Advertisement

The influence of socioemotional wealth in the entrepreneurial orientation of family businesses

  • Felipe Hernández-PerlinesEmail author
  • Juan Moreno-García
  • Benito Yáñez-Araque
Article

Abstract

This study analyses the effect of socioemotional wealth on the entrepreneurial orientation of family businesses. Entrepreneurship, measured through entrepreneurial orientation, is a key factor for the survival of family businesses. Second-generation structural equation method (PLS-SEM) was used to analyse the results, specifically, the SmartPLS 3.2.7 software applied to data on106 Spanish family businesses. The main contribution of this study is to show that family businesses provide an adequate framework for analysing entrepreneurship from an entrepreneurial orientation. Second, the FIBER measurement model for socioemotional wealth allows capturing the special behaviour of family businesses. Finally, with this study we ascertain that socioemotional wealth positively influences entrepreneurial orientation, thus explaining 32.6% of its variance.

Keywords

Socioemotional wealth Entrepreneurial orientation Non-economic objectives PLS Family businesses 

Notes

References

  1. Achleitner, A. K., Günther, N., Kaserer, C., & Siciliano, G. (2014). Real earnings management and accrual-based earnings Management in Family Firms. European Accounting Review, 23(3), 431–461.Google Scholar
  2. Aldrich, H. E., & Cliff, J. E. (2003). The pervasive effects of family on entrepreneurship: Toward a family embeddedness perspective. Journal of Business Venturing, 18(5), 573–596.Google Scholar
  3. Allal-Chérif, O., & Bidan, M. (2017). Collaborative open training with serious games: Relations, culture, knowledge, innovation, and desire. Journal of Innovation & Knowledge, 2(1), 31–38.  https://doi.org/10.1016/j.jik.2016.06.003.Google Scholar
  4. Anderson, R. C., & Reeb, D. M. (2003). Founding-family ownership and firm performance: Evidence from the S&P 500. The Journal of Finance, 58(3), 1301–1327.Google Scholar
  5. Astrachan, J. H., & Jaskiewicz, P. (2008). Emotional returns and emotional costs in privately held family businesses: Advancing traditional business valuation. Family Business Review, 21(2), 139–149.Google Scholar
  6. Astrachan, J. H., & Shanker, M. C. (2003). Family businesses’ contribution to the US economy: A closer look. Family Business Review, 16(3), 211–219.Google Scholar
  7. Astrachan, J. H., Klein, S. B., & Smyrnios, K. X. (2002). The F-PEC scale of family influence: A proposal for solving the family business definition problem. Family Business Review, 15(1), 45–58.Google Scholar
  8. Astrachan, C. B., Patel, V. K., & Wanzenried, G. (2014). A comparative study of CB-SEM and PLS-SEM for theory development in family firm research. Journal of Family Business Strategy, 5(1), 116–128.Google Scholar
  9. Audretsch, D. B., Castrogiovanni, G. J., Ribeiro, D., & Roig, S. (2005). Linking entrepreneurship and management: Welcome to the international entrepreneurship and management journal. International Entrepreneurship and Management Journal, 1(1), 5–7.Google Scholar
  10. Azeez Olugbola, S. (2017). Exploring entrepreneurial readiness of youth and startup success components: Entrepreneurship training as a moderator. Journal of Innovation and Knowledge, 2(3), 155–171.Google Scholar
  11. Barclay, D., Higgins, C., & Thompson, R. (1995). The partial least squares (PLS) approach to causal modeling: Personal computer adoption and use as an illustration. Technology Studies, 2(2), 285–309.Google Scholar
  12. Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.Google Scholar
  13. Baron, R. A. (2008). The role of affect in the entrepreneurial process. Academy of Management Review, 33(2), 328–340.Google Scholar
  14. Berrone, P., Cruz, C., Gomez-Mejia, L. R., & Larraza Kintana, M. (2010). Socioemotional wealth and corporate responses to institutional pressures: Do family-controlled firms pollute less? Administrative Science Quarterly, 55(1), 82–113.Google Scholar
  15. Berrone, P., Cruz, C., & Gomez-Mejia, L. R. (2012). Socioemotional wealth in family firms: Theoretical dimensions, assessment approaches and agenda for future research. Family Business Review, 25(3), 258–279.Google Scholar
  16. Block, J., & Wagner, M. (2014). Ownership versus management effects on corporate social responsibility concerns in large family and founder firms. Journal of Family Business Strategy, 5(4), 339–346.Google Scholar
