Researching Family Business Growth

Cirillo, Alessandro; Huybrechts, Jolien; Mussolino, Donata; Sciascia, Salvatore; Voordeckers, Wim

doi:10.1111/emre.12389

Cited by 20 publications

(18 citation statements)

References 76 publications

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“…In the context of FF-lender conflict, agency problem requires lenders to establish costly measures and methods to monitor borrowers, control interest rates, and set up collection systems. These costs can be particularly severe for publicly traded FFs that often require large amounts of external capital to finance their growth and expansion activities (Cirillo et al, 2020).…”

Section: Agency Perspectivementioning

confidence: 99%

Family Firms and Environmental Performance: A Meta-Analytic Review

Miroshnychenko

Massis

Barontini

et al. 2022

Family Business Review

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This article critically reviews and meta-analyzes the environmental performance of family firms. Using a sample of 40,910 firms covering a 12-year period, we conclude that the average effect of family involvement on environmental performance is negative, albeit small. This negative effect is more pronounced in primary studies that measure environmental performance via the environmental operational practices adopted and in those that define family business using the family ownership and management criteria. Our findings suggest that from an agency perspective, and compared with nonfamily firms, the negative view of the environmental performance of family firms prevails over the positive view.

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Section: Agency Perspectivementioning

confidence: 99%

Family Firms and Environmental Performance: A Meta-Analytic Review

Miroshnychenko

Massis

Barontini

et al. 2022

Family Business Review

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“…The hypothesis being tested is whether there is a statistically positive relationship between the CEO's network and the firm's investment opportunities. The empirical analysis reported in The non-linearity of the relationship implies that when family has a moderate level of ownership, investment opportunities become less important, but when family ownership increases, future opportunities are strongly considered and sustained since the family aims to foster growth, which may determine firm survivability itself and family transgenerational value (Cirillo, Huybrechts, Mussolino, Sciascia, & Voordeckers, 2020).…”

Section: Analysis and Discussion Of Resultsmentioning

confidence: 99%

CEO social capital in family businesses and its effect on investment opportunities: Asset or liability?

Romano

Favino

Pennacchio

et al. 2020

Corp Soc Responsibility Env

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Social capital is a widely recognized critical intangible resource for firm success, especially in family businesses, which are considered “emotional arenas”. CEOs' social capital could represent a decisive factor, although its influence is unclear. This research aims to deepen the relationship between CEOs' social capital and firm investment opportunity set (IOS). The research hypothesis assumes a positive relationship between CEO social capital and firm's IOS. CEO social capital is estimated considering network centrality indicators suggested by the authoritative social network analysis literature. The IOS is represented by a single composite indicator of four price‐based proxies and one accounting variable. Using a wide sample of listed Italian family firms, the analysis shows that a CEO with a broader relational network decreases firm investment opportunities. The findings suggest that family businesses, in the Italian context, lack the environmental conditions and critical factors to valorize the CEO's social capital in terms of future investment opportunities.

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“…Compared with the extensive research on financial returns, the “literature on family firm growth is far less developed” (Miroshnychenko et al, 2021, p. 682). With much work focused on examining firm total growth (Cirillo et al, 2020), the extant FF research neglects growth trajectories, which have been called as an important dimension for expanding growth theories (McKelvie & Wiklund, 2010). By examining domestic growth, this study contributes to growth research in FFs by unveiling geography (i.e., domestic markets) as a relevant growth trajectory differentiating FFs from non-FFs.…”

Section: Discussionmentioning

confidence: 99%

International Expansion and Firm Growth in Domestic Markets: Family Versus Non-Family Firms

Zona

Bannò

Coller

2022

Family Business Review

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This study examines the effects of international expansion on domestic growth in family firms (FFs) versus non-FFs. Integrating international business research into socioemotional wealth (SEW) theory, we argue that FFs seek to compensate for SEW losses (as implied by foreign direct investments) with SEW gains (associated with domestic growth). We claim that FFs are less prone to substitute home businesses with foreign activities and more likely to move back resources to foster domestic growth. Geographical diversification and modes of entry foster FFs’ domestic growth to an even greater extent. A test conducted on Italian firms supports these hypothesized effects.

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Researching Family Business Growth

Cited by 20 publications

References 76 publications

Family Firms and Environmental Performance: A Meta-Analytic Review

Family Firms and Environmental Performance: A Meta-Analytic Review

CEO social capital in family businesses and its effect on investment opportunities: Asset or liability?

International Expansion and Firm Growth in Domestic Markets: Family Versus Non-Family Firms

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