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Researchers are divided on whether shareholder agreements (SAs) improve or hurt firm value. We offer family firms as a context where SAs add value and explain why; SAs limit "superprincipal" agency conflicts between family owners and other family members. A panel of French firms and a second study of French Initial Public Offerings show shareholders value SAs more in family than in nonfamily firms. Among family firms, SAs add greater value when weak governance undermines family owners' resistance to other family members' demands. Our study helps reconcile competing theory about SAs and distinguishes superprincipal conflicts from other family-firm agency problems. [ABSTRACT FROM AUTHOR]

Business families directly participating in political roles have considerable influence in various countries. We explore political business families' unique economic and social characteristics through a social embeddedness lens. We build a comprehensive dataset of Chilean business families and identify their direct political participation from 1989 to 2020. We find limited support for economic features tied to political participation, whereas social characteristics, such as nationally rooted origins, religious affiliations, and family generation, are shared features of political business families. We extend the literature by analyzing how business families with greater social embeddedness act as legitimate representatives of the big business class in the state. [ABSTRACT FROM AUTHOR]

Family businesses can be considered unique organizations due to the manifestation of two distinct logics in their environment: on the one hand, the family logic, which values the common good of the members, and on the other, the business logic, which aims at rationalization and obtaining profits. Research on this topic indicates that individuals in these organizations are subject to having their subjectivity hijacked, caused by the experience between the field of work and family, which leads, in a way, to the inability to separate attitudes from the two fields, with no clear division by the individual. The theory of action allowed us to understand organizations as a social field, taking into account the concepts of capital, habitus and illusio. This theoretical article aimed to comparatively discuss the foundations of the Bourdieusian theory of action and the analytical principles of the kidnapping of subjectivity by Faria and Meneghetti (2007), highlighting the possibility of applying them in research on family organizations. This article contributes to the understanding of family organizations as a social field that enables the constitution of a subject who is aware of their choices and knows how to deal with power games in the organizational space. [ABSTRACT FROM AUTHOR]

The ESG theme is highly relevant in the current scenario, as it represents a new strategy to influence companies to cultivate a good image and make more relevant corporate decisions. In this context, it is important for small businesses to implement these practices to ensure appreciation, improving their reputation with both internal and external audiences. Therefore, this article aims to conduct a bibliometric analysis of research involving the theme "ESG in small businesses" through the Scopus and Web of Science databases. The selection criterion was the search for terms in English, present in the abstract field, and with ESG as a keyword. As a result, it was found that the country that produced the most research on this topic was Italy. The highest number of publications is from the year 2023, and the first study in this area was published in 2020. Finally, the most cited article in the databases was "The effects of environmental, social and governance disclosure on the cost of capital in small and medium enterprises: The role of family business status," published in 2021 by authors Gjergji, Vena, Sciascia, and Cortesi, with a total of 66 citations. [ABSTRACT FROM AUTHOR]

This study explores the effect of the overseas growth experiences of successors in family businesses on corporate risk-taking. We theorize that successors in family businesses, influenced by psychological characteristics imprinted during their overseas experiences, are more inclined to undertake risky strategic decisions. However, due to considerations related to social emotional wealth, family businesses may intervene in the successors’ risk-taking decisions. Therefore, family control may positively or negatively moderate the relationship between successors’ overseas growth experiences and corporate risk-taking. Our theoretical expectations are tested using a matched sample of Chinese-listed family firms from 2012 to 2021. With supportive empirical results, we contribute to the literature on risk-taking by This study explores the effect of the overseas growth experiences of successors in family businesses on corporate risk-taking by exploring the predecessors of corporate risk-taking and enriching SEW theory by bringing in the insights of imprinting theory. [ABSTRACT FROM AUTHOR]

How family firms adopt a certain corporate social responsibility (CSR) approach remains a relatively unexplored matter in family firm and firm ethics research. Hence, we study how and why the CSR approach (broad vs. narrow; benefits vs. costs) differs within family firms, addressing the influence of the socio-emotional wealth (SEW) dimensions, individually or combined. We used empirical evidence gathered through 13 case studies of firms from the Andalusia region and we used the interpretative approach of the grounded theory based on case study data. Results of our analyses lead to propose that family firms with a higher identification and more positive than negative valence with regard to emotional attachment and family enrichment dimensions will be more likely to exhibit a broad approach of CSR. Likewise, those family firms adopting CSR actions with stakeholders due to instrumental use of image and reputation dimension will more probably display a benefits approach. JEL CLASSIFICATION: L26; M14 [ABSTRACT FROM AUTHOR]

We study the effects of family control on CEO pay from the perspective of behavioral agency model (BAM), with particular focus on family firm's generational stage and CEO family ties. Using a panel of Australian listed firms, we find that family firms present lower total and variable CEO pay, showing also less pay disparity between the CEO and other top executives. We also find that multi-generational family firms and those run by non-family CEOs offer higher total and variable CEO pay and present high pay disparity. The BAM and family's aversion to socioemotional wealth loss can explain the effects of family control based on the pursuing of non-financial family goals. The decline of these goals derived from the aging of the firm and the hiring of external CEOs shape family control and should be considered in the design of executive compensation policies and by external parties when assessing their suitability. JEL CLASSIFICATION: G30; G32; G34; G38 [ABSTRACT FROM AUTHOR]

