Understanding the performance consequences of family involvement in the top management team: The role of long-term orientation

Hoffmann, Christian; Wulf, Torsten; Stubner, Stephan

doi:10.1177/0266242614550500

Cited by 57 publications

(59 citation statements)

References 107 publications

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“…Specifically, the study controlled for firm age, firm size (i.e., number of employees), stake of family ownership (i.e., percentage of the firm owned by the managing family or families) (Arregle et al 2012), family management involvement (i.e., number of family members involved in management tasks; Hoffmann et al 2014), revenues and generational ownership dispersion (i.e., number of generations involved in managing the firm; Kellermanns et al 2012). …”

Section: Methodsmentioning

confidence: 99%

Disentangling antecedents and performance effects of family SME innovation: A knowledge-based perspective

Kallmuenzer

Scholl-Grissemann

2017

Int Entrep Manag J

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Understanding how family small and medium-sized enterprises (SMEs) seize opportunities for innovation and thus achieve superior performance is of substantial interest to family firm managers and academia. This paper develops a conceptual framework of antecedents that include resources internal and external to the firm in the two major dimensions of technological innovation (TI) and management innovation (MI) and their effects on financial performance. The framework is empirically tested with survey data from 152 manufacturing family SMEs in the D-A-CH countries, which comprise Germany (D), Austria (A) and Switzerland (CH). Drawing on the knowledge-based view, the results highlight the central role of firm-external knowledge for family firm innovation, which is inherent in an industry's technological opportunities and interorganizational collaboration. Furthermore, results show that it is only through technological innovation that family firms can capitalize on innovation. Finally, management innovation is still observed to constitute a vital complement for technological innovation in that it is an enabler for innovation in products and processes. Recommendations for practice include the need for technological innovation, openness toward collaborations with external partners and receptiveness to knowledge from external sources.

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Section: Methodsmentioning

confidence: 99%

Disentangling antecedents and performance effects of family SME innovation: A knowledge-based perspective

Kallmuenzer

Scholl-Grissemann

2017

Int Entrep Manag J

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“…First, such an orientation facilitates goal alignment as well as balance among owners, managers and the remaining stakeholders (Hoffmann, Wulf, & Stubner, 2014).…”

Section: Moderatorsmentioning

confidence: 99%

Entrepreneurial Orientation and the Family Firm: Mapping the Field and Tracing a Path for Future Research

Hernández-Linares

Fernández

2018

Family Business Review

102

119

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Despite several calls for the further study of entrepreneurial orientation in family firms, we still have a fragmented understanding of this topic, whose full potential has yet to be reached. To shed new light on this issue, this paper first maps the family business field by carrying out a systematic review and content analysis of the 78 articles identified at the confluence of entrepreneurial orientation and family firms. Our study describes and critically assesses previous research as well as the conclusions reached. Second, this paper identifies the main research gaps and provides a path for future investigations.

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“…Given their relevance, the ability of family firms to be successful is essential for economic development. Some suggest that family firms have unique characteristics which, in some circumstances, provide potential advantages over non-family firms in terms of performance and competitiveness (Anderson and Reeb, 2003a;Hoffmann et al, 2016), survival and longevity (Miller et al, 2008;Revilla et al, 2016), entrepreneurial activities (Aldrich and Cliff, 2003;Carsrud and Cucculelli, 2014) and output innovation (Duran et al, 2016;Matzler et al, 2015). Nevertheless, it seems that one of the main challenges faced by family businesses is access to funding (Michiels and Molly, 2017).…”

Section: Introductionmentioning

confidence: 99%

The impact of family ownership on capital structure of firms: Exploring the role of zero-leverage, size, location and the global financial crisis

Ramalho

Rita

Silva

2018

International Small Business Journal

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In this article, we investigate the influence of family ownership on firm leverage across different subgroups of family and non-family firms. In addition, we examine the influence of firm size, geographical location and the 2008 global financial crisis on the capital structure of family firms. In both cases, we study the probability of firms using debt and, conditional on its use, the proportion of debt issued. We find that family ownership affects both decisions positively, namely, when the firm is large or located in a metropolitan area. For small firms located outside metropolitan areas, there is no clear family ownership effect. We also find the 2008 crisis had a substantial, but diversified, impact on family firm leverage. On the one hand, all family firms were more prone to use debt after 2008; on the other, the proportion of debt held by levered family firms decreased for micro and small firms, but increased for large firms. Overall, the crisis effects on family firm leverage seem to be the result of both supply-and demand-side factors, with the former particularly affecting the availability of debt to micro and small firms.

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Understanding the performance consequences of family involvement in the top management team: The role of long-term orientation

Cited by 57 publications

References 107 publications

Disentangling antecedents and performance effects of family SME innovation: A knowledge-based perspective

Disentangling antecedents and performance effects of family SME innovation: A knowledge-based perspective

Entrepreneurial Orientation and the Family Firm: Mapping the Field and Tracing a Path for Future Research

The impact of family ownership on capital structure of firms: Exploring the role of zero-leverage, size, location and the global financial crisis

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