Innovativeness in family firms: a family influence perspective

Small Business Economics - Tập 38 - Trang 85-101 - 2010
Franz W. Kellermanns1,2, Kimberly A. Eddleston3, Ravi Sarathy3, Fran Murphy4
1Department of Management and Information Systems, Mississippi State University, Mississippi State, USA
2INTES Center for Family Enterprises, WHU (Otto Beisheim School of Management), Vallendar, Germany
3College of Business Administration, Northeastern University, Boston, USA
4University of Mississippi, University, USA

Tóm tắt

This paper investigates the relationships between family influence and family firm performance. Specifically, we investigate how generational ownership dispersion, family management involvement, and family member reciprocity affect firm performance. We also consider the moderating role of innovativeness. Our findings indicate that family firm influence can have both positive and negative consequences for family firm performance. Implications and areas for future research are discussed.

Tài liệu tham khảo

Aiken, L. S., & West, S. G. (1991). Multiple regression: Testing an interpreting interactions. Sage: Newbury Park. Aldrich, H. E., & Cliff, J. E. (2003). The pervasive effects of family on entrepreneurship: Toward a family embeddedness perspective. Journal of Business Venturing, 18, 573–596. Allio, M. (2004). Family businesses: Their virtues, vices and strategic path. Strategy and Leadership, 32, 24–34. Anderson, R., & Reeb, D. (2003). Founding-family ownership and firm performance: Evidence from S&P 500. Journal of Finance, 58(3), 1301–1327. Arregle, J.-L., Hitt, M. A., Sirmon, D. G., & Very, P. (2007). The development of organizational social capital: Attributes of family firms. Journal of Management Studies, 44, 72–95. Astrachan, J., & Jaskiewicz, P. (2008). Emotional returns and emotional costs in privately-held family businesses: Advancing traditional business valuation. Family Business Review, 21(2), 139–150. Astrachan, J. H., Klein, S. B., & Smyrnios, K. X. (2002). The F-Pec scale of family influence: A proposal for solving the family business definition problem. Family Business Review, 15(1), 45–58. Beckhard, R., & Dyer, W. G., Jr. (1983). SMR Forum: Managing change in the family firm—issues and strategies. Sloan Management Review, 24, 59–65. Brockhaus, R. H. (1980). Risk taking propensity of entrepreneurs. Academy of Management Journal, 23(3), 509–520. Brown, S. L., & Eisenhardt, K. M. (1997). The art of continuous change: Linking complexity theory and time-paced evolution in relentlessly shifting organizations. Administrative Science Quarterly, 42(1), 1–24. Brush, C. G., & Vanderwerf, P. A. (1992). A comparison of methods and sources for obtaining estimates of new venture performance. Journal of Business Venturing, 7, 157–170. Cabrera-Suarez, K., Saa-Perez, P. D., & Almeida, D. G. (2001). The succession process from a resource- and knowledge-based view of the family firm. Family Business Review, 14(1), 37–47. Cameron, K. (1978). Measuring organizational effectiveness in institutions of higher education. Administrative Science Quarterly, 23(4), 604–632. Carlock, R. S., & Ward, J. L. (2001). Strategic planning for the family business: Parallel planning to unify the family and business. New York: Palgrave Macmillan. Carney, M. (2005). Corporate governance and competitive advantage in family-controlled firms. Entrepreneurship Theory and Practice, 29(3), 249–266. Chang, E. P. C., Chrisman, J. J., Chua, J. H., & Kellermanns, F. W. (2008). Regional economy as a determinant of the prevalence of family firms in the United States: A preliminary report. Entrepreneurship Theory and Practice, 32, 559–573. Chrisman, J. J., Gatewood, E., & Donlevy, L. B. (2002). A note on the efficiency and effectiveness of outsider assistance programs in rural versus non-rural states. Entrepreneurship Theory and Practice, 26(3), 67–80. Chrisman, J. J., Chua, J. H., & Litz, R. (2004). Comparing the agency costs of family and non-family firms: