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Based on the resource orchestration perspective, this paper aims to examine whether family firms are more efficient in their collaboration for innovation process than non-family firms, considering different types of collaboration for innovation depending on the kind of partner.

This study empirically develops and tests the hypotheses based on a panel data sample of 14,937 firm-year observations from 1,867 Spanish manufacturing firms over the period 2007–2014, performing a Propensity Score Matching (Propensity score matching)-based analysis.

Results reveal that family firms outperform non-family firms, despite less collaboration and innovation inputs, thereby extending the ongoing debate surrounding the innovation efficiency of family firms. Family firms obtained better results through vertical collaborations for innovation, both in terms of product and process innovations. For horizontal collaborations, family firms only outperform their non-family counterparts in process innovation. When collaborating with universities and other research centers, there are no significant differences in the innovation outcomes between the two groups.

Recent literature points out that more research is needed to know when, how and under what circumstances family firms show superior innovative efficiency. This work empirically proves that family firms outperform non-family firms in collaboration for innovation. However, not all collaboration partners help family firms to reach this superior innovative efficiency. Family firms obtained better results just through vertical and horizontal collaborations.

This study empirically assesses the effects of two key types of organizational and managerial capabilities—dynamic capabilities, and coordination and cohesion capabilities—on environmental performance, considering the moderating effect of family ownership. By applying the tenets of the natural resource-based view and the dynamic capabilities theory, this paper offers new insights into the topic.

The article presents empirical evidence from a survey of 1,019 firms operating in the Spanish tourism sector analyzed using multiple linear regression.

Overall, our results show that both dynamic capabilities and coordination and cohesion capabilities have direct and synergetic positive effects on environmental performance. In addition, the results confirm recent studies that report conflicting evidence on how family ownership affects environmental performance: family ownership is found to exert a distinct direct effect on environmental performance and on the development and application of the capabilities required to improve such performance.

This article sheds light on the conceptual frontiers between the different types of capabilities, as well as provides practical ways of measuring them. The article also brings evidence to bear on the debate concerning the direct and moderating effect that family ownership exerts on the relationship between both types of capabilities over environmental performance. The results of this analysis confirm the complexity of the family ownership effect on this aspect, and provide important insights for both business practitioners and academics.

本研究擬審查多頻率的及為市場成份的信息流和全球指數。

研究人員使用基於改良完全集合經驗模態分解自適應噪聲(Improved Complete Ensemble Empirical Mode Decomposition with Adaptive Noise)的聚類分析法,取得Rényi有效轉移熵,藉此得到研究結果。

我們發現、於大部份多頻率,在持續性股票和傳統股票間有顯著的負信息流動,這會增加多樣化的益處。這些信息流大部份是雙向的,這強調了股票市場成份及其全球指數在構建投資組合上的重要性。

我們認為持續性股票市場和傳統股票市場大多為異質市場,這顯示了市場的低效率,而且這低效率的程度頗大。

關於傳統股票的實證性文獻裡是充滿了變革動力的,這顯示了它們以多樣化為目的的回報行為。這使我們對關於持續性股票的回報行為、認識變得實在太少了。於此,大量的企業社會責任的新措施不斷提醒各公司、要本著企業社會責任的理念去營運;但投資者需清晰明白他們為何需在可見的將來保持可持續性。因此,他們卑微的願望是一個較好的多樣化投資組合得以形成,故此他們高度要求股票要有組成可靠投資組合的性質和能力,特別是在持續性股票和/或傳統股票當中。

In this paper, the authors present an empirical framework that incorporates different factors of the impact of COVID-19 on small- and medium-sized enterprises (SMEs) in La Rioja, Spain, in relation to the value chain, gender and family business and allows the evaluation of these impacts on the SMEs' outcomes.

The authors conduct exploratory research based on phone interviews with 329 business managers from SMEs in La Rioja (Spain), from June 1 to June 30 2021, using ordinary least squares linear regression and matching procedures to test the study hypotheses.

