The Family Business Map: Framework, Selective Survey, and Evidence from Chinese Family Firm Succession

Bennedsen, Morten; Fan, Joseph P. H.; Jian, Meng; Yeh, Yi‐Shiung

doi:10.2139/ssrn.2501364

Cited by 24 publications

(57 citation statements)

References 57 publications

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“…Moreover, the competitive strategies of family firms build on assets that are kept and maintained within the family, such as an organizational culture based on family values and social (stakeholder) networks (Bennedsen et al . ). These strategies are less dependent on workers’ firm‐specific knowledge and skills, thus reducing employer (family owner) support for workers’ representation on the board.…”

Section: Theoretical Frameworkmentioning

confidence: 97%

When Do Employees Choose to Be Represented on the Board of Directors? Empirical Analysis of Board‐Level Employee Representation in Denmark

Gregorič

Poulsen

2019

Brit J Industrial Rel

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Drawing on transaction costs economics and longitudinal data on Danish corporations, we analyse the distribution of board-level employee representation(BLER) and the characteristics of employee directors in a context where workers have the possibility (but not also an obligation) to nominate representatives to the board of directors. We show that BLER is less likely instituted in firms with CEO or family-related members on the board, but more likely observed in larger, older firms and in those with high firm-specific human capital and union density. Firm-specific human capital, qualifications and union membership also determine individual worker's probability to become a board member.

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Section: Theoretical Frameworkmentioning

confidence: 97%

When Do Employees Choose to Be Represented on the Board of Directors? Empirical Analysis of Board‐Level Employee Representation in Denmark

Gregorič

Poulsen

2019

Brit J Industrial Rel

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“…Schulze et al, 2001), stock market performance (e.g. Bennedsen et al, 2015) and value creation (e.g. Bennedsen et al, 2007) to examine the impact that family members have on family business' financial performance indicators.…”

Section: Rationalementioning

confidence: 99%

“…Caused by death or divorce Caused by retirement, promotion, or leaving Source: Dyer and Handler (1994) The notion that family involvement impedes business performance has been supported by empirical work demonstrating that family appointments impact negatively on a variety of economic indicators including stock market performance (Bennedsen et al, 2015;Smith and Amoako-Adu, 1999), return of sales and assets (Morck, Stangeland and Yeung, 2000), value creation (Bennedsen et al, 2007;Villalonga and Amit, 2006) and positive abnormal returns (Perez-Gonzalez, 2006). Furthermore, this empirical work was conducted across several nations including Canada (Smith and Amoako-Adu, 1999;Morck, Stangeland and Yeung, 2000), the United States (Perez-Gonzalez, 2006;Villalonga and Amit, 2006), Denmark (Bennedsen et al, 2007), Thailand (Bertrand et al, 2008, and Hong Kong, Singapore and…”

Section: Successionmentioning

confidence: 99%

“…Taiwan (Bennedsen et al, 2015) and therefore quashes concerns surrounding cultural specificity. Other criticisms have arisen, for example, that the destruction in business value that accompanies family involvement might be symptomatic of the market driven economies featured in each of the studies mentioned above (Xu et al, 2015).…”

Section: Successionmentioning

confidence: 99%

“…This demonstrates that though the majority of the family business literature focuses on the influence of the family entity on the business entity (e.g. Bennedsen et al, 2007;Bennedsen et al, 2015;Schulze et al, 2001), the employment preferences of offspring (and their resulting departure from the family business) can occasionally have implications for their sense of belonging to the family unit.…”

Section: The Net Analogymentioning

confidence: 99%

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A typology of next generation employment preferences in family businesses

Telling¹

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Investor experience and innovation performance: The mediating role of external cooperation

Boh

Huang

2019

Strategic Management Journal

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Research Summary We add to the literature examining the ownership‐innovation relationship by examining two major investor types: corporate investors and family investors. We use organizational environmental scanning as a new perspective to understand how these investors' capabilities influence firms' external cooperation and innovation performance. We found that corporate investors with broad investment experience strengthen a firm's environmental scanning, enhancing innovation performance by increasing the number of external cooperation activities the firm engages in. Conversely, family investors' broad investment experience tend to be negatively associated with the number of external cooperation and with firm innovation. Our results show that investors influence firm innovation not simply through a monitoring role but also by affecting firms' abilities to innovate, once we factor in the types of investors and their capabilities. Managerial Summary We investigate how two different types of investors, corporate and family, influence the innovation performance of publicly‐traded high‐tech firms in Taiwan. We found that the presence of major corporate investors with broad investment experience enhances firms' innovation performance by increasing external cooperation activities firms engage in. Corporate investors appear to enhance organizations' environmental scanning abilities and, in turn, their innovation performance. Conversely, family investors' broad investment experience is negatively associated with firm innovation because such firms engage in fewer external cooperation activities. A focus on control and social cohesion in family firms appears to decrease the emphasis on external knowledge acquisition when family investors have broad investment experience. In summary, our results show that investors' breadth of investment experience influences firms' ability to innovate.

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The Family Business Map: Framework, Selective Survey, and Evidence from Chinese Family Firm Succession

Cited by 24 publications

References 57 publications

When Do Employees Choose to Be Represented on the Board of Directors? Empirical Analysis of Board‐Level Employee Representation in Denmark

When Do Employees Choose to Be Represented on the Board of Directors? Empirical Analysis of Board‐Level Employee Representation in Denmark

A typology of next generation employment preferences in family businesses

Investor experience and innovation performance: The mediating role of external cooperation

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