Conceptual issues and exploratory evidence. Entrepreneurship Theory and Practice, 28(4), 335–354. Chrisman, J. J., McMullan, E., & Hall, J. (2005). The influence of guided preparation on the long-term performance of new ventures. Journal of Business Venturing, 20, 769–791. Chrisman, J. J., Chua, J. H., Chang, E. P., & Kellermanns, F. W. (2007). Are family managers agents or stewards? An exploratory study in privately-held family firms. Journal of Business Research, 60, 1030–1038. Chua, J. H., Chrisman, J. J., & Sharma, P. (1999). Defining the family business by behavior. Entrepreneurship Theory and Practice, 23(4), 19–39. Chua, J. H., Chrisman, J. J., & Steier, L. P. (2003). Extending the theoretical horizons of family business research. Entrepreneurship Theory and Practice, 27(4), 331–338. Cliff, J. E., & Jennings, P. D. (2005). Commentary on the multidimensional degree of family influence construct and the F-PEC measurement instrument. Entrepreneurship Theory and Practice, 39(3), 341–347. Coff, R. W. (1999). When competitive advantage doesn’t lead to performance: The resource based view and stakeholder bargaining power. Organization Science, 10(2), 119–133. Cohen, J. (1988). Statistical power analysis for behavioral sciences (2nd ed.). Hillsdale, NJ: Lawrence Erlbaum Associates. Cohen, J., Cohen, P., West, S., & Aiken, L. (2003). Applied multiple regression/correlation analysis for the behavioral sciences (3rd ed.). Mahwah, NJ: Lawrence Erlbaum, Publishers. Corbett, A. C., & Hmieleski, K. M. (2007). The conflicting cognitions of corporate entrepreneurs. Entrepreneurship Theory and Practice, 31(1), 103–121. Corbetta, G., & Salvato, C. (2004). Self-serving or self-actualizing? Models of man and agency costs in different types of family firms: A commentary on “Comparing the agency costs of family and non-family firms”: Conceptual issues and exploratory evidence. Entrepreneurship Theory and Practice, 28(4), 355–362. Covin, J. G., & Slevin, D. P. (1989). Strategic management of small firms in hostile and benign environments. Strategic Management Journal, 10(1), 35–37. Cucculellil, M., & Micucci, G. (2008). Family succession and firm performance: Evidence from Italian family firms. Journal of Corporate Finance, 13, 17–31. Daily, C., & Thompson, S. (1994). Ownership structure, strategic posture, and firm growth: An empirical examination. Family Business Review, 7(3), 237–249. Davis, P. S., & Harveston, P. D. (1999). In the founder’s shadow: Conflict in the family firm. Family Business Review, 12(4), 311–323. Dess, G. G., & Robinson, R. B. (1984). Industry effects and strategic management research. Journal of Management, 16(7), 7–27. Doty, D. H., & Glick, W. H. (1998). Common methods bias: Does common methods variance really bias results? Organizational Research Methods, 1, 374–406. Dyer, W. G. (2006). Examining the “family effect” on firm performance. Family Business Review, 19(4), 253–273. Eddleston, K., & Kellermanns, F. W. (2007). Destructive and productive family relationships: A stewardship theory perspective. Journal of Business Venturing, 22(4), 545–565. Eddleston, K., Kellermanns, F. W., & Sarathy, R. (2008a). Resource configuration in family firms: Linking resources, strategic planning and environmental dynamism to performance. Journal of Management Studies, 45(1), 26–50. Eddleston, K., Otondo, R., & Kellermanns, F. W. (2008b). Conflict, participative decision making, and multi-generational ownership: A multi-level analysis. Journal of Small Business Management, 46(3), 456–484. Eisenhardt, K., & Schoonhoven, C. (1990). Organizational growth: Linking founding team, strategy, environment, growth among U.S. semiconductor ventures, 1978–1988. Administrative Science Quarterly, 33, 284–304. Evans, M. G. (1985). A Monte Carlo study of the effects of correlated method variance in moderated multiple regression analysis. Organizational Behavior and Human Decision Processes, 36, 305–323. Ford, L. R., & Seers, A. (2006). Relational leadership and team