  17. Block, J., Miller, D., Jaskiewicz, P., & Spiegel, F. (2013). Economic and technological importance of innovations in large family and founder firms: An analysis of patent data. Family Business Review, 26(2), 180–199.Google Scholar
  18. Carmines, E. G., & Zeller, R. A. (1979). Reliability and validity assessment, 17. Beverly Hills: Sage Publications.Google Scholar
  19. Casillas, J. C., & Moreno, A. M. (2010). The relationship between entrepreneurial orientation and growth: The moderating role of family involvement. Entrepreneurship and Regional Development, 22(3–4), 265–291.Google Scholar
  20. Cennamo, C., Berrone, P., Cruz, C., & Gomez-Mejia, L. R. (2012). Socioemotional wealth and proactive stakeholder engagement: Why family-controlled firms care more about their stakeholders. Entrepreneurship Theory and Practice, 36(6), 1153–1173.Google Scholar
  21. Chandra, Y., Styles, C., & Wilkinson, I. (2009). The recognition of first time international entrepreneurial opportunities: Evidence from firms in knowledge-based industries. International Marketing Review, 26(1), 30–61.Google Scholar
  22. Chang, E. P. C., & Noguera, M. (2016). The governance mechanisms of family-controlled REITs: A dominant founder and the retirement consequences. Journal of Family Business Management, 6(2), 122–142.Google Scholar
  23. Chang, E. P., Memili, E., Chrisman, J. J., Kellermanns, F. W., & Chua, J. H. (2009). Family social capital, venture preparedness and start-up decisions: A study of Hispanic entrepreneurs in New England. Family Business Review, 22(3), 279–292.Google Scholar
  24. Chen, X. P., Eberly, M. B., Chiang, T. J., Farh, J. L., & Cheng, B. S. (2014). Affective Trust in Chinese Leaders: Linking paternalistic leadership to employee performance. Journal of Management, 40(3), 796–819.Google Scholar
  25. Chin, W. W. (1998). The partial least squares approach to structural equation modeling. Modern Methods for Business Research, 295(2), 295–336.Google Scholar
  26. Chirico, F., & Nordqvist, M. (2010). Dynamic capabilities and trans-generational value creation in family firms: The role of organizational culture. International Small Business Journal, 28(5), 487–504.Google Scholar
  27. Chirico, F., Sirmon, D. G., Sciascia, S., & Mazzola, P. (2011). Resource orchestration in family firms: Investigating how entrepreneurial orientation, generational involvement and participative strategy affect performance. Strategic Entrepreneurship Journal, 5(4), 307–326.Google Scholar
  28. Chrisman, J. J., & Patel, P. C. (2012). Variations in R&D Investments of Family and non- family firms: Behavioral agency and myopic loss aversion perspectives. Academy of Management Journal, 55(4), 976–997.Google Scholar
  29. Chrisman, J. J., Chua, J. H., & Sharma, P. (2005). Trends and directions in the development of a strategic management theory of the family firm. Entrepreneurship Theory and Practice, 29(5), 555–576.Google Scholar
  30. Chrisman, J. J., Kellermanns, F. W., Chan, K. C., & Liano, K. (2010). Intellectual foundations of current research in family business: An identification and review of 25 influential articles. Family Business Review, 23(1), 9–26.Google Scholar
  31. Chrisman, J. J., Chua, J. H., Pearson, A. W., & Barnett, T. (2012). Family involvement, family influence and family-centred non-economic goals in small firms. Entrepreneurship Theory and Practice, 36(2), 267–293.Google Scholar
  32. Chua, J. H., Chrisman, J. J., & Sharma, P. (1999). Defining the family business by behaviour. Entrepreneurship Theory and Practice, 23(4), 19–40.Google Scholar
  33. Chua, J. H., Chrisman, J. J., Steier, L. P., & Rau, S. B. (2012). Sources of heterogeneity in family firms: An introduction. Entrepreneurship Theory and Practice, 36(6), 1103–1113.Google Scholar
  34. Cohen, J. (1992). A power primer. Psychological Bulletin, 112(1), 155–159.Google Scholar
  35. Colombo, M. G., De Massis, A., Piva, E., Rossi-Lamastra, C., & Wright, M. (2014). Sales and employment changes in entrepreneurial ventures with family ownership: Empirical evidence from high-tech industries. Journal of Small Business Management, 52(2), 226–245.Google Scholar
  36. Corbetta, G., & Salvato, C. A. (2004). The Board of Directors in family firms: One size fits all? Family Business Review, 17(2), 119–134.Google Scholar
  37. Corona, J. & Del Sol, I. (2016). La Empresa Familiar en España [Family Business in Spain] (2015). Barcelona: Instituto de la Empresa Familiar. Retrieved from: https://www.iefamiliar.com/upload/documentos/ubhiccx9o8nnzc7i.Pdf.
