Giải mã Thay đổi Chiến lược trong các Doanh nghiệp Gia đình: Ảnh hưởng của Tính gia đình đến Quy trình Thay đổi Chiến lược

Moritz Belling1, Ulrich Pidun1, Dodo zu Knyphausen-Aufseß2
1Technische Universität Berlin, Berlin, Germany
2Fachgebiet Strategische Führung und Globales Management, Technische Universität Berlin, Berlin, Germany

Tóm tắt

Sự sống còn và khả năng thích ứng của các doanh nghiệp gia đình là một lĩnh vực nghiên cứu chính do tầm nhìn lâu dài và vượt thế hệ của gia đình. Trong suốt quá trình phát triển, các doanh nghiệp trải qua các giai đoạn thay đổi chiến lược có tác động có thể đáng kể đến hiệu suất và sự tồn tại của chúng. Trong bài viết này, chúng tôi kết hợp nghiên cứu về doanh nghiệp gia đình với nghiên cứu thay đổi chiến lược để đề xuất cách mà tính gia đình hỗ trợ hoặc hạn chế sự thay đổi chiến lược. Chúng tôi đưa ra ba khuynh hướng của các doanh nghiệp gia đình trong khả năng đối phó với thay đổi chiến lược. Đầu tiên, tính gia đình tạo ra sự chú trọng quá mức vào nhận thức về các yếu tố kích thích thay đổi từ từ, nhưng hạn chế nhận thức về các yếu tố kích thích thay đổi mạnh mẽ. Thứ hai, tính gia đình tạo ra khuynh hướng xác định phạm vi và kích thước thay đổi chiến lược không phù hợp trong các giai đoạn thay đổi mạnh mẽ nhằm bảo vệ giá trị của các tài nguyên di sản. Thứ ba, tính gia đình hỗ trợ sự kiên trì trong quá trình triển khai thay đổi chiến lược đồng thời tạo ra khuynh hướng chậm chạp hoặc cố chấp khi thực hiện một quyết định thay đổi chưa đủ.

Từ khóa


Tài liệu tham khảo

Adhikari, Hari P., and Ninon K. Sutton. 2016. All in the family: the effect of family ownership on acquisition performance. Journal of Economics & Business 88:65–78. https://doi.org/10.1016/j.jeconbus.2016.08.001. Adner, Ron, and Constance E. Helfat. 2003. Corporate effects and dynamic managerial capabilities. Strategic Management Journal 24(10):1011–1025. https://doi.org/10.1002/smj.331. Ahmad, Shabir, Rosmini Omar, and Farzana Quoquab. 2020. Family firms’ sustainable longevity: the role of family involvement in business and innovation capability. Journal of Family Business Management 11(1):86–106. https://doi.org/10.1108/JFBM-12-2019-0081. Aktas, Nihat, Santo Centineo, and Ettore Croci. 2016. Value of control in family firms: evidence from mergers and acquisitions. Multinational Finance Journal 20(2):85–126. https://doi.org/10.17578/20-2-1. Alberti, Fernando G., and Emanuele Pizzurno. 2013. Technology, innovation and performance in family firms. International Journal of Entrepreneurship and Innovation Management 17(1):142–161. https://doi.org/10.1504/IJEIM.2013.055253. Alessandri, Todd M., Daniele Cerrato, and Kimberly A. Eddleston. 2018. The mixed gamble of internationalization in family and nonfamily firms: the moderating role of organizational slack. Global Strategy Journal 8(1):46–72. https://doi.org/10.1002/gsj.1201. Amis, John, Trevor Slack, and Christopher Robin Hinings. 2004. The pace, sequence, and linearity of radical change. Academy of Management Journal 47(1):15–39. https://doi.org/10.2307/20159558. Anderson, Ronald C., and David M. Reeb. 2003a. Founding-family ownership and firm performance: evidence from the S&P 500. The Journal of Finance 58(3):1301–1328. https://doi.org/10.1111/1540-6261.00567. Anderson, Ronald C., and David M. Reeb. 2003b. Founding-family ownership, corporate diversification, and firm leverage. Journal of Law & Economics 46(2):653–680. https://doi.org/10.1086/377115. André, Paul, Walid Ben-Amar, and Samir Saadi. 2014. Family firms and high technology Mergers & Acquisitions. Journal of Management & Governance 18(1):129–158. https://doi.org/10.1007/s10997-012-9221-x. Ansoff, H. Igor, Daniel Kipley, A.O. Lewis, Roxanne Helm-Stevens, and Rick Ansoff. 2018. Implanting strategic management, 3rd edn., Basingstoke: Palgrave MacMillan. Aronoff, Craig. 2004. Self-perpetuation family organization built on values: necessary condition for long-term family business survival. Family Business Review 17(1):55–59. https://doi.org/10.1111/j.1741-6248.2004.00003.x. Barney, Jay. 1991. Firm resources and sustained competitive advantage. Journal of Management 17(1):99–120. https://doi.org/10.1177/014920639101700108. Basly, Sami. 2007. The internationalization of family SME: an organizational learning and knowledge development perspective. Baltic Journal of management 2(2):154–180. https://doi.org/10.1108/17465260710750973. Bauweraerts, Jonathan, Salvatore Sciascia, Lucia Naldi, and Pietro Mazzola. 