Search results for "Family Firms"
showing 10 items of 17 documents
A dynamic panel study on digitalization and firm's agility: What drives agility in advanced economies 2009–2018
2021
Abstract Firm agility today is not a factor of competitiveness or success but a survival instrument on the market. Disruptive innovations and technological advancement, together with digitalization, change the role of firm agility. We show that the link between the national/industry level of digitalization and firm agility is statistically robust and essential. We study the link on data from 2009 to 2018 in fifteen EU advanced economies using dynamic panel data modeling. The digitalization impact level differs across firms by ownership type (family to non-family firms). Agility in family firms is strongly influenced by the national/industry level of digitization and investments in intangibl…
Founding-family-controlled firms, intergenerational succession, and firm value
2022
Using a unique, hand-collected data sample and panel-data econometric techniques, we analyse the impact of founding-family control and intergenerational succession on the value of Chilean listed companies. After controlling for firm- and ownership-specific characteristics, we find an inverse U-shaped relationship between a founding family’s degree of ownership and firm value. Hence, family ownership at first increases firm value. However, when family ownership exceeds a threshold of about 38 percent of outstanding shares, the family takes advantage of its power in the firm and extracts wealth from minority shareholders. Further, if the founder of the company is the CEO or chairman of the bo…
Influence of board of directors on firm performance: Analysis of family and non-family firms
2015
This article analyses how board structure can affect both financial and social performance, comparing family and non-family firms. Our theoretical framework is based on the integration of the agency theory, traditionally used in the analysis of the impact of the board on the firm's financial performance, with the stakeholder theory, which is more appropriate in the analysis of the social aspects of the firm. Three main aspects are addressed: the analysis of the firm's social performance; the integration of agency theory with stakeholder theory; and the study of the specific characteristics of family firms' boards. The research confirms that neither the agency theory nor the stakeholder theo…
The interrelation between socio-spatial and institutional context and family business characteristics
2019
Tomaselli, Agrò, Fazio e Fricano show how family firms draw strength from the regional institutional context (where the region is properly intended as an administrative sub-unit at national level), as well as contribute to its evolution via their own actions. The variation in family competencies and internal dynamics lead to differences in family firms's overlla performance. The relationship with the regional institutional system in mutually sinergic - even marginal family businesses add their voice to whole, resulting in grater collective political influence, and at the same time the institutions at the regional level provide some degree of legitimacy to all players.
Success factors of Polish family businesses
2017
This article presents the results of a study carried out among family businesses operating in Poland. It is intended to supplement previously generated knowledge in the area of the operation of family businesses in the specific socio-economic and legal conditions in Poland. The objective was to collate the opinions of entrepreneurs regarding the need for visibility of the family and the family business status in business relations and the marketing activities of enterprises. The data were collected using in-depth interviews with the Polish family business owners. This paper outlines the conclusion of the study with respect to success factors such as: the trust among the family members, flex…
Career Paths in Institutional Business Elites: Finnish Family Firms from 1762–2010
2015
This article analyzes the career paths of family business executives in institutional business elites in Finland using an empirical database based on a Bourdieusian prosopographical approach. The results indicate that career paths became more complex but shortened in length toward the beginning of the twenty-first century. The early career paths of family executives changed from positions as assistants and salesmen in the eighteenth and nineteenth centuries to governance, chief executive officer (CEO), and management positions in the twentieth and twenty-first centuries. Compared with the founder generation, next-generation family members benefited from more rapid institutional business eli…
The Measurement of Human Capital in Family Firms
2017
Intangibles are the key elements underpinning the competitiveness of enterprises. Among them a decisive role is certainly represented by the skills, knowledge, skills and experience possessed by members within organizations, as fundamental drivers thanks to which delineate identity and strategic objectives. Intangible assets became the determinants and foremost sources of company success (Drucker, 1993). The literature on human capital proposed that firms require to recruit, nurture and retain talents so that the knowledge base can be extended, which has the capacity to improve an organization's overall productivity (Boxall, 2003; Lin & Wang, 2005, Lim et al., 2010; Mehralian et al., 20…
Internationalization pathways among family-owned SMEs
2012
PurposeThe purpose of this paper is to increase understanding of the internationalization of family firms; to investigate how the framework by Bell et al. on the internationalization patterns of firms could explain the internationalization pathways taken by family‐owned small to medium‐sized enterprises (SMEs); and to identify typical patterns and features in the various pathways taken by family‐owned SMEs.Design/methodology/approachThis paper reports findings from an in‐depth multiple case study with eight Finnish family‐owned SMEs.FindingsThe ownership structure had the most important role in defining the internationalization pathways followed by the family‐owned SMEs: a fragmented owners…
The “Start-up a Business” Strategy in the Succession Process Planning at the Top of Family Firms.
2019
In small family firms, succession to the top is very critical stage of their lives. A high percentage of these firms do not survive their founder. When the successor takes the reins of the company, he has no experience and reputation. For this reason, he very often fails to allow the family firm to survive after its founder. Although many streams of research address succession in family businesses, significant gaps in the literature remain in the field of the strategies that can mitigate the vulnerability of the family firms when the old leader retires and a new leader takes the reins of the company. The underlying argument in this paper is: By starting up one’s own company some years befor…
Advising in family firms: shaping relational dynamics and trustful connections in strategy work
2022
The purpose of this article is to explore strategy advisors’ actions and interactions with family actors and nonfamily managers for strategy work in family businesses. By combining the strategy-as-practice perspective with the concept of emotional engagement practices, we interpret the case of a family firm collaborating with an external advisor over a 15-year period. We add to prior studies by showing how advisors work to build trustful and emotional connections that shape relational dynamics within evolving spaces of strategic discussion. We highlight the implications for strategy work, which change as relational dynamics develop over time.