scholarly journals Sustainability and Business Outcomes in the Context of SMEs: Comparing Family Firms vs. Non-Family Firms

2018 ◽  
Vol 10 (11) ◽  
pp. 4080 ◽  
Author(s):  
María López-Pérez ◽  
Iguácel Melero-Polo ◽  
Rosario Vázquez-Carrasco ◽  
Jesús Cambra-Fierro
Keyword(s):  
Business Models ◽  
Family Firms ◽  
Medium Size ◽  
Stewardship Theory ◽  
Business Practices ◽  
Socially Responsible ◽  
Business Outcomes ◽  
Proposed Model ◽  
Moderator Role

Society is demanding more sustainable and socially responsible business models. Therefore, the concept of sustainability has become a cornerstone to help understand the success of many firms in the current competitive context. However, the context of SMEs has received little attention thus far. In order to solve this gap this article analyses the links between sustainability practices and business outcomes—both financial and non-financial (i.e., image and reputation)—for small and medium-size enterprises (SMEs). In addition, the study strives to analyze the potential differences between family firms and non-family firms. To this end, a quantitative study is carried out using PLS techniques to analyze a sample of SME owners and managers with a view to testing the proposed model based on the Stewardship Theory and Socioemotional Wealth Theory. In this sense, our study is pioneering in that it aims to assess—from a quantitative viewpoint—the moderator role of family firms on a series of relevant sustainability-driven outcomes. The data suggest that, in SME contexts, sustainability influences the corporate reputation, brand image, and financial value of the company. Importantly, we find that the profile (family vs. non-family) of the firm moderates the links between sustainability and business outcomes. Hence, our findings have important implications for sustainability implementation in SME contexts. Finally, we provide a series of guidelines aimed at maximizing the effectiveness of sustainability-based business practices.

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.

scholarly journals BUSINESS MODELS IN THE SOCIAL ECONOMY – REVIEW OF SUCCESSFUL PRACTICES

2019 ◽  
Vol 17 (Suppl.1) ◽  
pp. 176-180
Author(s):  
K. Stoyanov ◽  
G. Zhelyazkov
Keyword(s):  
Business Models ◽  
Social Economy ◽  
Third Sector ◽  
Social Enterprises ◽  
Added Value ◽  
Business Practices ◽  
Legal Rules ◽  
Business Operations ◽  
The Social

The social economy is a phenomenon that is gaining ever more significant dimensions, mainly because of its added value, which goes beyond measurable economic indicators. The role of enterprises operating in the social economy is also highly appreciated by the European Commission, which calculates their contribution to the European economy by more than 10% of its total. Because of the specificity and lack of specific legal rules, businesses use different business models to carry out their activities. The purpose of this study is to identify, define and evaluate the most commonly used business models of enterprises operating in the social economy, the so called third sector, analysing successful business practices. Using appropriate examples, including from Bulgaria, will be highlighted problematic issues for the functioning of social enterprises and some basic guidelines will be proposed to facilitate business operations in the social economy.

A plea for a stronger role of non-financial impact in the socially responsible investment discourse

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Joel Diener ◽  
Andre Habisch
Keyword(s):  
Action Plan ◽  
Socially Responsible Investment ◽  
Theory And Practice ◽  
Financial Impact ◽  
Business Practices ◽  
Fund Management ◽  
Socially Responsible ◽  
Content Type ◽  
Responsible Investment

Purpose This paper aims to emphasize the importance and current deficits of non-financial impact (NFI) assessment of socially responsible investment (SRI) with reference to the action plan of the European Commission (EC) for a greener and cleaner economy. Design/methodology/approach The importance and current deficits of NFI assessment are evaluated theoretically and condensed to an equilibrated socially responsible investment (ESRI) perspective, based on a narrative literature review of highly ranked academic journals. Findings Due to a deficient exploration of NFI in theory and practice, the role of SRI funds for sustainability transition has not yet been adequately discussed. This has enabled a situation where a constantly rising market share of SRI has not led to similar sustainability achievements. This strongly contrasts with investors’ expectations, the self-portrayal of the sector and the goals of the EC’s action plan. As a solution, the developed ESRI perspective elevates NFI as a second cornerstone for theory and practice. ESRI, contrary to the EC, sets a primer on the role of SRI fund management for achieving sustainability goals. Originality/value This study reveals how SRI theory and practice neglect the importance of NFI. The presented ESRI perspective enables scholars to examine SRI practices more holistically through a new theoretical lens. One special focus is on the role of SRI fund management as a transmission mechanism to push portfolio companies’ business practices toward more sustainable behavior.