2019. Family CEO and board service: turning the tide for export scope in family SMEs. International Business Review 28(5):101583. https://doi.org/10.1016/j.ibusrev.2019.05.003. Beauregard, Alexandra T., Mustafa Ozbilgin, and Myrtle P. Bell. 2009. Revisiting the social construction of family in the context of work. Journal of Managerial Psychology 24(1):46–65. https://doi.org/10.1108/02683940910922537. Bennedsen, Morten, and Nicolai Foss. 2015. Family assets and liabilities in the innovation process. California Management Review 58(1):65–81. https://doi.org/10.1525/cmr.2015.58.1.65. Bennedsen, M., K.M. Nielsen, F. Perez-Gonzalez, and D. Wolfenzon. 2007. Inside the family firm: the role of families in succession decisions and performance. The Quarterly Journal of Economics 122(2):647–691. https://doi.org/10.1162/qjec.122.2.647. Berrone, Pascual, Cristina Cruz, and Luis R. Gomez-Mejia. 2012. Socioemotional wealth in family firms: theoretical dimensions, assessment approaches, and agenda for future research. Family Business Review 25(3):258–279. https://doi.org/10.1177/0894486511435355. Bethel, Jennifer E., and Julia Liebeskind. 1993. The effects of ownership structure on corporate restructuring. Strategic Management Journal 14(S1):15–31. https://doi.org/10.1002/smj.4250140904. Block, Jörn. 2010. Family management, family ownership, and downsizing: evidence from S&P 500 firms. Family Business Review 23(2):109–130. https://doi.org/10.1177/0894486509360520. Block, Joern, and Frank Spiegel. 2011. Family firms and regional innovation activity: evidence from the German Mittelstand. MPRA Paper, Vol. 28604 Boeker, Warren. 1989. Strategic change: the effects of founding and history. Academy of Management Journal 32(3):489–515. https://doi.org/10.5465/256432. Boeker, Warren. 1997. Strategic change: the influence of managerial characteristics and organizational growth. Academy of Management Journal 40(1):152–170. https://doi.org/10.2307/257024. Bohman, Håkan, and Maj-Britt Johansson Lindfors. 1998. Management for change: on strategic change during recession. Journal of Business Research 41(1):57–70. https://doi.org/10.1016/S0148-2963(97)00012-X. Bourgeois, Leonard Jay, III. 1984. Strategic management and determinism. Academy of Management Review 9(4):586–596. https://doi.org/10.5465/amr.1984.4277347. Brunninge, Olof, Mattias Nordqvist, and Johan Wiklund. 2007. Corporate governance and strategic change in SMEs: the effects of ownership, board composition and top management teams. Small Business Economics 29(3):295–308. https://doi.org/10.1007/s11187-006-9021-2. Caprio, Lorenzo, Ettore Croci, and Alfonso Del Giudice. 2011. Ownership structure, family control, and acquisition decisions. Journal of Corporate Finance 17(5):1636–1657. https://doi.org/10.1016/j.jcorpfin.2011.09.008. Casillas, Jose C., Ana M. Moreno-Menéndez, José L. Barbero, and Eric Clinton. 2018. Retrenchment strategies and family involvement: the role of survival risk. Family Business Review 32:58–75. https://doi.org/10.1177/0894486518794605. Cassia, Lucio, Alfredo De Massis, and Emanuele Pizzurno. 2012. Strategic innovation and new product development in family firms: an empirically grounded theoretical framework. International Journal of Entrepreneurial Behavior and Research 18(2):198–232. https://doi.org/10.1108/13552551211204229. Cater, John, and Andreas Schwab. 2008. Turnaround strategies in established small family firms. Family Business Review 21(1):31–50. https://doi.org/10.1111/j.1741-6248.2007.00113.x. Chakravarthy, Balaji S. 1982. Adaptation: a promising metaphor for strategic management. Academy of Management Review 7(1):35–44. https://doi.org/10.2307/257246. Chang, Sea-Jin, and Jungwook Shim. 2015. When does transitioning from family to professional management improve firm performance? Strategic Management Journal 36(9):1297–1316. https://doi.org/10.1002/smj.2289. Chi-Nien, Chung, and Luo Xiaowei. 2008. Institutional logics or agency costs: the influence of corporate governance models on business group restructuring in emerging economies. Organization Science 19(5):766–784. https://doi.org/10.1287/orsc.1070.0342. Chirico, Francesco, and Carlo Salvato. 2008. Knowledge integration and dynamic organizational adaptation in family firms. Family Business Review 21(2):169–181. https://doi.org/10.1111/j.1741-6248.2008.00117.x. Chrisman, James J., Jess H. Chua, and Reginald Litz. 2003. A unified systems perspective of family firm performance: an extension and integration. Journal of Business Venturing 18(4):467–472. https://doi.org/10.1016/S0883-9026(03)00055-7. Chrisman, James J., Jess H. Chua, Allison W. Pearson, and Tim Barnett. 2012. Family involvement, family influence, and family–centered non–economic goals in small firms. Entrepreneurship Theory and Practice 36(2):267–293. https://doi.org/10.1111/j.1540-6520.2010.00407.x. Chrisman, James J., Jess H. Chua, and Pramodita Sharma. 