Adapt or Perish ! A Systematic Review of the Literature on Strategic Renewal and the Family Firm

Abstract

The objective of this paper is to examine the current state of strategic renewal research in family businesses, identifying the main research gaps and providing a path for future research to the academics. To do so, we have performed a systematic and comprehensive review of 21 studies (20 articles and 1 book chapter) about strategic renewal and family business published between 2009 and 2022. Our comprehensive analysis reveals that the majority of studies to date are empirical studies that have focused on the strategic renewal’s antecedents, while the strategic renewal’s outcomes remain unexplored. This and other significant research gaps are identified and discussed in this review, which emphasizes the need for further research about the topic.

Speed of Retrenchment Strategies of Family Firms in Times of Crisis

“…Turnaround strategy is of particular interest in the case of family business (Gimeno et al, 1997;Hernández-Linares & Arias-Abelaira, 2022;Revilla et al, 2016), where decision-making processes are influenced by SEW (Gómez-Mejía et al, 2007;Laffranchini et al, 2020;Swab et al, 2020). Berrone et al (2012) define SEW as the stock of affect-related value that a family derives from its controlling position in a company, in accordance with Gómez-Mejía et al (2007) who define SEW as the non-financial aspects of the firm that meet the family's affective needs, including family-business overlap, identity, the capacity to exercise family influence, perpetuation of the family dynasty, etc.…”

Trends in global research on supply chain finance from 1900 to 2021: a bibliometric analysis

“…The literature recognizes SMEs-the vast majority of which are family firms-as one of the main drivers of economic and social development worldwide. They play a crucial role in generating jobs and wealth, and their size allows them to adapt quickly to changes in the market and consumer demands (Hernández-Linares & Arias-Abelaira, 2022;Saavedra & Tapia, 2014). However, SMEs face major challenges to access sources of finance, which limits their growth and competitiveness.…”

Restructuring of Poorly Performing Family-Owned Portfolio Firms: The Role of Socioemotional Wealth

“…Hence, SEW considerations in restructuring family firms appear to be more complex because partial divestiture is a possibility. Research remains unclear about where the socioemotional endowment resides (i.e., the appropriate level of analysis) (Brigham & Payne, 2019, p. 328; Hernández Linares & Arias-Abelaira, 2022; Kammerlander, 2022; Swab et al, 2020).…”