  38. Covin, J. G., & Miller, D. (2014). International entrepreneurial orientation: Conceptual considerations, research themes, measurement issues and future research directions. Entrepreneurship Theory and Practice, 38(1), 11–44.Google Scholar
  39. Covin, J. G., & Slevin, D. P. (1989). Strategic Management of Small Firms in hostile and benign environments. Strategic Management Journal, 10(1), 75–87.Google Scholar
  40. Covin, J. G., & Wales, W. J. (2012). The measurement of entrepreneurial orientation. Entrepreneurship Theory and Practice, 36(4), 677–702.Google Scholar
  41. Covin, J. G., Green, K. M., & Slevin, D. P. (2006). Strategic process effects on the entrepreneurial orientation-sales growth rate relationship. Entrepreneurship Theory and Practice, 30(1), 57–81.Google Scholar
  42. Cruz, C., & Nordqvist, M. (2012). Entrepreneurial orientation in family firms: A generational perspective. Small Business Economics, 38(1), 33–49.Google Scholar
  43. Cruz, C., Justo, R., & De Castro, J. O. (2012). Does family employment enhance MSEs performance? Integrating socioemotional wealth and family embeddedness perspectives. Journal of Business Venturing, 27(1), 62–76.Google Scholar
  44. Cruz, C., Larraza–Kintana, M., Garcés–Galdeano, L., & Berrone, P. (2014). Are family firms really more socially responsible? Entrepreneurship Theory and Practice, 38(6), 1295–1316.Google Scholar
  45. Dal Zotto, C. & Van Kranenburg, H. (Eds.) (2008). Management and innovation in the media industry. Edward Elgar Publishing.Google Scholar
  46. Davis, S. J., Haltiwanger, J., & Schuh, S. (1996). Small business and job creation: Dissecting the myth and reassessing the fats. Small Business Economics, 8(4), 297–315.Google Scholar
  47. Davis, J. A., Pitts, E. L., & Cormier, K. (2000). Challenges facing family companies in the Gulf region. Family Business Review, 13(3), 217–238.Google Scholar
  48. Debicki, B. J., Matherne, C. F., Kellermanns, F. W., & Chrisman, J. J. (2009). Family business research in the new millennium: An overview of the who, the where, the what and the why. Family Business Review, 22(2), 151–166.Google Scholar
  49. Delmas, M. A., & Gergaud, O. (2014). Sustainable certification for future generations: The case of family business. Family Business Review, 27(3), 228–243.Google Scholar
  50. Dijkstra, T. K., & Henseler, J. (2015). Consistent partial least squares path modeling. MIS Quarterly, 39(2), 297–316.Google Scholar
  51. Dou, J., Zhang, Z., & Su, E. (2014). Does family involvement make firms donate more? Empirical evidence from Chinese private firms. Family Business Review, 27(3), 259–274.Google Scholar
  52. Dunne, Á., Lawlor, M. A., & Rowley, J. (2010). Young People's use of online social networking sites: A uses and gratifications perspective. Journal of Research in Interactive Marketing, 4(1), 46–58.Google Scholar
  53. Eddleston, K. A., & Kellermanns, F. W. (2007). Destructive and productive family relationships: A stewardship theory perspective. Journal of Business Venturing, 22(4), 545–565.Google Scholar
  54. Eddleston, K. A., Kellermanns, F. W., & Sarathy, R. (2008). Resource configuration in family firms: Linking resources, strategic planning and technological opportunities to performance. Journal of Management Studies, 45(1), 26–50.Google Scholar
  55. Eddleston, K. A., Kellermanns, F. W., & Zellweger, T. M. (2012). Exploring the entrepreneurial behaviour of family firms: Does the stewardship perspective explain differences? Entrepreneurship Theory and Practice, 36(2), 347–367.Google Scholar
  56. Eddleston, K. A., Kellermanns, F. W., Floyd, S. W., Crittenden, V. L., & Crittenden, W. F. (2013). Planning for growth: Life stage differences in family firms. Entrepreneurship Theory and Practice, 37(5), 1177–1202.Google Scholar
  57. Fan, J. P., Wei, K. C., & Xu, X. (2011). Corporate finance and governance in emerging markets: A selective review and an agenda for future research. Journal of Corporate Finance, 17(2), 207–214.Google Scholar
  58. Faul, F., Erdfelder, E., Buchner, A., & Lang, A. G. (2009). Statistical power analyses using G* power 3.1: Tests for correlation and regression analyses. Behaviour Research Methods, 41(4), 1149–1160.Google Scholar
  59. Fernando, S., & Lawrence, S. (2014). A theoretical framework for CSR practices: Integrating legitimacy theory, stakeholder theory and institutional theory. Journal of Theoretical Accounting Research, 10(1), 149–178.Google Scholar
  60. Foo, M., Uy, M., & Baron, R. A. (2009). How do feelings influence effort? An empirical sStudy of entrepreneurs’ affect and venture effort. Journal of Applied Psychology, 94(4), 1086–1094.Google Scholar
  61. Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing Research, 18(1), 39–50.Google Scholar
  62. Gedajlovic, E., Carney, M., Chrisman, J. J., & Kellermanns, F. W. (2012). The adolescence of family firm research taking stock and planning for the future. Journal of Management, 38(4), 1010–1037.Google Scholar
