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This study explores whether the unique organizational form of family firms helps to mitigate the negative effects caused by the announcement of product recalls.

The authors use an event study, for a sample of 2,576 product recalls in the United States (US) automobile industry, between January 2010 and June 2021.

The authors found that stock market's reaction to a product recall announcement is less negative for family firms. This superior performance is partially driven by the family firms' long-term investment horizons and higher strategic emphasis on product quality. However, the relationship between family ownership and cumulative abnormal returns around product recall announcements is nonlinear as the impact of family ownership starts by being positive but becomes negative for higher levels of family ownership. The authors also find that family firm's chief executive officer (CEO) and managerial ownership influence positively the stock market reaction to product recall announcements.

This work has several implications for family firms' management as well as for investors and financial analysts. First, as higher managerial ownership is associated with a greater emphasis on product quality, decreasing stock market losses when a product recall occurs, family firms should consider increasing equity-based compensation. Second, as there seems to exist an optimal proportion of family ownership, family firms should consider the risks of increasing too much their ownership share. Third, investors and financial analysts can use the results in the study to help them in their investment and trading decisions in the stock market.

The authors extend the knowledge of product recalls by studying the under-researched role of the flexible, internally focused culture of family businesses on the stock market reaction to product recalls.

Because family businesses are highly complex enterprises, researchers need appropriate theoretical and methodological tools to study them. The neoconfigurational perspective and its accompanying method, qualitative comparative analysis, are particularly well suited to phenomena characterized by complex causality, but their uptake in family business research has been slow and fragmented. To remedy this, the authors highlight their unique ability to address research questions for which other approaches are not well suited and discuss how they might be applied to family business phenomena.

The authors introduce the core tenets of the neoconfigurational perspective and how its set-theoretic epistemology differs from traditional approaches to theorizing and analysis. The authors then use a dataset of family firms to present a primer on conducting qualitative comparative analysis and interpreting the results.

The authors find that family firm resources can be combined in multiple ways to affect business survival, suggesting that resources are substitutable and complementary. The authors discuss how the unique features of the neoconfigurational approach, namely equifinality, conjunctural causation and causal asymmetry, can be fruitfully applied to break new ground in scholarly understanding of family businesses.

This article allows family business researchers to apply the neoconfigurational approach without first having to consult multiple and disparate sources often written for other disciplines. This article explicates how to leverage the theoretical and empirical advantages of the neoconfigurational approach in the context of family businesses, supporting a more widespread adoption of the neoconfigurational perspective in family business research.

This paper explores the context within which experimental, pedagogically progressive schools were established in Australia during the first decades of the 20th century.

The paper presents a case study of the establishment of Rosbercon Girls’ Grammar School. It draws on educator accounts, archival documents and contemporary literature to provide a brief narrative of the events leading to the opening of the school; to sketch the family of educators who were pivotal in making it a reality; and to identify key aspects of the social and legislative context that made such an initiative possible.

Rosbercon was established at a time when a modest school could be established relatively easily by a small group of educators with a shared vision. The early 20th century was a moment of national optimism in Australia, where an appetite for new educational ideas created a climate in which innovative educators found fertile soil for their pedagogical experiments and adaptation of emerging ideas from around the world. Their efforts were facilitated by an emerging global network of personal interactions, professional learning, professional associations and educational literature.

This paper addresses the relative lack of scholarly examination of the origins of Rosbercon Girls’ Grammar School, an institution that previous authors have identified as Australia’s oldest experimental school. The case study also contributes to a broader appreciation of the trajectory of progressive education during the early 20th century.

The purpose of this study is to investigate whether and how inter-firm cooperation and firm age moderate the relationship between family ownership and productivity.

We first estimate the total factor productivity (TFP) of a large sample of Italian firms observed over the period 2010–2018 and then apply a Poisson random effects model.

TFP is, on average, higher for non-family firms (non-FFs) than for FF. Furthermore, inter-organizational cooperation and firm age mitigate the negative effect of family ownership. In detail, it is found that belonging to a network acts as a moderator in different ways according to firm age. Indeed, young FFs underperform non-FF peers, although the TFP gap decreases with age. In contrast, the benefits of a formal network are high for older FFs, suggesting that an age-related learning process is at work.

