Family Firms and Entrepreneurial Orientation in Publicly Traded Firms

Short, Jeremy C.; Payne, G. Tyge; Brigham, Keith H.; Lumpkin, G. T.; Broberg, J. Christian

doi:10.1177/0894486508327823

Cited by 241 publications

(243 citation statements)

References 102 publications

(154 reference statements)

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“…Consistent with previous studies investigating publicly traded family firms, the sample came from firms listed in the S&P 500 (e.g. Anderson and Reeb, 2003a, 2003b, 2004Short et al, 2009). Missing data lowered the sample size to 386.…”

Section: Family's Involvement In Management and The Board And Internamentioning

confidence: 92%

“…The authors also show that R&D investment in family firms may increase when the roles of CEO and Board Chair are separated or when more independent outsiders are involved in the board. Also, Short et al (2009) suggest that family firms may exhibit less autonomy, proactiveness, and risk-taking propensities. Hence, family business owners with moderate-to-high levels of equity may be less willing to risk the firm competencies by engaging in internationalisation where the firm may not be proficient, even when there is the potential for higher profits.…”

Section: Family Ownership and Internationalisationmentioning

confidence: 99%

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Internationalisation of publicly traded family firms: a transaction cost theory perspective and longitudinal analysis

Memili

Misra

Chrisman

et al. 2017

IJMED

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There has been a prominent stream of research investigating internationalisation of organisations. While the importance of transaction costs in the governance decisions of firms has been well established in the literature, transaction cost theory (TCT) in family firms remains underutilised. We examine the impact of family governance (i.e. family ownership and involvement in management and the board of directors) on internationalisation within the domain of TCT using 386 S&P 500 firms. Our findings indicate an inverted U-shaped relationship between family ownership and internationalisation and a U-shaped relationship between family's involvement in management and the board and internationalisation. This illustrates the interesting differential impact of the components of family involvement on internationalisation. We conclude by discussing future research and implications for practice.Keywords: family firms; family management; family ownership; internationalisation; transaction cost theory.Reference to this paper should be made as follows: Memili, E., Misra, K., Chrisman, J.J. and Welsh, D.H.B. (2017) 'Internationalisation of publicly traded family firms: a transaction cost theory perspective and longitudinal analysis', Int.

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Section: Family's Involvement In Management and The Board And Internamentioning

confidence: 92%

Section: Family Ownership and Internationalisationmentioning

confidence: 99%

Internationalisation of publicly traded family firms: a transaction cost theory perspective and longitudinal analysis

Memili

Misra

Chrisman

et al. 2017

IJMED

View full text Add to dashboard Cite

show abstract

“…Second, because the businesses listed in the S&P 500 are publicly traded, financial and related company information is dependable and readily available. As such, the S&P 500 has become a popular sampling frame in which to investigate the strategic orientations of publicly traded family businesses (Brigham et al, 2014;Short et al, 2009;Zachary et al, 2011).…”

Section: Sample and Datamentioning

confidence: 99%

“…We chose to begin our data collection in 2002 as it marked the end of the relatively shortlived financial crisis created by the collapse of the internet market bubble and ended it in 2012 because it was the last year of complete data at the time of data collection. Moreover, a business was identified as a family business if the founder(s), direct family members of the founder(s), or both were listed as members of senior management and/or members of the board of directors (Allison, McKenny and Short, 2014;Brigham et al, 2014;Short et al, 2009;Zachary et al, 2011). In total, our sample included 1,142-firmyear observations from 136 family businesses over 11 years.…”

Section: Sample and Datamentioning

confidence: 99%

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Time to recalibrate? Exploring entrepreneurial orientation of family businesses before, during, and after an environmental jolt

Zachary

Payne

Moore

et al. 2017

IJMED

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Entrepreneurial orientation (EO) has become a construct of considerable interest in the family business literature. Despite such attention, scholars have yet to examine if and how EO in family businesses changes over time. This study explores this gap by investigating both continuous and discontinuous changes in EO in a sample of S&P 500 family businesses between 2001 and 2012. We find that EO changes before, during, and after an environmental jolt, which is defined as a major unforeseen and discontinuous environmental change. More specifically, we find that EO gradually increases at a linear rate prior to the occurrence of a jolt, discontinuously decreases during the initial stage of the jolt, then resumes a gradual linear growth trend following this period. We further explore the relationship between time and EO by examining change in EO across different industries, finding significant changes between family firms in different industries.

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Entrepreneurial Orientation

Lumpkin

Dess

2015

Wiley Encyclopedia of Management

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Entrepreneurial Orientation (EO), one of the central concepts in the entrepreneurship literature, refers to the configuration of practices, policies, and processes that provide insights into the creation of entrepreneurial actions and decisions. Early research and theory building drew on the work of Miller (1983) and focused on three dimensions: innovativeness, risk taking, and proactiveness. However, recent work has incorporated the additional dimensions of competitive aggressiveness and autonomy. Central research issues in the EO literature are directed toward exploring the performance implications, in particular, the fit between EO and such variables as structure and environment, as well as the extent to which the dimensions of the construct are independent or covary under certain conditions. Future directions for research and theory building are also addressed. These include additional research into what factors affect the strength or form of the relationship between EO and organizational performance; the incorporation of different perspectives on the five core underlying dimensions; efforts directed at assessing and further developing the EO construct itself; exploration of the boundary conditions in family and nontraditional firms; and, how additional insights into exploring “best practices” in leading‐edge firms can help to inductively derive theory to provide new insights as well as confirm or disconfirm extant knowledge.

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Family Firms and Entrepreneurial Orientation in Publicly Traded Firms

Cited by 241 publications

References 102 publications

Internationalisation of publicly traded family firms: a transaction cost theory perspective and longitudinal analysis

Internationalisation of publicly traded family firms: a transaction cost theory perspective and longitudinal analysis

Time to recalibrate? Exploring entrepreneurial orientation of family businesses before, during, and after an environmental jolt

Entrepreneurial Orientation

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