  63. Glover, J. L., & Reay, T. (2015). Sustaining the family business with minimal financial rewards: How do family farms continue? Family Business Review, 28(2), 163–177.Google Scholar
  64. Goel, S., Voordeckers, W., van Gils, A., & van den Heuvel, J. (2013). CEO's empathy and salience of socioemotional wealth in family SMEs: The moderating role of external directors. Entrepreneurship and Regional Development, 25(3–4), 111–134.Google Scholar
  65. Gómez-Mejía, L. R., Haynes, K. T., Nunez-Nickel, M., Jacobson, K. J., & Moyano-Fuentes, J. (2007). Socioemotional wealth and business risks in family-controlled firms: Evidence from Spanish olive oil Mills. Administrative Science Quarterly, 52(1), 106–137.Google Scholar
  66. Gómez-Mejía, L. R., Makri, M., & Kintana, M. L. (2010). Diversification decisions in family-controlled firms. Journal of Management Studies, 47(2), 223–252.Google Scholar
  67. Gómez-Mejía, L. R., Cruz, C., Berrone, P., & De Castro, J. (2011). The bind that ties: Socioemotional wealth preservation in family firms. The Academy of Management Annals, 5(1), 653–707.Google Scholar
  68. Gomez-Mejia, L. R., Campbell, J. T., Martin, G., Hoskisson, R. E., Makri, M., & Sirmon, D. G. (2014). Socioemotional wealth as a mixed gamble: Revisiting family firm R&D investments with the behavioral agency model. Entrepreneurship Theory and Practice, 38(6), 1351–1374.Google Scholar
  69. Gonzalez, A. C., Rodriguez, Y. E., & Sossa, A. (2017). Leadership and governance decisions in family business performance: An application of fuzzy sets logic. Journal of Small Business Strategy, 27(1), 51–66.Google Scholar
  70. Goss, D. (2005). Schumpeter's legacy? Interaction and emotions in the sociology of entrepreneurship. Entrepreneurship Theory and Practice, 29(2), 205–218.Google Scholar
  71. Habbershon, T. G., & Pistrui, J. (2002). Enterprising families domain: Family-influenced ownership groups in pursuit of intergenerational wealth. Family Business Review, 15(3), 223–237.Google Scholar
  72. Habbershon, T. G., & Williams, M. L. (1999). A resource-based framework for assessing the strategic advantages of family firms. Family Business Review, 12(1), 1–25.Google Scholar
  73. Habbershon, T. G., Williams, M., & MacMillan, I. C. (2003). A unified systems perspective of family firm performance. Journal of Business Venturing, 18(4), 451–465.Google Scholar
  74. Habbershon, T., Nordqvist, M., & Zellweger, T. (2010). Intergenerational entrepreneurship. In M. Nordqvist & T. Zellweger (Eds.), Intergenerational entrepreneurship: Exploring Growth and Performance in Family Firms across Generations (pp. 1–38). Cheltenham: Edward Elgar.Google Scholar
  75. Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2017). A primer on partial least squares structural equation modeling (PLS-SEM). Thousand Oaks: Sage.Google Scholar
  76. Hansen, J. D., Deitz, G. D., Tokman, M., Marino, L. D., & Weaver, K. M. (2011). Cross- national invariance of the entrepreneurial orientation scale. Journal of Business Venturing, 26(1), 61–78.Google Scholar
  77. Hauswald, H., & Hack, A. (2013). Impact of family control/influence on stakeholders’ perceptions of benevolence. Family Business Review, 26(4), 356–373.Google Scholar
  78. Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the Academy of Marketing Science, 43(1), 115–135.Google Scholar
  79. Henseler, J., Hubona, G., & Ray, P. A. (2016). Using PLS path modeling in new technology research: Updated guidelines. Industrial Management and Data Systems, 116(1), 2–20.Google Scholar
  80. Hernández-Perlines, F. (2016). Entrepreneurial orientation in hotel industry: Multi-group analysis of quality certification. Journal of Business Research, 69(10), 4714–4724.Google Scholar
  81. Hernández-Perlines, F., & Cisneros, M. A. I. (2018). The role of environment in sustainable entrepreneurial orientation: The case of family firms. Sustainability, 10(6), 1–16.Google Scholar
  82. Hernández-Perlines, F., & Rung-Hoch, N. (2017). Sustainable entrepreneurial orientation in family firms. Sustainability, 9(7), 1212.Google Scholar
  83. Hernández-Perlines, F., Moreno-García, J., & Yáñez-Araque, B. (2016). Using fuzzy-set qualitative comparative analysis to develop an absorptive capacity-based view of training. Journal of Business Research, 69(4), 1510–1515.Google Scholar
  84. Hitt, M. A., Ireland, R. D., Camp, S. M., & Sexton, D. L. (2001). Strategic entrepreneurship: Entrepreneurial strategies for wealth creation. Strategic Management Journal, 22(6–7), 479–491.Google Scholar
  85. Holt, D. T., Rutherford, M. W., & Kuratko, D. F. (2010). Advancing the field of family business research: Further testing the measurement properties of the F-PEC. Family Business Review, 23(1), 76–88.Google Scholar
  86. Jack, S. L. (2005). The role, use and activation of strong and weak network ties: A qualitative analysis. Journal of Management Studies, 42(6), 1233–1259.Google Scholar
