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Purpose: Given the growing interest in the topic of knowledge management (KM) in family firms (FFs) and the subsequent increasing number of papers published, this study aims to review the field to identify and analyze the main themes and trends. Design/methodology/approach: This study applies bibliometric techniques to a sample of 146 papers published from 2007 to 2023 and their 8,126 unique cited references. Bibliometric coupling is performed on the sample papers to explore the current intellectual structure of the field of KM in FFs, whereas cocitations analysis is performed to investigate the different literature streams that served as roots for the development of such a field. Findings: Bibliographic coupling reveals that sample papers can be grouped into four clusters, and, through papers content analysis, the author identifies their core themes as knowledge sharing, innovation, knowledge-based dynamic capabilities and intellectual capital. Cocitation analysis of the cited references revealed four main clusters that can be considered the literature streams that served as roots for the development of the field, i.e. knowledge-based view, socioemotional wealth, strategic management and social capital (as a theory and as a resource). Originality/value: This study contributes to the literature on KM in FFs by extending prior systematic review efforts with bibliometric analyses and combining these results to highlight connections between the main research themes around which scholars have debated (i.e. the clusters identified through bibliometric coupling) and their theoretical foundations (i.e. the clusters identified through cocitation analysis). This study also has practical implications by synthesizing and informing managers about FFs' advantages and weaknesses in the KM process. [ABSTRACT FROM AUTHOR]

The study aimed to analyze the effect of digitalization strategies on business performance, mediated by organizational innovation in Brazilian family Micro, Small, and Medium Enterprises (MSMEs). This research adopted a descriptive approach with a quantitative methodology, using a sample of 301 Brazilian family MSMEs. Data were collected from studies by the Foundation for Strategic Analysis and Development of Small and Medium Enterprises (FAEDPYME). The theoretical model generated four research hypotheses. Data were processed and analyzed using the structural equation method in SmartPLS 4.0 software. The results confirm the existence of a positive and significant relationship between digitalization strategies, business performance, and organizational innovation, including the mediating effect. The findings highlight the importance of digitalization strategies and organizational innovation in driving the business performance of Brazilian family MSMEs. This study contributes to strategic management practices in family businesses by identifying that effective digitalization strategies and innovation practices allow significant advancements in business performance and subsequent organizational innovation. Thus, they can guide the development of more effective business policies and practices, contributing to the competitiveness of family businesses in the contemporary market. [ABSTRACT FROM AUTHOR]

Copyright of International Journal of Professional Business Review (JPBReview) is the property of Open Access Publications LLC and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

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 managers' entrepreneurial intentions (EI) play a crucial role in the long-term success of family firms. Previous research has highlighted education as a key driver of EI but has failed to consider the unique socialization processes within business families and their impact on the education-EI relationship. This study aims to fill this gap by examining the direct and indirect effects of education on family managers' EI. By combining the integrated model of EI and research on business families' socialization patterns, a study was conducted with a role-playing experimental design involving 412 family firm managers. The results indicate that entrepreneurial self-efficacy (ESE) serves as a mediator between education and EI, while the ESE-EI relationship is further mediated by risk perceptions. Interestingly, no direct effect of education on EI was found, suggesting that the influence of education on EI follows distinct patterns within business families. [ABSTRACT FROM AUTHOR]

This systematic literature review synthesizes and maps existing research on auditing in family firms across multiple areas of study. The review includes 71 systematically selected academic articles published through to 2023. Our findings suggest that many audit-related issues, such as audit fees, audit quality, and auditor choice, differ significantly among family and nonfamily firms. Our review suggests that the positioning of the issues across different disciplines adds complexity and, to some extent, hinders the development of the field. This complexity, resulting from the intermixing of multiple concepts from different disciplines, pushes the majority of the reviewed articles toward theoretical singularity rather than a leap forward in terms of empirical relevance or theoretical plurality. By developing a field map that identifies gaps in current knowledge, our review not only suggests improvements to the status quo, but provides future research directions inspired by recent developments in family business and auditing. [ABSTRACT FROM AUTHOR]

