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The article presents abstracts on topics about social issues in management which include the responses of firms to radical regulatory change, plagiarism among Academy of Management members, and a global governance framework for corporate social responsibility.

The article presents abstracts on topics about organizations and the natural environment which include barriers to greening the relief supply chain, alignment of consumers around low-carbon competitiveness, and the application of scenario analysis in industry sectors regarding climate change adaptation.

The article presents abstracts on business policy and strategy topics which include the complexities of top management team (TMT) composition, insights about dynamic capabilities observed from simulated evolving competition, and venture capital syndication in China.

The article presents abstracts on topics about gender and diversity in organizations which include the role of gender self-categorization and emotion on prejudicial attitudes and experiences of aggressive behavior, the disconnect between diversity management policy and implementation, and attitudes towards women managers.

The article presents abstracts on entrepreneurship topics which include the influence of tie-order on network emergence, a complexity science-based model for innovation and the formation of entrepreneurial enterprises, and fuzzy-set hierarchical classification of family businesses.

This section presents abstracts of conference papers about management history. Some of the papers include "History, Ownership Forms and Corporate Governance Systems: A Study of the Indian Context," about the evolution of ownership and corporate governance in India, "Charisma Revisited," regarding the historical roles of charismatic leaders in organizations, and "The Times They Are A-Changin': Transformation in the Popular Music Industry - An Evolutionary View," about organizational change in the music recording industry.

This section presents abstracts of several papers on entrepreneurship. The first paper proposes a multi-dimension, multi-contingent fit perspective for examining different practices adapted by entrepreneurial firms in acquiring human resources. Another paper elaborates theoretical foundations for opportunity-based entrepreneurial discovery research and presents an empirical study providing evidence for examining the validity of an opportunity-based research approach. One more paper explores innovation as a corporate entrepreneurial outcome in recently established small firms.

This section presents abstracts of conference papers related to business policy and strategy. These include "Competitive Advantage in Transition Economies: Exploring Organizational Capacity for Change," discussing competitive advantage in developed countries, "A Changing of the Guard: Executive and Director Turnover Following Corporate Earnings Restatements," on corporate earnings restatements, and "Balancing Exploration and Exploitation in Alliance Formation: A Multidimensional Perspective."

This article presents abstracts of several studies related to entrepreneurship. Wei Diane Shao, Carolyn J. Fausnaugh and Ashley Lye examined small businesses to gain an understanding of how café owners understand and implement their business concept. Jose Mata explored the effects that founding conditions have on the survival of new firms. J. Robert Baum and Stefan Wally examined the effects of entrepreneurial orientation and decision processes upon strategic decision-making speed. Igor Filatotchev examined inter-links between experience of founders, board selection strategy, and short-term performance measured in terms of share offer underpricing. David P. Spicer and Eugene Sadler-Smith described the development and validation of a measure that is designed to assess the way in which managers perceive their organizations' orientation to learning in terms of higher-order and lower-order levels of learning. Johan Wiklund and Frederic Delmar untangled the causal relationships between growth motivation and growth by using a large longitudinal data set and repeated measures. Andrea Lanza focused on the identification of effective entrepreneurial behaviors in hostile environments.

Employee downsizing has emerged as a major research field in recent years, certainly driven by the wide dissemination of this phenomenon in corporate life. Although downsizing strategies are pursued with the intention of increasing efficiency and effectiveness of organizational operations, prevailing research provides equivocal empirical findings on the performance impacts of downsizing activities. We argue that the equivocality may be explained by considering influencing factors and conditions that moderate the downsizing - performance relationship. In this study, we reevaluate this relationship by considering the owner type of firm as a major influence factor. By drawing from the behavioral model and its deviant, the socioemotional wealth perspective, we hypothesize that family control negatively moderates the capital market performance impacts, but positively moderates effects on accounting performance. We examine our arguments using a sample of 290 listed German family and non-family firms of the C-DAX. [ABSTRACT FROM AUTHOR]