The results show that the impact of COVID-19 related to primary activities in adding value, such as inbound logistics, operations and marketing, have a positive influence on innovation outcomes in SMEs, as do female managers. Family SMEs present poorer innovation outcomes.

At the organizational level, this paper may be of interest to management, and at the national and regional levels to policymakers, since it could help to develop policies that support SMEs' sourcing, operations and marketing in order to prepare for potential value chain disruptions. Additionally, this research may help decision-makers to foster and promote innovation in SMEs as a way of ensuring their resilience.

In this paper, the authors provide novel evidence about the effect of COVID-19 in SMEs. Moreover, it has been shown that the COVID-19 pandemic has triggered the redefinition of supply chains at the organizational level.

Prior studies mostly tested the association between carbon emissions and firm value in certain contexts. This study aims to advance the existing literature by concentrating on three indicators of greening in corporations namely resource use, emissions and eco-innovation, and examining their value relevance in the stock market at the global level. Furthermore, we deepen the investigation by exploring the moderating role of eco-innovation and the CSR committee between greening in corporations and market value.

The data for the study were retrieved from the Thomson Reuters Eikon database for the years between 2002 and 2019 and contain 17,961 firm-year observations which are analyzed through fixed-effects regression.

The results reveal that while resource usage is viewed as value-relevant by the market, the emissions and eco-innovation are not. However, despite eco-innovation per se not being value-relevant, its interaction with resource usage and emissions is value-relevant. Furthermore, CSR committees undertake a very critical role in translating greening practices into market value.

While the results for emissions support the cost-concerned school, the findings for resource usage confirm the value creation school. Furthermore, the interaction effect of eco-innovation and CSR committee confirms the resource-based theory and stakeholder theory, respectively.

Investors regard eco-innovation-induced pro-environmental behaviors as value-relevant. These results propose firms replace eco-innovation at the focal point in developing environmental strategies and connecting other greening efforts to it. Moreover, CSR committees are critical to corporations in translating greening practices into firm value by developing and implementing disclosure and communication strategies.

The study’s originality stems from investigating the synergetic effect that eco-innovation and CSR committees generate in translating greening practices to greater market value at a global scale.

This paper aims to analyze the effect of family control and influence dimension of the socioemotional wealth (SEW) on capital structure of large listed firms in the North African region.

The study uses panel data of the top 98 largest listed firms in the North African capital markets over the period from 2018 to 2022. The analysis is conducted employing random effects models.

Findings suggest that large listed firms in North African region rely on more use of equity rather than debt financing. Further, results show that family control and influence dimension of the SEW, has no significant impact on the capital structure of North African large listed firms. This implies that the financing behavior of large firms listed in the North African countries is driven by financial and rationale factors rather than non-economic considerations. Indeed, findings support assumptions of the pecking order theory.

This transnational study provides new insights into relevancy of socioemotional theory in explaining capital structure decisions within large family businesses in emerging markets. Findings have the potential to enhance analysts', investors' and practitioners' understanding of financing decisions by large listed firms in this region. This, in turn, can aid in conceiving adapted financing solutions.

Although the outcomes arising from firms’ interaction with policymakers is a developed theme, family firms’ political credentials and lobbying remain unexplored. To ignite this discourse, the extent to which these factors influence family firms’ tax experience and perception of corruption obstacles is estimated, as well as the impact on sales performance.

Cross-sectional data from Turkish family firms are examined by a structural equation model. The sample is comprised of 588 family firms spanning 12 regions.

The paths revealed that family firms’ political credentials do not inherently yield a positive tax experience. Rather, membership of a business association provides a medium to engage in lobbying activity. In turn, this leads to a more positive tax experience but also a greater exposure to corruption. Likewise, informed lobbying increases sales performance while corruption has the reverse effect.

The significant influences of political credentials and lobbying make a novel contribution to organisational field theory. Practically, the study appeals to family firms seeking to ease their tax experience while increasing sales and bypassing corruption.

