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1 – 10 of over 142000Family businesses play a pivotal role in the world’s economy, contributing to 70% of its GDP. Their success in the current environment demands the enactment of entrepreneurial and…
Abstract
Purpose
Family businesses play a pivotal role in the world’s economy, contributing to 70% of its GDP. Their success in the current environment demands the enactment of entrepreneurial and innovative competencies to catalyse organizational growth and performance. In this context, corporate entrepreneurship may help these organizations advance their competitive advantage. The systematic analysis of the past 50 years of research reveals that a broad range of variables may moderate relationships among antecedents, outcomes and corporate entrepreneurship. This article aims to explore future avenues of research that will contribute to a better understanding of corporate entrepreneurship in family firms.
Design/methodology/approach
This paper is based on the systematic research.
Findings
While the synergy between corporate entrepreneurship and family business has gained attention, the intricacies and nuances within this intersection remain largely unexplored due to the diverse nature of corporate entrepreneurship and family enterprises. Future research endeavours in this domain should aim to explore fundamental aspects, including refining the definition of corporate entrepreneurship, understanding its interplay with familiness, socioemotional wealth, national and organizational culture and other various family-related factors such as the composition of the top management team, organizational size, diversity and attitudes towards risk.
Research limitations/implications
By outlining the key variables such as familiness, socioemotional wealth, generational involvement and cultural factors, the paper guides future research efforts. Researchers and practitioners can use these identified variables as focal points for deeper investigation and analysis when exploring the dynamics of corporate entrepreneurship within family businesses.
Practical implications
Family firm managers may apply instruments like the Corporate Entrepreneurship Assessment Instrument together with other instruments like the Family Influence Familiness Scale (FIFS) and the FIBER instrument to obtain an indication of a firm’s likelihood of being able to successfully implement an entrepreneurial climate within the firm.
Social implications
Family businesses represent 70% of the world’s GDP, therefore, improving the understanding of how corporate entrepreneurship augments their resilience and competitiveness, may contribute to the well-being of 60% of the global workforce.
Originality/value
The paper synthesizes the research in corporate entrepreneurship in family businesses and proposes a future perspective.
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Annika Baumgart, Robin Bell and Ria Wiid
Family businesses require internal communication (IC) to guide and provide direction, and the unique nature of involving both family and nonfamily employees add complexity…
Abstract
Purpose
Family businesses require internal communication (IC) to guide and provide direction, and the unique nature of involving both family and nonfamily employees add complexity. Navigating this complexity helps to ensure effective direction and management of family businesses. This paper explores the existing research concerning IC within family businesses and discusses the lenses and contexts through which it is commonly studied.
Design/methodology/approach
This paper provides a concise literature review to identify the most common lenses through which IC in family business has been researched.
Findings
IC in family enterprises is mostly studied through the lenses of IC between family generations, IC and the influence on family identity, and IC in times of crises. Existing research is largely focused on the role of family in IC, and limited consideration is given to the role of nonfamily members and family members outside of the business.
Originality/value
The paper synthesizes the direction and findings of existing research into IC within family business and provides avenues for future research. Managerial implications are also presented based on the synthesis of existing literature.
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Anneleen Michiels and Claudia Binz Astrachan
The primary aim is to renew academic discourse on financial education in business families. It emphasizes the need for effective financial literacy programs to foster a healthier…
Abstract
Purpose
The primary aim is to renew academic discourse on financial education in business families. It emphasizes the need for effective financial literacy programs to foster a healthier relationship with money, addressing both technical aspects of finance and its psychological and relational impacts among family members.
Design/methodology/approach
This perspective article explores the impact of money education within business families. It discusses the psychological effects of money education on family dynamics and decision-making in family businesses. The research draws on previous studies, surveys and practical examples to highlight the importance of financial education and its implications on family and business sustainability.
Findings
Financial education is essential in business families as it enables more meaningful discussions on money and wealth, fostering informed decisions and decreasing conflict. Yet, it is often overlooked. There is a need for academic research into effective strategies for financial education for family members and the effects of financial literacy, or its absence, on various aspects of the business and the family system. The article presents a selection of pertinent questions for future research in this domain.
Originality/value
This article contributes to the family business field by underscoring the gap in scholarly research on money education within family businesses. It advocates for comprehensive financial education strategies that balance technical knowledge with an understanding of the psychological and relational aspects of money.
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The purpose is to provide a brief summary on the current research development regarding the role of in-laws in family firms’ continuity. Additionally, I provide a perspective on…
Abstract
Purpose
The purpose is to provide a brief summary on the current research development regarding the role of in-laws in family firms’ continuity. Additionally, I provide a perspective on the trends on the research regarding the in-laws involvement and influence in preparing future generations of family firms’ owners/managers. At the end, I conclude on what should be the relevant issues to be explored and researched in the future.