Recent insights suggest that, by improving access to trade financing, generalized trust can alleviate the adverse impact of financial crises on firms. Expanding this stream of research, we study how governance attributes interact with generalized trust in shaping a firm's reaction to financial crises. Our difference-in-differences estimates indicate that trust alleviates the negative effect of financial crisis on the profitability of non-family firms, but it aggravates the negative effect for family firms. We probe into this dichotomy by exploring heterogeneity in governance characteristics and trade financing channels. [ABSTRACT FROM AUTHOR]

How can transgenerational growth in family business portfolios be achieved? This study examines the specific strategies employed and the rural versus urban context as an important contingency factor. Using socioemotional wealth as our conceptual lens, the analysis of four family business portfolios in Pakistan reveals that rural-based family business portfolios adopt organic growth strategies while urban-based family business portfolios adopt hybrid growth strategies. In addition, rural-based family business portfolios diversify into businesses related to their legacy business' activity; by contrast, urban-based family business portfolios diversify into unrelated businesses. Furthermore, we see that it is very difficult for family business portfolios to change from rural to urban strategies (or vice versa) in the long run. Also, we are able to demonstrate how the control and legacy dimensions of SEW drive the transgenerational growth-related strategic choices. Our study significantly advances the literature on portfolio entrepreneurship, on contextual influences on entrepreneurship, and on transgenerational entrepreneurship. [ABSTRACT FROM AUTHOR]

In this paper we provide both a theoretical and empirical perspective on change processes in a medium-sized family firm. Incorporating recent developments in institutional theory such as heterogeneity and practice variations, this study suggests a more dynamic, process-oriented interpretation of institutional theory. We specifically zoom in on the role of family members as change agents that are capable of overcoming embedded agency. We extend research on change management by explicitly addressing the paradox of embedded agency during change processes. Based on institutional theory and insights from prior literature on management accounting change we derive a framework to construe change processes. In doing so we highlight the crucial role of institutional contradictions and the emergence of reflective change agents as precursors for institutional change. In a second step we present the findings of an in-depth case study, in which we apply our framework to interpret management accounting changes in a family firm whose managing family members are subject to competing and contradicting institutional logics. [ABSTRACT FROM AUTHOR]

We draw from the concept of mixed gambles to investigate the socioemotional wealth trade-offs associated with high risk strategic decisions such as firm acquisition decisions of family firms. We contrast the predictions from mixed gambles with those of the commonly used behavioural agency model (BAM). Our empirical results for a panel data set of large U.S. firms support the mixed gambles predictions and reject those derived from BAM. They reveal that family firms are more likely to engage in horizontal acquisitions than non-family firms and that the engagement of family firms in horizontal acquisitions is even higher when they are in a gain frame. [ABSTRACT FROM AUTHOR]

Research suggests that family firms diversify less than nonfamily firms do. However, once family firms decide to diversify, are they more likely to prefer related or unrelated diversification? The answer to this question remains unclear. Thus, the purpose of this paper is to examine whether family firms are more or less likely to engage in related diversification and what types of family firms prefer related diversification. Using insights drawn from the mixed gamble approach, this paper suggests that family firms would prefer related diversification more than nonfamily firms and family firms vary from one another in their choice of diversification strategy depending on the governance structure of the firm, specifically, its leadership structure and board composition. Contributions and implications of this study are also discussed. [ABSTRACT FROM AUTHOR]

This paper describes the evolution of the research for HRM in family firms through a unique lens: a 40-year content analysis and review of published articles in the field of HRM in family businesses. The paper copes with three major questions: (a) What have been the contributions of HRM to family businesses' research? (b) What can be learned from the way the research of HRM in family firms' has been implemented in organization studies? and (c) How has this literature evolved through time? We conducted a systematic literature review from 1976-2016. We described the emphasis on HRM topical areas, as well as changes in them. We identified key themes, and showed how the results correspond or do not correspond to develop a consistent band coherent bulk of theory and managerial implications. Then, we adopted a content analysis approach for exploring the debate. We used Iramuteq software. Exploring the specificities of the language of the existing literature, we revealed that the scientific debate on HRM in family firms has still not completely defined boundaries. While exploring the aggregated contributions of the extant literature, we discovered that three main groups of papers cover the whole 352 papers database: a cluster for the Ownership domain, related with HRM systems for selecting, aligning behaviours of top executives or directors, a cluster for the Family domain, related with the HRM of family issues, and, last but not least, a cluster for the Business domain, exploiting the task environment of the family firm. This literature review intended to confirm the crucial role of HRM in family firms. HRM and family businesses' performances are a duo that could receive more attention by scholars. In fact it is ascertained that high performing firms acknowledge the role of HRM and they encourage the adoption and the implementation within family firms. [ABSTRACT FROM AUTHOR]