2005. Trends and directions in the development of a strategic management theory of the family firm. Entrepreneurship Theory and Practice 29(5):555–575. https://doi.org/10.1111/j.1540-6520.2005.00098.x. Chrisman, James J., Fang Hanqing, Josip Kotlar, and Alfredo De Massis. 2015. A note on family influence and the adoption of discontinuous technologies in family firms. Journal of Product Innovation Management 32(3):384–388. https://doi.org/10.1111/jpim.12206. Chrisman, James J., Pramodita Sharma, Lloyd P. Steier, and Jess H. Chua. 2013. The influence of family goals, governance, and resources on firm outcomes. Entrepreneurship Theory and Practice 37(6):1249–1261. https://doi.org/10.1111/etap.12064. Chua, Jess H., James J. Chrisman, and Pramodita Sharma. 1999. Defining the family business by behavior. Entrepreneurship Theory and Practice 23(4):19–39. https://doi.org/10.1177/104225879902300402. Chua, Jess H., James J. Chrisman, Lloyd P. Steier, and Sabine B. Rau. 2012. Sources of heterogeneity in firms: an introduction. Entrepreneurship Theory and Practice 36(6):1103–1113. https://doi.org/10.1111/j.1540-6520.2012.00540.x. Ciravegna, Luciano, Liena Kano, Francesco Rattalino, and Alain Verbeke. 2020. Corporate diplomacy and family firm longevity. Entrepreneurship Theory and Practice 44(1):109–133. https://doi.org/10.1177/1042258719838477. Coleman, James S. 1988. Social capital in the creation of human capital. American Journal of Sociology 94(1):95–120. https://doi.org/10.1086/228943. Cornelissen, Joep P., and Mirjam D. Werner. 2014. Putting framing in perspective: a review of framing and frame analysis across the management and organizational literature. Academy of Management Annals 8(1):181–235. https://doi.org/10.1080/19416520.2014.875669. Dailey, Robert C., Thomas E. Reuschling, and Richard F. DeMong. 1977. The family owned business: capital funding. American Journal of Small Business 2(2):30–39. https://doi.org/10.1177/104225877700200205. De Massis, Alfredo, David Audretsch, Lorraine Uhlaner, and Nadine Kammerlander. 2018. Innovation with limited resources: management lessons from the German Mittelstand. Journal of Product Innovation Management 35(1):125–146. https://doi.org/10.1111/jpim.12373. De Massis, Alfredo, Federico Frattini, Emanuele Pizzurno, and Lucio Cassia. 2015. Product innovation in family versus nonfamily firms: an exploratory analysis. Journal of Small Business Management 53(1):1–36. https://doi.org/10.1111/jsbm.12068. Decker, Carolin, and Christina Günther. 2017. The impact of family ownership on innovation: evidence from the German machine tool industry. Small Business Economics 48(1):199–212. https://doi.org/10.1007/s11187-016-9775-0. DeTienne, Dawn R., and Francesco Chirico. 2013. Exit strategies in family firms: how socioemotional wealth drives the threshold of performance. Entrepreneurship Theory and Practice 37(6):1297–1318. https://doi.org/10.1111/etap.12067. Dosi, Giovanni, and Richard R. Nelson. 1994. An introduction to evolutionary theories in economics. Journal of Evolutionary Economics 4(3):153–172. https://doi.org/10.1007/BF01236366. Drozdow, Nancy, and Vincent P. Carroll. 1997. Tools for strategy development in family firms. Sloan Management Review 39(1):116–116. Eddleston, Kimberly A., Franz W. Kellermanns, and Thomas M. Zellweger. 2012. Exploring the entrepreneurial behavior of family firms: does the stewardship perspective explain differences? Entrepreneurship Theory and Practice 36(2):347–367. https://doi.org/10.1111/j.1540-6520.2010.00402.x. Faccio, Mara, and Larry H.P. Lang. 2002. The ultimate ownership of Western European corporations. Journal of Financial Economics 65(3):365–395. https://doi.org/10.1016/S0304-405X(02)00146-0. Feldman, Emilie R., Raphael Amit, and Belén Villalonga. 2016. Corporate divestitures and family control. Strategic Management Journal 37(11):2389–2389. https://doi.org/10.1002/smj.2551. Fombrun, Charles J., and Ari Ginsberg. 1990. Shifting gears: enabling change in corporate aggressiveness. Strategic Management Journal 11(4):297–308. https://doi.org/10.1002/smj.4250110405. Gersick, Connie J.G. 1994. Pacing strategic change: the case of a new venture. Academy of Management Journal 37(1):9–45. https://doi.org/10.2307/256768. Gomez-Mejia, Luis R., Cristina Cruz, Pascual Berrone, and Julio De Castro. 2011. The bind that ties: socioemotional wealth preservation in family firms. Academy of Management Annals 5(1):653–707. https://doi.org/10.5465/19416520.2011.593320. Gomez-Mejia, Luis R., Marianna Makri, and Martin Larraza Kintana. 2010. Diversification decisions in family-controlled firms. Journal of Management Studies 47(2):223–252. https://doi.org/10.1111/j.1467-6486.2009.00889.x. Gomez-Mejia, Luis R., Pankaj C. Patel, and Thomas M. Zellweger. 