Journal ArticleDOI
Is family leadership always beneficial
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TLDR
The authors argue that family CEOs will outperform in smaller firms with more concentrated ownership and underperform in larger firms having more dispersed ownership; they will do neither where firms are smaller and ownership is more dispersed or firms are larger and ownership more concentrated.Abstract:
There has been much debate concerning the performance of family firms and the drivers of their performance. Some scholars have argued that family management is to blame when family firms go wrong; others claim that family management removes costly agency problems and encourages stewardship. Our thesis is that these disagreements can only be resolved by distinguishing among different types of family firms. We argue that family CEOs will outperform in smaller firms with more concentrated ownership and underperform in larger firms with more dispersed ownership; they will do neither where firms are smaller and ownership is more dispersed or firms are larger and ownership is more concentrated. Copyright © 2012 John Wiley & Sons, Ltd.read more
Citations
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Family firms in the global economy: Toward a deeper understanding of internationalization determinants, processes, and outcomes
Alfredo Vittorio De Massis,Alfredo Vittorio De Massis,Federico Frattini,Antonio Majocchi,Lucia Piscitello +4 more
TL;DR: This paper examined the roles of different sources of family firm heterogeneity and the context in shaping the determinants, processes, and outcomes of business internationalization, and set out an agenda for further research aimed at advancing a more fine-grained and contextualized understanding of internationalization in family firms.
Journal ArticleDOI
Viewing Family Firm Behavior and Governance Through the Lens of Agency and Stewardship Theories
TL;DR: Agency and stewardship theories are prominent perspectives to examine myriad issues within family firms as discussed by the authors. Although considered opposing theories, both address the same phenomena: the individual-level phenomenon.
Journal ArticleDOI
The sources of dynamism in dynamic capabilities
TL;DR: A multi‐level theory of dynamic capabilities (DCs) is developed that explains resource dynamics by giving a central role to persons and interpersonal interactions rather than to abstract, firm‐level entities.
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Economic and Technological Importance of Innovations in Large Family and Founder Firms An Analysis of Patent Data
Abstract: Prior research has analyzed R&D spending in family and founder firms. Yet little is known about the economic and technological importance of innovations in these types of firms. Using patent citation data, we show that founder-managed firms, which we argue favor an entrepreneurial orientation, receive more patent citations when compared with other firms, even controlling for R&D spending. By contrast, family-managed firms, many of which, we argue, pursue socioemotional wealth for the family, receive fewer patent citations compared with other firms, again, controlling for R&D spending. Patent citations have been shown in the literature to reflect the economic and technological importance of innovations.
Journal ArticleDOI
Nonfamily Members in Family Firms: A Review and Future Research Agenda:
TL;DR: The authors synthesize the literature according to three broad, yet overlapping themes: pre-employment considerations, employment considerations, and outcomes of nonfamily employment, and then offer a future research agenda that integrates these themes to guide the advancement of knowledge on nonfamily members in family firms.
References
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Journal ArticleDOI
Theory of the firm: Managerial behavior, agency costs and ownership structure
TL;DR: In this article, the authors draw on recent progress in the theory of property rights, agency, and finance to develop a theory of ownership structure for the firm, which casts new light on and has implications for a variety of issues in the professional and popular literature.
Journal ArticleDOI
Upper Echelons: The Organization as a Reflection of Its Top Managers
TL;DR: In this article, the authors synthesize these previously fragmented literatures around a more general "upper echelons perspective" and claim that organizational outcomes (strategic choices and performance levels) are partially predicted by managerial background characteristics.
Journal ArticleDOI
Management Ownership and Market Valuation: An Empirical Analysis
TL;DR: This article investigated the relationship between management ownership and market valuation of the firm, as measured by Tobin's Q. In a 1980 cross-section of 371 Fortune 500 firms, they found evidence of a significant nonmonotonic relationship.
Journal ArticleDOI
Founding-Family Ownership and Firm Performance: Evidence from the S&P 500
Ronald C. Anderson,David M. Reeb +1 more
TL;DR: The authors investigated the relation between founding-family ownership and firm performance and found that family ownership is both prevalent and substantial; families are present in one-third of the S&P 500 and account for 18 percent of outstanding equity.
Journal ArticleDOI
Socioemotional Wealth and Business Risks in Family-controlled Firms: Evidence from Spanish Olive Oil Mills
Luis R. Gomez-Mejia,Katalin Takacs Haynes,Manuel Núñez-Nickel,Kathyrn J. L. Jacobson,José Moyano-Fuentes +4 more
TL;DR: In this paper, the authors use behavioral theory to show that family firms are risk-averse and risk-wary at the same time, and that the predictions of behavioral theory differ depending on family ownership.
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