  87. Jack, S., Hyman, J., & Osborne, F. (2006). Small entrepreneurial ventures culture, change and the impact on HRM: A critical review. Human Resource Management Review, 16(4), 456–466.Google Scholar
  88. Jain, B. A., & Shao, Y. (2014). Family involvement and post-IPO investment policy. Family Business Review, 27(4), 287–306.Google Scholar
  89. Jöreskog, K. G., & Wold, H. O. (1982). Systems under indirect observation: Causality, structure, prediction. Amsterdam: North Holland.Google Scholar
  90. Kao, M. S., Kuo, A., & Chang, Y. C. (2013). How family control influences FDI entry mode choice. Journal of Management and Organization, 19(4), 367–385.Google Scholar
  91. Kedmenec, I., & Strašek, S. (2017). Are some cultures more Favourable for social entrepreneurship than others? Economic Research, 30(1), 1461–1476.Google Scholar
  92. Kellermanns, F. W., & Eddleston, K. A. (2006). Corporate entrepreneurship in family firms: A family perspective. Entrepreneurship Theory and Practice, 30(6), 809–830.Google Scholar
  93. Kellermanns, F. W., Eddleston, K. A., & Zellweger, T. M. (2012). Extending the socioemotional wealth perspective: A look at the dark side. Entrepreneurship Theory and Practice, 36(6), 1175–1182.Google Scholar
  94. Kets de Vries, M., Carlock, R., & Florent-Treacy, E. (2007). Family business on the couch: A psychological perspective. Chichester: Wiley.Google Scholar
  95. Khayesi, J. N., George, G., & Antonakis, J. (2014). Kinship in entrepreneur networks: Performance effects of resource assembly in Africa. Entrepreneurship Theory and Practice, 38(6), 1323–1342.Google Scholar
  96. Knight, G. A. (1997). Cross-cultural reliability and validity of a scale to measure firm entrepreneurial orientation. Journal of Business Venturing, 12(3), 213–225.Google Scholar
  97. Kraiczy, N. D., Hack, A., & Kellermanns, F. W. (2015). What makes a family firm innovative? CEO risk-taking propensity and the organizational context of family firms. Journal of Product Innovation Management, 32(3), 334–348.Google Scholar
  98. Kraus, S., Rigtering, J. C., Hughes, M., & Hosman, V. (2012). Entrepreneurial orientation and the business performance of SMEs: A quantitative study from the Netherlands. Review of Managerial Science, 6(2), 161–182.Google Scholar
  99. Kreiser, P. M., Marino, L. D., & Weaver, K. M. (2002). Assessing the psychometric properties of the entrepreneurial orientation scale: A multicountry analysis. Entrepreneurship Theory and Practice, 26(4), 71–94.Google Scholar
  100. Kropp, F., Lindsay, N. J., & Shoham, A. (2006). Entrepreneurial, market and learning orientations and international entrepreneurial business venture performance in south African firms. International Marketing Review, 23(5), 504–523.Google Scholar
  101. Kuo, A., Kao, M. S., Chang, Y. C., & Chiu, C. F. (2012). The influence of international experience on entry mode choice: Difference between family and non-family firms. European Management Journal, 30(3), 248–263.Google Scholar
  102. Le Breton-Miller, I., Miller, D., & Steier, L. P. (2004). Toward an integrative model of effective FOB succession. Entrepreneurship Theory and Practice, 28(4), 305–328.Google Scholar
  103. Leitterstorf, M. P., & Rau, S. B. (2014). Socioemotional wealth and IPO underpricing of family firms. Strategic Management Journal, 35(5), 751–760.Google Scholar
  104. Lerner, M., Brush, C., & Hisrich, R. (1997). Israeli women entrepreneurs: An examination of factors affecting performance. Journal of Business Venturing, 12(4), 315–339.Google Scholar
  105. Liang, X., Wang, L., & Cui, Z. (2014). Chinese private firms and internationalization: Effects of family involvement in management and family ownership. Family Business Review, 27(2), 126–141.Google Scholar
  106. Lichtenthaler, U., & Muethel, M. (2012). The impact of family involvement on dynamic innovation capabilities: Evidence from German manufacturing firms. Entrepreneurship Theory and Practice, 36(6), 1235–1253.Google Scholar
  107. Litz, R. A. (2004). The family business: Toward definitional clarity. Family Business Review, 8(2), 71–81.Google Scholar
  108. Lumpkin, G. T., & Dess, G. G. (1996). Clarifying the entrepreneurial orientation construct and linking it to performance. Academy of Management Review, 21(1), 135–172.Google Scholar
  109. Lumpkin, G. T., Brigham, K., & Moss, K. (2010). Long-term orientation: Implications for the entrepreneurial orientation and performance of family businesses. Entrepreneurship and Regional Development, 22(3), 355–378.Google Scholar
  110. Markin, E., Swab, R. G., & Marshall, D. R. (2017). Who is driving the bus? An analysis of author and institution contributions to entrepreneurship research. Journal of Innovation and Knowledge, 2(1), 1–9.Google Scholar
  111. Marques, P., Presas, P., & Simon, A. (2014). The heterogeneity of family firms in CSR engagement: The role of values. Family Business Review, 27(3), 206–227.Google Scholar