Receiving and acting on customer input is essential to sustaining and growing any service organization, particularly a small family business whose livelihood depends on strong relationships with its customers. The competitive advantage offered by advanced analytical approaches for supporting decisions is not trivial, and enterprises across virtually all domains of society are investing heavily in this emerging discipline. Natural Language Processing (NLP) is a subset of computer science that employs computational approaches to analyze human language; it is effective at extracting insight from text data but frequently requires large corpora to train its models, in the scale of thousands or millions of documents. This restricts its accessibility to those large enterprises with the capability to capture, store, manage, and analyze such corpora. This research explores a pilot study that applies NLP approaches, specifically topic modeling and large language models (LLM), to assist a small, family-owned business in assessing its strengths and weaknesses based on customer reviews. The relevant corpora of online Facebook, Google Reviews, TripAdvisor, and Yelp reviews is far smaller than ideal, numbering only in the hundreds. Results demonstrate that coherent and actionable insights from big-data approaches are obtainable and that small organizations are not automatically excluded from the benefits of these advanced analytical approaches, with complementary employment of both topic modeling and LLM presenting the greatest potential for similarly-positioned organizations to exploit. [ABSTRACT FROM AUTHOR]

In this study, we examine whether a positive income shock, measured by lottery wins, affects labor supply and the employment of individuals in Vietnam using Vietnam Living Standard Surveys 1993 and 1998. We do not find significant effects of lottery wins on the probability of working or on working hours. However, we find that lottery wins tend to be invested in productive assets and nonfarm household businesses. As a result, individuals from lottery-winning households tend to quit their wage-earning jobs and move to nonfarm self-employment. A 1% increase in lottery winnings results in a 0.22% increase in nonfarm income and a 0.056% increase in per capita income (excluding lottery winnings). [ABSTRACT FROM AUTHOR]

The essence of a family business captures the distinguishing factors differentiating them from non-family businesses. Among these factors, the constructs of family firms' managing and governance elements are perceived differently by non-family firms. This is especially important in a developing country such as South Africa (SA) with many governance challenges. The objectives of this study were, first, to identify relationships among financial performance, corporate governance, and ownership concentrations of listed family and non-family businesses in SA. Next, a comparison was made between the different ownership structures. Secondary data were collected using purposive sampling from 2015 to 2019. These data were analysed using panel data analysis and descriptive statistics. The results show that family firms place a greater emphasis on ownership concentration, board size, and board gender diversity, which have a significant relationship with financial performance. Only board size was significant to financial performance for non-family firms. The results indicate that family businesses should appoint female family members as directors on their boards, given the significance of gender-diverse boards for financial performance. Non-family businesses should also consider having smaller boards. Theoretically, this study expands on the literature regarding family businesses in SA. However, the findings cannot be generalised due to a single industry being selected. This study should be replicated in different industries to compare the results. [ABSTRACT FROM AUTHOR]

This study sheds light on how socioemotional wealth (SEW) theory functions in family firms. Focusing on the impact of the most highly appraised FIBER dimensions on the performance of such firms, we contextualize SEW by discussing the heterogeneity among family principals via the under‐researched role played by specific characteristics of family CEOs. Integrating arguments from SEW and generational theory, we test our theoretical hypotheses using global survey data from a sample of 1833 family firms from 33 countries. The main findings suggest that while family control and influence is not associated with performance, family members' identification with the firm (FI) improves performance. Moreover, the positive impact of FI on family firm performance weakens in family firms with long‐tenured family CEOs. Finally, in family firms led by Millennial CEOs, the positive impact of FI on family firm performance is stronger. Our findings enrich both the theoretical insights into and practical comprehension of SEW priorities in relation to family firm performance, thereby underscoring the diverse performance outcomes associated with various types of family CEOs. [ABSTRACT FROM AUTHOR]

Intermittent exporting (repeatedly exiting and reentering foreign markets) is often associated with the initial stages of internationalization. However, some small and medium-sized enterprises (SMEs), including family firms, pursue an intermittent exporting strategy beyond the initial stages. Drawing on a refinement of the behavioral agency model (BAM) and real options reasoning, we theorize that a high level of family involvement in SMEs is positively associated with intermittent exporting. We also argue that this relationship is moderated by Chief Executive Officers (CEOs) and board members with a foreign background. We test our hypotheses using a unique longitudinal dataset of Swedish SMEs in the manufacturing and retail industries. [ABSTRACT FROM AUTHOR]

Our meta-analysis investigates the environmental sustainability performance of family firms (FFs) distinguishing between environmental hand- and footprint and accounting for FF heterogeneity. Based on a sample of 87 primary studies comprising 118,538 firms, we find no significant difference between FFs and non-FFs regarding their overall environmental sustainability performance. Yet, distinguishing between environmental hand- and footprint, we show that FFs have a lower footprint than non-FFs but do not differ regarding their handprint. Firm size, being a public firm, and type of family involvement moderate the effects of FF status on environmental sustainability performance. Our research note extends prior meta-analytical evidence and contributes to a more fine-grained and nuanced understanding of the environmental sustainability performance of FFs. Theoretical and managerial implications are discussed. [ABSTRACT FROM AUTHOR]

Purpose: Our study aims to explore the ownership structure and accounting conservatism in influencing the value relevance that we analyse through the paradigm of open innovation and socio-emotional wealth (SEW). We also extended the test to identify how firm size could affect value relevance. Design/methodology/approach: Through panel data testing, we collected all issuers on the stock exchange for the 2016–2018 period. The total collected observations are 735 observations from various industries. Findings: The results of the study provide empirical evidence that institutional ownership is more pronounce, especially in companies with high asset levels. We also conducted other tests to see it from the perspective of SEW. We divide companies into family and non-family companies. The results of this study indicate that institutional ownership has an effect on increasing value relevance, especially in family companies compared with non-family companies. The results of the study also indicate that accounting conservatism plays a more important role in increasing value relevance in non-family firms compared to family firms. Originality/value: This study advances in two main ways. First, we use a SEW approach and an open innovation perspective. Second, we conducted tests for family and non-family firms. [ABSTRACT FROM AUTHOR]

The article focuses on the financing of family-owned businesses in the Slovak wood-processing industry, highlighting their unique financial decision-making processes. Topics include the preference for internal funding sources over external ones, the influence of emotional and cultural factors on financial decisions, and the challenges faced by these businesses in accessing loans and capital.

