Search results

The institutional context in which family firms operate influences their behaviour and performance, yet literature reviews seldom analyse family firms on a regional basis. To fill this gap, this review aims to present research on family entrepreneurship in the transition economies of the Visegrád countries (V4). In this particular group of European economies, the current formal institutions have largely evolved along Western European lines. However, the transformation of informal institutions appears to be still in its infancy.

In order to identify the most representative authors, the methodologies used, the main research topics and to establish a future research agenda, the authors selected, through a systematic process, 112 papers from the Web of Science up to the year 2022. The authors performed a bibliographic analysis using clustering algorithms, complemented by a traditional literature review.

The performance of family firms in transition economies has been the subject of very little research. The results allowed the authors to identify four main areas of research: governance, innovation, sustainability, competitive advantage and considering the influence of the region's characteristics on family business behaviour.

Studies from transition economies can contribute to a broader understanding of family firms in terms of the impact of the institutional environment (especially the influence of sociological changes and specific historical experiences of family members) on their long-term planning, socioemotional wealth (SEW) protection and ethics. In light of recent events, research from the region may also contribute to the understanding of how and to what extent “familiness” influences crisis management or socially responsible behaviour in family firms.

The purpose of this study is to investigate how the congruence between predecessor and successor personality traits (PTs) with the values of their small family business (SFB) contributes to a successful succession transition across generations.

The conceptual model method was employed in this investigation, which describes an entity and identifies issues that should be considered in a study (MacInnis, 2011). It involves a form of theorizing that seeks to create a nomological network around the focal concept, to examine and detail the causal linkages and mechanisms at play (Delbridge and Fiss, 2013).

Drawing on the trait activation theory (TAT), this study conceptualizes that the congruence of the successor's PTs with those of the predecessor, as well as the values, transitions and nature of the assigned task, activates the successor's PTs and motivates him to work diligently for a successful succession transition while preserving the business's core values established by the founder.

This study is an eye-opener for strategists and SFB predecessors to ponder the successor's PTs disparities across generations. Additionally, it urges them to consider the congruence of SFB's values and nature of operations with the successor's PTs for successful succession transition. Thus, such awareness may contribute to stabilizing the SFB's survival rate.

This study contributed to the existing literature by answering how predecessor’s and successor's PTs congruence and SFB's values and nature of operations congruence with their PTs may contribute to successful succession transition across generations. This study contributed to the TAT by thematically explaining the organizational cues to bridge a relationship between entrepreneurial personality traits (EPT) and succession success of SFBs.

The field of scientific research on small and medium-sized family businesses has been growing exponentially and the aim of this paper is to systematize the body of knowledge to develop an agenda for the future.

Adopting comparative bibliometric analyses on 155 articles (from 1989 until 2018) the authors provide a systematic assessment of the scientific research about small family firms, unveiling the structure and evolution of the field. Bibliographic coupling, co-citation analysis and co-occurrence analysis are adopted to identify the most influential studies and themes.

Four clusters of research are reviewed: succession in family SMEs, performances of family SMEs, internationalization of family SMEs and organizational culture of family SMEs.

This paper contributes to the field of family SMEs by providing a systematic analysis of the scientific knowledge. Reviewing those clusters allows to providing avenues and reflections for future research and further practice.

This study sheds light on a hitherto understudied group in family business literature: widows. We explore the roles a widow may take following the unexpected death of her owner-manager spouse when she had no salient role in the business prior to the death.

We used a qualitative approach to research, to study inductively the roles considered and taken by three widows who unexpectedly succeeded as owners of Swedish privately held family firms. We conducted semi-structured interviews with widows and children in top management.

We construct a typology of four main roles a widow can take and analyse the underlying dimensions that they represent. We also analyse to which extent the choice of role widow can be explained by psychological ownership and double-loss theory. The typology can be used as a tool for family business owners and their advisors as the basis of an open and non-prejudiced discussion of the choices available to a widow.

We have investigated the factors that influence a widow's decision whether to take over the business or not, as suggested in previous research by, for example, Martinez et al. (2009). We explore the roles a widow can consider and adopt. The study advances our understanding of how businesses can remain as family firms also in the event of the unexpected death of an owner-manager (De Massis et al., 2008). We hereby contribute to the literature on sudden successions and on women in family businesses.

The purpose of this paper is to explore board functions and their location in family firms.

Through structured induction in a four-case study of medium-sized Swedish family firms, the authors demonstrate that board functions can be located in other arenas than in the common board and suggest propositions that explain their distribution.