We integrate insights behavioral theory of the firm, social psychology, and family business literature to examine the role of CEO's financial aspiration in engaging in corrupt transactions. Building on a survey of 196 family firms in China, we found that the relationship between realization extent of CEO's financial aspiration and likelihood of engaging in corruption is inverted U shaped. We also found CEO's religious belief as an important moderator between CEO's financial aspiration and firm-level corruption. Religious belief decreases the CEO's motivation to offer bribes to government officials to achieve short-term economic benefits via strict ethical judgement, which in turn weakens the positive effects of low level achievement of CEO's financial aspiration on family firm's corruption. [ABSTRACT FROM AUTHOR]

The main purpose of this study is to investigate how family CEOs traditionality influences successor choice in Chinese context. Additionally, we also examine two moderators--family identification, and family's intention of transgenerational succession through the Social Emotional Theoretical lens (SEW). Based on the survey of 196 family firms in mainland China, our results support the main hypothesis that family CEOs possessing a high level of traditionality are more likely to select family members as their successors. Moreover, the effect of CEO's traditionality on likelihood of inside successor is strongest for high traditionality and high-level family member's identification with the firm. However, family's intention of transgenerational succession substitutes the function of CEO's traditionality in selecting inside successor. In post hoc study, we also found that CEO's traditionality has positive effects on their preference of selecting son rather than daughter as their successor. The theoretical and practical implications are discussed. [ABSTRACT FROM AUTHOR]

Research on socioemotional wealth (SEW) theory finds that family firms, relative to nonfamily firms, generally pursue a higher proportion of nonfinancial goals that provide them with SEW, or a stock of emotional value in the firm. Family succession is believed to be an important distinguishing goal that contributes to SEW in these firms. However, a socioemotional paradox exists in the literature regarding succession desirability and the strength of SEW over time. Here, using a survey sample of family firm members drawn from family firms in tourism industries, we reconcile this paradox by integrating socioemotional wealth and socioemotional selectivity theoretical perspectives. In the aggregate, this study is the first to (a) empirically incorporate emotion into SEW theory (b) directly examine how time perspective influences changes in succession desirability and (c) provide psychological mechanisms that explain heterogeneity in SEW preferences for various family members across the family firm lifecycle. Consequently, this is one of the first studies to directly examine the microfoundations of SEW theory. Potential implications for practice are positioned to help family firm succession, especially by offering psychological implications of time perspective that can help founder-run family businesses improve firm survival and longevity. [ABSTRACT FROM AUTHOR]

Growing numbers of women are taking leadership positions in family firms. As environmental conditions change, scholars and consultants alike need a clear understanding of the leadership dynamics of women in family firms. Using grounded theory analysis and a qualitative case study approach involving 15 U.S. family firms, we examine the leadership roles and leadership styles of women family members. Our findings revealed four leadership roles for women: Rising Stars, Team Players, Steel Magnolias (a traditionally feminine yet strong woman), and Dominant CEOs. We relate these roles to associated leadership styles and provide suggestions for consultants to family firms. [ABSTRACT FROM AUTHOR]

Family firms are generally treated as special cases of governance theories such as agency theory and stakeholder theory, despite their global prevalence and distinct differences from public firms with dispersed ownership. The strategic decisions made by the owner-managers of Blue Bell Creameries during an event of product contamination appeared irrational in the light of family firm theoretical views, and an interpretive case study was conducted to make sense of the more puzzling actions and behaviors. The themes and results suggest current understandings of socio-emotional wealth building, risk-taking and stakeholder management may be equilibrium perspectives of core behavioral tendencies regarding control and coupling based on stakeholder saliency. [ABSTRACT FROM AUTHOR]

