Search results for "Family firm"
showing 10 items of 28 documents
Conflicts and Negotiations in the Intergenerational Succession of Family Firms: A Literature Review.
2019
This chapter intends to stimulate a serious debate on the topic of conflict in family businesses and the theory of negotiation as a tool to resolve these conflicts. The methodology is based on the survey of the main literature on these topics. Despite the literature on conflict management is highly developed as well as the literature in family business, scholars and researchers have not yet deepened several areas of conflict management in family businesses, so the two fields of literature are yet not well integrated, showing a potential for future research avenues. We then propose a research agenda identifying the issues and research gaps that should be explored by researchers to reach a de…
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…
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…
Strategic responses of medium sized firms: The role of TMT’s perceptions and characteristics in decision making processes
2017
Many decisions made by the organization’s top management team (hereafter called indifferently TMT or top management team) have a high likelihood of failure (Nutt, 1999). This situation might be shocking but indeed, it is much more common than one might think (Bloom et al., 2012). In fact, we can easily realize this reality when reading the current business press where we will probably be confronted with several cases of failures that have been caused by any type of TMT decisions. Of course, we will also see cases of success, exemplifying managers and recipes of good practices (e.g., Eide et al., 2016; Schrage, 2013); but these will be minor. Thus, as Bloom et al. (2012) state, the group of …
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.
Teollisten perheyritysten kasvudynamiikan systeemiteoreettinen tarkastelu
2004
Keys to the Survival of the Family Firm
2020
The purpose of this research is to carry out an in-depth exploration of the causes of the family firm's success over short and long term, analysing which capabilities are the most valuable sources of sustainable competitive advantage in every time horizon. The results confirm only functional capabilities have a positive and significant effect on short-term economic performance, whereas dynamic capabilities are the only ones that have a positive and significant impact on long-term economic performance.
The Internationalization of Family SMEs: A Literature Review and Research Agenda
2022
The chapter intends to stimulate a debate on the internationalization processes of small and medium-sized family businesses (family SMEs), which is a specific topic that business literature has only recently deepened. Several research works are dealing with internationalization strategies, but only a few studies focus on SMEs’ internationalization. The chapter aims to discuss the state of the art of the field, which seems to be increasingly explored by academics. Our focus was to identify the factors which can positively or negatively impact SMEs’ internationalization processes. Moreover, we intend to fill the research gap in terms of literature review on the field. The methodology is based…
Leverage and Family Firms
2020
This chapter analyses the relationship between ownership structure and leverage, providing an integrated theoretical approach that combines traditional financial theories, agency theory, and recently developed theories relating to non-financial preferences. The results show that, after controlling for endogeneity, being a family firm has a positive effect on the propensity to incur debt. These findings add to the existing body of literature and underline the need for a multi-theoretical approach when explaining the capital structure of family firms. The authors apply panel data methodology to control for individual heterogeneity of family firms. The chapter uses a sample of Spanish firms op…
La infravaloración de las ofertas públicas iniciales en el mercado español: empresa familiar versus empresa no familiar
2013
ResumenLa evidencia previa nacional e internacional muestra la infravaloración de las empresas que salen a bolsa a través de una Oferta Pública Inicial (OPI). Este trabajo tiene como objetivo estudiar si este fenómeno también se da en las empresas de carácter familiar y si existen diferencias significativas en la infravaloración respecto de las empresas no familiares. Para ello, analizamos una muestra formada por 59 empresas españolas que iniciaron su cotización en el mercado bursátil español por medio de una OPI en el periodo 1994-2012. Los resultados revelan que se produce un rendimiento inicial medio positivo significativo tanto en las OPI de las empresas familiares como en las OPI de la…