Latent Profile Analysis Stanley, Laura; Kellermanns, Franz W.; Zellweger, Thomas M.
Family business review,
03/2017, Letnik:
30, Številka:
1
Journal Article
Recenzirano
We demonstrate how latent profile analysis (LPA) can be applied to generate profiles (i.e., homogenous subgroups) in a sample of family firms. In doing so, we highlight how LPA can provide additional ...insight into family firm phenomena when used in conjunction with other methodological approaches (i.e., regression). We compare LPA with other techniques (i.e., cluster analysis and qualitative comparative analysis) and show LPA’s superior ability to capture complex patterns of important family firm characteristics. We demonstrate how profiles can be linked to differences in dependent variables, providing family firm scholars with a tool to assess heterogeneity and its consequences among family firms.
Considering the heterogeneity of family firm behaviors as reflecting the values, biases, and heuristics of individuals, we discuss the implications of the psychological foundations of management in ...family firms. We develop a conceptual framework for investigating how the values, biases, and heuristics of family and nonfamily members affect strategic decision-making and the outcomes of family firms. To advance the field, we put forward some relevant questions and offer a future research agenda at the intersection of the psychological foundations of management and family business.
Family businesses represent 80% of global business structures, but the low rate of successful transgenerational succession can have drastic implications for employees and local economies. A 12-year ...longitudinal study of 89 Canadian family businesses revealed that successors’ confidence and perceptions of incumbent support predicted successor intrinsic motivation to take over the business, which in turn predicted whether the business was successfully transferred 12 years later. Incumbent support and intrinsic motivation mediated the relation between incumbent trust in the successor and successful business succession. This study demonstrates the dual importance of incumbent and successor psychological states in determining succession outcomes.
Among family businesses (FBs) internationalization has become a strategy for growth, and sometimes even for survival. This review article presents an analysis conducted on 25 refereed journal ...articles on FB internationalization. The articles typically portrayed the internationalization of FBs as a sequential process following the Uppsala model of internationalization; by contrast, some FBs were regarded as “born-again” global firms. In methodological terms, most of the articles focused on what-questions rather than why/how-questions. The articles did not make much use of internationalization or FB-specific theories. Our study takes a step towards clarifying the following issues: (i) the current state of knowledge of the phenomenon, (ii) the kinds of background theories applied, and (iii) the methodological approaches utilized. Based on our findings, we map out areas of research that are likely to advance the field of FB internationalization.
With this study, we attempt to understand how emotions influence the intergenerational transfer of knowledge in family businesses from the perspective of emotional heterogeneity. We use a qualitative ...methodology of multiple case studies to comprehensively address theissue. The results indicate that emotions influence knowledge transmission and learning, sotransmission is more effective in Enmeshed and Balanced family businesses than in Disengaged ones.
Purpose
This study aims to review major themes and findings of research into financial management of family business and to suggest new directions for future research.
Design/methodology/approach
...This is a perspective article beginning with literature review to summarize prior research and to identify main findings and issues. The paper then develops themes, questions and opportunities for future research.
Findings
This paper presents a summary of principal research streams in the financial management of family business. Prior research has found significant differences in financial performance, in financial policies and in ownership and governance structures and behavior. These research findings vary by industry, by country and by stage of economic development. While extensions of these streams will add additional richness to the author’s understanding of finance in family business, recent innovations in the role and organization of the firm and in access to key resources suggest promising new research paths. There are also important lessons from financial practices in family business that have broader applicability.
Originality/value
This is a perspective article suggesting that many financial and governance issues central to family business have broader applicability to nonfamily business. Substantial value can be added by applying these learnings to a broader corporate finance context. Innovations in financing, governance and organizational design are transforming financial management in family business. In addition, changes in markets and industries create new opportunities for financing family business and for new strategic opportunities.
•PLS-SEM is a versatile method for estimating structural equation models.•We provide a non-technical step-by-step approach to concepts and issues of PLS-SEM.•We identify how and why PLS-SEM may be ...useful for family business researchers.•We provide a real-world family business PLS-SEM research example.•The extensive bibliography is a support to current and future PLS-SEM users.
Structural equation modeling (SEM) has become a mainstream method in many fields of business research, but its use in family business research remains in its infancy. This lag in SEM's application holds especially true for partial least squares SEM (PLS-SEM), an alternative to covariance-based SEM, which provides researchers with more flexibility in terms of data requirements, model complexity and relationship specification. This article draws attention to PLS-SEM as an opportunity to advance the development and testing of theory in family business research by providing a non-technical introduction into the basic concepts and issues of PLS-SEM, bearing the needs of potential users in mind. To this end, a systematic procedure for PLS-SEM results evaluation is presented and applied to an annotated example. The article also illustrates the analysis of mediating effects, which researchers are increasingly testing in their models.
This study explores family business succession. In this study, succession is compared to the concept of opportunity versus necessity entrepreneurship. The motivations of successors when they enter ...the succession process are examined to identify different conditions for family business success and sustainability. The influence of context is also considered. This study is based on multilevel research and a multidisciplinary perspective. Fuzzy-set qualitative comparative analysis (fsQCA) is applied to a sample of 383 observations from 6 countries (Portugal, Italy, Greece, Cyprus, North Macedonia, and Bulgaria) spanning 2 regions: southern European Mediterranean countries (Portugal, Italy, Greece, and Cyprus) and southern Slavic countries (North Macedonia and Bulgaria). The interplay between personal characteristics of the successor, organizational characteristics of the family business, and context produces different patterns that lead to different outcomes in the succession processes of family businesses. The results are important to strengthen family business theory and identify the conditions that best promote the future growth and sustainability of family businesses. The results are also important to promote country-specific public policies that may create better conditions for successors in family businesses to succeed.
Motivated by the growing attention to the financing decisions of family firms, this review brings together the two highly relevant research fields of family business and finance. This study ...critically reviews 131 articles on financing decisions in family businesses, published between 1977 and 2016 in 64 finance and management journals. We develop a state of the art on family business financing literature and present a model to guide extant and future research by identifying gaps across the theoretical perspectives and across context-specific elements such as family business heterogeneity and country-specific factors.
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