The effect of electoral competition on corruption, rent-seeking and informality remains poorly understood, especially in the context of post-communist economies. In a context where there is little moral value attached to law abidance, businesses or households that engage in informal activities might perceive a tolerant government as "magnanimous" and might be persuaded to support it in upcoming elections. In this paper, we investigate the case of Albania, a post-communist transition economy, characterized by high levels of corruption. The objective of this paper is to obtain insight into fiscal enforcement during elections, hence to further our understanding of the relationship between corruption, clientelism, informality and elections in the context of a transition/post-communist country. To this end, we report complementary quantitative and qualitative analysis suggesting that the incumbent deliberately lowers monitoring of enforcement vigilance before elections (e.g., through lower/fewer fines) and yielding insights into how such behaviour effects come about. [ABSTRACT FROM AUTHOR]

Given the increasing competition among household appliance enterprises, accurately predicting household appliance demand is crucial for enterprise supply chain management and marketing. This paper proposes a combined model integrating deep learning and ensemble learning—LSTM-RF-XGBoost—to assist enterprises in identifying customer demand, thereby addressing the complexity and uncertainty of the household appliance market demand. In this study, Long Short-Term Memory Network (LSTM), Random Forest (RF), and Extreme Gradient Boosting (XGBoost) models are established separately. Then, the three individual algorithms are used as the base models in the first layer, with the multiple linear regression (MLR) algorithm serving as the meta-model in the second layer, merging the demand prediction model based on the hybrid model into the overall demand prediction model. This study demonstrates that the accuracy and stability of demand prediction using the LSTM–RF–XGBoost model significantly outperform traditional single models, highlighting the significant advantages of using a combined model. This research offers practical and innovative solutions for enterprises seeking rational resource allocation through demand prediction. [ABSTRACT FROM AUTHOR]

After having gained prominence in the late 20th century, corporate social responsibility (CSR) has emerged as a critical business aspect, adopted widely across the corporate landscape. Although family firms play a significant global role, research on their relationship with CSR performance remains sparse and inconclusive. This paper seeks to bridge this gap by employing the primary classification of family firms, the socioemotional wealth perspective, and its FIBER model to examine their influence on CSR performance. The focus is on Canadian public companies listed on the S&P/TSX Composite Index from 2014 to 2022. Utilizing the NBC Canadian Family Index, the findings suggest that family firms exhibit superior CSR performance compared to their non-family counterparts. Further analyses indicate that family firms with greater control and influence by family members, those named after the family, those with strong emotional ties, and first-generation family firms tend to have enhanced CSR performance. By developing a socioemotional wealth score through FIBER dimensions to classify family firms, this study underscores the association of family firms with higher CSR performance, validating the robustness of the results. [ABSTRACT FROM AUTHOR]

Different social exchange relationships among family members and between family and non-family stakeholders influence individual, group, and family-firm outcomes. Although many studies provide insights into social exchange relationships in family businesses, these studies are scattered across multiple literatures. Using the lens of social exchange theory, we review and organize 74 such studies. After discussing what is known and what gaps remain, we juxtapose our review with new theorizing about social exchanges to elicit research opportunities for family business research and for leveraging the family business context to "give back" to social exchange theory. [ABSTRACT FROM AUTHOR]

This study investigates whether family owners consider the stages of CEO tenure in their use of firm performance to assess CEOs. Integrating insights on family owners' long-term orientation and stages of CEO tenure, we theorize that family owners rely more on firm performance to make CEO replacement decisions during the mid-stage of CEO tenure than during the early and late stages. Moreover, we predict that they hold nonfamily CEOs more accountable for firm performance than family CEOs only during the mid-stage of CEO tenure. Using data from family-controlled firms in Taiwan, we found empirical evidence supportive of our theoretical predictions. [ABSTRACT FROM AUTHOR]

Building on recent works calling for more tax research in the family business context, this study draws on the distinction between restricted and extended socioemotional wealth (SEW) to analyze how both SEW dimensions affect tax aggressiveness. Based on a sample of 201 private Belgian family firms, consistent findings from multiple regression analyses indicate that restricted SEW is positively related to tax aggressiveness, whereas extended SEW exerts a negative influence on tax aggressiveness. Our results also indicate that the family status of the CEO, CEO gender and CEO tenure moderate the relationship between both SEW dimensions and tax aggressiveness. [ABSTRACT FROM AUTHOR]

Extant research has yielded conflicting theoretical and empirical predictions about whether family firm acquirers perform better or worse in mergers and acquisitions (M&As) than their nonfamily firm counterparts. To help resolve this controversy, we take a socioemotional wealth (SEW) perspective to theorize that family members' desire to preserve their SEW favors the pursuit of M&A strategies that are both beneficial (industry-related M&As) and detrimental (domestic M&As) to M&A performance. We further theorize that the desire to preserve SEW leads to family firm idiosyncratic SEW resources that help family firm acquirers, on average, achieve better M&A performance than nonfamily firm acquirers. Meta-analytic results based on 51 primary studies covering 242,123 M&A deals are in line with our predictions. Thus, our study contributes to the literature on family firms and M&A performance by explaining how the different M&A strategies chosen by family firms have positive and negative consequences for M&A performance. Our theory and findings have implications for future family business and M&A research. [ABSTRACT FROM AUTHOR]

