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  • 1.
    Akhter, Naveed
    et al.
    Jönköping University, Jönköping International Business School, JIBS, ESOL (Entrepreneurship, Strategy, Organization, Leadership). Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, ESOL (Entrepreneurship, Strategy, Organization, Leadership). Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Accepting and implementing change in family firms within and across generations2012Conference paper (Refereed)
  • 2.
    Akhter, Naveed
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Harvest and after: Entrepreneurial recycling in family firm portfolios2014Conference paper (Refereed)
    Abstract [en]

    Entrepreneurial exit is an integral component of the entrepreneurial process. Yet entrepreneurs often fail to realize the gains from their harvesting activities (Dehlen et al., 2012). This study extends our understanding of entrepreneurial recycling which allows a firm to re-allocate and re-invest the harvested resources (Mason & Harrison, 2006). Although entrepreneurial recycling is viewed as an important element of the post exit process (DeTienne & Chirico, 2013), with few exceptions there is little research present on this phenomenon. This is especially interesting in the case of a special breed of entrepreneurs called portfolio entrepreneurs (DeTienne, 2010; Rosa, 1998) who own multiple businesses simultaneously and undertake multiple exits as compare to entrepreneurs who start and harvest a single venture only (MacMillan, 1986). Theoretical and empirical research suggests that the context of family firms has a profound impact on portfolio entrepreneurship as well as on entrepreneurial recycling strategies (Carter & Ram, 2003).

  • 3.
    Akhter, Naveed
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, Business Administration.
    If we cannot have it then no one should: Business exit and re-entry2015Conference paper (Refereed)
  • 4.
    Akhter, Naveed
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Nordqvist, Mattias
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Entrepreneurial exit strategies in family firm portfolios2013Conference paper (Refereed)
  • 5.
    Akhter, Naveed
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Nordqvist, Mattias
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Exit strategies in family firm portfolios2014Conference paper (Refereed)
  • 6.
    Akhter, Naveed
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Business Administration.
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Business Administration.
    Nordqvist, Mattias
    Jönköping University, Jönköping International Business School, JIBS, Business Administration.
    Surviving the legacy: Sensemaking of emotions and exit in portfolio firmsManuscript (preprint) (Other academic)
  • 7.
    Akhter, Naveed
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Sieger, P.
    Ramirez-Pasillas, Marcela
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Transgenerational growth in family business portfolios: Strategies and the rural and urban context2017Conference paper (Refereed)
  • 8.
    Akhter, Naveed
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Sieger, Philipp
    University of St. Gallen, Switzerland.
    If we cannot have it then no one should: Shutting down versus selling in family business portfolios2015In: Academy of Management Proceedings, January 2015 (Meeting Abstract Supplement) 15764, 2015 / [ed] John Humphreys, 2015Conference paper (Refereed)
    Abstract [en]

    The present study investigates exit patterns in family business portfolios in times of declining performance. Drawing on social identity theory and a sample of six family business portfolios from Pakistan, we reveal that business families often prefer shutting down satellite portfolio firms rather than selling them. This is found to be mainly driven by the identity fit of the family and the satellite business and the desire to restart it at a later point in time. This study contributes to literature on portfolio entrepreneurship, business exit, and long-term success and endurance of family firms.

  • 9.
    Akhter, Naveed
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Strategies and Markets Department, ESSCA School of Management, Angers, France.
    Sieger, Philipp
    Department of Management and Entrepreneurship, University of Bern, Bern, Switzerland.
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). EGADE Business School, Tecnológico de Monterrey, Monterrey, Mexico.
    If we can't have it, then no one should: Shutting down versus selling in family business portfolios2016In: Strategic Entrepreneurship Journal, ISSN 1932-4391, E-ISSN 1932-443X, Vol. 10, no 4, p. 371-394Article in journal (Refereed)
    Abstract [en]

    How does a business family manage its business portfolio in times of declining performance to sustain the portfolio's long-term endurance? Drawing on social identity theory and six family business portfolios from Pakistan, we find that business families may prefer to shut down a satellite business rather than sell it, which is primarily driven by identity considerations. In addition, the family's goal to recycle the assets, the aim to restart the business later, and the increasing decline in performance are important contingency factors. This study contributes to the literature on portfolio entrepreneurship, business exit, and the enduring entrepreneurship of family firms.

  • 10.
    Baù, Massimo
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, Business Administration.
    Baboukardos, Diogenis
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Voluntary Adoption of International Financial Reporting Standards and the Role of Family Ownership2014In: Co-operation Within and Amongst Family Businesses: Conference Proceedings: IFERA 2014 Annual Conference June 24-27, 2014, Lappeenranta, Finland, The International Family Enterprise Research Academy (IFERA) , 2014, p. 79-79Conference paper (Refereed)
  • 11.
    Baù, Massimo
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, Business Administration.
    Hoskisson, Robert E.
    Rice University, USA.
    Pathak, Seemantini Madhukar
    University of Missouri, USA.
    Acquisition and Divestitures in Family and Non-Family Firms2015Conference paper (Refereed)
    Abstract [en]

    Combining the core-periphery model with family firm literature, we find that family firms exhibit unique acquisition and divestiture behaviors. Analyzing a sample of Swedish privately held limited companies we find that family firms acquire and divest distant, unrelated and larger but fewer businesses. In addition to economic objectives, family firms pursuing non-economic objectives prefer to buy and sell unrelated businesses at longer geographic distances to lower impact on their core business from their restructuring activities.