2018. In the horns of the dilemma: Socioemotional wealth, financial wealth, and acquisitions in family firms. Journal of Management 44(4):1369–1397. https://doi.org/10.1177/0149206315614375. Goodstein, Jerry, and Warren Boeker. 1991. Turbulence at the top: a new perspective on governance structure changes and strategic change. Academy of Management Journal 34(2):306–330. https://doi.org/10.5465/256444. Gordon, Shelley S., Wayne H. Stewart Jr, Robert Sweo, and William A. Luker. 2000. Convergence versus strategic reorientation: the antecedents of fast-paced organizational change. Journal of Management 26(5):911–945. https://doi.org/10.1177/014920630002600508. Granovetter, Mark. 1983. The strength of weak ties: a network theory revisited. Sociological Theory 1:201–233. https://doi.org/10.2307/202051. Grundström, Christina, Christina Öberg, and Anna Öhrwall Rönnbäck. 2011. View and management of innovativeness upon succession in family-owned SMEs. International Journal of Innovation Management 15(3):617–640. https://doi.org/10.1142/S136391961100326X. Gu, Qian, Jane Wenzhen Lu, and Chi-Nien Chung. 2019. Incentive or disincentive? A socioemotional wealth explanation of new industry entry in family business groups. Journal of Management 45(2):645–672. https://doi.org/10.1177/0149206316678450. Gudmundson, Donald, C. Burk Tower, and E. Alan Hartman. 2003. Innovation in small businesses: culture and ownership structure do matter. Journal of Developmental Entrepreneurship 8(1):2–3. Gómez-Mejía, Luis R., Katalin Takács Haynes, Manuel Núñez-Nickel, Kathyrn J.L. Jacobson, and José Moyano-Fuentes. 2007. Socioemotional wealth and business risks in family-controlled firms: evidence from Spanish olive oil mills. Administrative Science Quarterly 52(1):106–137. https://doi.org/10.2189/asqu.52.1.106. Habbershon, Timothy G., and Joseph Pistrui. 2002. Enterprising families domain: family-influenced ownership groups in pursuit of transgenerational wealth. Family Business Review 15(3):223–237. https://doi.org/10.1111/j.1741-6248.2002.00223.x. Habbershon, Timothy G., and Mary L. Williams. 1999. A resource-based framework for assessing the strategic advantages of family firms. Family Business Review 12(1):1–25. https://doi.org/10.1111/j.1741-6248.1999.00001.x. Habbershon, Timothy G., Mary Williams, and Ian C. MacMillan. 2003. A unified systems perspective of family firm performance. Journal of Business Venturing 18(4):451–465. https://doi.org/10.1016/S0883-9026(03)00053-3. Harris, Dawn, Jon I. Martinez, and John L. Ward. 1994. Is strategy different for the family-owned business? Family Business Review 7(2):159–174. https://doi.org/10.1111/j.1741-6248.1994.00159.x. Haveman, Heather A. 1992. Between a rock and a hard place: organizational change and performance under conditions of fundamental environmental transformation. Administrative Science Quarterly 37(1):48–75. https://doi.org/10.2307/2393533. Helfat, Constance E., and Jeffrey A. Martin. 2015. Dynamic managerial capabilities: review and assessment of managerial impact on strategic change. Journal of Management 41(5):1281–1312. https://doi.org/10.1177/0149206314561301. Helfat, Constance E., and Margaret A. Peteraf. 2015. Managerial cognitive capabilities and the microfoundations of dynamic capabilities. Strategic Management Journal 36(6):831–850. https://doi.org/10.1002/smj.2247. Hiebl, Martin R.W., and Zhen Li. 2018. Non-family managers in family firms: review, integrative framework and future research agenda. Review of Managerial Science 14(4):1–45. https://doi.org/10.1007/s10997-012-9221-x. Hildebrandt, Peter, Jana Oehmichen, Ulrich Pidun, and Michael Wolff. 2018. Multiple recipes for success—A configurational examination of business portfolio restructurings. European Management Journal 36(3):381–391. https://doi.org/10.1016/j.emj.2017.05.007. Hoskisson, Robert E., Richard A. Johnson, and Douglas D. Moesel. 1994. Corporate divestiture intensity in restructuring firms: effects of governance, strategy, and performance. Academy of Management Journal 37(5):1207–1251. https://doi.org/10.5465/256671. Huybrechts, Jolien, Wim Voordeckers, and Nadine Lybaert. 2013. Entrepreneurial risk taking of private family firms: the influence of a nonfamily CEO and the moderating effect of CEO tenure. Family Business Review 26(2):161–179. https://doi.org/10.1177/0894486512469252. Janis, Irving L. 1972. Victims of groupthink: a psychological study of foreign-policy decisions and fiascoes. Boston: Houghton Mifflin. Johnson, Gerry. 1992. Managing strategic change—Strategy, culture and action. Long Range Planning 25(1):28–36. https://doi.org/10.1016/0024-6301(92)90307-N. Kammerlander, Nadine, and Melanie Ganter. 