We examine whether and how the time-oriented tendency embedded in languages influences income smoothing. Separating languages into weak- versus strong-future time reference (FTR) groups, we find that firms in weak-FTR countries tend to smooth earnings more. We also find that relationships with major stakeholders (i.e., debtholders, suppliers, and employees) amplify the effect of the FTR of languages on income smoothing. Additional analyses suggest that income smoothing driven by the FTR of languages enhances earnings informativeness. These findings provide new insights on the role that language plays in financial reporting decisions and on how relationships with major stakeholders influence the relation between an important feature of language and corporate income smoothing behavior. This paper was accepted by Brian Bushee, accounting. Funding: L. A. Myers acknowledges financial support from the University of Tennessee [the Haslam Chair of Business and the Haslam Family Faculty Research Fellowship]. Supplemental Material: The data files and online appendix are available at https://doi.org/10.1287/mnsc.2021.01753. [ABSTRACT FROM AUTHOR]

This paper aims to explore differences between the perception of dark traits in formal leaders and levels of workplace stress among employees working in family and non-family businesses. Furthermore, we assess if the company nature (family-owned versus non-family-owned) moderates the relationship between the employees' perception of dark triad traits in their formal leaders and their workplace stress levels. The empirical evidence is provided by a sample of 220 Portuguese employees who responded to a questionnaire that included their perceptions of their formal leaders' dark triad traits and workplace stress measures. All respondents are employed in small and medium-sized private companies, holding no management responsibilities and under formal hierarchical supervision. The initial ideas that family firms' employees perceive higher levels of dark triad traits in their formal leaders than non-family firms' employees and that they also show higher levels of workplace stress than non-family firms' employees were confirmed. The results also support the notion that higher perceptions of dark triad traits in formal leaders are related with higher levels of workplace stress of employees and that the company nature significantly moderates this relationship. These findings enhance the research literature by addressing two often overlooked aspects in the comparison between family and non-family firms. Additionally, they provide valuable insights into the relationship between dark triad traits in formal leaders and employee workplace stress levels. [ABSTRACT FROM AUTHOR]

We address a key theoretical issue in the literature of dominant coalitions by explaining why, contrary to conventional wisdom, we observe the emergence of different coalitions under identical equity holdings of shareholders. Shifting the focus from exploring drivers of dominant coalition configurations in isolation (e.g., equity holdings), we expand on a relational perspective to explore how relational ties (soft power) among family shareholders interplay with equity holdings (hard power) in generating individual effective power to influence decision-making in the family firm. Drawing from and expanding on a cooperative game theory approach, this paper breaks new theoretical ground by providing insights into why and how the formation of relational ties (and lack thereof) among family shareholders affects the distribution of effective power in decision-making processes, over and beyond the share in equity holdings. Our work trains a microfoundation lens on the study of dominant coalitions by disentangling and assessing individual effective power in coalitions of shareholders in family firms. We further propose a new perspective and a formal modeling approach to explain and measure why and how relational ties among members shape their effective power to influence decision-making, thereby shedding light on why and how members participate in different coalitional configurations. Finally, we contribute to the literature on ownership structure by promoting a comprehensive perspective that incorporates both equity holdings and relational ties among family shareholders. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to identify the differences between Hungarian family-owned businesses (FOBs) and non-family-owned businesses (NFOBs) concerning the elements of SME competitiveness and financial performance. Design/methodology/approach: The research covers the Hungarian data set of the Global Competitiveness Project (GCP, www.sme-gcp.org) of 738 (data collection between 2018 and 2020) non-listed SMEs, of which 328 were FOBs. The study uses the comprehensive, multidimensional competitiveness measurement of the GCP built on the resource-based view (RBV) and the configuration theory. Financial performance was captured with two composite indicators: short-term and long-term financial performance (LTFP). The comparative analysis between FOBs and NFOBs was conducted using binary logistic regression. Findings: The results show that FOBs are more prone to focusing on local niche markets with higher longevity and LTFP than NFOBs. However, FOBs have lower innovation intensity and less organised administrative procedures. The most contradicting finding is that the FOBs' higher LTFP is accompanied by significantly lower competitiveness than in the case of NFOBs. Originality/value: This study goes beyond other GCP studies by including composite financial performance measures among the variables examined. The combination of performance-causing (resources and capabilities) and performance-representing (financial performance) variables provides a better understanding of the non-listed SMEs in terms of family ownership. The results help academia to enrich the RBV-competitiveness, the non-listed SME management and finance literature, and policymakers to design business development and support schemes. They also show future entrepreneurs the impact of family ownership on entrepreneurial success. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to examine the impact of communication style focusing on the family business brand's roots and virtues on inferences of manipulative intent and willingness to pay a price premium, applying the persuasion knowledge model. Design/methodology/approach: This study collects data involving 337 participants from France and applies partial least squares structural equation modeling (PLS-SEM) to test the hypotheses. Findings: The results demonstrate that communication style plays an important role in inferences of manipulative intent: focusing on the family business brand's virtues has a positive effect while focusing on the family business brand's roots has a nonsignificant effect. In turn, inferences of manipulative intent have a negative and significant effect on willingness to pay a price premium. Furthermore, age does not moderate the effect of communication style focusing on the family restaurant brand's roots and inferences of manipulative intent but positively moderates the effect of communication style focusing on the family restaurant brand's virtues on inferences of manipulative intent. Originality/value: To the best of the authors' knowledge, this study is the first to try to unpack the differing effects of communication styles in the context of family business brands. In this vein, it has insightful theoretical and managerial implications for family business brands. [ABSTRACT FROM AUTHOR]