  • 12.
    Baù, Massimo
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, Business Administration.
    Hoskisson, Robert E.
    Rice University, USA.
    Pathak, Seemantini Madhukar
    University of Missouri, USA.
    Portfolio Restructuring in Family and Non-Family-Controlled Firms2016In: Academy of Management Proceedings, January 2016 (Meeting Abstract Supplement) 12016 / [ed] John Humphreys, Academy of Management , 2016Conference paper (Refereed)
    Abstract [en]

    Are family firms’ corporate restructuring behaviors distinct from those of non-family firms? Although the corporate restructuring literature has drawn on economic motives for restructuring, recent developments in the family business literature suggest that both economic and noneconomic motives may result in distinct restructuring behaviors between family and non-family firms. We use Swedish Census data and draw on a sample of privately held family and non-family Swedish firms for the period between 2004 and 2007. Applying the core- periphery model to the family-firm corporate-restructuring context, we posit that family firms undertake restructuring at the periphery of their business to lower the impact on their core business. Our results support our arguments and show that compared with non-family firms, family firms acquire and divest more geographically distant, unrelated and larger but fewer businesses.

  • 13.
    Baù, Massimo
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, Business Administration.
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Zahra, Shaker
    Carlson School of Management.
    Self-Employment Or Employment After Exit: The Effect Of An Entrepreneur’s Age And Gender2013In: Frontiers of Entrepreneurship Research 2013 : Proceedings of the Thirty-third Annual Entrepreneurship Research Conference / [ed] Andrew Zacharakis, Boston: Babson College , 2013, Vol. 33, article id 1Conference paper (Refereed)
    Abstract [en]

    Building on career literature, we predict that an entrepreneur’s age at the time of re-entry has a unique and complex non-linear effect on the choice to become self-employed versus employed after an exit. Based on a database covering the whole Swedish population, we studied 79,356 entrepreneurs who experienced exit in a five year window (2000-2004) and we examined their career choice as self-employed versus employed. Our results show an inverted S-shaped curve which follows the career lifecycle stages (early, middle, and late). Also, we demonstrate that gender (man vs. woman) moderate the entrepreneur’s age/re-entry relationship.

  • 14.
    Baù, Massimo
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, Business Administration.
    Eddleston, Kimberly
    Northeastern University.
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Lucia, Naldi
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Parental Altruism. Special Treatment for Offspring in Business?2014Conference paper (Refereed)
  • 15.
    Baù, Massimo
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Pittino, Daniel
    Jönköping University, Jönköping International Business School, JIBS, Business Administration.
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Backman, Mikaela
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Centre for Entrepreneurship and Spatial Economics (CEnSE).
    Klaesson, Johan
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Centre for Entrepreneurship and Spatial Economics (CEnSE).
    Roots to grow: Family firms and local embeddedness in rural and urban contexts2018In: Entrepreneurship: Theory & Practice, ISSN 1042-2587, E-ISSN 1540-6520Article in journal (Refereed)
  • 16.
    Baù, Massimo
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Sieger, Philipp
    University of St. Gallen & University of Bern, Switzerland.
    Eddleston, Kimberly A.
    D'Amore-McKim School of Business, Northeastern University, USA.
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Fail but try again? The effects of age, gender, and multiple-owner experience on failed entrepreneurs’ reentry2017In: Entrepreneurship: Theory & Practice, ISSN 1042-2587, E-ISSN 1540-6520, Vol. 41, no 6, p. 909-941Article in journal (Refereed)
    Abstract [en]

    We investigate what leads failed entrepreneurs to reenter entrepreneurship by taking a developmental career perspective. Specifically, we hypothesize that the age of failed entrepreneurs has a non-linear relationship with the likelihood of reentering entrepreneurship that follows different career stages (early, middle, and late). The gender of failed entrepreneurs and multiple-owner experience in the failed firm are hypothesized to be moderators of this relationship. We test our hypotheses using a database consisting of the Swedish population, including 4,761 entrepreneurs who failed between 2000 and 2004. Analyzing their career paths over the years following their failure offers support for our theoretical expectations.

