Variables explicativas y predictivas de la capacidad de emprendimiento e innovación: evidencia en las empresas familiares
##plugins.themes.bootstrap3.article.main##
##plugins.themes.bootstrap3.article.sidebar##
Publicado
25-02-2021
Alfredo Martínez Bobillo
Juan Antonio Rodríguez Sanz
Fernando Tejerina Gaite
https://orcid.org/0000-0003-2488-8174
Juan Antonio Rodríguez Sanz
Fernando Tejerina Gaite
Resumen
El presente trabajo pretende analizar las variables explicativas de la orientación emprendedora y la capacidad de innovación de la empresa familiar (EO-IC) en un estudio comparativo de las empresas familiares españolas y latinoamericanas. A este respecto, se constata un cambio de paradigma en la literatura sobre innovación en el que las capacidades dinámicas derivadas del gobierno corporativo y de la productividad han ido cobrando progresiva importancia en la conformación de la (EO-IC) y en la consecución de una ventaja competitiva sostenible. Esta problemática cobra especial interés en el caso de la empresa familiar, donde las implicaciones socioemocionales y la aversión al riesgo, características de este tipo de empresa, ponen habitualmente en tela de juicio su capacidad para innovar y emprender. Construimos un panel con 182 grandes empresas familiares (1.820 observaciones) pertenecientes a Argentina, Brasil, Chile, Colombia, México, Perú, Uruguay y España, utilizando las bases de datos Thomson Onebanker y ORBIS para el período 2008-2018. Los resultados obtenidos evidencian la aparición de nuevas variables explicativas en la configuración de la (EO-IC) de la empresa familiar, basadas en la productividad y fundamentalmente en el gobierno corporativo. De la misma manera, en la empresa familiar latinoamericana, se constata cómo el entorno institucional (legal, regulatorio, laboral y educativo) frena la utilización de variables de eficiencia (productividad), en favor de otras variables más tradicionales como tamaño y concentración de la propiedad en el diseño y fortalecimiento de la OE CI. En el caso español, sin embargo, se evidencia la transición de variables tradicionales hacia factores relacionados con la eficiencia y productividad empresarial.
Cómo citar
Martínez Bobillo, A., Rodríguez Sanz, J. A., & Tejerina Gaite, F. (2021). Variables explicativas y predictivas de la capacidad de emprendimiento e innovación: evidencia en las empresas familiares. Cuadernos De Gestión, 21(2). https://doi.org/10.5295/cdg.201329am
##plugins.themes.bootstrap3.article.details##
Keywords
empresa familiar, capacidad emprendedora, capacidad de innovación, gobierno corporativo, productividad, Latinoamérica vs. España
References
Aiello, F., Mannarino, L. and Pupo, V., 2020. Innovation and productiv- ity in family firms: evidence from a sample of European firms. Economics of Innovation and New Technology, 29(4), 394-416. https://doi.org/10.1080/10438599.2019.1629533
Anderson, R.C., Duru, A. and Reeb, D.M., 2012. Investment policy in fami- ly controlled firms. Journal of Banking and Financing 36(6), 1744-1758. Andres, C., 2008. Large shareholders and firm performance-An empiri- cal examination of founding-family ownership. Journal of Corporate Finance, 14(4), 431-445. https://doi.org/10.1016/j.jcorpfin.2008.05.003
Aparicio, G., Iturralde, T. and Sánchez-Famoso, V., 2019. Innovation in family firms: a holistic bibliometric overview of the research field. European Journal of Family Business, 9(2), 71-84. https://doi.org/10.24310/ejfbejfb.v9i2.5458
Arellano, M., and Bond, S., 1991. Some tests of specification for pan- el data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 58, 277-297. https://doi.org/10.2307/2297968
Arzubiaga, U., 2019. Gobernanza corporativa y orientación emprende- dora de las pymes familiares: un análisis de la influencia de la im- plicación familiar a distintos niveles. Cuadernos de Gestión, 19(1), 119-146. https://doi.org/10.5295/cdg.170757ua
Arzubiaga, U., Kotlar, J., De Massis, A., Maseda, A. and Iturralde, T., 2018. Entrepreneurial orientation and innovation in family SMEs: Unveiling the (actual) impact of the Board of Directors. Journal of Business Venturing, 33(4), 455-469. https://doi.org/10.1016/j.jbusvent.2018.03.002
Bacci, S., Cirillo, A., Mussolino, D. and Terzani, S., 2018. The influ- ence of family ownership dispersion on debt level in privately held firms. Small Business Economics, 51(3), 557-576. https://doi.org/10.1007/s11187-017-9930-2
Barney, J., 1991. Firm resources and sustained competitive advantage. Journal of Management 17(1), 99-120. https://doi.org/10.1177/014920639101700108
Basco, R., 2015. Family business and regional development: A theoreti- cal model of regional familiness. Journal of Family Business Strategy, 6, 259-271. https://doi.org/10.1016/j.jfbs.2015.04.004
Basco, R., and Calabrò, A., 2016. Open innovation search strategies in family and non-family SMEs. Academia Revista Latinoamericana de Administración, 29(3), 279-302. https://doi.org/10.1108/ARLA-07-2015-0188
Battilana, J., Leca, B. and Boxenbaum, E., 2009. How actors change in- stitutions: Towards a theory of institutional entrepreneurship. Academy of Management Annals, 3, 65-107. https://doi.org/10.5465/19416520903053598
Beckert, J. and Dewey, M., 2017. The architecture of illegal markets: Towards an economic sociology of illegality in the economy. Oxford University Press. https://doi.org/10.1093/oso/9780198794974.001.0001
Beinhocker, E., Davis, I. and Mendonca, L., 2009. The 10 trends you have to watch. Harvard Business Review, 87, 55-60.