Prior literature establishes a link between family involvement and the firm financial performance. However, the mechanisms through which family involvement in a firm affects its financial performance in different institutional settings are largely unknown. Using an unbalanced panel of 3,322 listed firms from 32 countries over a 9-year period, we find that family involvement in ownership and management on average has negative effects on financial performance. Moreover, the negative effect of family ownership is less profound in countries with good institutional quality. We further find that R&D intensity partially mediates the negative relationship between family involvement and the firm financial performance, but the mediation effect is conditional on the degree of institutional quality in a country. These findings advance the family business, innovation, and institutional literature, and offer important implications for theory and practice. [ABSTRACT FROM AUTHOR]

This study investigates why and how family firms go public via initial public offering (IPO) and explores how family firms' distinctive traits contribute to specific IPO behavior. The results show that family firms face IPO following three paths— shine, continue, and challenge. Family IPO firms emphasize control, identification, and succession (shine); focus on family social capital, responsibility toward stakeholders, and family business identity (continue); and highlight control, identification, new leaders' self-affirmation, and generational transfers (challenge). We uncover the complexities of emotional endowment—a reference point for making IPO decisions and a resource or constraint to engage in the IPO process. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to unveil the impact of strategic renewal and its implications on employment during the COVID-19 pandemic. It explores the role of strategic renewal in mitigating the adverse effects of crises, fostering organizational adaptation and restructuring capabilities. Additionally, it examines the moderating effect of familiness on understanding the strategic renewal process and its importance to family firms during times of crisis. Design/methodology/approach: The study utilizes data from the STEP Project Global Consortium, which collected information from 3,026 family firms operating in 75 countries and various sectors during the pandemic. Structural Equation Modeling was employed to test the authors' research hypotheses. Findings: The authors' results reveal that strategic renewal significantly impacted employment growth during the COVID-19 pandemic of family firms. Strategic renewal plays a crucial role in mitigating the negative effects of that crisis on employment by helping firms adapt and restructure their capabilities. The study also found that synergies among family members positively influenced innovation in organizational resilience and enhanced the positive effects of strategic renewal on employment growth. Originality/value: This study contributes to the literature by emphasizing the importance of strategic renewal of family businesses during the COVID-19 pandemic. It offers insights into mitigating vulnerability risks amidst crises and adds to the understanding of the strategic renewal process and its implications for the organizations. The findings hold theoretical implications for the field of strategic management and provide valuable insights into the unique challenges and opportunities faced by family firms in uncertain environments. Peer review: The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-11-2022-0771 [ABSTRACT FROM AUTHOR]

Purpose: To investigate how the management control system was used throughout the development of a family business. Seeking to understand how the company developed, fundamentally with regard to the management control system package. Methodology: It was a unique case study, conducted through interviews, observation and document analysis, with a qualitative approach. Results: With regard to development, the company faced moments of evolution and revolution, marked by a phase of rupture in which it was necessary to professionalize the processes that had been adopted. The control system has evolved considerably, giving it a readjustment to market needs. Planning is widespread and budgeting is a tool used for control purposes. The reward system is used shyly and administrative controls are evidenced from the consolidation of organizational policies and rules. Contributions of the Study: Accounting research has shown that there is room for research that seeks to go beyond its mere basic utility: the tax authorities. Thus, the present study contributes to show that this conception still exists, in which the Controller and the Accountant reinforce this stereotype. In this way, the findings contribute in practical terms to this company and others that have a similar structure to be able to make use of these results to overcome this stagnation, allowing the accounting sector to provide management support to the organization. [ABSTRACT FROM AUTHOR]

Our study is the first to analyze the influence of CEO power and ownership structures on earning manipulation. This study also clarifies whether different ownership structures discourage powerful CEOs from manipulating earnings in family businesses. The sample data is a balanced panel with 985 observations of 116 family businesses in Vietnam from 2005 to 2020. We primarily employ the dynamic system Generalized Method of Moments with cross-sectional fixed effect to overcome endogeneity and heterogeneity issues. Our findings indicate the negative relationship between CEO power and earning manipulation. Higher state or institutional ownership restrains powerful CEOs from manipulating earnings in family businesses. However, Powerful CEOs in family businesses with higher participation of blockholders increase the earning manipulation. Our robustness results show that CEOs from 50 to 70 years old reduce earning manipulation the most in family businesses. Our findings support agency theory, stewardship theory, resource dependency theory, monitoring and accountability theory, legal framework theory, reputation theory, monitoring theory, Maslow's need hierarchy, and prior literature. Our study contributes practical policy and management implications to sustainably reduce earning manipulation in family businesses. [ABSTRACT FROM AUTHOR]