  • 17.
    Campopiano, Giovanna
    et al.
    Witten/Herdecke University, Witten, Germany.
    De Massis, Alfredo
    Lancaster University Management School, Centre for Family Business, IEED, Lancaster, UK.
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Firm Philanthropy in Small- and Medium-Sized Family Firms: The Effects of Family Involvement in Ownership and Management2014In: Family Business Review, ISSN 0894-4865, E-ISSN 1741-6248, Vol. 27, no 3, p. 244-258Article in journal (Refereed)
    Abstract [en]

    Drawing on stewardship theory and arguments in relation to social and reputational capital, this study investigates how family involvement affects engagement in firm philanthropy in small- and medium-sized family firms. Specifically, we argue that family involvement in ownership positively influences firm philanthropy while its interaction with family involvement in management produces a negative effect. Based on a sample of 130 Italian family firms, our findings offer important implications for theory and practice and pave the way for future research in the field of philanthropy in the family firm context.

  • 18.
    Carnes, Christina
    et al.
    University of Nebraska-Lincoln, USA.
    Hitt, Michael A.
    Texas A&M University and TCU, USA.
    Sirmon, David
    University of Washington, USA.
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, Business Administration.
    Wook Huh, Dong
    Frostburg State University, USA.
    The Contingent Effect of Synchronization on Leveraging Resources for Innovation2016Conference paper (Refereed)
    Abstract [en]

    Leveraging resources to exploit opportunities in external markets is at the heart of innovation. However, research suggests that leveraging resources is complicated and fraught with challenges. Building on work in resource orchestration by integrating behavioral logic relating to search behaviors and use of slack resources, we argue synchronization of internal activities enhances the innovation gains of a firm’s leveraging strategy (resource advantage, market opportunity, and entrepreneurial). We further suggest that this impact of synchronization on leveraging strategy and innovation is dependent on firms’ performance relative to social aspirations, elucidating boundary conditions of resource orchestration. Our findings offer theoretical and practical implications for understanding the influence of synchronization, leveraging strategies, and firm performance on innovation.

  • 19. Carnes, Christina M.
    et al.
    Hitt, Michael A.
    Huh, Dong Wook
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Sirmon, David
    The Influence of Synchronization and Performance on Strategic Choice and Innovation2013In: Academy of Management Proceedings: Vol. 2013, No. 1, 2013Conference paper (Refereed)
    Abstract [en]

    Leveraging resources to exploit opportunities in external markets is at the heart of innovation. However, theory suggests that leveraging resources is a complicated affair, fraught with potential challenges. Building on work in resource orchestration, we argue that firms achieve superior innovation when their strategy used to leverage resources is synchronized with several resource orchestration processes – namely structuring and bundling. However, such synchronization is not easily achieved. Using prospect theory, we argue and find that prior performance and accompanying managerial biases influence which strategies are chosen to drive innovation and that these same influences are affected by the level of synchronization. Thus, working to leverage firm resources to achieve innovation requires the synchronization of several processes to produce the greatest outcomes.

  • 20.
    Carnes, Christina Matz
    et al.
    University of Nebraska-Lincoln.
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Hitt, Michael A.
    Texas A&M University.
    Huh, Dong Wook
    Frostburg State University.
    Pisano, Vincenzo
    University of Catania.
    Resource Orchestration for Innovation: Structuring and Bundling Resources in Growth- and Maturity-Stage Firms2016In: Long range planning, ISSN 0024-6301, E-ISSN 1873-1872, Vol. 50, no 4, p. 472-486Article in journal (Refereed)
    Abstract [en]

    Innovation is an important outcome for firms across all life-cycle stages, though challenges to this goal vary by a firm's stage of development. In this study, we integrate resource orchestration with contingency theory to theorize how managers differentially orchestrate their firm's resource portfolio and capabilities to develop innovation based on the firm's life-cycle stage. Empirical tests using primary data collected from 189 managers of U.S. and Italian firms based on the policy capturing method provide support for our hypotheses. Overall, this research contributes to our understanding of how firms manage their resources to create innovation over the firm's life-cycle.

  • 21.
    Chirico, Francesco
    University of Lugano.
    An empirical examination of the FITS family-business model2007In: The Management Case Study Journal, ISSN 1445-033X, Vol. 7, no 1, p. 55-77Article in journal (Refereed)
    Abstract [en]

    The present case study research is based on the 'FITS family-business model' aimed at exploring the process that leads to value creation in family business through the lens of knowledge, dynamic capabilities and family culture. Four family-business case studies from Italy and Switzerland are presented and interesting results emerge to support the FITS's view of value creation in family business. Case studies have been analysed and developed closely with the practising entrepreneurs of the family business interviewed.