climates: Pitting differentiation versus agreement. The Leadership Quarterly, 17, 258–270. Francis, D. H., & Sandberg, W. R. (2000). Friendship within entrepreneurial teams and its association with team and venture performance. Entrepreneurship Theory and Practice, 25(2), 5–25. Gersick, K. E., Davis, J. A., Hampton, M. M., & Lansberg, I. (1997). Generation to generation: Life cycles of the family business. Boston, MA: Harvard Business School Press. Gómez-Mejia, L. R., Hynes, K. T., Nunez-Nickel, M., & Moyano-Fuentes, H. (2007). Socioemotional wealth and business risk in family-controlled firms: Evidence from Spanish olive oil mills. Administrative Science Quarterly, 52, 106–137. Habbershon, T. G., & Williams, M. (1999). A resource-based framework for assessing the strategic advantage of family firms. Family Business Review, 12, 1–25. Habbershon, T. G., Williams, M., & MacMillan, I. C. (2003). A unified systems perspective of family firm performance. Journal of Business Venturing, 18, 451–465. Hair, J. F., Anderson, R. E., Tatham, R. L., & Black, W. C. (1998). Multivariate data analysis (5th ed.). Upper Saddle River, NJ: Pearson Education. Hannan, M. T., & Freeman, J. (1984). Structural inertia and organizational change. American Sociological Review, 49, 149–164. Harvey, M., & Evans, R. E. (1994). Family business and multiple levels of conflict. Family Business Review, 7(4), 331–348. Hayton, J. C., & Kelley, D. J. (2006). A competency-based framework for promoting corporate entrepreneurship. Human Resource Management, 45(3), 407–427. Heck, R. (2004). A commentary on “entrepreneurship in family vs. non-family firms”: A resource-based analysis of the effect of organizational culture. Entrepreneurship Theory and Practice, 28(4), 383–389. Hoegl, M., & Gemuenden, H. G. (2001). Teamwork quality and the success of innovative projects: A theoretical concept and empirical evidence. Organization Science, 12(4), 435–449. Hoegl, M., Weinkauf, K., & Gemuenden, H. G. (2004). Interteam coordination, project commitment, and team work in multi-team R&D projects: A longitudinal study. Organization Science, 15(1), 38–55. Hoy, F. (2006). The complicating factor of life cycles in corporate venturing. Entrepreneurship Theory and Practice, 30(6), 831–836. James, L. R., Demaree, R. G., & Wolf, G. (1984). Estimating within-group interrater reliability with and without response bias. Journal of Applied Psychology, 69, 85–98. James, L. R., Demaree, R. G., & Wolf, G. (1993). rwg: An assessment of within-group inter-rater agreement. Journal of Applied Psychology, 78, 306–339. Kanuk, L., & Berenson, C. (1975). Mail surveys and response rate: A literature review. Journal of Marketing Research, 22, 440–453. Kellermanns, F. W., & Eddleston, K. (2004). Feuding families: When conflict does a family firm good. Entrepreneurship Theory and Practice, 28(3), 209–228. Kellermanns, F. W., & Eddleston, K. (2006). Corporate venturing in family firms: Does the family matter? Entrepreneurship Theory and Practice, 30(6), 809–830. Kets de Vries, M. F. R. (1993). The dynamics of family controlled firms: The good and the bad news. Organizational Dynamics, 21(3), 59–71. Klein, A. S., Masi, R. J., & Weidner, C. K., I. I. (1995). Organization culture, distribution and amount of control, and perceptions of quality. Group and Organization Management, 20(2), 122–148. Klein, S. B., Astrachan, J. H., & Smyrnios, K. X. (2005). The F-PEC scale of family influence: Construct validation, and further implication for theory. Entrepreneurship Theory and Practice, 29(3), 321–339. Kumar, N., Stern, L. W., & Anderson, J. C. (1993). Conducting interorganizational research using key in-formants. Academy of Management Journal, 36(6), 1633–1651. La Porta, R., Lopez-de Silanes, F., Shleifer, A., & Vishny, R. (1997). Trust in large organizations. American Economic Review, 87, 333–339. Lansberg, I. S. (1988). The succession conspiracy: Resistance to succession planning in first generation family firms. Family Business