by leveraging the family embeddedness perspective. In doing so, the papers of the special issue bridge entrepreneurship at firm level with analyses at the individual and the enterprising family levels. Starting from and extending such contributions, in this introductory article we offer a “multilevel” embeddedness perspective on entrepreneurship in family firms. We do so first by considering that, in family firms, each individual's cognition ultimately depends on whether they belong to the enterprising family, and whether and how they are active in the family business. Second, we advance that individual entrepreneurial orientation is a key cognitive factor resulting from the multilevel embeddedness and bridging it with entrepreneurship at firm level. We derive theoretical implications for entrepreneurship in family business and highlight avenues for future research.
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2. |
- Backman, Mikaela, et al.
(författare)
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Contextualizing small family firms : How does the urban-rural context affect firm employment growth?
- 2015
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Ingår i: The Journal of Family Business Strategy. - : Elsevier. - 1877-8585 .- 1877-8593. ; 6:4, s. 247-258
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Tidskriftsartikel (refereegranskat)abstract
- This paper studies the effects of family governance and ownership on firm employment growth, extending existing knowledge by including in the analysis the regional context in which firms are located. We create a regional taxonomy to capture the urban-rural dimension and combine this with the corporate governance structure of the firm. Our results show that, being a family firm per se does not influence employment growth. However, when corporate governance structure and regional context are combined, the urban-rural context influences family firm and nonfamily firm employment growth differently, with family firms exhibiting greater employment growth, compared with nonfamily firms, in rural areas.
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3. |
- Baù, Massimo, 1983-, et al.
(författare)
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Careers in family business : New avenues for careers and family business research in the 21st century
- 2020
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Ingår i: The Journal of Family Business Strategy. - : Elsevier. - 1877-8585 .- 1877-8593. ; 11:3
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Tidskriftsartikel (refereegranskat)abstract
- The purpose of our special issue is to demonstrate how a careers perspective can contribute to the study of family businesses and bring to light how the family business context extends and challenges career theories and concepts. Inspired by the studies in our special issue and our review of previous research, we propose a conceptual model that leverages the concept of family embeddedness and intertwines it with career processes and outcomes. Building on the family embeddedness perspective, we propose several avenues for future research for family business and career scholars.
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5. |
- Bjursell, Cecilia
(författare)
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Cultural divergence in merging family businesses
- 2011
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Ingår i: The Journal of Family Business Strategy. - : Elsevier. - 1877-8585 .- 1877-8593. ; 2:2, s. 69-77
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Tidskriftsartikel (refereegranskat)abstract
- Mergers and acquisitions (M&A) is one of the strategic options available for business growth, and there is an increased research interest in the topic and its relevance to family firms. In this article, post-merger integration is discussed by looking at ownership, family and management as three separate value systems at work in the process. The interplay between these aspects influences what people perceive as organizational culture in terms of norms and values in a specific setting. The paper builds on a field study of two family businesses in a Nordic setting, including over 200 interviews and 40 h of video. The paper contributes to the emerging knowledge about M&A in family business. Furthermore, it contributes to the field of M&A by highlighting that ownership could be included as an aspect in cultural studies to better understand post-merger integration.
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6. |
- Block, J., et al.
(författare)
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Capital structure of single family office-owned firms
- 2023
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Ingår i: The Journal of Family Business Strategy. - : Elsevier. - 1877-8585 .- 1877-8593.
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Tidskriftsartikel (refereegranskat)abstract
- Single family offices (SFOs) manage trillions of dollars worldwide. The enormous value of assets under management highlights their key role as a cohesive wealth management tool globally. Despite the increasing relevance of SFOs, research on SFOs is still in its early stages. Particularly little is known about the capital structure of the firms owned by SFOs. By drawing on a hand-collected sample of 173 SFO-owned firms in the DACH (Germany, Austria, Switzerland) region, we compare the capital structure of SFO-owned firms with the capital structure of family-owned firms. Our empirical results show that SFO-owned firms display a higher long-term debt ratio than family-owned firms, indicating that SFO-owned firms follow trade-off theory, similar to private equity-owned firms. Additionally, we show that this effect is stronger for SFOs that sold their original family firm. In contrast, family-owned firms tend to be more conservative in their financial decision-making and seem to follow the logic of the pecking order theory.