  112. Marques, P., Bikfalvi, A., Simon, A., Llach, J., & Lerch, C. (2015). Servitisation and technological complexity in family and non–family firms: European evidence. European Journal of International Management, 9(2), 221–239.Google Scholar
  113. Martin-Sanchez, V., Contín-Pilart, I., & Larraza-Kintana, M. (2018). The influence of entrepreneurs’ social referents on start-up size. International Entrepreneurship and Management Journal, 14(1), 173–194.Google Scholar
  114. Masulis, R. W., Pham, P. K., & Zein, J. (2011). Family business groups around the world: Financing advantages, control motivations and organizational choices. Review of Financial Studies, 24(11), 3556–3600.Google Scholar
  115. Matthews, C. H., Hechavarria, D., & Schenkel, M. T. (2012). Family business: A global perspective from the panel study of entrepreneurial dynamics and the global entrepreneurship monitor. In A. L. Carsrud & M. Brännback (Eds.), Understanding family businesses (pp. 9–26). New York: Springer.Google Scholar
  116. Miller, D. (1983). The correlates of entrepreneurship in three types of firms. Management Science, 29(7), 770–791.Google Scholar
  117. Miller, D. (2011). Miller (1983) revisited: A reflection on EO research and some suggestions for the future. Entrepreneurship Theory and Practice, 35(5), 873–894.Google Scholar
  118. Miller, D. & Le Breton-Miller, I. (2005). Managing for the long run: Lessons in competitive advantage from great family businesses. Boston: Harvard Business Press.Google Scholar
  119. Miller, D., & Friesen, P. (1983). Strategy making and environment: The third link. Strategic Management Journal, 4(3), 221–235.Google Scholar
  120. Miller, D., & Le Breton-Miller, I. (2014). Deconstructing socioemotional wealth. Entrepreneurship Theory and Practice, 38(4), 713–720.Google Scholar
  121. Miller, D., Le Breton-Miller, I. & Scholnick, B. (2008). Stewardship vs. stagnation: An empirical comparison of small family and non-family businesses. Journal of Management Studies, 45(1): 51–78.Google Scholar
  122. Miller, D., Le Breton-Miller, I., & Lester, R. H. (2013). Family firm governance, strategic conformity and performance: Institutional versus strategic perspectives. Organization Science, 24(1), 189–209.Google Scholar
  123. Miller, D., Le Breton-Miller, I., Minichilli, A., Corbetta, G., & Pittino, D. (2014). When do non-family CEOs outperform in family firms? Agency and Behavioural agency perspectives. Journal of Management Studies, 51(4), 547–572.Google Scholar
  124. Minichilli, A., Nordqvist, M., Corbetta, G., & Amore, M. D. (2014). CEO succession mechanisms, organizational context and performance: A socioemotional wealth perspective on family-controlled firms. Journal of Management Studies, 51(7), 1153–1179.Google Scholar
  125. Miralles-Marcelo, J. L., del Mar Miralles-Quirós, M., & Lisboa, I. (2014). The impact of family control on firm performance: Evidence from Portugal and Spain. Journal of Family Business Strategy, 5(2), 156–168.Google Scholar
  126. Moisescu, O. I. (2018). From perceptual corporate sustainability to customer loyalty: A multi-sectorial investigation in a developing country. Economic Research, 31(1), 55–72.Google Scholar
  127. Naldi, L., Nordqvist, M., Sjöberg, K., & Wiklund, J. (2007). Entrepreneurial orientation, risk taking and performance in family firms. Family Business Review, 20(1), 33–47.Google Scholar
  128. Naldi, L., Cennamo, C., Corbetta, G., & Gomez-Mejia, L. (2013). Preserving socioemotional wealth in family firms: Asset or liability? The moderating role of business context. Entrepreneurship Theory and Practice, 37(6), 1341–1360.Google Scholar
  129. Palacios-Marqués, D., Roig-Dobón, S., & Comeig, I. (2017). Background factors to innovation performance: Results of an empirical study using fsQCA methodology. Quality and Quantity, 51(5), 1939–1953.Google Scholar
  130. Patel, P. C., & Chrisman, J. J. (2014). Risk abatement as a strategy for R&D Investments in Family Firms. Strategic Management Journal, 35(4), 617–627.Google Scholar
  131. Petrakis, P. E., Valsamis, D. G., & Kafka, K. I. (2017). From optimal to stagnant growth: The role of institutions and culture. Journal of Innovation & Knowledge, 2(3), 97–105.  https://doi.org/10.1016/j.jik.2016.01.011.Google Scholar
  132. Poza, E. J., & Daugherty, M. S. (2013). Family business (4th ed.). Mason: Cengage Learning.Google Scholar
  133. Pukall, T. J., & Calabrò, A. (2014). The internationalization of family firms: A critical review and integrative model. Family Business Review, 27(2), 103–125.Google Scholar
  134. Rauch, A., Wiklund, J., Lumpkin, G. T., & Frese, M. (2009). Entrepreneurial orientation and Business performance: An assessment of past research and suggestions for the future. Entrepreneurship Theory and Practice, 33(3), 761–787.Google Scholar
  135. Ringle, C. M., Wende, S. & Becker, J. M. (2015). Smart PLS 3. Boenningstedt: SmartPLS GmbH. Retrieved from: https://www.smartpls.com. Accessed 15 Nov 2017.