Organisational learning (OL) is a critical capability family firms (FFs) need in order to adapt to an increasingly turbulent environment. Given the uniqueness of FFs and their differentiated decision-making processes, this review addresses fragmentation in the literature and synthesises prior research outlining the development of OL in FFs.

A systematic literature review was conducted using four databases, and 53 pertinent papers on OL in FFs published from 1998 to 2023 were analysed using the theory, characteristics, context and methodology (TCCM) framework.

The last five years (2019–2023) show a marked increase in interest in OL in FFs, with a rise in the number of quantitative studies. The findings indicate that OL is mainly studied as a unidimensional construct, while it is a multidimensional capability. Strategic management and organisational behaviour theories are commonly employed, while theories specific to family business such as socioemotional wealth (SEW) and familiness are underrepresented. Most studies focus on FFs in the Northern Hemisphere, and few studies examine OL in FFs located in the Global South. The TCCM framework reveals the complexity and multi-layered nature of OL in FFs.

This is one of the first systematic reviews to synthesise research on OL in FFs. The proposed research agenda identifies fruitful areas for future investigations concentrating on the multidimensional nature of OL, family-related outcomes, as well as contextual and methodological research directions of interest to family business researchers.

Given the growing interest in the topic of knowledge management (KM) in family firms (FFs) and the subsequent increasing number of papers published, this study aims to review the field to identify and analyze the main themes and trends.

This study applies bibliometric techniques to a sample of 146 papers published from 2007 to 2023 and their 8,126 unique cited references. Bibliometric coupling is performed on the sample papers to explore the current intellectual structure of the field of KM in FFs, whereas cocitations analysis is performed to investigate the different literature streams that served as roots for the development of such a field.

Bibliographic coupling reveals that sample papers can be grouped into four clusters, and, through papers content analysis, the author identifies their core themes as knowledge sharing, innovation, knowledge-based dynamic capabilities and intellectual capital. Cocitation analysis of the cited references revealed four main clusters that can be considered the literature streams that served as roots for the development of the field, i.e. knowledge-based view, socioemotional wealth, strategic management and social capital (as a theory and as a resource).

This study contributes to the literature on KM in FFs by extending prior systematic review efforts with bibliometric analyses and combining these results to highlight connections between the main research themes around which scholars have debated (i.e. the clusters identified through bibliometric coupling) and their theoretical foundations (i.e. the clusters identified through cocitation analysis). This study also has practical implications by synthesizing and informing managers about FFs’ advantages and weaknesses in the KM process.

This study aims to explore the relationship between foreignness and CEO pay.

This study combines cross-sectional and time series observations analyzed with panel data methodology in a sample of 59 firms listed in the Spanish IBEX-35 index between 2006 and 2020.

International ownership influences CEO underpayment and foreign sales influence CEO overpayment.

CEO pay is susceptible to being influenced by foreign non-American variables. An appropriate understanding of these factors can contribute to discussing policies that balance the level of CEO payment in large public firms.

Research on internationalization and CEO pay is scarce. A handful of studies confirm the link between Americanization and executive compensation in Europe. However, the authors still do not know if the level of CEO pay is influenced by non-American exposure. To do this, the authors test the effect of firm – ownership, sales, board – and individual – CEO – exposure to international, non-US environments on the level of over/underpayment of CEOs in a sample of Spanish firms.

Explorar la relación entre la extranjería y la remuneración de los CEO.

Combinamos observaciones transversales y de series temporales analizadas con metodología de datos de panel en una muestra de 59 empresas del índice IBEX-35 español entre 2006 y 2020.

La propiedad internacional influye en la remuneración insuficiente de los CEO y las ventas en el extranjero influyen en la remuneración excesiva de los CEO.

La investigación sobre la internacionalización y la remuneración de los CEO es escasa. Un puñado de estudios confirman el vínculo entre la americanización y la remuneración de los ejecutivos en Europa. Sin embargo, todavía no sabemos si el nivel de remuneración de los CEO está influenciado por la exposición no estadounidense. Para ello, probamos el efecto de la exposición de la empresa (propiedad, ventas, consejo) y del individuo (CEO) a entornos internacionales, no estadounidenses, sobre el nivel de sobre/insuficiente remuneración de los CEO en una muestra de empresas españolas.