  • 22.
    Chirico, Francesco
    University of Lugano.
    Improving the long-run survival of family firms: Knowledge-management and resource-shedding processes2008Doctoral thesis, comprehensive summary (Other academic)
  • 23.
    Chirico, Francesco
    University of Lugano, Switzerland.
    Knowledge accumulation in family firms: evidence from four case studies2008In: International Small Business Journal, ISSN 0266-2426, E-ISSN 1741-2870, Vol. 26, no 4, p. 433-462Article in journal (Refereed)
    Abstract [en]

    The aim of this article is to make a contribution to the understanding of how knowledge can be accumulated in family business. Four family firms from Switzerland and Italy are part of this research. Existing literature combined with the case studies analysed lead to the development of a model that outlines factors responsible for knowledge accumulation viewed as an `enabler of longevity' in family business.The relationships depicted in the model can be read by researchers as hypotheses and suggestions for further research, and by managers as possible factors needed to accumulate knowledge in order to be successful across generations.

  • 24.
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership. University of Lugano.
    Knowledge models in family business: evidence from Ticino region (Switzerland)2008In: Culture-Specific Models of Family Businesses: A Compendium using GLOBE Paradigm / [ed] Gupta, V., Levenburg, N., Moore, L., Motwani, J., and Schwarz, T., ICFAI Press , 2008Chapter in book (Refereed)
  • 25.
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    The creation, sharing and transfer of knowledge in family business2008In: Journal of Small Business and Entrepreneurship, ISSN 0827-6331, E-ISSN 2169-2610, Vol. 21, no 4, p. 413-433Article in journal (Refereed)
    Abstract [en]

    This present research aims at investigating how "knowledge-related human capital" can be accumulated, i.e. created, shared and transferred, in family business over time. "Knowledge-related human capital" is viewed as pure knowledge and skill which family members have gained and developed through education and experience within and outside the organization. Two wine-producing family firms from Switzerland and a liqueur family firm from Italy are part of this research. A tentative knowledge model is presented at the end of the study. It analyses factors responsible for the accumulation process of knowledge in family business across generations.

  • 26.
    Chirico, Francesco
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, Business Administration.
    Backman, Mikaela
    Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Centre for Entrepreneurship and Spatial Economics (CEnSE).
    Baù, Massimo
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Karlsson, M.
    Pittino, Daniel
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    No Firm is an Island: Local Embeddedness and Rural-Urban Contexts for Business Growth in Family versus non-Family Firms.2017Conference paper (Refereed)
  • 27.
    Chirico, Francesco
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, Business Administration.
    Baù, Massimo
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Financial Distress in Family and Non-Family-Controlled Firms2016In: Academy of Management Proceedings, January 2016 (Meeting Abstract Supplement) 12016 / [ed] John Humphreys, Academy of Management , 2016Conference paper (Refereed)
    Abstract [en]

    In this study we heed the call from a growing number of scholars to extend our understanding of performance differences between family and non-family firms. Drawing on the mixed gamble logic of the behavioral agency model and the socioemotional wealth prospective, we provide a more fine-grained understanding of the unique role and diverse logic of dominant owners in relation to performance outcomes. Our findings suggest that family firms are the worst among the best (i.e. among firms that do not experience financial distress, they perform worse) and the best among the worst (i.e. among firms that experience financial distress, they perform better), which we attribute to the fact that family owners have more firm specific current wealth to lose (including not only financial wealth but also SEW), and as such respond differently to financial distress.

  • 28.
    Chirico, Francesco
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Baù, Massimo
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Is the Family an "Asset" or "Liability" for Firm Performance? The Moderating Role of Environmental Dynamism2014In: Journal of small business management (Print), ISSN 0047-2778, E-ISSN 1540-627X, Vol. 52, no 2, p. 210-225Article in journal (Refereed)
    Abstract [en]

    By integrating the stewardship and agency perspectives, our study extends the understanding of the dynamics that regulate the family as either an asset or liability for the firm. Our results show that the percentage of family members on the top management team (TMT) has an inverted U-shaped relationship with firm performance. However, when environmental dynamism is low this curvilinear relationship becomes steeper. When environmental dynamism is high, an increased percentage of family members on the TMT enhances firm performance.

  • 29.
    Chirico, Francesco
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Baù, Massimo
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, Business Administration.
    Is the Family an Asset or Liability? The Role of Environmental Dynamism on Family Firm Performance2013Conference paper (Refereed)
  • 30.
    Chirico, Francesco
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Carnes, Christina M.
    Wook Huh, Dong
    Hitt, Michael A.
    Pisano, Vincenzo
    Structuring and bundling resources for innovation in different firm life cycle stages2014In: Academy of Management Proceedings: Vol. 2014, No. 1, 2014Conference paper (Refereed)
    Abstract [en]

    The present study based on a sample of US and Italian private firms confirms that resource orchestration is crucial in the creation of innovation. Structuring and bundling resources are important processes for all firms, especially for the development of innovation. Adopting a resource-based logic, we employed the technique of policy capturing to examine the relationship between resource orchestration and the creation of innovation by firms at different stages of their life-cycle. Our results show that early-stage (start-up and growth) firms attempt to acquire and accumulate resources and to enrich existing capabilities and pioneer new ones to develop novel innovations. This emphasis shifts to divesting resources and stabilizing existing capabilities during later (maturity and revitalization) stages to achieve more incremental innovations. This research contributes to our knowledge of innovation, resource orchestration and the firm life-cycle stages.