scholarly journals CSR as a Driver of Corporate Reputation: Family Firms in the Italian Luxury Industry

2020 ◽  
Vol 11 (6) ◽  
pp. 21
Author(s):  
Patrizia Gazzola ◽  
Stefano Amelio ◽  
Roberta Pezzetti
Keyword(s):  
Social Responsibility ◽  
Business Models ◽  
Family Firms ◽  
Competitive Strategies ◽  
Socially Responsible ◽  
Italian Family ◽  
Brand Reputation ◽  
Luxury Industry ◽  
Corporate Social ◽  
Responsible Behaviors

The aim of the paper is to analyse the relationship between Corporate Social Responsibility (CSR) and brand reputation in the luxury sector. In particular, the paper from one hand analyzes the drivers that lead to a growing integration of social responsibility in the competitive strategies of luxury firms and, on the other hand focuses on the role of CSR as a driver of brand reputation. Starting from review of the literature, the factors that influence the reputation in the brand-based global luxury industry are discussed, highlighting a gradual shift from reputation based on product quality to one focused on firm’s sustainability. The methodology also includes three case studies of Italian family firms representing best practices in CRS reputation according to 2015 version of Standard Ethics Italian Index: Brunello Cucinelli, Damiani and Luxottica. The study highlights the increasing role CSR practices are assuming in the luxury industry along with the needs for luxury firms to adopt strategic innovations and innovative business models coherent with the principles of sustainability. Furthermore, the analysis illustrates how different socially responsible behaviors have influenced the economic results of the three companies analyzed. The empirical evidences contribute to the CSR and reputation literature by focusing on Italian family firms operating in the luxury sector. 

CSR Strategies in Emerging Markets

2017 ◽  
pp. 1702-1725
Author(s):  
Claudia Ogrean ◽  
Mihaela Herciu
Keyword(s):  
Sustainable Development ◽  
Emerging Markets ◽  
Business Models ◽  
The Other ◽  
Business Practices ◽  
Socially Responsible ◽  
Csr Strategies ◽  
Development Tool ◽  
The Social ◽  
Decision Making Processes

The purpose of the chapter is to emphasize on the roles of businesses – as an effective (sustainable) development agent in emerging markets, on one hand, and of their CSR strategies – as an efficient sustainable development tool, on the other hand, in order to identify valuable business practices able to lead the emerging markets towards sustainability – through socially responsible decision making processes at business level. Having in the fore-ground the ideas of sustainability (which basically is a macro-economic concern) and responsibility (and especially its micro-economic correspondent that usually embraces the form of CSR), it will try to discover the general and specific features of the business models that capitalize the best the synergy between the social responsibility of business and the ensuring of sustainability in emerging markets.

Research, Theories, and Pedagogical Practices of Cultural Metacognition in Cross-Cultural Business Education

2021 ◽  
pp. 1292-1316
Author(s):  
James E. Phelan
Keyword(s):  
Business Education ◽  
Teaching And Learning ◽  
Cross Cultural ◽  
Pedagogical Practices ◽  
Business Practices ◽  
Business Outcomes ◽  
Cultural Assumptions ◽  
Business Educators ◽  
Teaching Learning

Cultural metacognition, or thinking about cultural assumptions, can help increase awareness, build trust, and create successful business outcomes. The role of cultural metacognition in business is vital. This chapter will enable building a cultural metacognition knowledge base, and promote appreciation of its importance and effect on business enhancement. The context of this chapter will amplify knowledge, ideas, and skills necessary to connect various issues of teaching and learning cultural metacognition in cross-cultural environments. The chapter will facilitate business educators' teaching practices that foster learning cultural metacognition and its effects on cross-cultural business practices. In addition, it includes discussion of the facts related to tools for developing metacognition skills, as well as suggestions for how to fill the gap between theoretical and practical implications. The ultimate goal is to help elevate teaching, learning practices, and research related to the topic of cultural metacognition in cross-cultural business education.