The study provides evidence that FFs can outperform non-FFs when they move away from Socio-Emotional Wealth-centered reference points and exploit knowledge flows arising from high levels of social capital. In the case of mature FFs, networking is a driver of TFP, allowing them to acquire external resources. Since FFs often do not have sufficient in-house knowledge and resources, they must be aware of the value of business cooperation. While preserving the familiar identity of small companies, networks grant FFs the competitive and scale advantages of being large.

Despite the wide but ambiguous body of research on the performance gap between FFs and non-FFs, little is known about the role of FFs’ heterogeneity. This study has proven successful in detecting age as a factor in heterogeneity, specifically to explain the network effect on the link between ownership and TFP. Based on a representative sample, the study provides a solid framework for FFs, policymakers and academic research on family-owned companies.

This study aims to investigate whether the presence of women in the boardroom influences companies’ environmental, social and governance (ESG) performance. Furthermore, it examines whether the COVID-19 pandemic and family control affect the relationship.

This study uses nonfinancial firms listed on the Indonesia and Malaysia Stock Exchange during 2018-2021. Thomson Reuters’ database is used to collect the ESG scores. Using 312 firm-year observations, the authors apply multiple regressions and sensitivity testing to ensure the robustness of the results.

This study provides empirical evidence that the presence of women in the boardroom improves companies’ ESG and family control weakens the relationship. Meanwhile, there is no support on the moderating effect of the COVID-19 pandemic. The authors also conducted additional tests using ESG pillars (i.e. environment, social and governance pillars) as the dependent variable. The findings are robust to alternative samplings.

This research is limited to Indonesia and Malaysia, thus affecting the generalizability of the results to all developing countries. The sample size is relatively small due to data limitations related to the availability of ESG scores.

The findings of this study provide a basis for the government to establish mandatory regulations regarding sustainability performance. The positive relationship between women on boards and better ESG performance suggests that encouraging gender diversity in corporate leadership can improve sustainability practices. The government may consider implementing gender quota regulations to increase women's representation on corporate boards.

Shareholders can pursue investment portfolios in socially responsible companies, prioritizing ESG performance. In addition, investors should consider the presence of women in the company’s boardroom and whether family control exists when making investment decisions.

Overall, the originality and significance of this research lie in its comprehensive examination of the moderating factors, the inclusion of different governance systems in the sample, and the exploration of psychological aspects, contributing to a deeper and more nuanced understanding of the relationship between women on boards and ESG performance in the context of developing countries.

This study aims to provide insights into gender diversity in Pakistani boardrooms, particularly for the dominant family business type, which is strongly guided by (non-financial) family-related objectives when making business decisions, such as the appointment of board members. Pakistani companies operate within the framework of weak legal institutions and a traditionally highly patriarchal environment. This study examines how corporate decisions regarding the appointment of female board members play out in this socio-political and cultural environment.

Board composition and board characteristics were examined using hand-collected data from 213 listed family firms and non-family firms on the Pakistan Stock Exchange from 2003 to 2017. Univariate analyses, probit regressions and robustness tests were performed.

Pakistani family firms have a significantly higher proportion of women on their boards than do non-family firms. They are also significantly more likely to appoint women to top positions, such as CEO or chairs.

Evidently, women are allowed to enter boards through family affiliations. Gender quotas appear an ineffective instrument for breaking through the “glass ceiling” in this socio-cultural environment. Thus, gender parity must entail the comprehensive promotion of women and the enforcement of legal reforms for structural and cultural change.

The analysis focuses on a Muslim-majority emerging Asian market that has been scarcely researched, thus offering new perspectives and insights into board composition and corporate governance that go beyond the well-studied Western countries.

The purpose of this paper is to identify the differences between Hungarian family-owned businesses (FOBs) and non-family-owned businesses (NFOBs) concerning the elements of SME competitiveness and financial performance.

The research covers the Hungarian data set of the Global Competitiveness Project (GCP, www.sme-gcp.org) of 738 (data collection between 2018 and 2020) non-listed SMEs, of which 328 were FOBs. The study uses the comprehensive, multidimensional competitiveness measurement of the GCP built on the resource-based view (RBV) and the configuration theory. Financial performance was captured with two composite indicators: short-term and long-term financial performance (LTFP). The comparative analysis between FOBs and NFOBs was conducted using binary logistic regression.