Design/methodology/approach
In this paper, I review the literature on the role of in-laws on the family business continuity, particularly, I emphasize the involvement of in-laws in family firms. I found that this topic of family business continuity has not widely researched and the role of in-laws on the future of the family firm has been underestimated in the extant literature. I provide a brief summary on the trends related the involvement of in-laws in the family business continuity and, at the end, I give my conclusions on what should be a research agenda regarding this topic.
Findings
Despite previous research, the question of the role of in-laws in family firms remains unanswered from the business-owning family perspective, nor from the in-laws’ perspective. The previous research has raised more questions on this topic. Clearly, the research landscape is vast, and scholars’ callings to find better ways to identify family members are totally justifiable.
Originality/value
Based on the literature review, it can be argued that one of the topics with high potential for future research and development is related to the role of in-laws in the family business continuity, either because they are passively included as part of the family group, without acknowledgment on their involvement or because governance policies have formally excluded them. In this review, I highlight the influence of the in-laws in the family business continuity; particularly, their role in preparing future generations of family firms owners/managers and imprinting them with the family values, culture and believes.
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This perspective article aims to summarise the understanding of the link between regional development and family business and explore potential pathways for further investigations.
Abstract
Purpose
This perspective article aims to summarise the understanding of the link between regional development and family business and explore potential pathways for further investigations.
Design/methodology/approach
This study employed a scoping review methodology which attempts to explore a new topic of study and unveil its main concepts and relationships.
Findings
This study emphasises the need to enhance the cross-fertilisation of knowledge to bridge the gap between studies on regional development and family business. In addition to the traditional research pathways towards discerning the impact of formal and informal institutional contexts and economic and geographical locations on family business behaviour and performance, this perspective article encourages future researchers to delve into the regional-level mechanisms through which family businesses can influence and contribute to regional economic and social outcomes.
Originality/value
This perspective study employs a context theorising lens to examine the connection between regional development and family business.
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Walter Vesperi, Anna Maria Melina, Concetta Lucia Cristofaro and Marzia Ventura
Family businesses are characterized by the simultaneous presence of the family and the business system. The literature analyses sporadically the family support during the creation…
Abstract
Purpose
Family businesses are characterized by the simultaneous presence of the family and the business system. The literature analyses sporadically the family support during the creation of a new family business. For this reason, the aim of this article is to offer new reflections and theoretical approaches in the field of family business studies. In fact, the study focuses on the first generation and the relationship and support with the previous generation (latent generation).
Design/methodology/approach
This perspective paper is based on a concise review of the literature.
Findings
The results of this offer a state of the art, synthesized and integrated, on the first generation to proposal the reader new knowledge on the first generation and relationships with family members.
Originality/value
This perspective paper distinguishes between the first generation formally engaged in the family business and the latent generation. The authors identify latent generation as a generation coeval with the first that supports the entrepreneur without being formally engaged in the family business. This study summarizes existing research on the first generation, highlighting the crucial role of the latent generation. Considering the latent generation determines an implicit and tacit generational transition not yet considered in the literature on the topic This study provides new research directions for scholars and managers to understand the entrepreneurial behaviors of families, family members and family businesses.
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Ah la famille …! We tend to say that we do not choose it. But there are beautiful family stories, even in business, and particularly in France. Indeed, when it comes to business…
Abstract
Ah la famille …! We tend to say that we do not choose it. But there are beautiful family stories, even in business, and particularly in France. Indeed, when it comes to business, the French take family as a serious matter – with about 80% of all companies in the country family controlled. Whether big or small, French family businesses are particularly noticeable in sectors such as food and beverages, as well as luxury.
The chapter gives a general overview of family firms in France, considering in particular their main legal structures, how diverse they are in reality, and finally their governance rules, and notably their family constitutions. It concludes that business and family stories often prove to be a good match, at least in France.
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Family shareholders expecting to fulfill their responsibility of aligning management interests with shareholder priorities and holding management accountable need a thorough…
Abstract
Family shareholders expecting to fulfill their responsibility of aligning management interests with shareholder priorities and holding management accountable need a thorough understanding of financial statements. They need to be able to make sense of what the numbers say about the firm and its competitiveness. Financial literacy is, therefore, essential knowledge for every shareholder, not just the ones active in the management of the company. Without it, the desirable alignment of management and shareholders is at risk. Without it, family-business shareholders can easily become just as indifferent or impatient, fickle, and greedy as hedge fund managers and investors on Wall Street. The latter, aided by analysts and the media, often pressure well-managed publicly traded companies into short-term thinking.