This paper studies the relationship between dominant logics and strategic renewal in the case of family firms. Drawing on the upper echelons theory, we conceive the social context of family firms, i.e., number of family directors and founder directors, as proxies for different dominant logics in board of directors. We argue that these two types of board composition lead to contradictory effects on strategic renewal in family firms. We also test the moderating effect of national culture, i.e., uncertainty avoidance and long-term orientation, on these relationships. Our findings show evidence of conflicting dominant logics working to influence strategic renewal under distinctive national cultural conditions. [ABSTRACT FROM AUTHOR]

Family firms need to attract talented non-family employees to stay competitive. We argue that the role of the image of family firms as employers and the preference to work in family firms depend on the specific labor market context. Using a multi-level, cross-country dataset of 12,150 individuals in 40 countries, we find that hiring and firing practices, the degree of employer-employee cooperation, and the flexibility of wage determination influence the individual prefer-ence for working in family firms. Our paper contributes to prior research by introducing a labor market institutions perspective and has practical implications for family firms seeking to hire new employees. [ABSTRACT FROM AUTHOR]

We combine research on business groups with the socioemotional wealth approach from family firm research to examine how family control of business group firms affects voluntary disclosure of environmental performance information. Theorizing that disclosing environmental performance information weakens the owner's control over the firm but also generates reputational benefits, we expect family ownership and disclosure propensities to relate in a U-shaped way and, further, that this U-shape is accentuated for firms with a family CEO. Analysis of longitudinal data on disclosure decisions of South Korean business group firms supports our theory. Results show that when family ownership is low to moderate, concerns about disclosure weakening control causes disclosure propensities to decrease. However, for firms with a family CEO, potential reputational benefits begin to outweigh these disclosure costs once a certain level of ownership is reached, leading subsequent disclosure propensities to increase. Findings highlight that the effect of family control on environmental performance disclosure is neither good nor bad; instead, it depends on both the level of family ownership and whether a family CEO is in place. Furthermore, our finding that disclosure propensities are greatest for business group firms that combine high levels of family ownership with a family CEO is provocative in that it suggests that the very element that often is seen to encourage inefficiencies and fraud- family ownership combined with family leadership-can also foster responsible behaviors. [ABSTRACT FROM AUTHOR]

Two seemingly contradictory traits of family firms have been identified by emotion researchers: on one hand a focus on positive emotions, and on the other hand an emotional sensitivity that suggests the opposite-the prevalence of negative emotions. To address this puzzle, we combine research on family firms' goals and on emotional appraisal and develop the argument of an emotional portfolio. Multiplicity and variety of goals in family firms, we argue, involves two distinct reactions to adverse events: a higher sensitive to adverse events, but also an increased ability to cope with them. To test our argument, we analyze narratives of firms that face an exceptionally adverse context−the 2007-2009 global economic and financial crisis. Mixing quantitative and qualitative methods, we compare reactions of family and nonfamily firms along the grief process. Together, our theory and findings suggest that while family firms are more sensitive to adverse events than nonfamily firms, they also show a unique capability to turn those adverse events into more positive emotional states. Adversity hurts family firms more broadly, but less deeply, and offers them opportunities to recover. [ABSTRACT FROM AUTHOR]

Although there is significant interest in the roles of women in family firms, we do not have a clear picture of their involvement in leadership. We explore the changing leadership roles of women and examine their development as successors in a qualitative study of 15 family firms, using a case study approach and grounded theory analysis. In-depth interviews revealed four leadership roles of women: Rising Stars, Team Players, Steel Magnolias (a traditionally feminine yet strong woman), and Dominant CEOs. Our findings are summarized by five propositions and a model of the changing leadership roles of women successors in family firms. [ABSTRACT FROM AUTHOR]