This study examines the key topic of small- and medium-sized enterprise (SME) survival during an economic downturn by focusing on the role of family governance. We argue that family SMEs typically show higher levels of organizational inertia that may particularly harm their performance during an environmental jolt, while other idiosyncrasies, including greater survivability capital and owners' transgenerational sustainability intentions, enhance their odds of survival. However, we also contend that family firms are a heterogeneous group, and draw attention to the level of ownership concentration and collaborative intensity as factors likely to enhance these firms' survival. Conversely, we posit that family businesses with lower ownership concentration will benefit more from high collaborative intensity, thus suggesting the need to examine the joint survival effects of these two factors. We performed Cox survival analyses on a sample of 259 SMEs tracked from 2005 to 2019. The results offer important implications for scholars, managers, and policymakers. [ABSTRACT FROM AUTHOR]

Family governance as a research field has recently attracted scholarly attention. The article aims to contribute to family business literature by consolidating the extant research on family governance. Our systematic literature review comprises 52 articles on family governance in 24 peer-reviewed journals between 1993 and 2023. The findings reveal family complexity as one of the preeminent reasons to adopt family governance structures. The study further identifies that the adoption of family governance structures by family businesses results in family and business-related transformation and leads to various economic and non-economic benefits. Finally, we suggest potential avenues for conducting future research. [ABSTRACT FROM AUTHOR]

Understanding chief executive officers (CEOs) is important because of their vast influence on the strategies and performance of organizations. With the growth of family business research, new insights about family firm CEOs have emerged. However, knowledge about family firm CEOs is dispersed across an array of disciplines that take different perspectives. These differences have led to an inconsistent understanding of family firm CEOs, particularly since they can be family or nonfamily members with varying levels of willingness, ability, and capability to select and implement distinctive strategies. To better understand CEOs in family firms, we reviewed 175 articles published between 1984 and 2021 using upper echelons theory to capture the relationships among CEO characteristics, strategic choices, and firm performance. Our integrative review synthesizes findings from entrepreneurship, management, finance, economics, and other disciplines to provide insights and future research directions on CEO characteristics, strategic choices, and firm performance in family firms. [ABSTRACT FROM AUTHOR]

This paper investigates the accounting for defined benefit pension plans in U.S. family firms. Relying on agency theory and the literature on defined benefit pension plans, we test whether the allocation of pension plan assets, the expected rate of return on pension plan assets and the contributions to defined benefit pension plans in family firms are significantly different from those in non‐family firms. Relying on a sample of U.S. firms over the period 2004–2018, we first document that family firms take more risk when allocating their pension plan assets relative to non‐family firms where they allocate a larger (smaller) percentage of pension plan assets in equity (debt) securities. We also show that family firms are more aggressive in setting the expected rate of return on pension plan assets than non‐family firms. However, family firms' contributions to defined benefit pension plans are comparable to those of non‐family firms. Our findings hold after controlling for the endogeneity in family firms. These findings are important since they provide first hand empirical evidence on the accounting for defined benefit pension plans in family firms. They further shed light over pension plans that serve as a key tool to attract and retain executive talents and make up a significant portion of firms balance' sheets. [ABSTRACT FROM AUTHOR]

This research estimated the impact of credit uptake (formal, informal, and family) on youth entrepreneurship performance in Benin using panel data from a World Bank survey on enterprise formalization. To address potential endogeneity and ensure the robustness of results, we employed multiple models and estimation techniques (fixed‐effects and Lewbel approach). Our results showed that, while formal credit was most important for larger firms, smaller firms benefited mainly from flexible (informal or family) credit. The impact of credit uptake was generally higher for female‐owned firms. There were also variations in uptake according to the firm owner's age. The impact of formal credit was relatively higher for older firm owners while informal credit impacted more younger owners. The findings highlight the importance of informal and family credit sources, especially for start‐ups and small firms. [ABSTRACT FROM AUTHOR]