Drawing on an exhaustive analysis of 112 scholarly articles dedicated to the field of Knowledge Management in Family Businesses (KMFB), this study systematically examines the prevailing research frontiers, investigates the intricate dynamics of knowledge management processes, explores the multifaceted outcomes within family business contexts, and provides an array of theoretical perspectives to underpin the empirical investigations. A pivotal focal point that emerges from this comprehensive investigation is the significance of the succession process, which serves as a pivotal link between knowledge processes and the effectiveness in harnessing innovation, entrepreneurial orientation, sustainability, and internationalization outcomes. Notably, a discernible pattern surfaces from the analysis, with a substantial proportion of the KMFB literature grounded in three prominent theoretical lenses: the knowledge-based view, resource-based view, and dynamic capabilities. These theoretical frameworks provide robust foundations for explicating the underlying mechanisms and dynamics that drive knowledge management and its impact on family business performance. Furthermore, this systematic literature review uncovers a rich landscape of opportunities for future research endeavors. It illuminates potential avenues for novel research designs, innovative investigations into knowledge processes, exploration of diverse outcomes, and the application of alternative theoretical perspectives within KMFB research. These prospects hold immense promise in advancing scholarly knowledge, refining existing theories, and providing fresh insights into the intricate interplay between knowledge management and family business performance. Plain language summary: Drawing on an exhaustive analysis of 112 scholarly articles dedicated to the field of Knowledge Management in Family Businesses (KMFB), this study systematically examines the prevailing research frontiers, investigates the intricate dynamics of knowledge management processes, explores the multifaceted outcomes within family business contexts, and provides an array of theoretical perspectives to underpin the empirical investigations. Despite its relatively modest representation and dispersion across disciplinary boundaries, KMFB research has made commendable advancements, attaining notable recognition in academia and engendering fertile prospects for future inquiry. A pivotal focal point that emerges from this comprehensive investigation is the significance of the succession process, which serves as a pivotal link between knowledge processes and the effectiveness in harnessing innovation, entrepreneurial orientation, sustainability, and internationalization outcomes. This critical junction underscores the importance of understanding how knowledge flows and is managed within family business settings, thereby shaping these enterprises' trajectory and ultimate success. Notably, a discernible pattern surfaces from the analysis, with a substantial proportion of the KMFB literature grounded in three prominent theoretical lenses: the knowledge-based view, resource-based view, and dynamic capabilities. These theoretical frameworks provide robust foundations for explicating the underlying mechanisms and dynamics that drive knowledge management and its impact on family business performance. Furthermore, this systematic literature review uncovers a rich landscape of opportunities for future research endeavours. It illuminates potential avenues for novel research designs, innovative investigations into knowledge processes, exploration of diverse outcomes, and the application of alternative theoretical perspectives within KMFB research. These prospects hold immense promise in advancing scholarly knowledge, refining existing theories, and providing fresh insights into the intricate interplay between knowledge management and family business performance. [ABSTRACT FROM AUTHOR]

Purpose: This study explored the relationship between prosocial leadership, innovation capacity, and organizational performance in family businesses. Originality/value: The study presents a model resulting from the relationships between three theories in the context of family businesses. Studying prosocial leadership and innovation capacity enabled a systemic view of new perspectives that can better interpret the reality of family businesses. Regarding empirical and social contributions, we suggested lines of action for developing prosocial leaders and fostering innovation, thus contributing to organizational performance. Design/methodology/approach: The study had a quantitative approach with a descriptive nature, using the survey research method and statistical techniques for data analysis. The sample consisted of 502 professionals who hold leadership positions in member companies of the Association of Santa Catarina Distributors and Wholesalers. Findings: The hypotheses confirmed positive relationships between prosocial leadership and innovation capacity, prosocial leadership and organizational performance, and innovation capacity and organizational performance. We also state that innovation capacity partially moderates the relationship between prosocial leadership and performance. [ABSTRACT FROM AUTHOR]

Employing non-family CEOs in Chinese family firms has become a universal phenomenon. The existing research mainly focuses on the direct effect of non-family CEOs on corporate operation, but ignores the capital market influence despite stock price crash has a more serious damage for family firms due to their reputation concern. To fill this research gap, this paper shed light on the important but ignored capital market effect of non-family members by exploring the role of nonfamily CEOs on stock price crash risk. Based on 12,561 firm-year observations of listed family firms in China from 2004 to 2020, this study estimates using correlation analysis, multiple regression analysis, entropy balancing matching, treatment effect model and granger causality test. The results show that family firms with non-family CEOs are negatively related with future stock price crash risk in Chinese family firms, and this relationship tends to be stronger when CEOs have more power. Further, to explore the effect mechanism, we isolate the formation of stock price crash risk into two stages: bad news generation and bad news disclosure, and find that non-family CEOs reduce bad news generation but have no impact on bad news disclosure. Additionally, nonfamily CEOs decrease stock price crash risk when governance mechanisms in family firms are weaker, industry environments are poorer and macroeconomic conditions are more positive. This study highlights the negative effect of non-family CEOs on stock price crash risk in Chinese family firms, firstly clarifies the effect mechanism based on the two stages of stock price crash formation and finds that CEO power strengthens the role of non-family CEOs in lowering stock price crash risk in family firms, which differs from previous studies. Finding of this study also have important implications for the managers and investors of family firms. Family firms are expected to increase the introduction of non-family members and strengthen supervision to formalize governance structure. Meanwhile, investors should also consider the ability and experience of top management teams in family firms. [ABSTRACT FROM AUTHOR]