  • 31.
    Chirico, Francesco
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership.
    Colombo, Gianluca
    An experimental examination of the Fits family-business model: new insights from a simulation study through system dynamics2008In: Theoretical developments and future research in family business / [ed] Phillip H. Phan and John E. Butler, Charlotte, N.C.: Information Age Publishing, 2008, p. 77-116Chapter in book (Refereed)
  • 32.
    Chirico, Francesco
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    DeTienne, Dawn
    Colorado State University, USA.
    Clinton, Eric
    Dublin City University, Ireland.
    Sciascia, Salvatore
    IULM University-Milan, Italy.
    Resource structuring: linking resource acquisition, accumulation, and divestment in family firms2014Conference paper (Refereed)
    Abstract [en]

    While much has been written about the idiosyncratic nature of family firms, the processes of managing the resource base in family firms has received limited attention. We examine resource structuring in family firms, inclusive of resource acquisition, accumulation and divestment. Specifically, we theorize that family firms that engage in resource acquisition and accumulation achieve higher levels of resource divestment. While the family generation in control positively moderate these relationships, the presence of a family CEO negatively moderate them. Additionally, we predict that family CEOs in later generations also engage less in resource divestment. Our theory is tested on a sample of 241 Irish family firms.

  • 33.
    Chirico, Francesco
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership. Jönköping University, Jönköping International Business School, JIBS, ESOL (Entrepreneurship, Strategy, Organization, Leadership).
    Hellerstedt, Karin
    Jönköping University, Jönköping International Business School, JIBS, ESOL (Entrepreneurship, Strategy, Organization, Leadership). Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership.
    Mattias, Nordqvist
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership. Jönköping University, Jönköping International Business School, JIBS, ESOL (Entrepreneurship, Strategy, Organization, Leadership).
    Business Exit in Family vs. Non-Family Firms: When Emotional Logic Overrules Rational Judgment2012Conference paper (Refereed)
  • 34.
    Chirico, Francesco
    et al.
    Texas A&M University, Mays Business School, College Station, TX, USA.
    Ireland, Duane
    Texas A&M University, Mays Business School, College Station, TX, USA.
    Sirmon, David
    Texas A&M University, Mays Business School, College Station, TX, USA.
    Franchising and the family firm: creating unique sources of advantage through ‘familiness’2011In: Entrepreneurship: Theory & Practice, ISSN 1042-2587, E-ISSN 1540-6520, Vol. 35, no 3, p. 483-501Article in journal (Refereed)
    Abstract [en]

    The paucity of research examining family firms engaged with franchising is surprising. We theorize about differences in franchising behavior between family and nonfamily firms and the relative advantages accruing to family firms in this context. We also explore how selection processes tend to lead to family franchisor/family franchisee matches that enable a more effective sharing of complementary resources. The theoretical framework we develop is grounded in the “familiness” of the family firm as suggested by the logic of the resource based view. Additionally, our theoretical analysis extends and complements the frequent use of agency theory as the basis for studying franchising

  • 35.
    Chirico, Francesco
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Naldi, Lucia
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Baù, Massimo
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, Business Administration.
    Criaco, Giuseppe
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Socioemotional Wealth and Innovation in Family Firms: When the Environment Gets Tough, the Family Gets Going!2014Conference paper (Refereed)
  • 36.
    Chirico, Francesco
    et al.
    University of Lugano / Texas A&M University.
    Nordqvist, Mattias
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership. Jönköping University, Jönköping International Business School, JIBS, ESOL (Entrepreneurship, Strategy, Organization, Leadership).
    Dynamic capabilities and transgenerational value creation in family firms: The role of organizational culture2010In: International Small Business Journal, ISSN 0266-2426, E-ISSN 1741-2870, Vol. 28, no 5, p. 487-504Article in journal (Refereed)
    Abstract [en]

    While some research on entrepreneurship in family businesses has focused on transgenerational value creation, a gap exists in understanding how such value is generated across generations. The present research offers insights through the lens of dynamic capabilities, which are created by knowledge and in turn generate entrepreneurial performance and value creation. A model is built based on literature and case research. The crucial role of the organizational culture emerges through the empirical study. Family inertia is considered to be a factor preventing the creation of dynamic capabilities. We find that family inertia depends on characteristics of the family business culture, where paternalism and entrepreneurial orientation influence family inertia positively and negatively, respectively. Family firms from Switzerland and Italy active in the beverage industry represent the empirical context. Theoretical and practical implications are offered.