Research Summary: Investment growth in family firms is constrained by family preferences to retain corporate control, which limits outside equity issuance and increases the expropriation risk perceived by external minority shareholders. Tenure‐based voting rights (TVRs) weaken the link between voting rights and cash flow rights, facilitating new equity capital issuance without loss of control. We find that publicly listed family firms in Italy adopt TVRs to facilitate the continuation of investment growth while retaining family control. We also find that in family firms with fragile control, investment increases after TVR adoption. Our results indicate that control‐enhancing mechanisms such as TVRs can help resolve the control–growth dilemma in family firms. Managerial Summary: Family firms tend to invest less than other firms because funding new investment can lead to loss of family control. Tenure‐based voting rights (TVRs) reinforce the control of qualifying family shareholders, giving them extra shareholder voting power. Deviation from the one‐share‐one‐vote principle is generally regarded as detrimental to outside shareholders' interests. However, we find that TVR‐adopting Italian family firms invest more, pay higher dividends, are more profitable and have more outside shareholders on the board of directors. In other words, violation of the one‐share‐one‐vote rule using TVRs can benefit both family owners and outside shareholders. Policymakers could consider whether TVRs can help in promoting economic growth, especially in countries where family firms are important. [ABSTRACT FROM AUTHOR]

By investigating a sample of industrial Italian listed firms for the years 2003–2020, this research aims to explore two main relationships. First, the study examines the association between the ratio of female directors and CSR strategy score in both family and nonfamily firms. Second, it investigates the link between family female directors and nonfamily female directors within the subsample of family firms. The empirical findings show the existence of a positive link between the ratio of female directors and CSR strategy score only in the subsample of family firms and that this result is driven by the percentage of nonfamily female directors. Additional analyses, aiming to elucidate the heterogeneity of family female directors, report that family females who have an executive role on the board are beneficial for the CSR strategy score, whereas family females who are interlocked and with long tenure are detrimental for the CSR strategy score. [ABSTRACT FROM AUTHOR]

The extent and mechanisms through which religion intertwines with decision-making processes in family firms remain inadequately understood. Family firm owners, driven by their commitment to ethical business practices and the safeguarding of their socioemotional wealth, actively seek cues to inform their decision-making processes. This research demonstrates that, among these guiding cues, top-level executives' perceived religiosity emerges as a relevant factor. Building upon the socioemotional wealth perspective and conducting a longitudinal analysis based on listed family firms between 2009 and 2018, our findings reveal a positive association between family voting rights and the presence of board members perceived to be religious. Furthermore, this relationship is less pronounced if family firms operate in industries with high research and development intensity. Our study confirms that boards with high shares of religiously perceived directors are positively associated with the appointment of chief executive officers perceived to be religious during succession events. We thereby present a unique perspective that acknowledges perceived religiosity as a micro-level constituent shaping board membership and successor selection. This investigation captures the intricate interplay between religion and family firms under a socioemotional wealth umbrella, offering important insights to the family business ethics discourse. Our research also offers practical implications for board and leadership diversity management in family firms. [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]

Several theories in economics and finance suggest that risk attitudes play a vital role in economic choices, including being an entrepreneur and the choice of finance for businesses. However, there are limited empirical tests of these theories in the African context, where majority of firms are small and medium-scale enterprises. Using the 7th round of the Ghana Living Standards Survey (GLSS 7), this study estimates the effect of risk attitudes on the decision to own a household enterprise and the choice of finance by owners of household enterprises. The study finds no significant impact of risk aversion on household enterprise ownership. We find risk aversion to significantly influence the use of self-financing as start-up capital; however, after controlling for access to finance, this effect reduces. We also did not find a significant relationship between risk aversion and the use of loan financing as working capital. The findings from this study shed light on the risk management strategy of household enterprise owners and suggest that access to finance is an important determinant of sources of financing. Hence, to spur growth of these critical household enterprises, the essential role of access to finance should be addressed by policymakers. [ABSTRACT FROM AUTHOR]