Review, 1(2), 119–143. Le Breton-Miller, I., & Miller, D. (2006). Why do some family businesses out-compete? Governance, long-term orientation, and sustainable capability. Entrepreneurship Theory and Practice, 30, 731–746. Levinson, H. (1971). Conflicts that plague family businesses. Harvard Business Review, 49, 90–98. Levinson, R. E. (1987). Problems in managing a family-owned business. In C. E. Aronoff & J. L. Ward (Eds.), Family business sourcebook (pp. 169–174). Detroit: Omnigraphics, Inc. Love, L. G., Priem, R. L., & Lumpkin, G. T. (2002). Explicitly articulated strategy and firm performance under alternative levels of centralization. Journal of Management, 28(5), 611–627. Lumpkin, G. T., & Dess, G. G. (1996). Clarifying the entrepreneurial orientation construct and linking it to performance. Academy of Management Review, 21(1), 135–172. Lumpkin, G. T., & Dess, G. G. (2001). Linking two dimensions of entrepreneurial orientation to firm performance: The moderating role of environment and industry life cycle. Journal of Business Venturing, 16, 429–451. March, J. G., & Shapira, Z. (1987). Managerial perspectives on risk and risk taking. Management Science, 33(11), 1404–1418. Maury, B. (2006). Family ownership and firm performance: Empirical evidence from Western European corporations. Journal of Corporate Finance, 12, 321–341. Mazen, A. M. M., Hemmasi, M., & Lewis, M. F. (1987). Assessment of strategic power in contemporary strategy research. Strategic Management Journal, 8, 403–410. Miller, D. (1983). The correlates of entrepreneurship in three types of firms. Management Science, 29(7), 770–791. Miller, D., & Le Breton-Miller, I. (2005). Managing for the long run: Lessons in competitive advantage from great family businesses. Boston, MA: Harvard Business School Press. Miller, D., Breton-Miller, I. L., Lester, R. H., & Cannella, A. A. (2007). Are family firms really superior performers? Journal of Corporate Finance, 13, 829–858. Mintzberg, H. (1994). The rise and fall of strategic planning. New York: Free. Mitchell, J. R., Hart, T. A., Valcea, S., & Townsend, D. M. (2009). Becoming the boss: Discretion and post-succession success in family firms. Entrepreneurship Theory and Practice, 33(6), 1201–1218. Morck, R., & Yeung, B. (2003). Agency problems in large business groups. Entrepreneurship Theory and Practice, 27(4), 367–382. Morris, M. H. (1998). Entrepreneurial intensity. Westport, CT: Quorum Books. Naldi, L., Nordqvist, M., Sjoberg, K., & Wiklund, J. (2007). Entrepreneurial orientation, risk taking, and performance in family firms. Family Business Review, 20(1), 33–47. Nicholson, G. J., & Kiel, G. C. (2007). Can directors impact performance? A case-based test of three theories of corporate governance. Corporate Governance, 15(4), 585–608. Oppenheim, A. N. (1966). Questionnaire design and attitude measurement. New York: Free. Pérez-González, F. (2006). Inherited control and firm performance. American Economic Review, 96, 1550–1588. Podsakoff, P. M., & Organ, D. W. (1986). Self-reports in organizational research: Problems and perspectives. Journal of Management, 12, 531–544. Poza, E. J. (1988). Managerial practices that support interpreneurship and continued growth. Family Business Review, 1, 339–359. Poza, E. J. (1989). Smart growth: Critical choices for business continuity and prosperity. San Francisco: Jossey-Bass. Rauch, A., Wiklund, J., Lumpkin, G. T., & Frese, M. (2009). Entrepreneurial orientation and business performance: An assessment of past research and suggestions for the future. Entrepreneurship Theory and Practice, 33(3), 761–787. Rutherford, M. W., Kuratko, D. F., & Holt, D. T. (2008). Examining the link between “Familiness” and performance: Can the F-Pec untangle the family business theory jungle? Entrepreneurship Theory and Practice, 32(6), 1089–1110. Salvato, C. (2004). Predictors of entrepreneurship in family firms. Journal of Private Equity, 7(3), 68–76. Schulze, W. S., Lubatkin, M. H., Dino, R. N., & Buchholtz, A. K. (2001). Agency