2015. An attention-based view of family firm adaptation to discontinuous technological change: Exploring the role of family CEOs’ noneconomic goals. Journal of Product Innovation Management 32(3):361–383. https://doi.org/10.1111/jpim.12205. Kano, Liena, Luciano Ciravegna, and Francesco Rattalino. 2020. The family as a platform for FSA development: enriching new internalization theory with insights from family firm research. Journal of International Business Studies 52(1):148–160. https://doi.org/10.1057/s41267-020-00308-y. Kansikas, Juha, and Tuomas Kuhmonen. 2008. Family business succession: evolutionary economics approach. Journal of Enterprising Culture 16(3):279–298. https://doi.org/10.1142/S0218495808000156. Khanna, Tarun, and Krishna Palepu. 2000. Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. The Journal of Finance 55(2):867–891. https://doi.org/10.1111/0022-1082.00229. Kiesler, Sara, and Lee Sproull. 1982. Managerial response to changing environments: perspectives on problem sensing from social cognition. Administrative Science Quarterly 27(2):548–570. https://doi.org/10.2307/2392530. Kim, Youngok, and Fei Yi Gao. 2013. Does family involvement increase business performance? Family-longevity goals’ moderating role in Chinese family firms. Journal of Business Research 66(2):265–274. https://doi.org/10.1016/j.jbusres.2012.08.018. Klarner, Patricia, and Sebastian Raisch. 2013. Move to the beat—Rhythms of change and firm performance. Academy of Management Journal 56(1):160–184. https://doi.org/10.5465/amj.2010.0767. König, Andreas, Nadine Kammerlander, and Albrecht Enders. 2013. The family innovator’s dilemma: how family influence affects the adoption of discontinuous technologies by incumbent firms. Academy of Management Review 38(3):418–441. https://doi.org/10.5465/amr.2011.0162. Kotlar, Josip, Alfredo De Massis, Federico Frattini, Mattia Bianchi, and Hanqing Fang. 2013. Technology acquisition in family and nonfamily firms: a longitudinal analysis of spanish manufacturing firms. Journal of Product Innovation Management 30(6):1073–1088. https://doi.org/10.1111/jpim.12046. Kraatz, Matthew S., and Edward J. Zajac. 2001. How organizational resources affect strategic change and performance in turbulent environments: theory and evidence. Organization Science 12(5):632–657. https://doi.org/10.1287/orsc.12.5.632.10088. Kunisch, Sven, Jean M. Bartunek, Johanna Mueller, and Quy N. Huy. 2017. Time in strategic change research. Academy of Management Annals 11(2):1005–1064. https://doi.org/10.5465/annals.2015.0133. La Porta, Rafael, Florencio Lopez-De-Silanes, and Andrei Shleifer. 1999. Corporate ownership around the world. The Journal of Finance 54(2):471–517. https://doi.org/10.1111/0022-1082.00115. LaRocca, Richard N., and George L. De Feis. 2015. Management of conflict in family businesses during crises and changes: a strategic alliance perspective. Academy of Business Research Journal 2:104–126. Le Breton–Miller, Isabelle, and Danny Miller. 2006. Why do some family businesses out–compete? Governance, long–term orientations, and sustainable capability. Entrepreneurship Theory and Practice 30(6):731–746. https://doi.org/10.1111/j.1540-6520.2006.00147.x. Lee, Jim. 2006. Family firm performance: further evidence. Family Business Review 19(2):103–114. https://doi.org/10.1111/j.1741-6248.2006.00060.x. Lieberman, Marvin B., and David B. Montgomery. 1988. First-mover advantages. Strategic Management Journal 9(1):41–58. https://doi.org/10.1057/978-1-137-00772-8_602. Lionzo, Andrea, and Francesca Rossignoli. 2013. Knowledge integration in family SMEs: an extension of the 4I model. Journal of Management and Governance 17(3):583–608. https://doi.org/10.1007/s10997-011-9197-y. Livengood, R. Scott, and Rhonda K. Reger. 2010. That’s our turf! Identity domains and competitive dynamics. Academy of Management Review 35(1):48–66. https://doi.org/10.5465/amr.35.1.zok48. Lynn, Leonard H., and Hayagreeva Rao. 1995. Failures of intermediate forms: a study of the Suzuki Zaibatsu. Organization Studies 16(1):55–80. https://doi.org/10.1177/017084069501600104. Martínez, Jon I., Bernhard S. Stöhr, and Bernardo F. Quiroga. 2007. Family ownership and firm performance: evidence from public companies in Chile. Family Business Review 20(2):83–94. https://doi.org/10.1111/j.1741-6248.2007.00087.x. Maury, Benjamin. 2006. Family ownership and firm performance: empirical evidence from Western European corporations. Journal of Corporate Finance 12(2):321–341. https://doi.org/10.1016/j.jcorpfin.2005.02.002. Mazzi, Chiara. 