This research investigated the perceptions of family-owned small enterprises on the reasons of the absence of written succession plans, and the implications of the proposed successful succession framework. Quantitative research was used, and the study is descriptive and explanatory in nature. Family-owned small enterprises based in the Gauteng province of South Africa were the population of this study. The unit of analysis was thus the owners/founders and managers of the enterprises. A total of 257 valid questionnaires were returned from the sampled 384 family-owned small businesses, yielding a response rate of 66%. The results showed that family-owned small enterprises appreciate the importance of succession planning, however, they do not regard it as an urgent undertaking. They believe that succession planning is only about successor selection. The results also divulged that the lack of written succession plans is influenced by several reasons, namely, the entrepreneur never thought of succession planning, family members are not interested in taking over the business, the business is still small, and the children are still young. In response to the findings, the research proposes a successful succession planning framework and its implications to assist small family-owned enterprises to plan for succession. [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 research examines how commitment, long-term orientation, and distinctive family business traits resulting from family ownership affect internationalization by studying two unique and long-lasting firms with family and non-family ownership structures. Drawing upon arguments from international business studies and family business research, we have identified various entrepreneurial motivations and derived a framework that expands our knowledge on how commitment, long-term orientation and specific differences between family and non-family firms impact their international expansion. Our results indicate that family firms generate social capital, experience, and knowledge in an international context to sustain and maximize their advantages better than non-family firms. [ABSTRACT FROM AUTHOR]

We examine the impact of board‐level control on corporate innovation in family firms. We find that excess control of family board seats (ECFBS) is negatively correlated with innovation investment, innovation output and innovation efficiency. Our findings suggest that ECFBS exacerbates type II agency problems. Mechanistic analyses show that ECFBS reduces firms' risk‐taking level, increases their financing constraints and damages channels for acquiring innovative professional knowledge. We also observe that effect of ECFBS on innovation is associated with family origin, familiarization time and family management characteristics. Our findings should be of interest to family firm manager investors and lenders who are interested in family governance mechanisms. [ABSTRACT FROM AUTHOR]

Copyright of Journal of International Business Studies is the property of Springer Nature and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Journal of International Business Studies is the property of Springer Nature and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose: Given the dominance of family ownership in India, this paper aims to examine whether the impact of board gender diversity (BGD) on voluntary disclosure (VD) is moderated by family ownership. Design/methodology/approach: Based on a panel data set of the top 100 listed Indian firms for five years, this study examines the impact of BGD on VD by segregating the sample between family-owned and nonfamily firms. For empirical analysis, we use appropriate panel data models. For robustness, we employ a three-stage least square (3SLS) model. Findings: The findings reveal the significant positive impact of BGD in terms of its different measures on VD for family and nonfamily firms. However, the impact becomes insignificant for nonfamily-owned firms when female directors are not substantially represented on the board. Originality/value: This study extends the ongoing debate about the outcomes of the mandatory gender quota on board by providing novel evidence on the difference between the impact of BGD on VD for family and nonfamily firms in the Indian context. [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]

Existing research on family firms emphasizes the importance of entrepreneurship across generations but leaves the role of entrepreneurial transmissions between predecessors and successors relatively unexplore. Building on the concept of entrepreneurial legacy, we ask how interactions of entrepreneurial mindsets and resources influence organizational ambidexterity in family firms. The study's central argument (and metaphor) is that organizational ambidexterity thrives in multigenerational family firms if successors' awareness of the family's entrepreneurial legacy (the right seed) interacts with predecessors' provision of entrepreneurial resources during succession (the fertile soil), also known as entrepreneurial bridging. We analyze a unique sample of successors from 296 multigenerational family firms in the agricultural sector. Our results point to the relevance of entrepreneurial resources in predecessor-successor collaborations to unlock the family firm's ability to balance entrepreneurial exploration and exploitation. Plain English Summary: When predecessors and successors join forces in a family business, the company's ability to blend old traditions with new ideas is enhanced. Suppose the successors are supported with resources and knowledge as they take over. In that case, the family's entrepreneurial spirit is more likely to live on through the generations. Our study of 296 long-lived family farms found that when predecessors provide entrepreneurial resources, successors are better able to juggle the company's traditions, current needs, and future challenges. Planting healthy seeds (a strong entrepreneurial spirit) in good soil (providing entrepreneurial resources) fosters successful succession. Thus, generations must work together to keep the entrepreneurial fire burning in family businesses. [ABSTRACT FROM AUTHOR]

