A note on the relationships between learning, market, and entrepreneurial orientations in family and nonfamily firms

Hernández-Linares, Remedios; Kellermanns, Franz W.; López-Fernández, María Concepción

doi:10.1016/j.jfbs.2018.08.001

Cited by 49 publications

(63 citation statements)

References 136 publications

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“…Hence, scholars have employed measures that best align with their theories and research designs (Covin & Wales, 2012). Consistent with recent studies (e.g., Hernández-Linares, Kellermanns, & López-Fernández, 2018;Lumpkin et al, 2010), we adopt the Lumpkin and Dess (1996) perspective, for three reasons. First, Miller's (1983) Gestalt approach neglects the individual influence of each dimension, whereas Lumpkin and Dess (1996) recognize that each dimension may vary independently and may be beneficial or desirable depending on the context.…”

Section: Conceptual Framework and Hypotheses Developmentmentioning

confidence: 92%

“…The data used for this study were collected as part of a wider research project using a survey instrument applied in the first half of 2015. Small- and medium-sized enterprises (SMEs) are defined as non-listed private companies with 10–249 employees (e.g., Hernández-Linares, Kellermanns, & López-Fernández, 2018). We focus on the Iberian Peninsula because of the fundamental similarities between Portugal and Spain, which are both latecomers to the democratic process (Linz, 1979), with shared boundaries and an economic and cultural proximity.…”

Section: Methodsmentioning

confidence: 99%

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The effect of socioemotional wealth on the relationship between entrepreneurial orientation and family business performance

Hernández-Linares

Kellermanns

López-Fernández

et al. 2020

BRQ Business Research Quarterly

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This study examines how five key entrepreneurial orientation (EO) dimensions—risk taking, innovativeness, proactiveness, competitive aggressiveness, and autonomy—affect family business performance, as well as the moderating effect of socioemotional wealth (SEW) on these relationships. The findings, based on a sample of 609 Spanish and Portuguese family firms, reveal that not all EO dimensions are equally important for performance, as only proactiveness, competitive aggressiveness, and autonomy were significant. However, we also find that the EO–performance relationship is affected by concern for SEW preservation, as our SEW measure moderates risk taking positively and innovativeness negatively. JEL CLASSIFICATION: L20; L26; M10

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Section: Conceptual Framework and Hypotheses Developmentmentioning

confidence: 92%

Section: Methodsmentioning

confidence: 99%

The effect of socioemotional wealth on the relationship between entrepreneurial orientation and family business performance

Hernández-Linares

Kellermanns

López-Fernández

et al. 2020

BRQ Business Research Quarterly

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“…On firm level (Table 3), we chose as independent variables the ownership (percentage of shares owned by a group of people united by the same surname), the family directors presence (percentage of administrators also part of the family) and, lastly, the family power, developed as the product of family directors and ownership (Carney et al, 2017; Drago et al, 2018; Duréndez & Madrid‐Guijarro, 2018; Poutziouris et al, 2015). Finally, as control variables, we used the firm's age, the leverage (debt/equity ratio), the firms size (natural logarithm of total assets), and the family radication, represented by the product between ownership, and the generational stage of the family firm (Debicki, Kellermanns, Chrisman, Pearson & Spencer, 2016; De Massis et al, 2013; Gallo & Vilaseca, 1996; Hernández‐Linares et al, 2018; Sciascia et al, 2014).…”

Section: Methodsmentioning

confidence: 99%

Walking the talk in family firms. An empirical investigation of CSR communication and practices

Venturelli

Principale

Ligorio

et al. 2020

Corp Soc Responsibility Env

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Family firms are embarking on a virtuous path increasingly oriented toward sustainable development. The corporate social responsibility (CSR), more and more regarded as a positive driver for the reputation and preservation in the medium to long term for the company, is now an element that falls within the credit valuations of banking firms. Our research investigates CSR communication and practices in small and medium‐sized family businesses. Using the socioemotional wealth perspective, we analyze the effect of family control and influence on CSR behavior. We perform a Poisson regression on an Italian regional sample of 200 family businesses. Our study reveals a greater propensity of family businesses to practices rather than CSR communication. Family control has a positive effect on CSR practices, while family involvement has an adverse effect on CSR communication. Besides, strong control and involvement have a negative effect on CSR communication.

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“…Fourth, we controlled for cash flow from operations (CFO), establishing the relationship between this variable and total assets, because firms with higher levels of cash flow and greater variability in accounting results are more likely to carry out earnings management (Paiva et al, 2019). The fifth control variable is the age of firm (Age), measured as the number of years from its inception to the year of observation (Hernández-Linares et al, 2018a;Michelon & Parbonetti, 2012). We controlled for this variable because literature has suggested that earning management might depend on firm age (e.g., Stockmans et al, 2013).…”

Section: Control Variablesmentioning

confidence: 99%

El efecto de factores de gobierno corporativo en la calidad de la información financiera en empresas familiares y no familiares

Borralho

Gallardo‐Vázquez

Hernández-Linares

et al. 2020

RC-SAR

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El objetivo del estudio consiste en analizar la calidad de la información financiera de las empresas españolas, comparando las empresas familiares y las no familiares, y relacionando dicha calidad con las prácticas de gobierno corporativo. Para alcanzar este objetivo se analizó una muestra de 650 empresas españolas durante el período 2011-2016. Con base en la teoría de la agencia y en la literatura sobre la riqueza socioemocional, los resultados muestran una mayor calidad de la información financiera en las empresas familiares, relación que se ve reforzada por los factores de gobierno corporativo. Nuestros resultados son consistentes con la investigación previa y con las premisas de la teoría de agencia, que indican menores asimetrías de información entre propietarios y gestores en el singular contexto de las empresas familiares. Además, nuestro trabajo proporciona evidencia empírica de que la participación de las mujeres en el consejo de administración contribuye a la mayor calidad de la información financiera en las empresas familiares, contribuyendo a explicar la heterogeneidad de las empresas familiares en términos de gestión del resultado contable. El estudio contribuye a cubrir la brecha que existe en la literatura sobre la influencia del contexto de empresa familiar y la influencia de la presencia de las mujeres en el consejo sobre la calidad de la información financiera. The objective of this study is to explore the quality of financial information of Spanish firms, by comparing family firms with non-family firms, and relating this quality with corporate governance practices. For this purpose, a sample of 650 Spanish firms was analysed during the period 2011-2016. Based on agency theory and socioemotional wealth literature, the results show a higher quality of financial information in family firms, a relationship which is reinforced by corporate governance factors. Our results are consistent with the scant previous research, and with the premises of agency theory, which indicate lower asymmetry of information between owners and managers in the singular context of family firms. Additionally, our work provides evidence that the participation of women on the board boosts the quality of financial information in family firms, contributing to the justification of family firm heterogeneity in terms of earnings management. This study contributes to reducing the gap in the literature on the influence of the family business context and the influence of women on the board on the quality of financial reporting.

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A note on the relationships between learning, market, and entrepreneurial orientations in family and nonfamily firms

Cited by 49 publications

References 136 publications

The effect of socioemotional wealth on the relationship between entrepreneurial orientation and family business performance

The effect of socioemotional wealth on the relationship between entrepreneurial orientation and family business performance

Walking the talk in family firms. An empirical investigation of CSR communication and practices

El efecto de factores de gobierno corporativo en la calidad de la información financiera en empresas familiares y no familiares

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