This exploratory study is intended to analyze how a combination of the resources‐based view and agency theory can provide a better understanding of the internal dynamic of the family business and its evolution. Our evidence seems to suggest that the desire to keep family control produces specific sources of value and conditions the firm's financial capacity to acquire resources. These peculiarities change between first and following generations. During the first generation, we find that less severe agency costs balance the negative effect of scarce financial structure on the family firm's value. After descendants join the firm, the increasing agency costs are compensated by the enlargement of the firm's financial structure.

The study of how affect relates to entrepreneurship has become a relevant topic of research in recent years. Unfortunately, such rapid developments have led to theoretical inconsistencies and empirical gaps that could result in an incomplete understanding of entrepreneurship's affective dimensions. To address these issues and motivate future work, the authors conducted a systematic review of 65 articles on the role of affect in entrepreneurship. The results show that research has focused on the valence facet of affect, has paid little attention to affect's role beyond the individual level of analysis, and has devoted more attention to the consequences of affect than to its antecedents. The results also show that unbalanced attention has been paid to affect's role in different stages of the entrepreneurial process. Building on these analyses, the authors propose a research agenda that not only encourages investigations of previously overlooked topics and facets of affect, but also stresses the potential of examining competing cognitive and non‐cognitive arguments relating to affect's role. The authors also encourage future investigations of affect's role across levels of analysis and stages of the entrepreneurial process.

No abstract

No abstract

No abstract