The results show that FOBs are more prone to focusing on local niche markets with higher longevity and LTFP than NFOBs. However, FOBs have lower innovation intensity and less organised administrative procedures. The most contradicting finding is that the FOBs’ higher LTFP is accompanied by significantly lower competitiveness than in the case of NFOBs.

This study goes beyond other GCP studies by including composite financial performance measures among the variables examined. The combination of performance-causing (resources and capabilities) and performance-representing (financial performance) variables provides a better understanding of the non-listed SMEs in terms of family ownership. The results help academia to enrich the RBV-competitiveness, the non-listed SME management and finance literature, and policymakers to design business development and support schemes. They also show future entrepreneurs the impact of family ownership on entrepreneurial success.

Stewardship behavior is an important embodiment of the spirit of employee ownership, which is critical to the sustainability of companies, especially under the influence of the COVID-19 epidemic. Most previous studies have focused on how to motivate employees’ stewardship behavior, but little is known about how stewardship behavior affects employees themselves. The purpose of this study is to explore how employee stewardship behavior affects their work-family interface based on the conservation of resources (COR) theory.

In this study, structural equation modeling was conducted using two-wave survey data from 323 employees through three internet companies in Southern China.

Results reveal that engaging in stewardship behavior is positively correlated with both positive emotion and emotional exhaustion. Positive emotion and emotional exhaustion, in turn, mediate the effects of stewardship behavior on work–home interface. Family motivation influences the strength of the relationships between positive emotion or emotional exhaustion and work–family interface, that is, high family motivation strengthens the positive association between positive emotion and work–family enrichment and weakens the positive association between emotional exhaustion and work–family conflict.

This study suggests that managers should give employees more support and care to ease the worries of engaging in stewardship behavior. Also, organizations should recruit employees with high family motivation, which can reduce the negative effects of stewardship behavior on work–-family interface.

Based on an actor’s perspective, this study examines both the positive and negative effects of stewardship behavior on employees themselves, thereby increasing understanding of the dual effect of stewardship behavior. In addition, this study further elucidates the mechanisms that moderate the positive and negative effects of individual family motivation on their engagement in stewardship behavior within the COR theory.

This study aims to unravel a potential determinant of employee engagement in family firms. In particular, we focus on the role of the CEO by studying the influence of CEO transformational leadership on employee engagement. Moreover, we look into the potential mediating psychological safety might play in this relationship.

Based on an extensive literature review, we propose that there will be a significant positive relationship between family firm CEOs’ transformational leadership and the level of employee engagement. We argue that psychological safety will serve as an underlying mechanism explaining this positive relationship. We empirically tested our research model using quantitative data collected through a questionnaire, completed by 508 employees from Belgian family firms.

The results confirm the positive relationship between CEOs’ transformational leadership and employee engagement. Moreover, these results show that the degree of psychological safety mediates this relationship.

This study forms a significant contribution to family firm literature. Until now, even though existing studies on employee engagement in general are numerous, we had little to no knowledge of the factors influencing employee engagement taking into account the unique context of family firms. With this study, we take an important step in this matter. In addition, this study also contributes to the general literature on employee engagement, since previous studies on the impact of leadership on employee engagement tended to focus on the role of the immediate supervisors and not the CEO.

Despite similarities, research across family business and business advising forwards contradictory conclusions when considering family business advising. The authors seek to integrate these literature and in doing so uncover both the hurdles facing family business advisors attempting to adapt tools developed in corporate advising to the family business context as well as the potential for greater integration of these streams in ways that contribute to both family business and advising research and practice.

Primary data were collected both in the form of a survey questionnaire and website marketing content. In the survey, 47 family business advisors evaluated the distinctiveness of their family business clients across structural, cognitive and relational social capital dimensions. Motivated by unexpected findings, a content analysis of advisor websites uncovered specific marketing themes that illustrate the divides between family business advising and scholarship.

Family business advisors reliably acknowledge structural and cognitive social capital as preeminently characterizing the distinctiveness of their family business clients. Expanding on this, the authors’ findings suggest that the urgency signaled in advisor marketing via their websites may inspire tactics misaligned with the long-term time horizon typically characterizing family businesses strategy.

The few family business advising studies that exist predominantly consider post-hoc evaluation of advising by family business clients. The primary data the authors collect are unique in the literature in that the data detail how family business advisors perceive and engage with potential clients.