2011. Family business and financial performance: current state of knowledge and future research challenges. Journal of Family Business Strategy 2(3):166–181. https://doi.org/10.1016/j.jfbs.2011.07.001. Meyer, Alan D., Geoffrey R. Brooks, and James B. Goes. 1990. Environmental jolts and industry revolutions: organizational responses to discontinuous change. Strategic Management Journal 11:93–110. Miller, Danny, Isabelle Le Breton-Miller, and Richard H. Lester. 2011. Family and lone founder ownership and strategic behaviour: social context, identity, and institutional logics. Journal of Management Studies 48(1):1–25. https://doi.org/10.1111/j.1467-6486.2009.00896.x. Mintzberg, Henry. 1978. Patterns in strategy formation. Management Science 24(9):934–948. https://doi.org/10.1287/mnsc.24.9.934. Mitchell, J. Robert, Timothy A. Hart, Sorin Valcea, and David M. Townsend. 2009. Becoming the boss: discretion and postsuccession success in family firms. Entrepreneurship: Theory & Practice 33(6):1201–1218. https://doi.org/10.1111/j.1540-6520.2009.00341.x. Morrow, J.L., Jr, David G. Sirmon, Michael A. Hitt, and Tim R. Holcomb. 2007. Creating value in the face of declining performance: firm strategies and organizational recovery. Strategic Management Journal 28(3):271–283. https://doi.org/10.1002/smj.579. Müller, Johanna, and Sven Kunisch. 2018. Central perspectives and debates in strategic change research. International Journal of Management Reviews 20(2):457–482. https://doi.org/10.1111/ijmr.12141. Nahapiet, Janine, and Sumantra Ghoshal. 1998. Social capital, intellectual capital, and the organizational advantage. Academy of Management Review 23(2):242–266. https://doi.org/10.2307/259373 Narula, Rajneesh, Christian Geisler Asmussen, Chi Tailan, and Sumit Kumar Kundu. 2019. Applying and advancing internalization theory: the multinational enterprise in the twenty-first century. Journal of International Business Studies 50(8):1231–1252. https://doi.org/10.1057/s41267-019-00260-6. Nason, Robert S., and Johan Wiklund. 2018. An assessment of resource-based theorizing on firm growth and suggestions for the future. Journal of Management 44(1):32–60. https://doi.org/10.1177/0149206315610635. Nelson, Richard R., and Sydney G. Winter. 2009. An evolutionary theory of economic change. Cambridge: Harvard University Press. Nordqvist, Mattias, Pramodita Sharma, and Francesco Chirico. 2014. Family firm heterogeneity and governance: a configuration approach. Journal of Small Business Management 52(2):192–209. https://doi.org/10.1111/jsbm.12096. Ocasio, William. 1997. Towards an attention-based view of the firm. Strategic Management Journal 18(S1):187–206. https://doi.org/10.1002/(SICI)1097-0266(199707)18:1+〈187::AID-SMJ936〉3.0.CO;2‑K. Ocasio, William, Tomi Laamanen, and Eero Vaara. 2018. Communication and attention dynamics: an attention-based view of strategic change. Strategic Management Journal 39(1):155–167. https://doi.org/10.1002/smj.2702. Ogbonna, E., and L.C. Harris. 2001. The founder’s legacy: hangover or inheritance? British Journal of Management 12(1):13–31. https://doi.org/10.1111/1467-8551.00183. Pahnke, André, and Friederike Welter. 2019. The German Mittelstand: antithesis to Silicon Valley entrepreneurship? Small Business Economics 52(2):345–358. https://doi.org/10.1007/s11187-018-0095-4. Pal, Rudrajeet, Håkan Torstensson, and Heikki Mattila. 2014. Antecedents of organizational resilience in economic crises—An empirical study of Swedish textile and clothing SMEs. International Journal of Production Economics 147(Part B):410–428. https://doi.org/10.1016/j.ijpe.2013.02.031. Pearson, Allison W., Jon C. Carr, and John C. Shaw. 2008. Toward a theory of familiness: a social capital perspective. Entrepreneurship Theory and Practice 32(6):949–969. https://doi.org/10.1111/j.1540-6520.2008.00265.x. Pukall, Thilo J., and Andrea Calabrò. 2014. The internationalization of family firms: a critical review and integrative model. Family Business Review 27(2):103–125. https://doi.org/10.1177/0894486513491423. Rajagopalan, Nandini, and Gretchen M. Spreitzer. 1997. Toward a theory of strategic change: a multi-lens perspective and integrative framework. Academy of Management Review 22(1):48–79. https://doi.org/10.2307/259224. Rau, S. 2014. Resource-based view of family firms. In SAGE handbook of family business, ed. L. Melin, P. Sharma, 321–340. London: SAGE. Rutherford, Matthew W., Donald F. Kuratko, and Daniel T. Holt. 2008. Examining the link between “familiness” and performance: Can the F‑PEC untangle the family business theory jungle? Entrepreneurship Theory and Practice 32(6):1089–1109. https://doi.org/10.1111/j.1540-6520.2008.00275.x. Salvato, Carlo, Francesco Chirico, and Pramodita Sharma. 