The concept and the state of research on the performance of family businesses

Sokołowska, Ewelina; Boehlich, Daniel; Dziadkiewicz, Anna

doi:10.29119/1641-3466.2024.194.28

Artykuł - szczegóły

Tytuł artykułu

The concept and the state of research on the performance of family businesses

Autorzy

Sokołowska Ewelina , Boehlich Daniel , Dziadkiewicz Anna

Treść / Zawartość

Pełne teksty:

ZNOiZ_z.194_2024-Sokołowska-Boehlich-Dziadkiewicz.pdf

Pobierz

Identyfikatory

DOI

10.29119/1641-3466.2024.194.28

Warianty tytułu

Języki publikacji

Abstrakty

Purpose: This study's primary goal is to present the theoretical concept of family enterprises. Specifically, the results of earlier studies and the issues facing this field of research now will be described. The article also examines the underlying impacts that family control has on business management in order to fill the research gap left by earlier studies on the performance differences between family and non-family enterprises. A thorough analysis of the literature revealed that family firms place equal value on non-financial performance as they do on financial performance. Design/methodology/approach: The study's survey focuses on critical analysis methods used in the literature. Critical theoretical analysis will also be accompanied by comparative, analytical and monographic methods implied to draw conclusions on further research directions in the family business sector. Findings: The current work makes a significant contribution by broadening the theoretical foundation for family business research. Therefore, a sound foundation for the explanation of distinctive strategic management components may be established using the behavior-oriented approach, stakeholder theory, target composition, and balanced scorecard approach. Research limitations/implications: Unconfirmed theories may be examined more closely, particularly in a modified setting. Practical implications: The findings of this theoretical study are not only important for business research but also for business practice. The study is primary addressed to the top management of family and non-family businesses. Moreover, potential investors, banks and consultants could benefit from the results of this study. Originality/value: This study aims to provide a better understanding of the relationship between the variables of family influence, goal setting and selection of key performance indicators and organizational performance and business success. That is how a contribution can be made to the ongoing discussion about the success of family businesses and its underlying factors.

Słowa kluczowe

family business goal setting business performance small and medium-sized enterprises

biznes rodzinny ustalanie celów wydajność biznesowa małe i średnie przedsiębiorstwa

Wydawca

Wydawnictwo Politechniki Śląskiej

Czasopismo

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

Rocznik

2024

Tom

z. 194

Strony

475--487

Opis fizyczny

Bibliogr. 67 poz.

