Strategic thinking in family businesses

O’Regan, Nicholas; Hughes, Tim; Collins, Lorna; Tucker, John Mark

doi:10.1002/jsc.858

Cited by 9 publications

(3 citation statements)

References 77 publications

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“…Despite longer working hours in copreneurship relations here studied, efforts will be rewarded by the sustainability, success and longevity of the firm and the business (Fletcher et al , 2009; O’Regan et al , 2010). Nicolas (2011) also reported that shared trust becomes implicit in copreneurs.…”

Section: Discussionmentioning

confidence: 99%

“…In addition, given the significant economic power of copreneurial family firms in the world (Dyer et al , 2013) and the lack of studies on the family dynamics of this type of business (O’Regan et al , 2010; Fletcher et al , 2009) and gender theory (Chrisman and Patel, 2012; Diaz-Garcia and Brush, 2012; Jimenez, 2009; Kim and Gao, 2013), principally in the context of developing countries such as Brazil, this study contributes both to developing knowledge in this area and to showing the factors to consider in this type of firm created and managed by couples. The results of the study will provide useful insights into copreneurial businesses from the family dynamics and gender perspective.…”

Section: Introductionmentioning

confidence: 99%

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Family dynamics and gender perspective influencing copreneurship practices

Franco

Piceti

2018

IJEBR

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Purpose The purpose of this paper is to understand the family dynamics factors and gender roles influencing the functioning of copreneurial business practices, to propose a conceptual framework based on these factors/roles. Design/methodology/approach For this purpose, a qualitative approach was adopted, through the analysis of seven businesses created by copreneurial couples in an emerging economy – Brazil. Data were obtained from an open interview with each member of the selected couples who are in charge of firm management. Findings The empirical evidence obtained shows that the most important factors for successful copreneurial family businesses are professionalization, dividing the couple’s tasks and business management. Trust, communication, flexibility and common goals are other essential relational-based factors for the good functioning of this type of family business and stability in the personal relationship. Practical implications It is clear that professionalization and the separation of positions and functions are fundamental for a balance between business management and the couple’s marital life. When couples are in harmony and considering factors such as trust, communication and flexibility (relational-based factors), the firm’s life-cycle and business success become real and more effective. Originality/value From the family dynamics factors and gender roles, this study focused on one of the most important and integrated family firm relationships, copreneurial couples. As there is little research on the heterogeneity of family firms runs specifically by copreneurial couples, this study is particularly important and innovative in the context of a developing economy, such as Brazil. Based on empirical evidence, this study was proposed an integrative and holistic framework that shows the functioning of copreneurial businesses practices.

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Section: Discussionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Family dynamics and gender perspective influencing copreneurship practices

Franco

Piceti

2018

IJEBR

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“…However according to Liedkta's model, strategic thinking is an individual initiative where an individual can be influenced by the organisational context in which he operates (Graetz, 2002). While Bonn, (2001) argues that strategic thinking at individual level is composed of three main elements namely: holistic understanding of the organisation and its environment, degree of creativity, innovative solutions to issues that challenge existing approaches and thinking and lastly the vision of the future, inspiring and uniting people in the achievement of the corporate goals (O'Regan, Hughes, Collins, & Tucker, 2010). Nadkrani and Barr, (2008) in adressing the question on what drives strategic action offered an explanation based on two views: the managerial cognition view and industry structure view.…”

Section: The Construct Tmt Cognitionmentioning

confidence: 99%

TMT Cognition, First Mover Advantages and Firm Entreprenuerial Performance: A Review of Literature

Ngugi¹,

Kilika²

2018

IBR

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Top Management Teams (TMT) cognition play a strategic role in the decision making process in any firm. It is critical for firms to integrate managerial strategic thinking, which is rooted in managerial cognition, into the strategic process. Hence TMT cognition can be seen to be a key intangible resource of the firm. The speed and efficiency of the firm's response to the rapidly changing environment is vital to firm performance. Firm's can integrate corporate entrepreneurship as a corporate strategy to achieve competitiveness in the market. This paper presents a review of extant theoretical and empirical literature on two constructs, TMT cognition and first mover advantages and their link to firm entrepreneurial performance. Relevant theories have been reviewed, constructs and operational indicators have also been identified, comparison against empirical studies and the emergent knowledge gap is identified. This paper proposes a theoretical model for guiding future scholarship in strategic management.

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The Modigliani–Miller theorem and entrepreneurial firms: an overview

Villamil

2010

Strategic Change

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Th e Modigliani-Miller theorem is a cornerstone of fi nance, with interesting implications for both large corporations and entrepreneurial fi rms. Th e celebrated result is an irrelevance proposition, providing conditions under which a fi rm's fi nancial decisions do not aff ect its value. In Villamil (2008), I review key contributions to the literature on the Modigliani-Miller theorem in the last fi fty years, using the theorem's assumptions to organize the debate about why irrelevance often fails: (i) taxes, (ii) capital market frictions such as transaction costs, asset trade restrictions, or bankruptcy costs, (iii) asymmetric access to credit markets, 2 and (iv) asymmetric information, especially when fi rm fi nancial policy reveals information.In the above-mentioned review, I make two main points. First, the Modigliani-Miller assumptions are important because they set conditions for arbitrage. When taxes, transaction or bankruptcy costs, imperfect information, or other frictions that limit access to credit do not distort markets, investors can costlessly replicate a fi rm's fi nancial actions and 'undo' fi rm decisions. Second, the theorem puts all agents on an equal footing, which raises the important question -what types of friction cause agents to have diff erent market opportunities, information sets, or commitment problems? Th e greatest contribution of the theorem may be this analytical perspective of 'equal footedness.' Indeed, it has motivated decades of research in a quest for why fi rm capital structure is relevant, the topic addressed by this special issue.Th e articles in this volume focus specifi cally on the implications of the theorem for entrepreneurial fi rms, a very interesting task that I expect to only gain in

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Strategic thinking in family businesses

Abstract: Certain strategic issues and challenges relating to financing and capital structure in family businesses are thought of differently from non‐family businesses and lead them to employ specific financial policies.

Cited by 9 publications

References 77 publications

Family dynamics and gender perspective influencing copreneurship practices

Family dynamics and gender perspective influencing copreneurship practices

TMT Cognition, First Mover Advantages and Firm Entreprenuerial Performance: A Review of Literature

The Modigliani–Miller theorem and entrepreneurial firms: an overview

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