scholarly journals Exporting family firms in Spain: The role of women

2016 ◽  
Vol 13 (4) ◽  
pp. 362-380
Author(s):  
Pilar Giraldez ◽  
Emma Berenguer Cárceles
Keyword(s):  
Boards Of Directors ◽  
Family Firms ◽  
Vital Role ◽  
Strategic Decision ◽  
Executive Management ◽  
Export Activity ◽  
Family Smes ◽  
Executive Managers ◽  
Positive Effect

In this study we have focused on the export activity of family firms, to see if women in governance positions have a positive effect on it. In order to clarify these effects, we have divided such positions in three different roles: ownership, boards of directors and the executive management. Data were collected from System for Analysis of Iberian Balances database (SABI) and the Spanish High Council of Chamber (SHCC) website to build a sample of Small and Medium Sized Spanish firms with some exporting activity between years 2000 and 2011. Our results suggest that female executive managers are less risk-averse and more growth-oriented than female owners and directors. Also, family firms show a worse export activity behaviour related to the number of countries and to the exported volumes than family firms. Since family SMEs play an vital role in both, the national and international economies, this study draws attention to the importance of the presence of women in government bodies in search of other markets, as internationalization is a key strategic decision for them

scholarly journals How Does Family Involvement Affect Environmental Innovation? A Socioemotional Wealth Perspective

2021 ◽  
Vol 13 (23) ◽  
pp. 13114
Author(s):  
Joohee Han ◽  
Juil Lee ◽  
Sang-Joon Kim
Keyword(s):  
Family Involvement ◽  
Environmental Performance ◽  
Boards Of Directors ◽  
Family Firms ◽  
Technological Development ◽  
Environmental Issues ◽  
Environmental Innovation ◽  
Socioemotional Wealth ◽  
Public Firms ◽  
Positive Effect

The purpose of this study was to examine how family involvement affects the environmental innovation of firms. While prior studies have shown that family involvement can enhance environmental performance, these environmental performances have been portrayed as firm activities to prevent environmental issues, such as air pollution, CO2 emissions, etc. We maintain that environmental performance should be more proactive and enable firms to transform their activities more fundamentally towards environmental protection. In this sense, we consider environmental innovation, i.e., technological development to address environmental issues, as a proactive measure enacting firm activities to address environmental issues. Furthermore, we determine whether and how family involvement can motivate firms to develop technologies for environmental performance. To illuminate this relation, we utilized a socioemotional wealth perspective, which provides useful insights into how family-controlled firms behave differently in comparison to non-family firms. Building on this socioemotional wealth approach, we suggest that family involvement helps firms engage in environmental innovation. In this study, we also explore how the positive link between family involvement and environmental innovation is dependent on family interlocks—the circumstance wherein a firm’s family directors are affiliated with the boards of directors of other firms. Specifically, we suggest that an increase in a firm’s family interlocks would strengthen the positive relationship between family involvement and environmental innovation. To test our ideas, we used a sample of 623 US public firms ranging from 1996 to 2010, which yielded 5047 firm-year observations. We find that family involvement facilitates the environmental innovation of firms. We also find that family interlocks intensify the positive effect of family involvement on environmental innovation. Finally, we discuss the theoretical and empirical implications of our results.

scholarly journals Family Involvement in the Firm and Exports in the Family SME: Is the Manager’s International Orientation Influential?

2015 ◽  
Vol 7 (3) ◽  
pp. 69-99 ◽  
Author(s):  
Sami Basly
Keyword(s):  
Family Involvement ◽  
Family Firms ◽  
Positive Influence ◽  
International Orientation ◽  
The Family ◽  
Sample Data ◽  
Family Smes ◽  
Family Involvement In Management ◽  
The Relationship