La remuneración de los CEO es susceptible de verse influenciada por variables extranjeras no estadounidenses. Una comprensión adecuada de estos factores puede contribuir a discutir políticas que equilibren el nivel de remuneración de los CEO en las grandes empresas públicas.

Explorar a relação entre estrangeirismo e remuneração de CEO.

Combinamos observações transversais e de séries temporais analisadas com metodologia de dados em painel em uma amostra de 59 empresas listadas no índice espanhol IBEX-35 entre 2006 e 2020.

A propriedade internacional influencia o sub pagamento de CEO e as vendas no exterior influenciam o super pagamento de CEO.

Pesquisas sobre internacionalização e remuneração de CEO são escassas. Alguns estudos confirmam a ligação entre americanização e remuneração de executivos na Europa. No entanto, ainda não sabemos se o nível de remuneração de CEO é influenciado pela exposição não americana. Para fazer isso, testamos o efeito da exposição da empresa - propriedade, vendas, conselho - e individual - CEO - a ambientes internacionais, não americanos, no nível de super/sub pagamento de CEOs em uma amostra de empresas espanholas.

A remuneração de CEO é suscetível a ser influenciada por variáveis estrangeiras não americanas. Uma compreensão adequada desses fatores pode contribuir para discutir políticas que equilibram o nível de remuneração de CEO em grandes empresas públicas.

The present paper examines whether tax avoidance practices affect productivity in small and medium-sized enterprises (SMEs). This study also analyses whether this association is moderated by firm size, firm financial constraints, management control of cash flows, or information risk.

This study used a sample of Spanish SMEs for the period 2006–2020. Tax avoidance was measured as the difference between the statutory tax rate and the effective tax rate, and three proxies for productivity were used: overall productivity, capital productivity and labour productivity. Firm fixed effects regressions, propensity score matching and change regressions were used to address the potential sample selection bias and endogeneity between tax avoidance and productivity.

The results of the empirical analysis suggest that tax avoidance increases productivity in SMEs. This beneficial effect of tax avoidance was found to be higher in small firms than in medium-sized firms, but smaller in firms that faced financial constraints. Furthermore, the findings showed that the tax avoidance effect on productivity was stronger in firms where managers had less control over the cash flow –i.e. dividend-paying firms–, and weaker in firms with lower quality of financial information – i.e. firms with qualified audit reports.

This study contributes to the research on the economic consequences of tax avoidance by examining its impact on firm-level productivity in SMEs. From additional analyses, the findings of the study suggest that the positive effect of tax avoidance on firm productivity depends on firm size, the financial slack of the firm, and the costs of agency conflicts and information problems associated with tax avoidance.

The results of this study have implications for SMEs, suggesting that cash flows obtained through tax avoidance, if properly used, may increase firm productivity. In planning their tax avoidance practices, SME managers could take advantage of specific tax incentives designed for SMEs, which is particularly relevant given the low-productivity levels of these firms. The findings also highlight the importance of maintaining high-quality information and implementing mechanisms to mitigate the agency risks associated with tax avoidance to enhance the productivity of SMEs.

This study provides important insights to policymakers on SME tax policy, supporting the special tax rules for SMEs – in force in many OECD and EU countries – which aim to create an environment conducive to SME growth. The findings of the study also have macroeconomic implications, given the importance of firm productivity as a determinant of economic growth and the relevance of SMEs in most national economies.

This study provides novel empirical evidence on the effects of tax avoidance on firm-level productivity in SMEs. Despite the prevalence of SMEs as the predominant type of organization in most countries, no prior research has comprehensively examined this issue for this type of firm. This research question was addressed by considering proxies for overall, capital, and labour productivity and by examining how SME characteristics affect this relationship.