Although research on the impacts of climate change on small- and medium-sized enterprises (SMEs) and their adaptation to climate change risks has recently received more attention, the focus on micro-businesses and household businesses is still very limited. Micro-businesses and household businesses are adversely affected by compound flooding events – a situation that will become more acute in the future – but there is little attention in the scientific literature to their adaptation options and actual implementation. Against this background, the paper analyzes the following research questions. How are micro-businesses already responding to flooding? Are micro-businesses willing to collectively invest in future proactive adaptation efforts in their neighborhoods? What are the key drivers of and barriers to adaptation? Based on scenario-based field experiments in Ho Chi Minh City, our results show that micro-businesses could play a much larger role in collective adaptation. Often overlooked in adaptation research, their willingness to engage in collective action under severe constraints is surprising. The conceptual framework presented in this paper helps us to understand the key drivers of and barriers to micro-business willingness to participate in collective adaptation activities. The most important key barriers for micro-businesses are limited financial capacity and lack of support from local authorities. However, micro-businesses are willing to contribute depending on the concrete adaptation measure and financing options. If no financial contribution is expected, almost 70 % are willing to participate in awareness-raising campaigns. And although their financial capacity is very limited, 39 % of micro-businesses would contribute financially if the costs were shared with other businesses in their neighborhood and with local authorities. In this context, micro-businesses should be much more involved in adaptation plans and measures. Through their local embeddedness, they can be important multipliers in strengthening adaptive capacity at the local level. [ABSTRACT FROM AUTHOR]

This study examines how family-led small and medium-sized enterprises (SMEs) with little or no design experience are transforming into design-intensive firms. Extant research allows us to understand the distinct capabilities of design-intensive firms. This study defines the capabilities of new design leadership, including the unique capabilities of design-intensive firms, to assist SMEs in their transformation to design-intensive firms. Furthermore, this study empirically evaluates the influence of individual family CEOs' characteristics and industrial structural factors on the design leadership capabilities in family-led SMEs. The findings show that the efficiency of developing design leadership capabilities is influenced by the family CEO's awareness of traditional design identity, and designers assist family CEOs in building a new network with interpreters and managing their knowledge of sociocultural models. A family CEO's exploitation of traditional design identity and designers' exploration of design renewal must be managed as a portfolio to transform a traditional SME into a design-intensive firm. This study has critical implications for family-led SMEs as it emphasises the importance of passing on a firm's traditional design identity and design renewal as a portfolio to the next generation of CEOs for the firm to transform into a design-intensive firm. [ABSTRACT FROM AUTHOR]

This paper examines the impact of family ownership and supervisory board characteristics on carbon emission disclosure. It uses balanced panel data and a matched-pair design of 124 non-financial firms listed on the Indonesia Stock Exchange from 2017 to 2019. This study finds that family firms and larger boards improve, while female board members harm carbon emission performance. Further analyses reveal non-linear relationships between family ownership and carbon performance. When control rights are limited, family firms prioritize controlling managers and improving carbon quality. Conversely, they prioritize personal objectives over environmental concerns when there are high control rights, resulting in decreased carbon emission performance. Additionally, family board members generate more carbon information, indicating the family owners effectively utilize their position on the supervisory boards to influence the company's carbon emission performance. Finally, the study reports that more faculty member boards seem to hurt carbon emission reduction efforts. This result suggests that the diversity of their professional experiences does not affect the environmental effectiveness of supervisory boards. Our findings highlight the importance of understanding SEW principles and their connection to families in comprehending Indonesian corporate carbon emissions disclosures. The findings of this study enrich the worldwide literature by exploring the potential benefits of family business environmental performance. This study also adds to the literature on corporate governance, especially the role played by supervisory boards. Our findings align with the resource dependence theory, emphasizing the central function of supervisory boards as a monitoring tool. This study is constrained by its reliance on carbon emission data extracted from the annual reports of public firms, with a particular emphasis on pre-COVID-19 data. Future research should focus on sustainability reports and explore the time frame encompassing COVID-19 (2020–2022 datasets) to determine any differences in the findings. [ABSTRACT FROM AUTHOR]

This article examines the impact of ownership structure and dividend payouts on idiosyncratic risk and market liquidity using agency, signaling, and bankruptcy theories from an emerging market perspective. The evidence shows that family firms dominate and have concentrated ownership, and dividend payouts are lower among family firms than their counterparts. The idiosyncratic risk is high among firms with higher family ownership concentration. The family ownership concentration and control positively influence the (firm) risk, dividends positively affect the market liquidity, and risk relates negatively to the market liquidity, supporting the entrenchment of the minority shareholders' proposition that a significant payout leads to a decrease in information asymmetry and a lower level of risk. The study further supports the proposition that information asymmetries are central to elucidating the dynamics of dividend payouts and their effects on firm risk and market liquidity. The evidence confirms that family ownership concentration affects policy decisions, especially ownership control. The paper's originality lies in factoring ownership concentration when analyzing how payouts affect firm risk and market liquidity from an emerging markets perspective where controlling shareholders enjoy substantial private benefits, whereas minority shareholders have limited protection. [ABSTRACT FROM AUTHOR]

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In this work, we address the conflicting results that appear in the literature regarding whether family firms are more or less sustainable than nonfamily firms in each of the three dimensions, by focusing on the group that has been largely disregarded: small‐ and medium‐sized family firms (family SMEs). We set a number of hypotheses, which we test in a sample of Spanish manufacturing firms in the food and beverages sector, using structural equation modelling. We conclude that competing arguments coexist both in favour and against these firms being more or less environmentally and economically sustainable, which finally balance themselves out. However, we found out that family firms tend to take greater care of their closer stakeholders, which, together with the importance given to their social relations with external stakeholders, make them champions in terms of social sustainability. Our results show that family firms are able to be more socially sustainable without having to compromise their economic performance in the long term. Finally, as family firms are not an homogeneous group, we analyse whether our results are firm specific, taking into account the role that the number of generations that the family has run the business and the number of generations currently involved in the business exert on firm sustainability, thereby reaching at very interesting conclusions. [ABSTRACT FROM AUTHOR]