The continuous challenges to which family firms are subjected have led research in this field to focus on various aspects, thus generating a large and heterogeneous body of literature. This paper describes the evolution, status, and trends in family business literature over the decade 2012–2022 and also identifies gaps that may require further investigation. In that regard, new opportunities for additional analyses are also determined. To this end, a bibliometric study has been carried out based on a collection of articles from the Business Source Premier, Web of Science, and Scopus databases, yielding a total of 4064 articles. We analyze the main indicators of activity in family business research over the aforementioned period. The most productive authors and institutions, leading journals, and main research topics of these publications are reflected in this analysis. Likewise, the relationships between the most frequent co-authorships within the field are mapped, as well as the connections between co-words in published articles. In addition, the 10 most influential works published during those 10 years and changes in trends related to the most popular topics, in contrast to previous years, are also highlighted. Plain English Summary: Trends in the field of family business research have changed over the last decade, with "entrepreneurship and innovation" becoming the most researched topic. Our work updates knowledge on how family business studies have evolved and highlights the current lack of micro-research on this subject. Thus, by recognizing the importance of micro-level variables and underexplored areas, this paper paves the way for further scholarly inquiry in this discipline. As they conduct their own investigations and contribute to the growing body of knowledge in this area, researchers and scholars in this field will benefit from the insights provided in this article. [ABSTRACT FROM AUTHOR]

COVID-19 challenges the value systems of family firms and urges them to adapt their behaviors, affecting their identities. This study aims to explore how and why family businesses strategically respond to challenges to their identity during COVID-19. Based on a qualitative case study of six German family firms, we propose a process model of family business identity variations during COVID-19 with three propositions, highlighting the interplay between strategy and identity. Counterintuitively, we found that an exogenous shock like COVID-19 can have a positive effect on family business identity, leading to identity clarification or consolidation. We contribute to the growing stream of research investigating the impact of COVID-19 on SMEs, as well as research on family business identity heterogeneity and organizational identity literature by illustrating the interplay between strategy and identity. Plain English Summary: The silver lining of COVID-19 for family business identity: COVID-19, as one recent exogenous shock, posed a strong challenge for family businesses. However, little is known about how family businesses deal with exogenous shocks that force strategic responses and thus challenge family businesses to question "who are we as an organization". In this study, we investigated how strategic responses induced by COVID-19 affected the identity of German family firms. Counterintuitively, our study reveals that COVID-19 provided an opportunity for family business identity consolidation. It highlights how a firm's unique identity stemming from the closeness with the family can serve as a guidance for strategy-making during COVID-19. Specifically, the study unearths that, when facing the uncertainty of external challenges like COVID-19, the competing family business goal systems are challenged, providing an opportunity for family business owners to refine and re-define the identity of the family businesses. Overall, it thus shows that exogenous shocks can have a positive impact on the family businesses' identity, by leading to a consolidation of an already existing identity, as well as to a clarification of a previously unclear identity. [ABSTRACT FROM AUTHOR]

The reform of China's one-child policy allows families to have more children and thus may affect anticipation of intergenerational succession of family businesses and drive family firms to improve their corporate social responsibility (CSR). Using a difference-in-differences design, we find that the reform positively affects the CSR of family firms. We also find that the positive impact is more pronounced for family firms whose owners have fewer children, have no son, and have not yet surpassed reproductive age (older than 50), which confirms the theory that anticipation of intergenerational succession drives CSR in such firms. Moreover, we find that the positive impact is more pronounced for firms that operate in environments where CSR is more strategically important. We validate our findings by showing that the reform prompts investment in value-enhancing CSR and curtails short-termism. This study offers novel evidence that government policies conducive to intergenerational succession in family firms can lead to not only strategic CSR but also to truly ethical corporate behaviour. [ABSTRACT FROM AUTHOR]

