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This study aims to explore how family firms pursue strategies that promote strategic flexibility and knowledge-management (KM) practices to respond to strategic-renewal goals. Specifically, based on a knowledge-based view of the firm, the following research question is proposed: Are there heterogeneous groups of family firms in terms of knowledge management, strategic flexibility and strategic renewal goals? To answer this question, an exploratory study using a two-step cluster analysis is developed. It reveals natural groupings from a sample of 288 small and medium-sized Spanish family enterprises (SMEs). The results obtained identified three distinctive clusters of family firms, namely proactive family firms, transitional or adaptive family firms, and rigid family firms. After two-step cluster analysis, we also conducted analysis of variance (ANOVA) to confirm that significant differences amongst the three clusters exist. After heterogeneity been confirmed, a further profile of the cluster solution was provided by using CEO and board characteristics, as well as the generational stage of the company. The findings offer some counterbalance for those studies that tend to study family businesses as a homogeneous entity, thus permitting researchers to access more information, providing rich explanations for renewal managerial decision-making purposes in family firm contexts.

This study, by the application of a linear regression by ordinary least squares (OLS), aimed to explore the relationships between knowledge management practices (KMP) and innovation outcomes (product, process, organizational, and commercial), and how they can be moderated by two dimensions of the entrepreneurial orientation (proactiveness and risk taking). This empirical study used survey data from a sample of 288 Spanish family small and medium enterprises (SMEs). The results revealed a positive effect of all the KMPs studied for at least one of the innovation variables studied. Regarding the moderating effect of proactiveness and risk taking on the KMP-innovation outcomes relationship, proactiveness negatively moderated the relationship between knowledge creation and product/process innovation. Moreover, a positive moderating effect was found for the case of knowledge application and process innovation. With regard to risk taking, the evidence found was mixed, and confirmed for some KMPs and all the innovation measures, with the exception of process innovation. The only positive moderating effect found was for knowledge storage and product innovation, whereas, contrary to expected, a negative moderating effect was found for knowledge creation, transfer, and application practices and commercial, product, and organizational innovations, respectively.