Identifying which factors affect firms' performance is a critical issue in strategic management research. This paper addresses the influence of managerial team over the behaviour and performance of small and medium-sized enterprises (SMEs). By treating top management team (TMT) characteristics as predictors of a firm's strategic orientation, we seek to provide a more complete understanding of how the characteristics of managerial teams shape decision-making processes and SMEs' behaviours in order to successfully compete in low munificent environments. Based on primary data regarding managerial characteristics and firms' behaviours of a sample of 295 SMEs, our results confirm that a firm's strategic orientation plays a mediating role in explaining how TMT characteristics determine SMEs' performance.

This paper is focused on the factors that moderate the relationship between firm's strategic orientation and performance in small and medium-sized firms. Much prior research has focused simply on identifying environmental conditions conducive to the effectiveness of the strategic orientation approach. However, recent research has called for studies focused on investigating internal moderators of the strategic orientation-performance relationship. As a result, we propose a contingency framework, considering how corporate and competitive strategies, top management characteristics, and environmental conditions may moderate this relationship.Based on a survey of 295 small and medium sized enterprises pertaining to seven manufacturing sectors, our study shows that the positive influence of firm's strategic orientation may be moderated by the environment conditions, the previous experience of top management team, and the corporate and competitive strategies developed by the firm.

PurposeRecent studies are trying to adapt the explanation of the internationalisation process to new environmental conditions. This paper aims to offer evidence of the existence of a group of firms that use a speeded‐up internationalisation process.Design/methodology/approachCluster analysis and logit regressions are used on a sample of 271 Spanish export firms.FindingsThe results obtained support the claim that substantial differences do exist between fast and gradual internationalising firms. The firms included in the more international active group are characterised by: a proactive attitude on the part of managers with regard to internationalisation activities, a strategy based on marketing differentiation advantages and strong relationships with clients and suppliers, which encourage or facilitate their international activities.Practical implicationsThe results may favour reflection upon what are the most important factors for achieving an active, international strategy and how to respond to these demands. The stimulation of relationships between firms will reduce the uncertainty associated with the risks of foreign operations and increase the international competitiveness of firms.Originality/valueFrom a politics perspective the research suggests several ways to stimulate the acceleration of the internationalisation process.

Research at the nexus of strategic leadership and entrepreneurial contexts has been encouraging, but some of the more innovative and impactful questions remain underexplored. The purpose of the Special Issue was to provide a forum for works that build on the constraints, challenges, characteristics, and other salient elements of entrepreneurial settings to advance theory and testing on strategic leadership effects, as well as enrich our understanding of firm behaviour and outcomes in entrepreneurial contexts. We first provide an overview and background of the Special Issue. We then provide a summary of the process and outcomes, including a synopsis of the accepted manuscripts. The discussion finally traces the implications of the Special Issue for future research directions on strategic leadership and leaders in entrepreneurial contexts.

PurposeThis research is aimed to better understand what characteristics of family firms create a context in which family governance systems are more frequently adopted.Design/methodology/approachWe analyse a sample of 490 Spanish family businesses using cluster analysis, and we identify four different types of family businesses whose characteristics are associated to the adoption of different family governance systems, i.e. family councils and family protocols. The comparison between clusters of the baseline parameters was performed using one-way analysis of variance (ANOVA) for parametric variables, the χ2 test for parametric variables and Kruskal-Wallis for nonparametric variables. By conducting between-profile analysis of covariance (ANCOVA), we tested for differences in the dependent variables (i.e. the existence of family councils and/or existence of family protocols) between the clusters, using cluster membership as the independent variable.FindingsTaking into account the characteristics of family firms in terms of ownership structure, management involvement, and family and organizational complexity, we identify four different contexts that create different communication needs and are related to the use of different family governance mechanisms. We characterize the different contexts or types of family firms as: founder-centric, protective, consensual and business-evolved. Our findings show that family protocols are associated to contexts with high family involvement in management and family complexity, while family councils are more frequent when there is a separation of managerial and ownership roles and there is a high organizational and family complexity.Research limitations/implicationsThe study highlights the value of social systems theory in order to explain the association between the characteristics of different firm types and contexts, and the use of family councils and family protocols to govern the relationship between the owner family and the business.Practical implicationsFamily governance mechanisms are widely recommended by practitioners and scholars. However, they are usually adopted only by a small percentage of family firms. This study helps to better understand what family governance systems may be more appropriate in different contexts and relativize the necessity of these governance mechanisms in function of the communication needs created within each context.Social implicationsThe improvement of family governance mechanisms helps to increase the likelihood of survival and durability of family firms. These firms contribute to more than 60% of employment in most developed countries. Consequently, good governance in family firms has social implications in terms of labour conditions and stability.Originality/valueMost family firms don't use family protocols or family councils to govern the relationship between the owner family and the firm. However, little is known about the reasons for this lack of structuration of the family-firm relationship. Using social systems theory, our research contributes to better understand the conditions in which business families are more prone to use structured forms to manage this relationship, as well as the reasons that may be constraining their adoption.