(1) The board is but one of several arenas where board functions are performed. (2) The functions performed by the board vary in type and emphasis. (3) The non-family directors in a family firm serve the owners, even sometimes governing them, in what the authors term “bidirectional governance”. (4) The kin strategy of the family influences their governance. (5) The utilization of a board for governance stems from the family (together with its constitution, kin strategy and governance strategy), the board composition and the business conditions of the firm.

Being a case study the findings are restricted to concepts and theoretical propositions. Using structured induction, the study is not solely inductive but still contains the subjectivity of induction.

Governance agents should have an instrumental view on the board, considering it one possible governance arena among others, thereby economizing on governance.

The institutional pressure toward active boards could paradoxically reduce the importance of the board in family firms.

The board of a family company differs in its emphasis of board functions and these functions are performed with varying emphases in different governance arenas. The authors propose the concept of kin strategy, which refers to the governance importance of the structure of the owner and observations on bi-directional governance, indicating that the board can govern the owners.

This study investigates the relationship between board gender diversity (BGD) and the time to Initial Public Offering (IPO), which stands as an entrepreneurially risky choice, particularly challenging in family firms. We also investigate the moderating role of family ownership dispersion (FOD).

We draw on an integrated theoretical framework bringing together the upper echelons theory and the socio-emotional wealth (SEW) perspective and on hand-collected data on a sample of Italian family IPOs that occurred in the period 2000–2020. We employ ordinary least squares (OLS) regression and alternative model estimations to test our hypotheses.

BGD positively affects the time to IPO, thus, it increases the time required to go public. FOD negatively moderates this relationship. Our findings remain robust with different measures for BGD, FOD, and family business definition as well as with different econometric models.

The article develops literature on family firms and IPO and it enriches the academic debate about gender and IPOs in family firms. It adds to studies addressing the determinants of the time to IPO by incorporating gender diversity and the FOD into the discussion. Finally, it contributes to research on women and outcomes in family firms.

Born-again global internationalization is a rarely researched topic. Especially process-oriented studies are largely missing. In loss modes concerning their socioemotional wealth (SEW), family businesses take more risks and can be informative examples of born-again global internationalization.

This article analyzes the process of born-again global internationalization of a mature family business triggered by succession in an SEW loss mode. The interplay of dynamic capabilities (DCs) as drivers and SEW preservation guides the in-depth analysis based on an interpretative single case study design.

The analysis reveals a model with (1) the personal and familial level of the business family, (2) the bonding and transfer level between the business family and the family business and (3) the organizational level as three levels of DCs as drivers of born-again global internationalization in family businesses and SEW preservation as a continuously influencing context.

The article contributes to push forward the fragmented level of knowledge in the field of born-again global internationalization of family businesses. It brings together the triggering phase of born-again global internationalization with the later phases (driving successful rapid internationalization). In particular, it explores how the triggering factors on the family level can be translated into the development of capabilities on the firm level to drive successful internationalization. Based on these insights, the article offers novel implications for research and practice.

Drawing on the theory of planned behaviour, this research aims to investigate systemically if and how incumbents and successors share attitudes, social norms and perception of the feasibility of their business succession.

Qualitative research carried out on a group of small Italian family firms (N = 10).

This study provides evidence of background mechanisms (attitudes, social norms and perception of feasibility) affecting the implementation of business succession planning in family SMEs. Moreover, this study provides further evidence supporting the role of social norms in strategic decision-making processes within family firms.

Findings from this study contribute to current literature in multiple ways and have several research implications.

This study highlights that it is more appropriate to adopt a systemic rather than an individualistic approach in investigating/managing business succession.

Family firms are the most widespread type of firms in the world; thus, a systematic failure in business transmission represents a prominent socioeconomical problem for policy-makers and institutions.

This study leads to further developments in exploring business succession from a psychological point of view. Findings also highlight the limits of how a theory applied in order to predict individual behaviour can provide insight into collective behaviour involving a family.

The purpose of this study is to understand venture capital family businesses (VCFBs) governance of portfolio companies through the deal process.

This study applies a theory-developing approach. A model of VCFB governance is developed whose key aspects are illuminated by four examples (cases) of VCFBs.

Recent research suggests that a venture capital firm's corporate deal processes can be divided into the pre-deal, deal and post-deal phases. Based on the age, size and succession dimensions, propositions for how a governance trajectory develops for VCFBs, affecting the deal process of target family firms (TFFs), are presented. These propositions highlight how the family owners' actions and behavior are related to VCFB governance, which in turn, influences the three phases involved in making an investment.

The propositions suggest how personal and administrative VCFBs' governance of the deal process of portfolio companies is significantly affected by centrifugal and centripetal forces that drive the respective types of governance where third-generation family owners appear as changers of governance approach.