  • 37.
    Chirico, Francesco
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, ESOL (Entrepreneurship, Strategy, Organization, Leadership).
    Nordqvist, Mattias
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, ESOL (Entrepreneurship, Strategy, Organization, Leadership).
    Colombo, Gianluca
    University of Lugano, Lugano, Switzerland.
    Mollona, Edoardo
    University of Bologna, Bologna, Italy.
    Simulating Dynamic Capabilities and Value Creation in Family Firms: Is Paternalism an "Asset" or a "Liability"?2012In: Family Business Review, ISSN 0894-4865, E-ISSN 1741-6248, Vol. 25, no 3, p. 318-338Article in journal (Refereed)
    Abstract [en]

    The authors conduct a simulation study using system dynamics methods to interpret how and when paternalism affects dynamic capabilities (DCs) and by association value creation in family firms. Their simulation experiments suggest that the effect of paternalism on DCs and value creation varies over time. Initially, increasing levels of family social capital and low levels of paternalism are associated with high rates of DCs and value creation accumulation (asset). Later, higher levels of paternalism produce their pressure to decrease DCs, value creation, and family social capital accumulation rates (liability)

  • 38.
    Chirico, Francesco
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Jönköping University, Jönköping International Business School, JIBS, Business Administration.
    Pathak, Seemantini
    University of Missouri, St. Louis, USA.
    Baù, Massimo
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Hoskisson, Robert
    Rice University, USA.
    Family versus Non-Family Firm Mergers: Likes Attract Likes, Outperform Opposites2017Conference paper (Refereed)
    Abstract [en]

    Using social identity theory, we examine how the identity of the target firm in a family firm-led merger impacts the merged entity’s subsequent performance. We compare family firms’ target preferences and postmerger performance to those of non-family firms, and find that not only are family firms more likely to prefer other family firms as merger partners, but also achieve better post-merger outcomes with them. We test our hypotheses using a large sample of Swedish private firms, which largely controls for national cultural differences. After controlling for endogeneity and self-selection bias, our results support all our hypotheses.

  • 39.
    Chirico, Francesco
    et al.
    University of Lugano (USI) - Institute of Management, Centre for Entrepreneurship & Family Firms (CEF), Lugano, Switzerland.
    Salvato, Carlo
    Bocconi University-Management Department, Milan, Italy.
    Knowledge integration and dynamic organizational adaptation in family firms2008In: Family Business Review, ISSN 0894-4865, E-ISSN 1741-6248, Vol. 21, no 2, p. 169-181Article in journal (Refereed)
    Abstract [en]

    The speed of change in competitive environments has prompted firms to develop processes directed at enabling organizational adaptation. This is captured by the concept of dynamic capabilities. We focus on a particular form of business organization, that is, the family firm. Specifically, we argue that knowledge integration—a dynamic capability through which family members' specialized knowledge is recombined—guides the evolution of capabilities. We present a general framework illustrating factors that affect knowledge integration in family firms. We conclude that only those family firms that are able to effectively integrate individual family members' specialized knowledge will be successful in dynamic markets by changing their capabilities over time.

  • 40.
    Chirico, Francesco
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Salvato, Carlo
    Bocconi University.
    Knowledge internalization and product development in family firms: When relational and affective factors matter2016In: Entrepreneurship: Theory & Practice, ISSN 1042-2587, E-ISSN 1540-6520, Vol. 40, no 1, p. 201-229Article in journal (Refereed)
    Abstract [en]

    Understanding the forces that support and inhibit product development (PD) in family firms is central to explaining their long-term success and survival. Our study reveals that social capital and relational conflict among family members do not affect PD directly, as existing theory suggests, but only through the internalization of knowledge among family members. In contrast, family members’ affective commitment to the family firm is so powerful that it has both a mediated and a direct effect on PD. These results differ across generations of the controlling family, therefore offering an extension of existing theories of knowledge and PD in family firms.

  • 41.
    Chirico, Francesco
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). EGADE Business School, Tecnológico de Monterrey.
    Salvato, Carlo
    Bocconi University.
    Byrne, Barbara
    University of Ottawa.
    Akhter, Naveed
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Arriaga Múzquiz, Juan
    EGADE Business School, Tecnológico de Monterrey .
    Commitment escalation to a failing family business2018In: Journal of small business management (Print), ISSN 0047-2778, E-ISSN 1540-627X, Vol. 56, no 3, p. 494-512Article in journal (Refereed)
    Abstract [en]

    The overarching intent of this manuscript is to heighten awareness to the concept of commitment escalation as it bears on a failing family business. Specifically, drawing on the concept of emotional ownership, together with self-justification arguments, we a) identify factors considered to be most forceful in contributing to the presence of commitment escalation and thus, resistance to change in a failing family business (i.e., emotional ownership, feeling of responsibility, investment of capital, temporal distance from the founder’s business, individualism/collectivism), and b) model these related factors in a form that can serve heuristically to stimulate future empirical research capable of testing for the construct validity of commitment escalation in a family business context. We present potential items that may be useful for future scholars in measuring our constructs of interest as they relate to a failing family business.