AbstractDoes the family involvement affect exports in the family firm? The literature seems to support this view even if the direction and magnitude of this impact remains controversial. Drawing on the perspectives of agency [Chrisman et al. 2004; Schulze et al. 2001] and stewardship as applied to family firms [Davis, Schoorman and Donaldson 1997] and also on socio-emotional wealth perspective [Gómez-Mejía et al. 2007], this study seeks to contribute to this debate by studying the influence of family involvement on the SME exports intensity. To reconcile the divergent views, our research attempts to assess the role of the manager’s international orientation as a variable moderating the relationship between family involvement and exports in SMEs. Based on a hypothetical-deductive approach, the study uses a sample data of 125 family SMEs obtained through a questionnaire. The results show that even if the positive influence of the manager’s international orientation is corroborated, its moderating role seems to be limited to only one facet of the construct of family involvement i.e. involvement in management. Moreover, owning-family involvement in management seems to negatively influence exports while some results argue for a positive effect of the family involvement in ownership on exports.

scholarly journals Peculiarities Of Financial Management In Family Firms

2012 ◽  
Vol 11 (3) ◽  
pp. 315 ◽  
Author(s):  
Martin R. W. Hiebl
Keyword(s):  
Financial Management ◽  
Family Firms ◽  
Management Practices ◽  
Strategic Decision ◽  
Stewardship Theory ◽  
Business Research ◽  
Short Term ◽  
Traditional Role ◽  
Resource Based View

The majority of firms in market-oriented countries are family-owned. Despite their significant economic importance for these countries, research focusing on family firms is a rather young field within business research, having intensified starting only in the late 1980s. Research regarding the peculiarities of financial management in family firms is especially scarce. Hence, this paper seeks to synthesize existing research and to theoretically analyze the finance and accounting practices and resources of, as well as the role of financial managers in family firms. Using agency theory, stewardship theory, and the resource-based view of the firm, this paper suggests that finance and accounting practices should be adapted to the controlling familys needs. The paper further suggests that family firms are likely to use fewer short-term-oriented financial-management practices than non-family firms. Moreover, compared to non-family firms, financial managers should play a more traditional role in family firms, focusing on core financial management tasks and on advising the controlling family, while not themselves holding strategic decision-making power. The paper concludes with concrete avenues for further research.

The Effect of Organizational Characteristics on the Appointment of Nonfamily Managers in Private Family Firms

2014 ◽  
Vol 28 (2) ◽  
pp. 104-122 ◽  
Author(s):  
Pieter Vandekerkhof ◽  
Tensie Steijvers ◽  
Walter Hendriks ◽  
Wim Voordeckers
Keyword(s):  
Firm Size ◽  
Family Firms ◽  
Organizational Characteristics ◽  
Socioemotional Wealth ◽  
Firm Innovativeness ◽  
Firm Internationalization ◽  
Positive Effect ◽  
Moderating Role

This article examines the effect of organizational characteristics (firm innovativeness, firm internationalization, firm size) on the appointment of nonfamily managers in private family firms while taking into account the moderating role of socioemotional wealth (SEW). While these organizational characteristics increase the need for expertise, family firms cope with a limited pool of family managers. Therefore, new creative knowledge from nonfamily managers is needed. However, results from a sample of 145 Belgian family firms indicate that the positive effect of organizational characteristics on the integration of nonfamily managers decreases when family-related objectives reflected by SEW become more important for the firm.

Entrepreneurial Orientation and Family Firm Performance: The Moderating Role of TMT Identity-Based and Knowledge-Based Faultlines

2020 ◽  
pp. 104225872097399
Author(s):  
Andrea Calabrò ◽  
Rosalia Santulli ◽  
Mariateresa Torchia ◽  
Carmen Gallucci
Keyword(s):  
Entrepreneurial Orientation ◽  
Family Firms ◽  
Top Management Team ◽  
Specific Context ◽  
Knowledge Based ◽  
Identity Based ◽  
Context Specific ◽  
Positive Effect ◽  
Moderating Role

Research has shown that entrepreneurial orientation (EO) is positively associated with performance, but several context-specific features and contingencies affect this relationship. Accordingly, this article focuses on the specific context of family firms (FFs) and introduces top management team (TMT) faultlines as moderators. The main findings, obtained on a sample of 111 medium- and large-sized FFs, suggest that strong identity-based faultlines (IBFs) negatively moderate the EO–FF performance relationship, even within TMTs that are comprised only of family members, which are often viewed as homogeneous teams. Conversely, strong knowledge-based faultlines (KBFs) amplify the positive effect of EO on FF performance.