This study examines the influence of stakeholder pressures and family ownership on strategic decarbonization choices of German Mittelstand firms. It distinguishes between symbolic strategies focusing on compensating CO2-emissions and substantive strategies directed toward reducing carbon emissions. The relative pressure exerted by internal and external stakeholders on these strategic choices is examined. Data from 443 manufacturing firms reveal that overall stakeholder pressures increase the pursuit of decarbonization strategies. Internal stakeholders pressures are associated with increased reliance on substantive decarbonization strategies both in family-owned and non-family-owned firms. Pressure from external stakeholders are associated with increased reliance on both substantive and symbolic decarbonization strategies only in non-family-owned firms. No effect of external pressures was found in family-owned firms. Implications for theory, management practice, and policy makers are discussed. [ABSTRACT FROM AUTHOR]

Family businesses represent one of the oldest and still dominant forms of business organisations, yet research on their innovation activity remains a relatively emerging field of study, especially in Central and Eastern Europe. This paper investigates the relationships between the family nature of firms, the innovation activity and the export activity using statistical methods on a representative sample of Hungarian small- and medium-sized enterprises (SMEs) in 2017, 2020 and 2022. The results show that the innovation activity of Hungarian SMEs engaged in export activities is more significant than that of non-exporting counterparts. The family nature of firms and their innovation activity, however, can be considered independent, while the relationship between family nature and export activity is not consistent across the three years. A limitation is that the 2020 and 2022 surveys were performed during the first wave of the COVID-19 epidemic and the Russian-Ukrainian war, which may have influenced respondents. [ABSTRACT FROM AUTHOR]

The objective of this paper is to analyze the impact of the product market competition on investment efficiency with the mediating effect of Firm Risk Management through a dynamic panel estimation model. The sample consists of 260 non-financial firms listed on the Pakistan stock exchange for the period of 2010–2022. In addition, this paper analyzes the data through the mediation technique as per a review of the prior literature. Investment efficiency is the primary function of corporate finance. Pakistan being an emerging country is mostly owned by the family-owned business. These businesses have different policies as compared to non-family-owned businesses. This is the empirical indication that product market competition decreases investment efficiency in an emerging economy. The result reveals that in Pakistan, product market competition has a significant negative impact on investment efficiency. Firm Risk Management is also mediating the relationship in line with the prior study. The result supports agency theory, Schumpeterian viewpoint, and capital allocation theory. [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]

Based on organizational commitment theory, we explain how childhood exposure to the family firm (CEFF) impacts shareholders' affective commitment (AC) to the firm in later life. After we demonstrate how this AC mediates the relationship between shareholders' transgenerational orientation (TGO) and CEFF, we investigate the two factors moderating this mediation relationship: shareholders' non-manager status and material expectations from the firm. By utilizing a unique sample of 217 family firm shareholders from 174 family firms and a conditional process modeling analysis, we demonstrate that the AC mediates the relationship between CEFF and TGO. Accounting for differing manifestations of AC, this mediation effect only exists for non-managing shareholders and becomes weaker as non-managing shareholders' material expectations increase. [ABSTRACT FROM AUTHOR]

Purpose: This research paper aims to examine the effect of chief executive officer (CEO) characteristics on earnings management. Design/methodology/approach: Research samples are manufacturing firms listed in the Indonesian Stock Exchange 2015–2021. CEO characteristics include narcissism, gender, age, tenure, experience, nationality and founding family status. Data analysis uses random-effect regression. Findings: The result shows that higher narcissism CEOs have aggressive characteristics so they will be more likely to engage in accrual and real earnings management. Female CEOs, foreign CEOs and founding-family CEOs have higher monitoring and business ethics characteristics so they will be less likely to engage in accrual and real earnings management. CEOs with higher education levels have higher thinking complexity so they will be more likely to engage in accrual earnings management with higher regulator and auditor monitoring barriers than real earnings management. CEOs with financial and accounting experience are familiar with accounting standards and auditor monitoring barriers so they will be more likely to engage in accrual earnings management than real earnings management. On the other hand, there are no effects of CEO age and tenure on earnings management. Originality/value: This research contributes to providing evidence of the effect of CEO characteristics on earnings management in a specific industry such as manufacturing firms and emerging markets such as Indonesia with the majority group firms being family firms. [ABSTRACT FROM AUTHOR]

