We examined a sample of 120 Norwegian, founding family controlled and non-founding family controlled firms, to address two important research questions: (1) is founding family control associated with higher firm value; and (2) are there unique corporate governance conditions under which a founding family controlled firm can be more valuable? We find a positive association between founding family control and firm value for four alternative definitions of founding family control. We find that the association between founding family CEOs and firm value is stronger among younger firms, firms with smaller boards, and firms with a single class of shares. However, the impact of founding family directors on firm value is not affected by corporate governance conditions such as firm age, board independence, and number of share classes. We also find that the relation between founding family ownership and firm value is greater among older firms, firms with larger boards, and particularly when these firms have multiple classes of shares. Our results imply that founding family controlled firms are more valuable and governed differently than firms without such influence. Furthermore, our results also suggest that founding family CEOs can enhance firm performance when family influence does not create shareholder entrenchment or when their cash flow rights are more aligned with their control rights.We would like to thank the Norwegian Shipowners Association and the Confederation of Norwegian Business and Industry for financial support. We would also like to thank Ray Brooks, Don Herrmann, Jim Nielsen, Art Stonehill, the journal editor, and the two anonymous reviewers of the journal, whose comments and suggestions have greatly improved our paper.

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The question to be addressed in this study is how social networks and entrepreneurial resources relate to and impact on entrepreneurship. This question has been answered through an empirical investigation carried out in Norway. The explanatory variables applied in the study capture up to 45.6% of the variability of start-up success. The results show that social networks are important as channels for resources. The introduction of resources as an intervening variable considerably increases the explanatory power of the network approach. The study also indicates that it is useful to distinguish between the network developed before the entrepreneurial process and the network developed through the process.

The aim of this paper is to discuss which factors influence the impact of innovation champions on organisations. This is done by means of a systematic review of existing research. Many of the studies do not have a solid theoretical base. However, we find that resource dependency theory provides a theoretical framework in which innovation champions can be understood. We also show explicitly how other theories such as network theory, agency theory, and personal trait theory are needed in order to explain certain elements of the champions' behaviour. We propose an overall model, discuss theoretical and managerial implications of previous research, and suggest areas for future research.