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7. |
- Boers, Börje, 1975-, et al.
(författare)
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Going private : A socioemotional wealth perspective on why family controlled companies decide to leave the stock-exchange
- 2017
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Ingår i: The Journal of Family Business Strategy. - : Elsevier. - 1877-8585 .- 1877-8593. ; 8:2, s. 74-86
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Tidskriftsartikel (refereegranskat)abstract
- Our purpose is to understand the process of ‘going private’ decisions in family firms by applying a socioemotional wealth (SEW) perspective, specified in the following research questions: how do socioemotional wealth considerations influence owning families’ decisions to delist their publicly-listed companies? How do socioemotional wealth considerations change after the delisting of a firm? Based on case studies of two family firms, we elaborate upon the balancing of socioemotional and financial wealth considerations by the family owners, the assessment of which changes over time. Ultimately, we propose that the experiences from being listed can lead to the reevaluation of financial, as well as socioemotional, wealth considerations. By delisting, the companies reclaim independence and control, and the identity as a private family-owned firm becomes once again pronounced. We develop the SEW-perspective by viewing the decision to delist as a mixed gamble, in that owning families have to weigh personal and financial losses against SEW gains, thereby indicating how SEW-considerations change over time. We find that owning families are willing to sacrifice current SEW, accepting current financial losses for prospective increased SEW. Additionally, in this study we extend the argument that decisions to leave the stock market are tradeoffs between competing factors.
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8. |
- Brundin, Ethel, 1952-, et al.
(författare)
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Leaving the family business : The dynamics of psychological ownership
- 2023
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Ingår i: The Journal of Family Business Strategy. - : Elsevier. - 1877-8585 .- 1877-8593. ; 14:2
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Tidskriftsartikel (refereegranskat)abstract
- This study challenges the current and dominant notion that psychological ownership is static by exploring its dynamic nature. It addresses how individual family business owners express their psychological ownership and how psychological ownership is impacted over time. Based on a longitudinal and qualitative study during a real-time exit, we conclude that family business owners assign meanings to their psychological ownership that are individual, multifold, enduring and volatile. Furthermore, we conclude that the dynamics of psychological ownership imply that it varies in meanings, among individuals, and in presence and duration of meanings. We also conclude that it is influenced by contextual circumstances, and that it is possible to liberate oneself cognitively and emotionally from psychological ownership.
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9. |
- Cambrea, D. R., et al.
(författare)
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Strings attached : Socioemotional wealth mixed gambles in the cash management choices of family firms
- 2021
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Ingår i: The Journal of Family Business Strategy. - : Elsevier. - 1877-8585 .- 1877-8593. ; 13:3
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Tidskriftsartikel (refereegranskat)abstract
- Family owners differ from other types of owners due to the presence of socioemotional wealth (SEW) concerns. We take a closer look at this distinctive aspect by examining the impact of family control and influence dimension of SEW on the cash management choices of family firms, conceptualizing it as a mixed gamble choice. Our empirical analysis of 195 Italian firms listed on the Milan Stock Exchange between 2003 and 2015 shows that family firms derive more value and incur lower costs than nonfamily firms when they increase their cash holdings. We then delve deeper into family firms’ cash management choices by exploring how different levels of family control and influence as well as types of board governance arrangements moderate this relationship. The empirical results indicate that the positive effects of family ownership are more pronounced under a high level of family control and influence and with separation of the board chair and CEO positions.
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10. |
- Cirillo, Alessandro, et al.
(författare)
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Exploring family millennials' involvement in family business internationalization : Who should be their leader?
- 2022
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Ingår i: The Journal of Family Business Strategy. - : Elsevier. - 1877-8585 .- 1877-8593. ; 13:3
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Tidskriftsartikel (refereegranskat)abstract
- Drawing on generational theory, we argue that family millennials' involvement is a driver of export intensity in family firms, but it depends on two different CEO characteristics, namely: family membership and societal generational membership. An ordered probit regression analysis on 92 Italian family firms confirms that the involvement of family millennials positively influences export intensity and that a millennial CEO enhances that positive effect. In addition, we found that a non-family CEO amplifies such a positive effect, whereas a family CEO tends to turn the tide so that the effect of family millennials' involvement becomes negative. The novel findings of our explorative study contribute not only to the research on family business and internationalization, but also to the literature on generational theory.
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