For more than two decades the family business enterprises of the first generation (generation of founders) are more and more dominant in the category of today’s Small and Medium-sized Enterprises in the Czech Republic. The necessary legal background defining the legal relationships and rights of all participating persons was, however, limited to general provisions in the Commercial Code that hasn’t solved many of the problems associated thereto. Only in 2012, the new Czech Civil Code, Act. No 89/2012 Sb., introduced the institute of a family enterprise as a completely new institute in Czech Civil law. The present paper aims to analyse the key rules of the existing legal regulation, focusing on significant aspects of the institute in the context of commercial law and family law, as well as to highlight the potential weaknesses in the regulation itself. [ABSTRACT FROM AUTHOR]

Theoretical background: The article delves into the domain of qualitative research applied to investigating the well-being of managers within family businesses. It situates its discussion within the broader context of brand identity in such enterprises. Theoretical underpinnings include insights into the formation of well-being in family-run companies, highlighting the interconnectedness between managerial well-being and the identity of the family business. Purpose of the article: Primarily methodological in nature, the article aims to delineate a systematic approach to conducting qualitative research specifically tailored to exploring the well-being of managers within the context of family business brand identity. It seeks to elucidate the process of uncovering the intricate links between managerial well-being and the identity of family-owned businesses, thus contributing to the understanding of how well-being manifests in such organisational settings. Research methods: The article outlines an algorithmic framework designed to guide qualitative research endeavours focused on manager well-being within family businesses. It underscores the importance of employing both inductive and deductive approaches in qualitative research, as evidenced by a pretest conducted to discern their differential applications in this context. Main findings: The key findings of the article revolve around the proposed algorithm for conducting qualitative research on the well-being of managers with respect to the brand identity of the family business brand. The study underscores the importance of qualitative methods in unraveling the complexities of well-being in the unique context of family-run enterprises. By elucidating the interrelationships between managerial well-being and brand identity, the research contributes to a deeper understanding of the dynamics at play within family businesses and offers valuable insights for both scholars and practitioners in this field. [ABSTRACT FROM AUTHOR]

Theoretical background: In Poland, family-owned companies have been actively developing since the democratic transformation. Some of them have used market conditions, being mature and large entities, consciously building their corporate brand identities, and communicating their messages on their websites. A lot of them are faced with a strategic decision whether to build a brand based on the family-owned type of brand, as encouraged by associations, foundations as well, and the media, whose goal is to support and integrate family-owned companies. Purpose of the article: This article aims to explore the way in which the most valuable Polish family-owned companies that decided to be presented in the Forbes ranking in September 2023 communicate the identity of the family firm on their website and to find out if there is any pattern or model of communication. Research methods: Fifty websites from 100 family businesses classified in the Forbes magazine ranking of the most valuable Polish family-owned companies with revenues exceeding PLN 100 million, published in September 2023, were examined, diagnosing elements indicating the adoption of the brand identity of a family business. The criteria for building the family business brand for Polish companies were developed with the participation of 12 experts in the field of family business. Main findings: A model was constructed to identify the family identity of the brand of the family-owned company using family-owned websites. The results of the research indicate that the percentage of family owned companies among the most precious family owned companies which are defined as family owned companies is higher than that indicated in the reports as of 2009 and 2017 for small and medium companies in Poland. [ABSTRACT FROM AUTHOR]

Theoretical background: Nowadays, the development of digital technologies, including e-service portals in the public procurement, is crucial for improving purchasing processes and expanding markets for companies, including family businesses. Understanding the factors influencing satisfaction with the use of e-procurement is important for optimizing these processes and improving work efficiency. In the context of public procurement, such studies are few. None of the publications found results of research combining the areas of business family, e-procurement, and user experience. This shows that there is a research gap related to the experiences of employees of family businesses and their interactions with e-procurement for public area, especially in the context of the impact of UX on the efficiency and satisfaction of procurement processes in the public sector. Purpose of the article: The main objective of the study, of which results are presented below, is to develop a model of key factors and the relationships between them that influence the efficiency of work in an e-procurement dedicated to public area. Despite the numerous benefits of using e-procurement, there are also many challenges and barriers that can affect the level of satisfaction of employees using these types of solutions, including in the procurement area. Understanding the factors that influence satisfaction and dissatisfaction with the use of e-procurement is crucial for improving procurement processes and work efficiency. In the application area, the research results can be helpful for creators and suppliers of e-procurement, enabling them to tailor their solution to the specific needs of family business employees. Research methods: In order to examine the factors of satisfaction with the use of e-procurement in the public area, a survey was conducted among contractors submitting offers in public procurement procedures. The online survey was sent to over 10,000 business entities, obtaining 406 correctly completed responses, including 109 from family businesses. The analysis of the obtained results allowed, among others, to identify satisfaction factors in the use of e-procurement. Main findings: In a study assessing the use of e-procurement in the public area, respondents rated their digital competences on average at 4.7 on a scale of 1–6, indicating high digital skills. Intuitiveness of use and ease of searching for advertisements turned out to be crucial for satisfaction with e-procurement, which emphasizes the importance of good UX practice in the design of these tools. Respondents also highly rated functions such as automatic encryption of offers and the ability to create an electronic signature, which affects the security and efficiency of purchasing processes. Surprisingly, training for users of e-procurement was considered less important, which may be due to the already high digital competences of the respondents. [ABSTRACT FROM AUTHOR]