  • 42.
    Chirico, Francesco
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO). Texas A and M University, Mays Business School, College Station, United States.
    Sirmon, David G.
    Texas A and M University, Mays Business School, College Station, United States.
    Sciascia, Salvatore
    IULM University, Italy.
    Mazzola, Pietro
    IULM University, Italy.
    Entrepreneurial Orientation, Generational Involvement and Participative Strategy: A Configurational Approach to Performance in Family Firms2011In: Academy of Management 2011 Annual Meeting: West meets East. Enlightening. Balancing. Transcending, New York: Academy of Management , 2011Conference paper (Refereed)
    Abstract [en]

    To better understand the entrepreneurship in family firms, we consider the joint interaction effect of entrepreneurial orientation (EO), generational involvement and participative strategy. Drawing on the logic of resource orchestration, we argue that participative strategy acts as a coordinating mechanism that not only mitigates the relational conflict that increased generational involvement generates when mobilized EO, but also enhances family firms' ability to utilize the heterogeneous, yet complementary knowledge and experiences generational involvement offers. Configuring participative strategy and EO with generational involvement provides the direction and coordination needed to unlock the potential value of these unique resources. Our theory suggests that realizing the benefits from entrepreneurship in family firms is a complicated matter, affected by the configuration of EO, generational involvement and participative strategy.

  • 43.
    Chirico, Francesco
    et al.
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership. Jönköping University, Jönköping International Business School, JIBS, ESOL (Entrepreneurship, Strategy, Organization, Leadership).
    Sirmon, David G.
    Mays Business School, Texas A&M University, College Station, Texas, U.S.A..
    Sciascia, Salvatore
    Marketing and Economics Department, IULM University, Milan, Italy.
    Mazzola, Pietro
    Marketing and Economics Department, IULM University, Milan, Italy.
    Resource orchestration in family firms: Investigating how entrepreneurial orientation, generational involvement, and participative strategy affect performance2011In: Strategic Entrepreneurship Journal, ISSN 1932-4391, E-ISSN 1932-443X, Vol. 5, no 4, p. 307-326Article in journal (Refereed)
    Abstract [en]

    Drawing on the process of resource orchestration, we argue a co-alignment of multiple factors is needed for family firms to increase performance through entrepreneurship. Specifically, we posit that entrepreneurial orientation provides the mobilizing vision to use the heterogeneous yet complementary knowledge and experiences offered by increased generational involvement toward entrepreneurship. However, without a coordinating mechanism, generational involvement leads to conflict and negative outcomes. When, instead, it is also coordinated via a participative strategy, performance gains are achieved. In sum, results suggest that realizing the benefits from entrepreneurship in family firms is a complicated matter affected by the synchronization of entrepreneurial orientation, generational involvement, and participative strategy. Copyright © 2011 Strategic Management Society.

  • 44. Colombo, Gianluca
    et al.
    Koiranen, Matti
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership. University of Lugano.
    Le imprese familiari: Sistemi di generazione di valore attraverso le generazioni2008In: AIDEA, Mulino Editore , 2008Chapter in book (Refereed)
  • 45.
    Criaco, Guiseppe
    et al.
    RSM Erasmus University, Rotterdam, Zuid-Holland, Netherlands.
    Sieger, Philipp
    Department of Management and Entrepreneurship, University of Bern, Switzerland.
    Wennberg, Karl
    Department of Management and Organization, Stockholm School of Economics, Sweden.
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Business Administration. Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Minola, Tommaso
    Università degli studi di Bergamo, Italy.
    Parents' performance in entrepreneurship as a "double-edged sword" for the intergenerational transmission of entrepreneurship2017In: Small Business Economics, ISSN 0921-898X, E-ISSN 1573-0913, Vol. 49, no 4, p. 841-864Article in journal (Refereed)
    Abstract [en]

    We investigate how perceived parents’ performance in entrepreneurship (PPE) affects the entrepreneurial career intentions of offspring. We argue that while perceived PPE enhances offspring’s perceived entrepreneurial desirability and feasibility because of exposure mechanisms, it weakens the translation of both desirability and feasibility into entrepreneurial career intentions due to upward social comparison mechanisms. Thus, perceived PPE acts as a double-edged sword for the intergenerational transmission of entrepreneurship. Our predictions are tested and confirmed on a sample of 21,895 individuals from 33 countries. This study advances the literature on intergenerational transmission of entrepreneurship by providing a foundation for understanding the social psychological conditions necessary for such transmission to occur.