2010. A farewell to the business: championing exit and continuity in entrepreneurial family firms. Entrepreneurship and Regional Development 22(3):321–348. https://doi.org/10.1080/08985621003726192. Schäfer, Dorothea, Andreas Stephan, and Jenniffer Mosquera. 2017. Family ownership: does it matter for funding and success of corporate innovations? Small Business Economics 48(4):931–951. https://doi.org/10.1007/s11187-016-9813-y. Schmid, Thomas, Markus Ampenberger, Christoph Kaserer, and Ann-Kristin Achleitner. 2015. Family firm heterogeneity and corporate policy: evidence from diversification decisions. Corporate Governance: An International Review 23(3):285–302. https://doi.org/10.1111/corg.12091. Scholes, Louise, Mike Wright, Paul Westhead, Hans Bruining, and Oliver Kloeckner. 2009. Family-firm buyouts, private equity, and strategic change. The Journal of Private Equity 12(2):7–18. https://doi.org/10.3905/JPE.2009.12.2.007. Scholes, Louise, Mike Wright, Paul Westhead, and Hans Bruining. 2010. Strategic changes in family firms post management buyout: ownership and governance issues. International Small Business Journal: Researching Entrepreneurship 28(5):505–521. https://doi.org/10.1177/0266242610370390. Schwarz, Gavin M., Dave Bouckenooghe, and Maria Vakola. 2021. Organizational change failure: framing the process of failing. Human Relations 74(2):159–179. https://doi.org/10.1177/0018726720942297. Sharma, Pramodita, and Sankaran Manikutty. 2005. Strategic divestments in family firms: role of family structure and community culture. Entrepreneurship Theory and Practice 29(3):293–311. https://doi.org/10.1111/j.1540-6520.2005.00084.x. Siebels, Jan-Folke, and Dodo zu Knyphausen-Aufseß. 2012. A review of theory in family business research: the implications for corporate governance. International Journal of Management Reviews 14(3):280–304. https://doi.org/10.1111/j.1468-2370.2011.00317.x. Sieger, Philipp, Thomas M. Zellweger, Robert S. Nason, and Eric Clinton. 2011. Portfolio entrepreneurship in family firms: a resource-based perspective. Strategic Entrepreneurship Journal 5(4):327–351. https://doi.org/10.1002/sej.120. Simon, Hermann. 1996. You don’t have to be German to be a “hidden champion”. Business Strategy Review 7(2):1–13. https://doi.org/10.1111/j.1467-8616.1996.tb00118.x. Sirmon, David G., and Michael A. Hitt. 2003. Managing resources: linking unique resources, management, and wealth creation in family firms. Entrepreneurship Theory and Practice 27(4):339–358. https://doi.org/10.1111/1540-8520.t01-1-00013. Smith, Ken G., and Curtis M. Grimm. 1987. Environmental variation, strategic change and firm performance: a study of railroad deregulation. Strategic Management Journal 8(4):363–376. https://doi.org/10.1002/smj.4250080406. Soluk, Jonas, and Nadine Kammerlander. 2021. Digital transformation in family-owned Mittelstand firms: a dynamic capabilities perspective. European Journal of Information Systems in press. https://doi.org/10.1080/0960085X.2020.1857666. Souder, David, Akbar Zaheer, Harry Sapienza, and Rebecca Ranucci. 2017. How family influence, socioemotional wealth, and competitive conditions shape new technology adoption. Strategic Management Journal 38(9):1774–1790. https://doi.org/10.1002/smj.2614. Spender, J.-C. 1996. Making knowledge the basis of a dynamic theory of the firm. Strategic Management Journal 17(SI):45–62. https://doi.org/10.1002/smj.4250171106. Stamm, Isabell, and Christina Lubinski. 2011. Crossroads of family business research and firm demography—A critical assessment of family business survival rates. Journal of Family Business Strategy 2(3):117–127. https://doi.org/10.1016/j.jfbs.2011.07.002. Stouten, Jeroen, Denise M. Rousseau, and David De Cremer. 2018. Successful organizational change: integrating the management practice and scholarly literatures. Academy of Management Annals 12(2):752–788. https://doi.org/10.5465/annals.2016.0095. Teece, David J. 2007. Explicating dynamic capabilities: the nature and microfoundations of (sustainable) enterprise performance. Strategic Management Journal 28(13):1319–1350. https://doi.org/10.1002/smj.640. Teece, David J. 2014. The foundations of enterprise performance: dynamic and ordinary capabilities in an (economic) theory of firms. Academy of Management Perspectives 28(4):328–352. https://doi.org/10.5465/amp.2013.0116. Teece, David J., and Gary Pisano. 2003. The dynamic capabilities of firms. In Handbook on knowledge management, ed. C.W. Holsapple, 195–213. Berlin, Heidelberg: Springer. Teece, David J., Gary Pisano, and Amy Shuen. 1997. Dynamic capabilities and strategic management. Strategic Management Journal 18(7):509–533. https://doi.org/10.1002/(SICI)1097-0266(199708)18:7〈509::AID-SMJ882〉3.0.CO;2‑Z. Thomas, James B., Shawn M. Clark, and Dennis A. Gioia. 