relationships in family firms: Theory and evidence. Organization Science, 12(2), 99–116. Schulze, W. S., Lubatkin, M. H., & Dino, R. N. (2003a). Exploring the agency consequences of ownership dispersion among inside directors at family firms. Academy of Management Journal, 46(2), 179–194. Schulze, W. S., Lubatkin, M. H., & Dino, R. N. (2003b). Toward a theory of agency and altruism in family firms. Journal of Business Venturing, 18(4), 473–490. Schumpeter, J. A. (1934). The theory of economic development. Cambridge, MA: Harvard University Press. Seers, A. (1989). Team-member exchange quality: A new construct for role-making research. OBHDP, 43, 118–135. Seers, A., Petty, M. M., & Cashman, J. F. (1995). Team-member exchange under team and traditional management. Group and Organizational Management, 20(1), 18–38. Seidler, J. (1974). On using key informants: A technique for collecting quantitative data and controlling measurement error in organization analysis. American Sociological Review, 39(December), 816–831. Seymour, K. C. (1993). Intergenerational relationships in family firms: The effect of leadership on succession. Family Business Review, 6(3), 263–281. Shanker, M. C., & Astrachan, J. H. (1996). Myths and realities: Family businesses contribution to the US economy—a framework for assessing family business statistics. Family Business Review, 9, 107–123. Sharma, P., Chrisman, J. J., & Chua, J. H. (2003). Predictors of satisfaction with the succession process in family firms. Journal of Business Venturing, 18, 667–687. Simons, T. L., & Peterson, R. S. (2000). Task conflict and relationship conflict in top management teams: The pivotal role of intragroup trust. Journal of Applied Psychology, 85(1), 102–111. Sirmon, D. G., Arregle, J.-L., Hitt, M. A., & Webb, J. W. (2008). The role of family influence in firms’ strategic responses to threat of imitation. Entrepreneurship Theory and Practice, 32(6), 979–998. Spector, P. E., & Brannick, M. T. (1995). The nature and effects of method variance in organizational research. In C. L. Cooper & I. T. Robertson (Eds.), International review of industrial and organizational psychology (pp. 249–274). West Sussex, England: Wiley. Stavrou, E. T. (1999). Succession in family businesses: Exploring the effects of demographic factors on offspring intentions to join and take over the business. Journal of Small Business Management, 37(3), 43–61. Steier, L. (2003). Variants of agency contracts in family financed ventures as a continuum of familial altruistic and market rationalities. Journal of Business Venturing, 18, 597–618. Stichcombe, A. L. (1965). Social structure and organizations. In J. G. March (Ed.), Handbook of organizations (pp. 142–193). Chicago: Rand McNally. Uhlaner, L. M. (2005). The use of the Guttman scale in development of a family orientation index for small-to-medium-sized firms. Family Business Review, 18(1), 41–56. Upton, N., Teal, E. J., & Felan, J. T. (2001). Strategic and business planning practices of fast growth family firms. Journal of Small Business Management, 39(1), 60–72. Vago, M. (2004). Integrating change management: Challenges for family business clients and consultants. Family Business Review, 17(1), 71–80. Venkatraman, N., & Ramanujam, V. (1987). Measurement of business performance in strategy research: A comparison of approaches. Academy of Management Review, 11(4), 801–814. Villalonga, B., & Amit, R. (2006). How do family ownership, control and management affect firm value? Journal of Financial Economics, 80, 385–417. Ward, J. L. (1997). Growing the family business: Special challenges and best practices. Family Business Review, 10, 323–337. Zahra, S. A. (2005). Entrepreneurial risk taking in family firms. Family Business Review, 18(1), 23–40. Zahra, S. A., Hayton, J. C., & Salvato, C. (2004). Entrepreneurship in family vs. non-family firms: A resource-based analysis of the effect of organizational culture. Entrepreneurship Theory and Practice, 28(4), 363–381.