CEMEditor

Habbershon, Timothy G., and Mary L. Williams. 1999. “A Resource-Based Framework for Assessing the Strategic Advantages of Family Firms.” Family Business Review 12 (1): 1–25. https://doi.org/10.1111/j.1741-6248.1999.00001.x. The Resource-Based View (RBV) of competitive advantage provides a theoretical framework from the field of strategic management for assessing the competitive advantages of family firms. The RBV isolates idiosyncratic resources that are complex, intangible, and dynamic within a particular firm. The bundle of resources that are distinctive to a firm as a result of family involvement are identified as the ?familiness? of the firm.…

“Socioemotional Wealth and Business Risks in Family-Controlled Firms: Evidence from Spanish Olive Oil Mills.” Gómez-Mejía, Luis R., Katalin Takács Haynes, Manuel Núñez-Nickel, Kathyrn J. L. Jacobson, and José Moyano-Fuentes. 2007. Administrative Science Quarterly 52 (1): 106–37.  This paper challenges the prevalent notion that family-owned firms are more risk averse than publicly owned firms. Using behavioral theory, we argue that for family firms, the primary reference point is the loss of their socioemotional wealth, and to avoid those losses, family firms are willing to accept a significant risk to their performance;…

Davis, James H., F. David Schoorman, and Lex Donaldson. 1997. “Toward a Stewardship Theory of Management.” The Academy of Management Review 22 (1): 20–47. https://doi.org/10.2307/259223. Recent thinking about top management has been influenced by alternative models of man. Economic approaches to governance such as agency theory tend to assume some form of homo-economicus, which depict subordinates as individualistic, opportunistic, and self-serving. Alternatively, sociological and psychological approaches to governance such as stewardship theory depict subordinates as collectivists, pro-organizational, and trustworthy. Through this research, we attempt to reconcile the differences between these…

 “Bivalent Attributes of the Family Firm.” Tagiuri, Renato, and John Davis. 1996 Family Business Review 9, no. 2 (June 1, 1996): 199–208.  Although family-owned and managed firms are the predominant form of business organization in the world today, little systematic research exists on these companies. This paper builds upon insights found in the emerging literature on these enterprises and upon our own observations to provide a conceptual framework to better understand these complex organizations. We introduce the concept of the Bivalent Attributes, a unique, inherent feature of an organization that…

“Comment on ‘Family Values or Crony Capitalism?’ (Harold James)” 2008 Randall Morck Capitalism and Society 3 (1). The 20th century ran countless experiments to see what form of government works least badly. Unless things turn around unexpectedly, James I would have lost money betting on the absolute monarchy. The 21st century now gets to sort out what form of corporate governance works least badly; and I suspect Prof. James is premature in declaring for family firms.

“Family Values or Crony Capitalism?” Harold James Capitalism and Society 3 (1) 2008  Family firms are very prominent in many parts of the world, including in many of the most dynamic emerging markets. They are often thought to be associated with poor corporate and political governance. This article examines the debate about their durability and efficiency, using material drawn from the long experience of continental Europe and sketches out an ideal type of the family, in which there is a historical experience of entrepreneurship, a brand, and a network built…

“The Bind that Ties: Socioemotional Wealth Preservation in Family Firms” Luis R. Gomez-Mejia, Cristina Cruz, Pascual Berrone & Julio De Castro The Academy of Management Annals 5 (1): 653–707. 2011 A growing body of research shows that family firms are different from other organizations in significant ways. In this paper we review this literature by examining how family firms differ from nonfamily firms along five broad categories of managerial decisions. These categories encompass a set of key organizational choices concerning management processes, firm strategies, corporate governance, stakeholder relations and business…

“The Role of Family in Family Firms,”  Marianne Bertrand and Antoinette Schoar, The Journal of Economic Perspectives 20, no. 2 (2006): 73–96. (Open Access)  History is replete with examples of spectacular ascents of family businesses. Yet there are also numerous accounts of family businesses brought down by bitter feuds among family members, disappointed expectations between generations, and tragic sagas of later generations unable to manage their wealth. A large fraction of businesses throughout the world are organized around families. Why are family firms so prevalent? What are the implications of…

“Corporate Ownership Around the World” Rafael La Porta, Florencio Lopez-De-Silanes, Andrei Shleifer The Journal of Finance 54 (2): 471–517. 1999 (Open Access)  We use data on ownership structures of large corporations in 27 wealthy economies to identify the ultimate controlling shareholders of these firms. We find that, except in economies with very good shareholder protection, relatively few of these firms are widely held, in contrast to Berle and Means's image of ownership of the modern corporation. Rather, these firms are typically controlled by families or the State. Equity control by…

Journal of Family Business Management (JFBM) is a refereed journal publishing since 2011. JFBM provides broad and unrivalled coverage of all aspects of family business. JFBM offers a unique focus on behavioural and applied research, particularly considering the impact of research on policy and practice; it aims to communicate the latest family business research and knowledge worldwide for the benefit of scholars and family business practitioners. Other articles unique to JFBM are our ‘In conversation with’ series which provides insights from practicing family business advisors about how they are using theory…

Journal of Family Business Strategy publishes research that contributes new knowledge and understanding to the field of family business. The Journal is international in scope and welcomes submissions that address all aspects of how family influences business and business influences family. Topics include, but are not limited to, the following: Reasons for family business performance Impact of family and business on strategy and performance Branding strategies (when to be family and when not) Long term strategies, growth vs. survival strategy Processes and outcomes of corporate entrepreneurship Role of family on…