scholarly journals The independence of the Shari’a supervisory board in the Islamic financial institutions of the GCC countries

2010 ◽  
Vol 6 (2) ◽  
pp. 20-34
Author(s):  
Samy Nathan Garas ◽  
Chris Pierce
Keyword(s):  
Financial Institutions ◽  
Boards Of Directors ◽  
Code Of Conduct ◽  
Supervisory Board ◽  
Executive Management ◽  
Gcc Countries ◽  
The Board Of Directors ◽  
Islamic Financial Institutions ◽  
Supervisory Boards

Islamic Financial Institutions (IFIs) are governed by two boards: the Board of Directors (BoD) and the Shari’a Supervisory Board (SSB). The SSB is a panel of Shari’a scholars who act independently from other governance organs. This paper discriminates between dependent SSBs and independent SSBs by using twenty one variables, which are classified into three groups: the implementation of governance best practices, the recruitment of SSB members, and the relationship between the SSB members and other governance organs. This study is one of the first studies that provide empirical results about the SSB independence. Nevertheless, the research focuses exclusively on the Gulf Cooperation Council (GCC) countries and excludes the other countries where Shari’a supervision might have different forms. The study has developed a hypothesis, which was tested by a questionnaire. Data was collected from 76 Shari’a Supervisory Boards, 73 Boards of Directors, and 59 shareholders of IFIs in the GCC countries (Bahrain, Kuwait, Qatar, Saudi Arabia, and UAE) during 2009. The discriminant analysis has been used in identifying both dependent and independent SSBs. The paper finds five variables relevant in discriminating the two groups. These variables are the incentives provided to the SSB; the average remuneration to the SSB members; the existence of the policy of penalties for violating the code of conduct; the relation between the SSB members and the BoD; and the role of executive management in recruiting SSB members.

scholarly journals SIKAP KEUANGAN PADA PERUSAHAAN KELUARGA: PERAN MODERASI KOMITMEN KELUARGA

2017 ◽  
Vol 20 (1) ◽  
pp. 82
Author(s):  
Perminas Pangeran
Keyword(s):  
Goal Orientation ◽  
Family Firms ◽  
Interaction Coefficient ◽  
Debt Financing ◽  
Financial Knowledge ◽  
Positive Experience ◽  
Family Commitment ◽  
Positive Effect ◽  
Economic Goal

Penelitian ini bertujuan untuk menguji peran moderasi komitmen keluarga terhadap bisnis pada pengaruh pengetahuan keuangan, pengalaman positif dengan penyedia utang, orientasi tujuan ekonomi terhadap sikap keuangan pada utang. Penelitian dilakukan melalui survey kuesioner terhadap 66 pemilik perusahaan keluarga yang beroperasi di Yogyakarta. Penelitian ini menggunakan analisis regresi moderasi.Hasil penelitian empiris menyimpulkan beberapa hal penting sebagai berikut. Pertama, komitmen keluarga yang tinggi pada bisnis akan memperkuat pengaruh positif dari pengalaman positif manajer/pemilik dengan penyedia utang terhadap sikap keuangan pemilik/manajer pada utang. Kedua, hasil koefisien interaksi Orientasi Tujuan Ekonomi dan Komitmen Keluarga Terhadap Bisnis adalah negatif dan tidak signifikan. Ketiga, hasil koefisien interaksi Pengetahuan Keuangan dan Komitmen Keluarga Terhadap Bisnis adalah positif dan tidak signifikan. Hasil ini berlawanan dengan arah prediksi hipotesis.This study aims to examine the moderating role of family commitment to the influence of the financial knowledge, positive experience with debt suppliers, and economic goal orientation to owner- managers’ attitudes toward debt financing in family firms. This study was conducted through a questionnaire survey of 66 owners of family firms, operated in Special Region of Yogyakarta. This study used moderated regression analysis. The results of this study found several important things as follows. First, the high family commitment toward business strengthened the positive effect of the positive experience with debt suppliers to owner-managers’ attitudes toward debt financing in family firms. Second, the result of the interaction coefficient of economic goal orientation and family Commitment was negative and not significant. Third, the result of the interaction coefficient of financial knowledge and family commitment toward business was positive and not significant. This result was opposite to the direction of prediction of the hypothesis.

