Unleashing the Relationship Power of Family Firms: Identity Confirmation as a Catalyst for Performance

Milton, Laurie P.

doi:10.1111/j.1540-6520.2008.00273.x

Cited by 83 publications

(81 citation statements)

References 64 publications

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“…This investigation into the concept of familiness sheds light on both the positive and negative implications of its functioning. Where identity confirmation improves trust and communication in family businesses it could lead to distinctive and positive familiness (Klein, 2008;Milton, 2008). However, if the familiness character is misused for short-term personal advantage, it could lead to negative outcomes and constrictive familiness (Klein, 2008).…”

Section: Familiness Equilibrium: Positive Versus Negative Familinessmentioning

confidence: 99%

Constrictive vs. distinctive familiness and the culturing of familiness capital (FamCap)

Wyk¹

2012

Afr. J. Bus. Manage.

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The special capacity of family firms to perform competently is termed 'familiness'. The construct familiness refers to strategic processes in family firms, based on the unique capabilities and involvement of the family firm owners that enhance business performance. However, the culture of familiness has to be observed cautiously with both its positive (distinctive) and negative (constrictive) attributes. Only when distinctive familiness functions optimally, does it operate as 'familiness capital' (FamCap). As far as could be established, this review introduces the concept of FamCap for the first time as the ultimate performance of familiness. It furthermore explores the unique characteristics that could foster the cultivation of FamCap in family businesses.

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Section: Familiness Equilibrium: Positive Versus Negative Familinessmentioning

confidence: 99%

Constrictive vs. distinctive familiness and the culturing of familiness capital (FamCap)

Wyk¹

2012

Afr. J. Bus. Manage.

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“…Business incumbents who try to hang on too long can have the same detrimental effect on their firms. The most cited reason for hanging on to a position for too long is known as an identity conformation (Milton, 2008), which denotes and is derived from the strong ties between incumbents and their role as the leader. The potential handover of power to a successor may cause the incumbent to feel as though they are not only losing their position but they are also losing their identity as a person as well.…”

Section: Resultsmentioning

confidence: 99%

Reducing the Hindering Forces in Intra-Family Business Succession

Hamidah¹

2012

American Journal of Economics and Business Administration

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Abstract:The majority of research has focused on how families can best prepare to hand the family business to the next generation and concentrated mainly on factors that facilitate succession. However, very few studies attempted to discover a set of factors that may inhibit and prevent intra-family succession. In this study we develop research propositions regarding the impact of the antecedent issues inhibiting the critical success factors for effectiveness and satisfaction with an intra-family successful succession. It is hoped that the conceptual framework advanced in this study and further empirical work will give us a much better understanding of the various issues that inhibit and possibly prevent intra-family succession such as, the process issue of identity confirmation; the individual issue of the owner's age; the relation issue of the family firm's degree of formalization; the context issue of outside options for potential successors and; the financial issues of low capital stock and variability of earnings.

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“…However, having a good process could also be linked to better performance in the longer run. Milton (2008) argues that it is the 'familiness' of the family firm that leads to competitive advantages in relation to other firms. From this perspective, a good process would be important to preserve and perhaps develop the familiness.…”

Section: Discussion Conclusion and Implicationsmentioning

confidence: 99%

Success with succession: an empirical study of small Swedish family firms

Vikström

Westerberg

2010

IJESB

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Successful succession in small family firms may be a key to sustainability for the individual firm but also to regional growth. This paper examines how leadership succession factors associated to attitudes, norms and perceived behavioural control of leading actors in a small family firm can be related to how well the succession process works and to the firm's post-transition performance. We structure factors pointed out in earlier studies according to Ajzen's theory of planned behaviour (TpB) where we put forward hypotheses for the three areas. The results based on a survey of 55 small family firms that have experienced a leadership succession show that TpB works well for understanding a successful succession process, but is dismal for understanding post-transition performance. The strongest results are found for aspects linked to perceived behavioural control and attitudes.

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Unleashing the Relationship Power of Family Firms: Identity Confirmation as a Catalyst for Performance

Cited by 83 publications

References 64 publications

Constrictive vs. distinctive familiness and the culturing of familiness capital (FamCap)

Constrictive vs. distinctive familiness and the culturing of familiness capital (FamCap)

Reducing the Hindering Forces in Intra-Family Business Succession

Success with succession: an empirical study of small Swedish family firms

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