  136. Roldán, J. L., & Sánchez-Franco, M. J. (2012). Variance-based structural equation modeling: Guidelines for using partial least squares in information systems research. In M. Mora, O. Gelman, A. Steenkamp, & M. Raisinghani (Eds.), Research methodologies, innovations and philosophies in software systems engineering and information systems (pp. 193–221). Hershey: IGI Global.Google Scholar
  137. Rong, B., & Wilkinson, I. F. (2011). What do managers’ survey responses mean and what affects them? The case of market orientation and firm performance. Australasian Marketing Journal, 19(3), 137–147.Google Scholar
  138. Salvato, C., & Aldrich, H. E. (2012). “That’s interesting!” in family business research. Family Business Review, 25(2), 125–135.Google Scholar
  139. Samara, G., & Berbegal-Mirabent, J. (2018). Independent directors and family firm performance: Does one size fit all? International Entrepreneurship and Management Journal, 14(1), 49–172.Google Scholar
  140. Sarstedt, M., Ringle, C. M., Smith, D., Reams, R., & Hair, J. F., Jr. (2014). Partial least squares structural equation modeling (PLS-SEM): A useful tool for family business researchers. Journal of Family Business Strategy, 5(1), 105–115.Google Scholar
  141. Schepers, J., Voordeckers, W., Steijvers, T., & Laveren, E. (2014). The entrepreneurial orientation-performance relationship in private family firms: The moderating role of socioemotional wealth. Small Business Economics, 43(1), 39–55.Google Scholar
  142. Schmid, T., Ampenberger, M., Kaserer, C., & Achleitner, A. K. (2015). Family firm heterogeneity and corporate policy: Evidence from diversification decisions. Corporate Governance: An International Review, 23(3), 285–302.Google Scholar
  143. Sciascia, S., Mazzola, P., & Kellermanns, F. W. (2014). Family management and profitability in private family-owned firms: Introducing generational stage and the socioemotional wealth perspective. Journal of Family Business Strategy, 5(2), 131–137.Google Scholar
  144. Sciascia, S., Nordqvist, M., Mazzola, P., & De Massis, A. (2015). Family ownership and R&D intensity in small- and medium-sized firms. Journal of Product Innovation Management, 32(3), 349–360.Google Scholar
  145. Sharma, P., Chrisman, J. J., & Gersick, K. E. (2012). 25 years of family business review: Reflections on the past and perspectives for the future. Family Business Review, 25(1), 5–15.Google Scholar
  146. Shepherd, D. A. (2015). Party on! A call for entrepreneurship research that is more interactive, activity-based, cognitively hot, compassionate and prosocial. Journal of Business Venturing, 30(4), 489–507.Google Scholar
  147. Short, J. C., Broberg, J. C., Cogliser, C. C., & Brigham, K. H. (2010). Construct validation using computer-aided text analysis (CATA): An illustration using entrepreneurial orientation. Organizational Research Methods, 13(2), 320–347.Google Scholar
  148. Simon, M., & Kim, J. (2017). Two sources of overconfidence: Incorporating disconfirming feedback in an entrepreneurial context. Journal of Small Business Strategy, 27(3), 9–24.Google Scholar
  149. Stockmans, A., Lybaert, N., & Voordeckers, W. (2010). Socioemotional wealth and earnings Management in Private Family Firms. Family Business Review, 23(3), 280–294.Google Scholar
  150. Strike, V. M., Berrone, P., Sapp, S. G., & Congiu, L. (2015). A socioemotional wealth aApproach to CEO career horizons in family firms. Journal of Management Studies, 52(4), 555–583.Google Scholar
  151. Tagiuri, R., & Davis, J. (1992). On the goals of successful family companies. Family Business Review, 5(1), 43–62.Google Scholar
  152. Tatoglu, E., Kula, V., & Glaister, K. W. (2008). Succession planning in family-owned businesses evidence from Turkey. International Small Business Journal, 26(2), 155–180.Google Scholar
  153. Torchiano, M., Tomassetti, F., Ricca, F., Tiso, A., & Reggio, G. (2013). Relevance, benefits and problems of software modelling and model driven techniques: A survey in the Italian industry. Journal of Systems and Software, 86(8), 2110–2126.Google Scholar
