Family Values: Influencers in the Development of Financial and Non-financial Dynamics in Family Firms

Human determinants influencing the digital transformation strategy of multigenerational family businesses: a multiple-case study of five French growth-oriented family firms

“…In three cases, the employee share ownership has been introduced by the senior family members as part of the main social innovations and seen as a philosophical pillar of their company (case one, two and five). In line with Seaman et al (2018) arguing that the concentration of values in family business influences perceptibly the strategic orientations of the firm, a clear orientation of the digital strategy in which human considerations are high has been observed here. Interestingly, these family firms, by emphasising their solidarity and concerns towards their employees, develop collective intelligence and subsidiarity principles within their organisations as expressly mentioned by three interviewees (Y2, Y3, S5) and defined by Melé (2005) as an ethical principle in which managers should not handle activities which could be efficiently carried out by the employees.…”

Family Firm Heterogeneity: A Definition, Common Themes, Scholarly Progress, and Directions Forward

“…One of the first to question this assumption was Ward (1987), who used a three-stage model to identify distinct types of family firms, suggesting that differences exist among family firms and their goals. In recent years, the number of studies investigating family firm heterogeneity has grown, 1 leading to insights that family firms differ from one another in their noneconomic goals and socioemotional wealth (SEW; e.g., Chua et al, 2015;Gómez-Mejía et al, 2007;Williams et al, 2019), values (e.g., García-Álvarez & López-Sintas, 2001;Seaman et al, 2019), governance configurations (e.g., Hoopes & Miller, 2006;Schmid et al, 2015), family and generational involvement (e.g., Bammens et al, 2008;Kellermanns et al, 2008;Nordqvist et al, 2014), and interpersonal exchange (e.g., Long & Mathews, 2011), to name a few examples. Although studies in the broader management literature note differences among nonfamily firms, the family's involvement in the firm creates unique complexities.…”

Financial Behavior of Family Businesses: A Bibliometric and Systematic Literature Review

“…Broadly, family businesses are different from non-family ones (Moussa & Elgiziry, 2019) since family ties reflect a socio-economic background, culture, and value system, which impact the decision-making process (Seaman, Bent & Silva, 2019). By reference to the nature of purposes, it can be argued that family businesses tend to be challenging because, in addition to managing common business needs and opportunities, they must take into account the needs and desires of the owning family.…”

“…In the particular case of family businesses, the incorporation of behavioral variables is much more legitimate. This may be justified by the presence of family ties reflecting a socio-economic background, culture, and value system that may influence the decision-making process (Seaman et al, 2019).…”