Benfratello, L., Schiantarelli, F. and Sembenelli, A., 2008. Banks and in- novation: Microeconometric evidence on Italian firms. Journal of Financial Economics, 90(2), 197-217. https://doi.org/10.1016/j.jfineco.2008.01.001
Bianchini, S., Krafft, J., Quatraro, F. y Ravix, J., 2015. Corporate govern- ance, innovation and firm age: insights and new evidence. GREDEG Working Papers Series, 68(275).
Block, J., 2010. Family management, family ownership, and downsizing: Evidence from S&P 500 firms. Family Business Review, 23(2), 109-130. https://doi.org/10.1177/089448651002300202
Block, J.H. y Spiegel, F., 2013. Family firm density and regional inno- vation output: An exploratory analysis. Journal of Family Business Strategy, 4(4), 270-280. https://doi.org/10.1016/j.jfbs.2013.10.003
Blundell, R. y Bond, S. (1998). Initial conditions and moment restric- tions in dynamic panel data models. Journal of Econometrics, 87(1), 115-143. https://doi.org/10.1016/S0304-4076(98)00009-8
Brunninge, O. y Nordqvist, M., 2004. Ownership structure, board com- position and entrepreneurship. International Journal of Entrepreneurial Behavior & Research, 10(1-2), 85-105. https://doi.org/10.1108/13552550410521399
Cabrera-Suárez, K.C., y Santana-Martín, D.J., 2004. Governance in Spanish family business. International Journal of Entrepreneurial Behavior & Research, 10(1-2), 141-163. https://doi.org/10.1108/13552550410521425
Calabrò, A., Torchia, M., Jimenez, D.G. and Kraus, S., 2020. The role of human capital on family firm innovativeness: the strategic leader- ship role of family board members. International Entrepreneurship and Management Journal, 1-27. https://doi.org/10.1007/s11365-020-00657-y
Carney, M., 2007. Minority family business in emerging markets: Or- ganization forms and competitive advantage. Family Business Review, 20(4), 289-300. https://doi.org/10.1111/j.1741-6248.2007.00097.x
Casillas, J.C. and Moreno, A.M., 2010. The relationship between entre- preneurial orientation and growth: The moderating role of fami- ly involvement. Entrepreneurship & regional development, 22(3-4), 265-291. https://doi.org/10.1080/08985621003726135
Casillas, J.C., Moreno, A.M. and Barbero, J.L., 2011. Entrepreneurial orientation of family firms: Family and environmental dimensions. Journal of Family Business Strategy, 2(2), 90-100. https://doi.org/10.1016/j.jfbs.2011.03.002
Cirillo, A., Pennacchio, L., Carillo, M.R. and Romano, M., 2019. The antecedents of entrepreneurial risk-taking in private fam- ily firms: CEO seasons and contingency factors. Small Business Economics, 1-20. Retrieved from: https://link.springer.com/article/10.1007%2Fs11187-019-00279-x. [Access: 13th December 2020].
Chatzoglou, P. and Chatzoudes. D., 2018. The role of innovation in building competitive advantages: an empirical investigation. Euro- pean Journal of Innovation Management, 41, 46-73.