The introduction of new products (NP) is often seen as an attractive strategy that improves firm performance. However, because novelty can endanger local traditions and decrease attachment to existing stakeholders, launching new products can result in an arduous enterprise, in particular, in industries that value tradition. This paper elaborates on the resources and strategies upon which firms can rely to introduce novelty in traditional industries. In particular, family firms enjoy unique identity advantages over non-family firms that allows them to introduce new products in a legitimate way. This advantage can be better materialized when family firms make use of naming strategies by referring to their traditions in their product labels and serving geographically disconnected consumers. I test these predictions using data about more than 300 breweries in Franconia, a geographical cluster in Northern Bavaria (Germany) and one of the most traditional industries in Europe. The results of this study confirm that family firms are more likely to engage in the introduction of new beer types, especially those that are named using words that recall the traditional identity of the firm. Moreover, we also find support for the idea that these strategies are more common when firms serve geographically distant portions of the market. [ABSTRACT FROM AUTHOR]

Combining agency and human capital lenses, we argue that there is one particular type of leadership that is especially advantageous in established family firms - namely, leadership by married couples. Our empirical analysis confirms that family firms led by married couples perform significantly better than other firms, especially in contexts where agency costs are significant and human capital is critical to business success. This result is robust to a wide array of estimation techniques, including instrumental variables, matching, and transition analyses to mitigate endogeneity concerns. Taken together, our findings contribute to important ongoing debates in the family business and leadership literatures. [ABSTRACT FROM AUTHOR]

Drawing from principal-principal agency theory and the socioemotional wealth perspective, we explore differences between family and non-family firms in the use of the Entrenchment Index (E-index) governance provisions as well as generational differences among family firms. Specifically, owing to the strategic idiosyncrasies of family firm governance, we argue that publicly-traded family firms will be less likely to entrench top management by using the E-index provisions compared to publicly-traded non-family firms. Further, we expect generational differences in the use of these provisions and propose that publicly-traded family firms adopt more E-index provisions when a majority of family managers and/or board members are of the first generation, whereas fewer E-index provisions would be adopted in publicly-traded family firms when a majority of family managers and/or board members are of the second or later generations. Findings based on the study of S&P 500 firms support our hypotheses. [ABSTRACT FROM AUTHOR]

This study presents a behavioral contingency model outlining how the effect of family ownership control on firm-level innovation spending decisions depends on whether or not the family has transgenerational control intentions and how, in turn, this effect of transgenerational control intentions depends on the financial position of the firm. Our model is tested using a sample of 4,938 German enterprises. The empirical results reveal the important role that transgenerational control intentions play in shaping family-owned firms' innovation spending decisions, and show that the firm's financial position has a substantial bearing on the nature of this effect. We discuss key academic and practical implications of these findings. [ABSTRACT FROM AUTHOR]

Research regarding individual's personal background is considered as a key determinant of entrepreneurial intentions but has produced mixed results. By using meta-analysis, this study was directed at understanding which types of an individual's background affect the formation of entrepreneurial intentions. The effect overall experience is stronger than education. When further scrutinizing overall experience, we found that, although previous behavior is the best predictor of future behavior, there was no significant difference between previous entrepreneurial behavior and other related entrepreneurial experiences. Vicarious learning in the form of family and non-family firms showed an effect strength as relevant as first hand learning. We present implications for scholars and policy makers in entrepreneurship. [ABSTRACT FROM AUTHOR]

Although family business research emphasizes the importance of family goals in family firms, Theory and evidence on the relationships between family influence, family goals and strategic behavior are equivocal. Behavioral theorists view family goals as a source of differentiation, suggesting that family goals will lead to divergent strategic behavior. However, this contradicts institutional theory's prediction that pursuing family goals exposes family firms to remarkably powerful pressures to conform. We argue that strategic conformity and divergence coexist in family firms and thus we develop a contingency-based model to reconcile and generalize the two perspectives. We propose the mediating effect of family goals on the relationship between family influence and conformity in R&D investments, which is moderated by family members' legitimacy, as exemplified by their social status, political ties and charitable activity. We test our model by examining the R&D investment behavior of 1,858 private firms in China, a transition economy context where family firms have emerged only recently and are exposed to remarkable pressures toward conformity. Our work addresses the division between behavioral and institutional views of family influence and strategic conformity and provides evidence supporting a more general model of strategic behavior in family firms in transition economies. [ABSTRACT FROM AUTHOR]