Family Influence and Digital Business Model Innovation: The Enabling Role of Dynamic Capabilities

2021 ◽  
pp. 104225872199894
Author(s):  
Jonas Soluk ◽  
Ivan Miroshnychenko ◽  
Nadine Kammerlander ◽  
Alfredo De Massis
Keyword(s):  
Business Model ◽  
Dynamic Capabilities ◽  
Positive Relationship ◽  
Business Models ◽  
Family Firms ◽  
Business Model Innovation ◽  
Family Influence ◽  
Environmental Dynamism ◽  
The Relationship

New digital technologies have prompted many firms, including family firms, to innovate their business models. We study the role of dynamic capabilities as mediator in the relationship between family influence and digital business model innovation (BMI), and the moderating role of environmental dynamism. Based on unique survey data from 1,444 German firms with and without family influence, we reveal that knowledge exploitation, risk management, and marketing capabilities mediate the positive relationship between family influence and digital BMI. Surprisingly, and contrary to our assumption, we find that the positive relationship between family influence and dynamic capabilities is weakened rather than strengthened by environmental dynamism. Our findings hold important implications for family business innovation and digital BMI research, offering valuable insights into the role of dynamic capabilities and environmental dynamism in the digital economy.

Legal and Ethical Aspects of CSR

2020 ◽  
pp. 200-223
Author(s):  
Ewa Barbara Wójcik ◽  
Katarzyna Olejko
Keyword(s):  
Business Models ◽  
Business Activity ◽  
Ethical Aspects ◽  
Socially Responsible ◽  
New Business ◽  
State Of Affairs ◽  
Further Development ◽  
New Business Models ◽  
Insight Into

The increasingly important role of sustainability issues and CSR in business activity has been widely recognized. In order to promote socially responsible decisions, changes in the macro- and micro-environment should be examined. The study offers insight into different aspects of CSR and defines those whose importance is growing, discusses trends, reasons for the state of affairs, and formulates conclusions of possible effects. The focus is on ethical values, in particular trust, and their changing perception which may lead to new business models strengthening and further development.

scholarly journals PERSONNEL MANAGEMENT IN THE CONDITIONS OF SOCIAL RESPONSIBILITY OF THE ENTERPRISE

2021 ◽  
Author(s):  
Тетяна Харченко ◽  
Мао Жун ◽  
Руслана Михайлик
Keyword(s):  
Social Responsibility ◽  
Personnel Management ◽  
Technological Progress ◽  
Business Models ◽  
Labor Relations ◽  
Psychological State ◽  
Socially Responsible ◽  
Management Mechanism ◽  
Bilateral Relationship

Peculiarities of personnel management at enterprises, means of influencing the employee in the development of labor relations are determined. The comparative characteristics of the most important socially responsible business models are considered. Attention is paid to the importance of personnel responsibility policy. The role of the concept of social responsibility of personnel management, which is based on the integration and consideration of the bilateral relationship between social responsibility and personnel management, is indicated. It is concluded that the creation of purposeful principles of personnel management involves a clear management mechanism for goals and results, taking into account modern requirements and capabilities of consumers, the socio-psychological state of staff in the constant development of scientific and technological progress.

scholarly journals Menstrual Capitalism, Period Poverty, and the Role of the B Corporation

2021 ◽  
Vol 41 (1) ◽  
pp. 133-45
Author(s):  
Victoria J. Haneman
Keyword(s):  
Social Change ◽  
Corporate Law ◽  
Business Practices ◽  
Socially Responsible ◽  
Made In ◽  
The Way

This Essay considers the profit to be made in virtue signaling solely for the purpose of attracting customers and driving sales: Pro-female, woke menstruation messaging that may merely be an exploitative and empty co-optation. Feminists should expect more of menstrual capitalists, including a commitment that firms operating within this space address the diapositive issue of period poverty and meaningfully assist those unable to meet basic hygiene needs who may never be direct consumers. This Essay serves as a thought piece that first presents, in Section I, the B Corporation as a relatively new direction in corporate law that redefines the corporation as a potential agent of social change. Section II considers the way in which B Corporation certification may serve as an implicit sorting device to distinguish companies performing hollow virtue signaling from those menstrual capitalists committed to socially responsible pro-female business practices.

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