This paper examined barriers to succession planning of family-owned businesses in Abia state. Specifically, the study determined barriers to succession planning related to: founder, family and employees of family-owned businesses. The paper adopted survey research design. A total of 345 family-owned businesses drawn from Ariaria international market and Umuahia ultra-modern market served as the population of the study. Data were collected using questionnaire. Data were analysed using frequency counts, percentages and weighted mean. Findings show that the founder’srelated barriers to succession planning ranged from fear of death (x̄= 3.5), and reluctance to let go of his leadership position (x̄= 3.7). Family-related barrier included the family’s unwillingness to relinquish their places in the business (x̄= 3.6); as well as, socio-cultural challenges within the environment the business is situated. The employees’ disinclination toward formalization of the business (x̄= 3.4) constituted employee-related barrier. The paper therefore recommended that owners of family businesses should bring in the successor into the family business as early as possible, and also make available to the would-be successor, vital information that has been used to manage the business right from beginning of the business up to the time of the entrepreneur’s exit. [ABSTRACT FROM AUTHOR]

Cash holding decision‐making is one of the main corporate challenges for family firms (FFs), with significant consequences for their growth and survival. It is closely connected to key financial decisions such as financing, investments, and dividends. The motivations behind adjusting cash holdings vary, encompassing precautionary, risk avoidance, opportunity cost considerations, and the spending hypothesis. In our study, we aim to integrate specific motivations for cash holding decisions that stem from the influence of family dynamics within these businesses since FFs have unique characteristics, which affect their financial choices. Therefore, we analyze the impact of family involvement in management and the generational stage of FFs on their level of cash holdings. The results of the partial least squares–structural equation modeling, which was estimated on a sample of 7269 unlisted Spanish FFs, show that the higher the level of family involvement in management, as well as the higher the generational stage, the higher the level of cash holdings, with this having a positive effect on the firm's performance. In addition, we find that the positive relationship between family involvement in management and the level of cash holdings is strengthened by family ownership and weakened by family governance. These findings are relevant for a better understanding of the complexity of cash holding decision‐making in FFs and have practical implications not only for the FFs themselves but also for the entities related to them due to the important links between a firm's liquidity and its risk of default and performance. [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]

Purpose: The authors investigate the influence of CEOs' Islamic religiosity on the level of tax aggressiveness within private family firms. In addition, this study aims to explore the moderating role of the CEO's ownership stake in the firm and the payment of Zakat. Design/methodology/approach: The authors gathered data through surveys completed by 199 CEOs of Jordanian Islamic family firms. These survey results, along with financial statements, were used for multiple ordinary least squares regression analyses. Findings: The results of this study reveal a negative relation between the extent of Islamic religiosity of the CEO and the level of tax aggressive behavior. Furthermore, the results suggest that an increase in the CEO's ownership stake strengthens the negative association between the CEO's religiosity and the extent of tax aggressive behavior. Finally, the CEO's involvement in Zakat payments is shown to mitigate the negative association between the CEO's religiosity and the extent of tax aggressive behavior. Originality/value: In contrast to prior research that examines the relationship between religiosity and tax aggressiveness within the context of other religions, particularly Christianity, in listed firms, and primarily considers the religiosity of the overall firm environment, the study centers on the CEO's religiosity in private Islamic family firms. The Islamic context further enables us to investigate whether the fulfillment of Zakat diminishes the moral obligation experienced by religious CEOs to fulfill their tax responsibilities. [ABSTRACT FROM AUTHOR]

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