Since the seminal work of Tagiuri & Davis (1992), several calls for more research on the topic of goals in the context of the family business were made. In spite of the recent proliferation of research on the goals of the family firm, a review and integration of the contributions to the understanding of goals of family firms has not been undertaken so far. Moreover, the vast majority of works define goals in binary terms, such as "economic" or "non-economic", which is based on a trade-off assumption that should be made explicit in order to progress further in this topic central to the development of a theory of the family firm. This paper aims at contributing to the call on more research on the goals of family firms by answering the following research questions: what are the main categories and assumptions to understand and integrate the goals of family business? To answer this research question, this article reviews 65 articles stemming from peer-reviewed journals published from 1992 to 2015. This papers finds four categories and four associated assumptions to understand the goals of family business. [ABSTRACT FROM AUTHOR]

This research increases understanding of agency theory by exploring the influence of divergent principal interests in private firms. Investigating unique panel data on employment levels and employment terms in private equity backed family firms (from 1996 to 2013), findings reveal that, when private equity investors acquire minority positions, family control strongly weakens the positive impact of private equity on employment levels. Alternatively, when private equity investors acquire full control, employment levels increase more in previously family controlled firms compared to nonfamily firms. Results further show that neither majority nor minority private equity investments induce significant changes in employment terms such as wages or the usage of temporary contracts, yet highlight some important selection effects. These results hold broad implications for family firms, private equity investors and policy makers. [ABSTRACT FROM AUTHOR]

While scholarly trajectory is drawn to the field of Corporate Social Responsibility (CSR) in family firms, literature has demonstrated the implicitness of socioemotional wealth (SEW). This decipher is embroiled with a lack of empirical findings. We aim to fill this gap, by empirically exploring CSR adoption in family firms through dimensions of SEW, FIBER (Family control, Identification, Binding social ties, Emotional attachment, Renewal of succession).The crux of the study builds on Zientara's (J Bus Ethics, 2015:1- 15) claim debating, "SEW is a driver of self-serving behavior promoting family firms to obtain--self-interested-gains, through CSR acts". Owing to this, the study advances the debate on SEW and CSR by arguing for, and providing empirical underpinning in favor of the assumption that "SEW is a prosocial and positive stimulus, because it is at odds with the strategic, whole-business view of responsibility". We utilize ten Indian case studies based on interpretive perspective of qualitative research. Findings illustrate, that Indian family firms adopt substantive CSR practices in workplace, community, environment and marketplace. Further, dimensions of SEW, FIBER have distinctive logics to individually influence their CSR adoption. Results generated provide valuable empirical contribution for practical and policy implications. Key Words: CSR, family firms, socioemotional wealth (FIBER) [ABSTRACT FROM AUTHOR]

This study examined the relationship between CEO temporal focus (the degree to which executives characteristically devote attention to perceptions of the past, present, and future) and family business succession planning with a consideration of the moderating effects from both family (e.g., family interaction) and business (e.g., external environment uncertainty) contexts. Based on the data from 198 family business CEOs in East China, we found that each of the three distinct time orientations was positively associated with succession planning. Results also indicated that family interaction strengthens the relationship between CEO past focus and succession planning and lessens the relationship between CEO future focus and succession planning. Additionally, in uncertain environments, CEOs with high past focus are more likely to plan a succession, while CEOs with high present focus are less likely to do so. These findings explain how CEO temporal focus bias and contextual conditions shape succession planning in family firms. [ABSTRACT FROM AUTHOR]

We extend the emerging literature on 'environmental' - or more broadly 'social' - governance by analyzing principal-principal governance issues in the context of Corporate Social Performance. Analyzing Korean family controlled stand-alone businesses and Chaebol type business groups, we derive the logic of 'social tunneling' in analogy to the established concept of 'tunneling' that describes the financial expropriation of minority owners by controlling shareholders. We argue that controlling family owners' mix of economic and non-economic goals leads to higher social performance, which comes against the interests of other shareholders pursuing primarily financial goals. Yet, increases in regular governance mechanisms such as board monitoring that balance priorities among shareholder groups lead again to lower social performance. These results illustrate that corporate governance mechanisms first and foremost serve the interests of the principals, including securing a balance between divergent interests of controlling family and minority principals with respect to financial and social goals. [ABSTRACT FROM AUTHOR]