The postponed succession: an investigation of the obstacles hindering business transmission planning in family firms

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Filippo Ferrari
Keyword(s):  
Social Norms ◽  
Family Firms ◽  
Point Of View ◽  
Strategic Decision ◽  
Transmission Planning ◽  
Content Type ◽  
Psychological Point ◽  
Family Smes ◽  
Decision Making Processes ◽  
Business Succession

PurposeDrawing on the theory of planned behaviour, this research aims to investigate systemically if and how incumbents and successors share attitudes, social norms and perception of the feasibility of their business succession.Design/methodology/approachQualitative research carried out on a group of small Italian family firms (N = 10).FindingsThis study provides evidence of background mechanisms (attitudes, social norms and perception of feasibility) affecting the implementation of business succession planning in family SMEs. Moreover, this study provides further evidence supporting the role of social norms in strategic decision-making processes within family firms.Research limitations/implicationsFindings from this study contribute to current literature in multiple ways and have several research implications.Practical implicationsThis study highlights that it is more appropriate to adopt a systemic rather than an individualistic approach in investigating/managing business succession.Social implicationsFamily firms are the most widespread type of firms in the world; thus, a systematic failure in business transmission represents a prominent socioeconomical problem for policy-makers and institutions.Originality/valueThis study leads to further developments in exploring business succession from a psychological point of view. Findings also highlight the limits of how a theory applied in order to predict individual behaviour can provide insight into collective behaviour involving a family.

scholarly journals Internal social capital and international firm performance in emerging market family firms: The mediating role of participative governance

2018 ◽  
Vol 36 (8) ◽  
pp. 887-910 ◽  
Author(s):  
Misagh Tasavori ◽  
Reza Zaefarian ◽  
Teck-Yong Eng
Keyword(s):  
Social Capital ◽  
Firm Performance ◽  
Family Relationships ◽  
Family Firms ◽  
Emerging Market ◽  
Strategic Decision ◽  
Mediating Role ◽  
International Firm ◽  
The Relationship

Family firms benefit from internal social capital, which refers to resources related to structural, relational and cognitive aspects of family relationships. However, it is not clear if and how possession of internal social capital can enhance the international performance of emerging economy family firms. Based on the data collected from 192 small- and medium-sized family firms from Turkey, we show that family firms can improve their international firm performance by utilising the internal social capital of family relationships. Our findings also demonstrate that the relationship between internal social capital and international firm performance is mediated by participative governance capability. In participative governance, family members as well as board members have the capability to contribute to strategic decision-making and implementation. We also show that all structural, relational and cognitive aspects of internal social capital should be developed in order to improve international firm performance.

scholarly journals The impact of family ownership and under-aspiration performance on a firm’s capital structure

2021 ◽  
Vol 18 (3) ◽  
pp. 183-193
Author(s):  
Kieu Minh Nguyen ◽  
Tu Minh Vu
Keyword(s):  
Capital Structure ◽  
Financial Management ◽  
Family Firms ◽  
Family Ownership ◽  
Public Firms ◽  
The Impact ◽  
Positive Effect ◽  
Unique Dataset ◽  
The Capital Structure

Research on the capital structure of family firms has flourished in recent years, but the impact of performance aspiration and family ownership together on capital structure remains inadequately investigated. Therefore, the purpose of this study is to explore the impact of family ownership and under-aspiration performance and their interaction on capital structure. Panel data estimations were applied with a unique dataset of 3.857 observations from 387 public firms in Vietnam from 2010 to 2020 (134 family firms and 253 non-family firms). The results reveal that family ownership and under-aspiration performance each has a positive effect on capital structure. However, under-aspiration performance negatively moderates the positive effect of family ownership on capital structure. These findings contribute to a stream of studies on the capital structure of family firms by exploring the role of under-aspiration performance, as well as provide important implications for shareholders, managers and debtors in financial management.

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