Twórcy

autor

Sokołowska Ewelina

ewelina.sokolowska@zie.pg.edu.pl

Gdansk University of Technology

https://orcid.org/0000-0002-0470-9530

autor

Boehlich Daniel

daniel.boehlich@fh-muenster.de

University of Gdansk

https://orcid.org/0000-0002-6290-887X

autor

Dziadkiewicz Anna

anna.dziadkiewicz@ug.edu.pl

University of Gdansk

https://orcid.org/0000-0003-1880-4077

Bibliografia

1. al Farooque, O., Buachoom, W., Sun, L. (2020). Board, audit committee, ownership and financial performance - emerging trends from Thailand. Pacific Accounting Review, 32(1). https://doi.org/10.1108/PAR-10-2018-0079
2. Alderfer, C.P. (1988). Understanding and Consulting to Family Business Boards. Family Business Review. https://doi.org/10.1111/j.1741-6248.1988.00249.x
3. Alves, C.A., Gama, A.P.M. (2020). Family business performance: A perspective on family influence. Revista Brasileira de Gestao de Negocios, 22(1). https://doi.org/10.7819/rbgn.v22i1.4040
4. Anderson, R.C., Reeb, D.M. (2003). Founding-Family Ownership and Firm Performance: Evidence from the S&P 500. Journal ofFinance. https://doi.org/10.1111/1540-6261.00567
5. Azila-Gbettor, E.M., Honyenuga, B.Q., Berent-Braun, M.M., Kil, A. (2018). Structural aspects of corporate governance and family firm performance: a systematic review. Journal of Family Business Management, Vol. 8, Iss. 3. https://doi.org/10.1108/JFBM-12-2017-0045
6. Azila-Gbettor, E.M., Honyenuga, B.Q., Blomme, R.J., Kil, A. (2021). Review of differences between listed and unlisted family business research trends: a corporate governance context. Journal of Family Business Management. https://doi.org/10.1108/JFBM-03-2020-0023
7. Barontini, R., Caprio, L. (2006). The effect of family control on firm value and performance: Evidence from continental Europe. European Financial Management. https://doi.org/10.1111/j.1468-036X.2006.00273.x
8. Blanco-Mazagatos, V., de Quevedo-Puente, E., Castrillo, L.A. (2007). The trade-off between financial resources and agency costs in the family business: An exploratory study. Family Business Review. https://doi.org/10.1111/j.1741-6248.2007.00095.x
9. Brockhaus, R.H. (1994). Entrepreneurship and Family Business Research: Comparisons, Critique, and Lessons. Entrepreneurship Theory and Practice. https://doi.org/10.1177/104225879401900102
10. Calabro, A., Frank, H. (2021). Business families in times of crises: The backbone of family firm resilience and continuity. Journal of Family Business, 23(6), 57-78. https://www.sciencedirect.com/science/article/pii/S1877858521000231
11. Calabro, A., Vecchiarini, M., Gast, J., Campopiano, G., de Massis, A., Kraus, S. (2019a). Innovation in Family Firms: A Systematic Literature Review and Guidance for Future Research. International Journal of Management Reviews, 21(3). https://doi.org/10.1111/ijmr.12192
12. Caprio, L., del Giudice, A., Signori, A. (2020). Cash holdings in family firms: CEO identity and implications for firm value. European Financial Management, 26(2). https://doi.org/10.1111/eufm.12233
13. Caputo, A., Marzi, G., Pellegrini, M.M., Rialti, R. (2018). Conflict management in family businesses: A bibliometric analysis and systematic literature review. International Journal of Conflict Management, 29(4). https://doi.org/10.1108/IJCMA-02-2018-0027
14. Casillas, J.C., Moreno-Menéndez, A.M., Barbero, J.L., Clinton, E. (2019). Retrenchment Strategies and Family Involvement: The Role of Survival Risk. Family Business Review, 32(1). https://doi.org/10.1177/0894486518794605
15. Casprini, E., Dabic, M., Kotlar, J., Pucci, T. (2020). A bibliometric analysis of family firm internationalization research: Current themes, theoretical roots, and ways forward. International Business Review. https://doi.org/10.1016/j.ibusrev.2020.101715
16. Chrisman, J.J. (2019). Stewardship Theory: Realism, Relevance, and Family Firm Governance. In Entrepreneurship: Theory and Practice, Vol. 43, Iss. 6. https://doi.org/10.1177/1042258719838472
17. Chrisman, J.J., Chua, J.H., Sharma, P. (2005). Trends and directions in the development of a strategic management theory of the family firm. In: Entrepreneurship: Theory and Practice. https://doi.org/10.1111/j.1540-6520.2005.00098.x
18. Chrisman, J., Chua, J., Sharma, P. (2003). Current trends and future directions in family business management studies: Toward a theory of the family firm. Coleman White Paper Series.
19. Comino-Jurado, M. (2018). An Alternative Approach on Family Business Definition. Papers.Ssrn.Com. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3218967
20. Craig, J., Dibrell, C. (2006). The natural environment, innovation, and firm performance: A comparative study. Family Business Review. https://doi.org/10.1111/j.1741-6248.2006.00075.x
21. Daily, C.M., Dollinger, M.J. (1992). An Empirical Examination of Ownership Structure in Family and Professionally Managed Firms. Family Business Review. https://doi.org/10.1111/j.1741-6248.1992.00117.x
