Beyond the Firm: Business Families as Entrepreneurs

Breton‐Miller, Isabelle Le; Miller, Danny

doi:10.1177/1042258717739004

Cited by 48 publications

(37 citation statements)

References 50 publications

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“…Future research could explore other imprinting content and the possible impact on family firm behavior. In addition, we focus on family businesses, but acknowledge the growing studies that instead examine "business families" (e.g., Le Breton- Miller & Miller, 2018), that is, enterprising families that typically own a portfolio of businesses operating in multiple industries and even multiple national markets. If taking a business family rather than a family business (i.e., firm) perspective, other elements of tradition, such as the "entrepreneurial mindset" (McGrath & McMillan, 2000) of previous family generation members, may emerge as a new type of content that could be imprinted on the current family generation.…”

Section: Contributions Limitations and Future Research Directionsmentioning

confidence: 99%

Managing the Tradition and Innovation Paradox in Family Firms: A Family Imprinting Perspective

Erdogan

Rondi

Massis

2019

Entrepreneurship Theory and Practice

212

186

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Long-established family firms are endowed with a bundle of beliefs and practices that constitute their tradition. However, to remain competitive, they need to renew their products and production processes. Such forces pulling toward the past and the future, antithetically calling for continuity and change, seem paradoxical. In an abductive analysis of eight long-established family firms in Turkey, we identify four equifinal strategies to manage this paradox. Adopting a family imprinting perspective, we theorize how the long-lasting legacy of previous family generations shapes different approaches to innovation and tradition depending on the content imprinted on the current family generation. Contributing to family business, imprinting and innovation research, we identify the new construct of temporal symbiosis as a firm’s simultaneous adoption of retrospective and prospective approaches to using its resources to concurrently perpetuate tradition and achieve innovation, highlighting its crucial role as a shield of the past and engine for the future.

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Section: Contributions Limitations and Future Research Directionsmentioning

confidence: 99%

Managing the Tradition and Innovation Paradox in Family Firms: A Family Imprinting Perspective

Erdogan

Rondi

Massis

2019

Entrepreneurship Theory and Practice

212

186

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“…Similarly, heterogeneity among family firms can be relevant for the business side. Although in our conceptual development we only consider families with a single business, research on family firms is increasingly devoting attention toward those families that own a portfolio of businesses (Le Breton-Miller and Miller, 2018). What happens to the internationalization process when a business family owns multiple businesses?…”

Section: Limitations and Future Research Directionsmentioning

confidence: 99%

Bonding and bridging social capital in family firm internationalization

Rondi

Debellis

Massis

et al. 2020

Sinergie Italian Journal of Management

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Purpose of the paper:This paper aims to study how family firms manage their Global Value Chain (GVC). In particular, we investigate how family firms are able to keep control over operations outsourced to foreign partners. Prior research focused on understanding how firms control their GVC has mainly concentrated on large multinational enterprises. However, while large multinational enterprises can overcome transaction cost complexities by exploiting their superior legitimacy and power control over weaker firms, family SMEs often do not have that amount of power due to financial and managerial constrains. In this study, we thus conceptually examine a unique characteristic that can help family SMEs to overcome resource limits and gain control over the GVC: their distinctive social capital.Methodology: Conceptual Findings: Family SMEs can exploit their superior social capital in order to build long-term relationships based on trust with foreign partners, thereby being able to control their GVC without legally owning it. Research limits:The study is conceptual, future research should test the model and empirically examine the theorized mechanisms. Social capital is only grasped according to its positive side and in relation to cohesion, future research should examine the negative side of social capital and the role of conflict in our model. Finally, family firm heterogeneity is currently neglected.Practical implications: Our study offers insightful managerial suggestions to family firm executives and their foreign partners in terms of design and governance of their GVC.Originality of the paper: Our study offers theoretical and managerial contributions to the current understanding of family firm internationalization beyond exports.

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“…Family‐controlled businesses are an important driver of economic growth and societal and technological progress (Anderson & Reeb, 2003; Duran et al, 2016; Le Breton‐Miller & Miller, 2018; Villalonga & Amit, 2006). Family control and ownership are common in firms of all sizes worldwide (De Massis et al, 2018; Morck et al, 2005).…”

Section: Introductionmentioning

confidence: 99%

It's a family affair: How social identification influences family CEO compensation

Mueller

Flickinger

2021

Corporate Governance

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Research Question/Issue This study analyzes the heterogeneity of CEO compensation in family firms. Specifically, we investigate the relationship between a family CEO's social identification with the family firm and the level of her or his compensation. Research Findings/Insights Using a sample of S&P 500 family firms between 2006 and 2014, we find that levels of social identification among family CEOs explain the heterogeneous patterns of CEO compensation among family firms. Our results show that the level of social identification varies among family CEOs. Theoretical/Academic Implications Our findings indicate that differences in social identification among individual family executives are an important factor in CEO compensation in family firms. This factor has been overlooked in the literature, which has instead focused on the explanatory power of faultlines between family versus non‐family firms or family versus non‐family executives in family firms. Practitioner/Policy Implications Practitioners may value our finding that socio‐psychological dynamics influence strategic decision‐making in family firms, such as setting the compensation of the family CEO. In particular, practitioners should be aware of each family CEO's level of identification and should not assume that all family members equally socially identify with the family firm.

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Beyond the Firm: Business Families as Entrepreneurs

Cited by 48 publications

References 50 publications

Managing the Tradition and Innovation Paradox in Family Firms: A Family Imprinting Perspective

Managing the Tradition and Innovation Paradox in Family Firms: A Family Imprinting Perspective

Bonding and bridging social capital in family firm internationalization

It's a family affair: How social identification influences family CEO compensation

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