This paper examines whether the performance implications of family firms depends upon the extent to which the national economy is dominated by family business groups. Using a sample of over 11,000 firms in 35 countries we find lower performance among family firms in group-dominated economies. This finding is congruent with principal-principal agency in grouped economies. [ABSTRACT FROM AUTHOR]

Relying on a social identity framework, the current research investigates new director selection patterns in family-influenced and lone-founder firms. Based on 8,042 occurrences of new director placements collected from 2001 to 2014, results confirm prior identity based arguments that family-influenced and lone- founder firms select board members with board experience of similar firm type. However, we also hypothesize and find that these selection patterns change in the face of identity disrupting contingencies such as presence of nonfamily/nonfounder CEO's, increases in firm size, firm proximity to bankruptcy, and firm performance variance between the focal firm and a director's previous firms. These results have important implications for further theory development in family firm research as well as for practice. [ABSTRACT FROM AUTHOR]

Recent evidence indicates that an increasing number of non-family members will be working as a CEO in family firms in the future, which is a key human resource issue. However, current theorizing needs to be complemented to deal with such close owner-manager relationship. Drawing on social exchange theory, we propose a novel approach by conceptualizing the relationship between the non-family CEO and the senior and junior generations of the family firm as a relational triad. We introduce the affect theory of social exchange into the study of non-family executives to highlight six distinct developmental outcomes. We show how and under which circumstances cohesion in and affective attachment to the triad shape and change over time, and what implications this has for the tenure of the non-family CEO and the continuity in the family business. The article gives a novel explanation why non-family managers and family owners would choose to remain in the family business. [ABSTRACT FROM AUTHOR]

Drawing on Lumpkin and Brigham's (2011) conceptual long-term orientation (LTO) framework, we engage in multiple case study research to explore how family firm innovation manifests via the LTO dimensions: futurity, continuity, and perseverance. In stage one of our study, we focus on five in-depth family business case studies to determine relationships between innovation and LTO. In stage two, these relationships are tested for robustness in a larger sample study of 28 multi-generational family firms. Our findings suggest that innovation is synonymous with futurity, and when combined with continuity (i.e., preservation innovation), perseverance (i.e., patient innovation), or both continuity and perseverance (i.e., legacy innovation), it is the driving force of sustainability of family firms. [ABSTRACT FROM AUTHOR]

We integrate insights from the social embeddedness perspective with Penrosean growth theory to explore how family relationships within entrepreneurial teams influence family firm growth. We find that teams of spousal entrepreneurs have a positive impact on firm growth, whereas teams of sibling entrepreneurs have a negative impact on growth. The level of education of the firm's workforce strengthens spousal entrepreneurs' ability to grow the firm. Also, firm age undermines the positive growth effects of spousal entrepreneurs, while it renders the growth effects of sibling entrepreneurs positive. These results carry important contributions for research on firm growth, the social embeddedness of organizations, entrepreneurship, and family business. [ABSTRACT FROM AUTHOR]

There are competing theoretical explanations and conflicting empirical evidence for the IPO underpricing phenomenon in family firms. The behavioral agency model suggests that family firms are willing to discount their shares more than nonfamily firms in order to avoid socioemotional losses for family members. However, this view contradicts the endowment effect in prospect theory indicating that socioemotional wealth inflates family owners' perceptions of firm value. We reconcile these seemingly incompatible predictions by integrating the prospect theory notion of endowment effect in the behavioral agency model, and by further extending this view with insights from multiple agency theory to explain how socioemotional wealth elicits a complex set of divergent goals and investment time horizons among the multiple actors involved in the IPO. Accordingly, our analysis of 1,807 IPOs in seven European countries between 1995 and 2011 supports a contingency model in which the relationship between family firm status and IPO underpricing changes depending on share retention by family owners, and is moderated by market momentum, underwriter reputation and venture capitalist backing. In so doing, we shed light on the conditions under which socioemotional wealth adds to or detracts from firm valuation, we clarify the rate at which financial and socioemotional wealth are substituted, and we advance understanding of trade-offs between the two. [ABSTRACT FROM AUTHOR]