  • 46.
    Dawson, Alexandra
    et al.
    Concordia University, Quebec - John Molson School of Business.
    Irving, P. Gregory
    Independent.
    Sharma, Pramodita
    Wilfrid Laurier University.
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Markus, Joel
    Wilfrid Laurier University.
    Behavioural outcomes of next-generation family members’ commitment to their firm2014In: European Journal of Work and Organizational Psychology, ISSN 1359-432X, E-ISSN 1464-0643, Vol. 23, no 4, p. 570-581Article in journal (Refereed)
    Abstract [en]

    Are there variations in behaviours and leadership styles of next-generation family members or descendants who join their family business due to different forms of commitment? Evidence from a dual respondent study of 109 Canadian and Swiss family firms suggests that descendants with affective commitment to their family firms are more likely to engage in discretionary activities going beyond the job description, thereby contributing to organizational performance. Next-generation members with normative commitment are more likely to engage in transformational leadership behaviours. Both affectively and normatively motivated next-generation members use contingent reward forms of leadership. A surprising finding of this study is the binding force of normative commitment on positive leadership behaviours of next-generation members. This study empirically tests the generalizability of the three-component model of commitment to family businesses, a context in which different forms of commitment may play a unique role.

  • 47.
    Dawson, Alexandra
    et al.
    John Molson School of Business, Concordia University, Montreal, Canada.
    Sharma, Pramodita
    School of Business Administration, University of Vermont, Burlington, USA.
    Irving, P. Gregory
    School of Business and Economics, Wilfrid Laurier University, Waterloo, Canada.
    Markus, Joel
    Faculty of Liberal Arts & Professional Studies, York University, Toronto, Canada.
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership.
    Predictors of later-generation family members' commitment to family enterprises2015In: Entrepreneurship: Theory & Practice, ISSN 1042-2587, E-ISSN 1540-6520, Vol. 39, no 3, p. 545-569Article in journal (Refereed)
    Abstract [en]

    This study examines the antecedents of different bases of organizational commitment and intention to stay of later-generation family members who are currently working in their family firm. Evidence from 199 Canadian and Swiss firms indicates that when these individuals' identity and career interests are aligned with their family enterprise, they experience affective commitment. Family expectations are associated with normative commitment. Individuals who are concerned about losing inherited financial wealth or who perceive a lack of alternative career paths stay with the family enterprise because of continuance commitment. Finally, individuals driven by desire or obligation exhibit low turnover intentions.

  • 48.
    De Massis, Alfredo
    et al.
    Lancaster University Management School, Lancaster, UK.
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Kotlar, Josip
    Lancaster University Management School, Lancaster, UK.
    Naldi, Lucia
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    The temporal evolution of proactiveness in family firms: the horizontal s-curve hypothesis2014In: Family Business Review, ISSN 0894-4865, E-ISSN 1741-6248, Vol. 27, no 1, p. 35-50Article in journal (Refereed)
    Abstract [en]

    We extend prior work on proactiveness in family firms by examining the relationship between firm age and proactiveness. Specifically, we propose an S-shaped effect of aging of family firms on proactiveness. Additionally, we provide a contingency perspective by considering the moderating role of the dispersion of managerial control among family members. Using a sample of Swiss family firms, we find that proactiveness first declines, then increases, and finally decreases again as the family firm ages, and that this relationship is steeper when the managerial control is dispersed among multiple family members.

  • 49.
    DeTienne, Dawn R.
    et al.
    Colorado State University, USA.
    Chirico, Francesco
    Jönköping University, Jönköping International Business School, JIBS, Center for Family Enterprise and Ownership (CeFEO).
    Exit strategies in family firms: how socioemotional wealth drives the threshold of performance2013In: Entrepreneurship: Theory & Practice, ISSN 1042-2587, E-ISSN 1540-6520, Vol. 37, no 6, p. 1297-1318Article in journal (Refereed)
    Abstract [en]

    Although research has shown the ability to exit from both successful and unsuccessful ventures is important to founders, families, firms, industries, and overall economic health, exiting from a family firm can be especially challenging. In this paper, we examine exit strategies in the context of the family firm and the family firm portfolio. Drawing upon threshold theory and the socioemotional wealth perspective, we develop a model that provides guiding theoretical explanations for exit strategies. We address two questions: (1) why do family owners develop specific exit strategies, and (2) how do these strategies differ within family firms and family firm portfolios? In doing so, we contribute to family business, portfolio entrepreneurship, and exit literatures.

  • 50.
    Granata, Darya
    et al.
    University of Lugano, Lugano, Switzerland.
    Chirico, Francesco
    Texas A&M University, Mays Business School.
    Measures of value in acquisitions: Family versus non family firms2010In: Family Business Review, ISSN 0894-4865, E-ISSN 1741-6248, Vol. 23, no 4, p. 341-354Article in journal (Refereed)
    Abstract [en]

    This article sheds light on the valuation of family firms when compared with nonfamily firms as acquisition targets. The authors argue that although the majority of theoretical and empirical research explicitly recognizes the prevalence and superior performance of family firms around the world, acquiring companies tend to regard family firms as unprofessional and inefficient organizations, thus negatively affecting their valuation when compared with nonfamily firm targets. Overall, the authors’ empirical analysis, based on a matched-pairs methodology and use of multiples, shows that acquiring companies favor the stagnation perspective rather than the stewardship perspective and thus pay less (i.e., acquire at a discount) for a family firm target than for a nonfamily firm target.

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