  154. Van Gils, A., Dibrell, C., Neubaum, D. O., & Craig, J. B. (2014). Social issues in the family Enterprise. Family Business Review, 27(3), 193–205.Google Scholar
  155. Vandekerkhof, P., Steijvers, T., Hendriks, W., & Voordeckers, W. (2015). The effect of organizational characteristics on the appointment of non-family managers in private family firms: The moderating role of socioemotional wealth. Family Business Review, 28(2), 104–122.Google Scholar
  156. Vandemaele, S., & Vancauteren, M. (2015). Non-financial goals, governance and dividend payout in private family firms. Journal of Small Business Management, 53(1), 166–182.Google Scholar
  157. Ward, J. L. (1987). Keeping the family business healthy: How to plan for continuing growth, profitability and family leadership. San Francisco: Jossey-Bass.Google Scholar
  158. Welsh, D.H.B. & Kaciak, E. (2018). Women's entrepreneurship: A model of business- family Interface and performance. International Entrepreneurship and Management Journal 14(3): 1–1Google Scholar
  159. Wernerfelt, B. (1984). A resource-based view of the firm. Strategic Management Journal, 5(2), 171–180.Google Scholar
  160. Woodside, A. G. (2013). Moving beyond multiple regression analysis to algorithms: Calling for adoption of a paradigm shift from symmetric to asymmetric thinking in data analysis and crafting theory. Journal of Business Research, 66(4), 463–472.Google Scholar
  161. Woodside, A. G., Prentice, C., & Larsen, A. (2015). Revisiting problem gamblers’ harsh gaze on casino services: Applying complexity theory to identify exceptional customers. Psychology and Marketing, 32(1), 65–77.Google Scholar
  162. Wright, R. W., & Dana, L. P. (2003). Changing paradigms of international entrepreneurship strategy. Journal of International Entrepreneurship, 1(1), 135–152.Google Scholar
  163. Zahra, S. A. (1996). Governance, ownership and corporate entrepreneurship: The moderating impact of industry technological opportunities. Academy of Management Journal, 39(6), 1713–1735.Google Scholar
  164. Zahra, S. A. (2005). Entrepreneurial risk-taking in family firms. Family Business Review, 18(1), 23–40.Google Scholar
  165. Zahra, S. A., & Sharma, P. (2004). Family business research: A strategic reflection. Family Business Review, 17(4), 331–346.Google Scholar
  166. Zahra, S. A., Hayton, J. C., & Salvato, C. (2004). Entrepreneurship in family vs. non-family firms: A resource-based analysis of the effect of organizational culture. Entrepreneurship Theory and Practice, 28(4), 363–381.Google Scholar
  167. Zahra, S. A., Hayton, J. C., Neubaum, D. O., Dibrell, C., & Craig, J. (2008). Culture of family commitment and strategic flexibility: The moderating effect of stewardship. Entrepreneurship Theory and Practice, 32(6), 1035–1054.Google Scholar
  168. Zellweger, T. M., & Astrachan, J. H. (2008). On the emotional value of owning a firm. Family Business Review, 21(4), 347–363.Google Scholar
  169. Zellweger, T. M., & Nason, R. S. (2008). A stakeholder perspective on family firm performance. Family Business Review, 21(3), 203–216.Google Scholar
  170. Zellweger, T. M., Nason, R. S., & Nordqvist, M. (2012). From longevity of firms to intergenerational entrepreneurship of families introducing family entrepreneurial orientation. Family Business Review, 25(2), 136–155.Google Scholar
  171. Zellweger, T. M., Nason, R. S., Nordqvist, M., & Brush, C. G. (2013). Why do family firms strive for non-financial goals? An organizational identity perspective. Entrepreneurship Theory and Practice, 37(2), 229–248.Google Scholar

Copyright information

© Springer Science+Business Media, LLC, part of Springer Nature 2019

Authors and Affiliations

  1. 1.Department of Business AdministrationUniversity of Castilla-La ManchaToledoSpain
  2. 2.Department of Information Systems and TechnologiesUniversity of Castilla-La ManchaToledoSpain
  3. 3.Department of Physical Activity and Sports SciencesUniversity of Castilla-La ManchaToledoSpain

Personalised recommendations