1993. Strategic sensemaking and organizational performance: linkages among scanning, interpretation, action, and outcomes. Academy of Management Journal 36(2):239–270. https://doi.org/10.2307/256522. Tushman, Michael L., and Charles A. O’Reilly III. 1996. Ambidextrous organizations: managing evolutionary and revolutionary change. California Management Review 38(4):8–29. https://doi.org/10.2307/41165852. Vallejo, Manuel Carlos. 2008. Is the culture of family firms really different? A value-based model for its survival through generations. Journal of Business Ethics 81(2):261–279. https://doi.org/10.1007/s10551-007-9493-2. Wally, Stefan, and Manuel Becerra. 2001. Top management team characteristics and strategic changes in international diversification: the case of US multinationals in the European community. Group & Organization Management 26(2):165–188. https://doi.org/10.1177/1059601101262003. Ward, John L. 1997. Growing the family business: special challenges and best practices. Family Business Review 10(4):323–337. https://doi.org/10.1111/j.1741-6248.1997.00323.x. Ward, John L. 2016. Keeping the family business healthy: how to plan for continuing growth, profitability, and family leadership. New York: Palgrave Macmillan. Weismeier-Sammer, Daniela, Hermann Frank, and Arist von Schlippe. 2013. Untangling ‘familiness’ a literature review and directions for future research. The International Journal of Entrepreneurship and Innovation 14(3):165–177. https://doi.org/10.5367/ijei.2013.0119. Westphal, James D., and James W. Fredrickson. 2001. Who directs strategic change? Director experience, the selection of new CEOs, and change in corporate strategy. Strategic Management Journal 22(12):1113–1137. https://doi.org/10.1002/smj.205. Williams, Ralph I., Jr, Torsten M. Pieper, Franz W. Kellermanns, and Joseph H. Astrachan. 2018. Family firm goals and their effects on strategy, family and organization behavior: a review and research agenda. International Journal of Management Reviews 20:63–82. https://doi.org/10.1111/ijmr.12167. Wilson, Nick, Mike Wright, and Louise Scholes. 2013. Family business survival and the role of boards. Entrepreneurship Theory and Practice 37(6):1369–1389. https://doi.org/10.1111/etap.12071. Xiaowei, Luo, and Chung Chi-Nien. 2005. Keeping it all in the family: the role of particularistic relationships in business group performance during institutional transition. Administrative Science Quarterly 50(3):404–439. https://doi.org/10.2189/asqu.2005.50.3.404. Yenn-Ru, Chen, Huang Yu-Lin, and Chen Chun-Nan. 2009. Financing constraints, ownership control, and cross-border M&As: evidence from nine East Asian economies. Corporate Governance: An International Review 17(6):665–680. https://doi.org/10.1111/j.1467-8683.2009.00770.x. Yetton, Philip W., Kim D. Johnston, and Jane F. Craig. 1994. Computer-aided architects: a case study of IT and strategic change. MIT Sloan Management Review 35(4):57–68. Zahra, Shaker A., James C. Hayton, Donald O. Neubaum, Clay Dibrell, and Justin Craig. 2008. Culture of family commitment and strategic flexibility: the moderating effect of stewardship. Entrepreneurship Theory and Practice 32(6):1035–1054. https://doi.org/10.1111/j.1540-6520.2008.00271.x. Zellweger, Thomas. 2007. Time horizon, costs of equity capital, and generic investment strategies of firms. Family Business Review 20(1):1–15. https://doi.org/10.1111/j.1741-6248.2007.00080.x. Zellweger, Thomas M., and Joseph H. Astrachan. 2008. On the emotional value of owning a firm. Family Business Review 21(4):347–363. https://doi.org/10.1177/08944865080210040106. Zellweger, Thomas, Philipp Sieger, and Corinne Mühlebach. 2010. How much and what kind of entrepreneurial orientation is needed for family business continuity? In Transgenerational entrepreneurship: exploring growth and performance in family firms across generations, 195–220. London: Edward Elgar. https://doi.org/10.7892/BORIS.84317. Zellweger, Thomas M., Robert S. Nason, and Mattias Nordqvist. 2012. From longevity of firms to transgenerational entrepreneurship of families: introducing family entrepreneurial orientation. Family Business Review 25(2):136–155. https://doi.org/10.1177/0894486511423531. Zhu, Qi, Hu Songcui, and Wei Shen. 2020. Why do some insider CEOs make more strategic changes than others? The impact of prior board experience on new CEO insiderness. Strategic Management Journal 41(10):1933–1951. https://doi.org/10.1002/smj.3183. Zona, Fabio. 2016. CEO leadership and board decision processes in family-controlled firms: comparing family and non-family CEOs. Small Business Economics 47(3):735–753. https://doi.org/10.1007/s11187-016-9764-3.