22. Daspit, J.J., Chrisman, J.J., Ashton, T., Evangelopoulos, N. (2021). Family Firm Heterogeneity: A Definition, Common Themes, Scholarly Progress, and Directions Forward. Family Business Review, 34(3). https://doi.org/10.1177/08944865211008350
23. Diaz-Moriana, V., Hogan, T., Clinton, E., Brophy, M. (2018). Defining family business: A closer look at definitional heterogeneity. In The Palgrave Handbook of Heterogeneity among Family Firms. https://doi.org/10.1007/978-3-319-77676-7_13
24. Eddleston, K.A., Jaskiewicz, P., Wright, M. (2020). Family firms and internationalization in the Asia-Pacific: the need for multi-level perspectives. Asia Pacific Journal of Management, Vol. 37, Iss. 2. https://doi.org/10.1007/s10490-018-9608-6
25. European Commission (2009b). Overview of family-business-relevant issues: research, networks, policy measures and existing studies. European Commission - Enterprise and Industry Directorate-General.
26. Franzoi, F., Mietzner, M. (2021). Family affairs - Corporate governance involvement of families and stock market returns. Investment Management and Financial Innovations, Vol. 18, Iss. 2. https://doi.org/10.21511/imfi.18(2).2021.28
27. Fuetsch, E. (2022). Innovation in Family Farms: The Roles of the Market, the Family, and Farm Performance. Journal of Small Business, 32(4), 56-78. https://doi.org/10.53703/001c.31714
28. Gehrke, N. (2013). Tobins q: die Beziehung zwischen Buch-und Marktwerten deutscher Aktiengesellschaften. https://books.google.de/books?hl=de&lr=&id=YpN9BwAAQBAJ& oi=fnd&pg=PA7&dq=Tobins+q:+die+Beziehung+zwischen+Buch-und+Marktwerten+deutscher+Aktiengesellschaften&ots=FXs2_099xA&sig=2SjX_ciZKVSjq
29. Gomez-Mejia, L.R., Makri, M., Kintana, M.L. (2010). Diversification decisions in family-controlled firms. Journal of Management Studies. https://doi.org/10.1111/j.1467-6486.2009.00889.x
30. Harms, H. (2014). Review of Family Business Definitions: Cluster Approach and Implications of Heterogeneous Application for Family Business Research. International Journal ofFinancial Studies. https://doi.org/10.3390/ijfs2030280
31. Hennart, J.F., Majocchi, A., Forlani, E. (2019). The myth of the stay-at-home family firm: How family-managed SMEs can overcome their internationalization limitations. Journal of International Business Studies, Vol. 50, Iss. 5. https://doi.org/10.1057/s41267-017-0091-y
32. Hernández-Linares, R., Kellermanns, F.W., López-Fernández, M.C., Sarkar, S. (2020). The effect of socioemotional wealth on the relationship between entrepreneurial orientation and family business performance. BRQ Business Research Quarterly, 23(3). https://doi.org/10.1177/2340944420941438
33. Karlsson, J. (2018). Does regional context matter for family firm employment growth? Journal ofFamily Business Strategy, 9(4), 293-310.
34. Kaslow, F.W., Friedland, L. (2021). Similarities and Differences Between Family and Nonfamily Business Enterprises. In: Consultation to Family Business Enterprises. https://doi.org/10.1007/978-3-030-72022-3_3
35. Koji, K., Adhikary, B.K., Tram, L. (2020). Corporate Governance and Firm Performance: A Comparative Analysis between Listed Family and Non-Family Firms in Japan. Journal of Risk and Financial Management, 13(9). https://doi.org/10.3390/jrfm13090215
36. Koji, K., Adhikary, B.K., Tram, L. (2020). Corporate Governance and Firm Performance: A Comparative Analysis between Listed Family and Non-Family Firms in Japan. Journal of Risk and Financial Management, 13(9). https://doi.org/10.3390/jrfm13090215
37. Kowalewski, O., Talavera, O., Stetsyuk, I. (2010). Influence of family involvement in management and ownership on firm performance: Evidence from Poland. Family Business Review. https://doi.org/10.1177/0894486509355803
38. Lansberg, I. (1988). The Succession Conspiracy. Family Business Review. https://doi.org/10.1111/j.1741-6248.1988.00119.x
39. Lee, J. (2006). Family firm performance: Further evidence. Family Business Review. https://doi.org/10.1111/j.1741-6248.2006.00060.x
40. Leopizzi, R., Pizzi, S., D’addario, F. (2021). The relationship among family business, corporate governance, and firm performance: an empirical assessment in the tourism sector. Administrative Sciences, 11(1). https://doi.org/10.3390/admsci11010008
41. Lude, M., Prügl, R. (2018). Why the family business brand matters: Brand authenticity and the family firm trust inference. Journal of Business Research, 89. https://doi.org/10.1016/j.jbusres.2018.03.040
42. Maury, B. (2006). Family ownership and firm performance: Empirical evidence from Western European corporations. Journal of Corporate Finance, 12(2), 321-341. https://doi.org/10.1016/j.jcorpfin.2005.02.002
43. McAdam, M., Clinton, E., Dibrell, C. (2020). Navigation of the paradoxical landscape of the family business. International Small Business Journal: Researching Entrepreneurship, 38(3). https://doi.org/10.1177/0266242619898610
44. McConaughy, D.L., Matthews, C.H., Fialko, A.S. (2001). Founding family controlled firms: Performance, risk, and value. Journal of Small Business Management, 39(1). https://doi.org/10.1111/0447-2778.00004
45. Megaravalli, A.V., Sampagnaro, G. (2019). Predicting the growth of high-growth SMEs: evidence from family business firms. Journal of Family Business Management, 9(1). https://doi.org/10.1108/JFBM-09-2017-0029
46. 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. https://doi.org/10.1111/j.1467-6486.2007.00718.x
47. Molly, V., Uhlaner, L.M., de Massis, A., Laveren, E. (2019). Family-centered goals, family board representation, and debt financing. Small Business Economics. https://doi.org/10.1007/s11187-018-0058-9
48. Neckebrouck, J., Schulze, W., Zellweger, T. (2018). Are family firms good employers? Academy of Management Journal. https://doi.org/10.5465/amj.2016.0765
49. Neubaum, D.O. (2018). Family Business Research: Roads Travelled and the Search for Unworn Paths. Family Business Review, 31(3), 259-270.
50. Neubaum, D.O. (2018). Family Business Research: Roads Travelled and the Search for Unworn Paths. Family Business Review, 31(3), 259-270. https://doi.org/10.1177/0894486518792948
51. Neubaum, D.O., Kammerlander, N., Brigham, K.H. (2019). Capturing Family Firm Heterogeneity: How Taxonomies and Typologies Can Help the Field Move Forward. Family Business Review, Vol. 32, Iss. 2. https://doi.org/10.1177/0894486519848512
52. Nowak, E., Ehrhardt, O., Weber, F.M. (2011). “Running in the Family”: The Evolution of Ownership, Control, and Performance in German Family-Owned Firms, 1903-2003. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.891255
53. Schulze, W.S., Lubatkin, M.H., Dino, R.N. (2003). Toward a theory of agency and altruism in family firms. Journal of Business Venturing. https://doi.org/10.1016/S0883-9026(03)00054-5
54. Sestu, M.C., Majocchi, A. (2020). Family Firms and the Choice Between Wholly Owned Subsidiaries and Joint Ventures: A Transaction Costs Perspective. Entrepreneurship: Theory and Practice, 44(2). https://doi.org/10.1177/1042258718797925
55. Sharma, P., Chrisman, J.J., Chua, J.H. (1996). A Review and Annotated Bibliography of Family Business Studies. A Review and Annotated Bibliography of Family Business Studies. https://doi.org/10.1007/978-1-4419-8768-6
56. Smith, M. (2008). Differences between family and non-family SMEs: A comparative study of Australia and Belgium. Journal of Management and Organization. https://doi.org/10.5172/jmo.2008.14.1.40
57. Srivastava, A., Bhatia, S. (2022). Influence of Family Ownership and Governance on Performance: Evidence from India. Global Business Review, 23(5). https://doi.org/10.1177/0972150919880711
58. Stalk, G., Foley, H. (2012). Avoid the traps that can destroy family businesses. Harvard Business Review, 90(1-2).
59. Stanley, L.J., Hernández-Linares, R., López-Fernández, M.C., Kellermanns, F.W. (2019). A Typology of Family Firms: An Investigation of Entrepreneurial Orientation and Performance. Family Business Review, 32(2). https://doi.org/10.1177/0894486519838120
60. Steiger, T., Duller, C., Hiebl, M.R.W. (2015). No Consensus in Sight: An Analysis of Ten Years of Family Business Definitions in Empirical Research Studies. Journal of Enterprising Culture. https://doi.org/10.1142/s0218495815500028
61. Villalonga, B., Amit, R. (2006). How do family ownership, control and management affect firm value? Journal of Financial Economics. https://doi.org/10.1016/j.jfineco.2004.12.005
62. Villalonga, B., Amit, R. (2006). How do family ownership, control and management affect firm value? Journal of Financial Economics. https://doi.org/10.1016/j.jfineco.2004.12.005
63. Wall, W.P. (2021). Strategic management and evaluation of the performance of family firms using management control system. Transnational Corporations Review. https://doi.org/10.1080/19186444.2021.1967104
64. Wang, C. (2010). Family small businesses: definition, ‘essence’ and ‘true’ prevalence. International Journal of Entrepreneurial Venturing. https://doi.org/10.1504/IJEV.2010.037113
65. Wortman, M.S. (1995, June). Critical issues in family business: An international perspective of practice and research. Proceedings of the ICSB 40th world conference. Sydney, Australia: Institute of Industrial Economics, pp. 53-76.
66. Zellweger, T.M., Chrisman, J.J., Chua, J.H., Steier, L.P. (2019). Social structures, social relationships, and family firms. Entrepreneurship: Theory and Practice, 43(2) Special Issue. https://doi.org/10.1177/1042258718792290
67. Zhang, Z., Rowan, P. (2022). The variation of family business branding across stakeholders: a social identity perspective. Journal of Family Business Management. https://doi.org/10.1108/JFBM-06-2022-0078/FULL/HTML

Typ dokumentu

Bibliografia

Identyfikator YADDA

bwmeta1.element.baztech-4f9b5d55-63b1-425e-88a4-e07d6a224f42