Cho, H.-J. and Pucik, V., 2005. Relationship between innovativeness, quality, growth, profitability, and market value. Strategic Management Journal, 26 (6), 555-575. https://doi.org/10.1002/smj.461
Chrisman, J.J., Chua, J.H. and Sharma, P., 2005. Trends and directions in the development of a strategic management theory of the family firm. Entrepreneurship Theory and Practice, 29(5), 555-575. https://doi.org/10.1111/j.1540-6520.2005.00098.x
Chrisman, J. J. and Patel, P.J., 2012. Variations in R&D investments of fam- ily and non-family firms: Behavioral agency and myopic loss aversion perspectives. Academy of Management Journal, 55(4), 976-997. https://doi.org/10.5465/amj.2011.0211
Chrisman, J.J., Chua, J.H., De Massis, A., Frattini, F. and Wright, M., 2015. The ability and willingness paradox in family firm innovation. Journal of Product Innovation Management, 32(3), 310-318. https://doi.org/10.1111/jpim.12207
Chua, J.H., Chrisman, J.J., Steier, L.P. and Rau, S.B., 2012. Sources of heterogeneity in family firms: An introduction. Entrepreneurship Theory and Practice, 36(6), 1103-1113. https://doi.org/10.1111/j.1540-6520.2012.00540.x
Classen, N., Carree, M., Van Gils, A., and Peters, B., 2014. Innovation in family and non-family SMEs: an exploratory analysis. Small Busi- ness Economics, 42(3), 595-609. https://doi.org/10.1007/s11187-013-9490-z
Crafts, N.F.R., 2000. Globalization and Growth in the Twentieth Century. No. 00/44. International Monetary Fund.
https://doi.org/10.5089/9781451846409.001
Croci, E., Doukas, J.A. and Gonenc, H., 2011. Family control and fi- nancing decisions. European Financial Management, 17(5), 860-897.
https://doi.org/10.1111/j.1468-036X.2011.00631.x
Cruz, C., Justo, R., and De Castro, J.O., 2012. Does family employment enhance MSEs performance?: Integrating socioemotional wealth and family embeddedness perspectives. Journal of business venturing, 27(1), 62-76. https://doi.org/10.1016/j.jbusvent.2010.07.002
Davidson, R. and MacKinnon, J.G., 1993. Estimation and Inference in Econometrics. Oxford University Press, New York.
De Massis, A., Di Minin, A. and Frattini, F., 2015. Family-Driven Inno- vation. California Management Review, 58(1), 5-19. https://doi.org/10.1525/cmr.2015.58.1.5
Decker, C., and Günther, C., 2017. The impact of family ownership on innovation: evidence from the German machine tool industry. Small Business Economics, 48(1) 199-212. https://doi.org/10.1007/s11187-016-9775-0
Deming, D., 2017. The growing importance of social skills in the labour market. NBER Working Paper, nº 2147.
Dreux, D.R., 1990. Financing family business: Alternatives to selling out or going public. Family Business Review, 3, 225-243. https://doi.org/10.1111/j.1741-6248.1990.00225.x
Dunn, B., 1996. Family enterprises in the UK: A special sector? Family Business Review, 9(2), 139-155. https://doi.org/10.1111/j.1741-6248.1996.00139.x
Duran, P., Kammerlander, N., Van Essen, M. and Zellweger, T., 2016. Doing more with less: Innovation input and output in family firms. Academy of Management Journal, 59(4), 1224-1264. https://doi.org/10.5465/amj.2014.0424
Dyer, W.G., 2003. The family: The missing variable in organizational research. Entrepreneurship Theory and Practice, 27(4), 401-416.
https://doi.org/10.1111/1540-8520.00018
Eddleston, K.A., Kellermanns, F.W. and Sarathy, R., 2008. Resource configuration in family firms: Linking resources, strategic planning and technological opportunities to performance. Journal of Man- agement Studies, 45(1), 26-50.
Faccio, M. and Lang, L.H., 2002. The ultimate ownership of Western European corporations. Journal of Financial Economics, 65(3), 365-395. https://doi.org/10.1016/S0304-405X(02)00146-0
Garcés-Galdeano, L., Larraza-Kintana, M., García-Olaverri, C. and Makri, M., 2016. Entrepreneurial orientation in family firms: the moderating role of technological intensity and performance. Inter- national Entrepreneurship and Management Journal, 12(1), 27-45.
https://doi.org/10.1007/s11365-014-0335-2
Gómez-Mejía, L.R., Makri, M., and Kintana, M.L., 2010. Diversification decisions in family-controlled firms. Journal of Management Studies, 47(2), 223-252. https://doi.org/10.1111/j.1467-6486.2009.00889.x
Gómez-Mejía, L.R., Cruz, C., Berrone, P. and De Castro, J., 2011. The bind that ties: Socioemotional wealth preservation in family firms. Academy of Management Annals, 5(1), 653-707. https://doi.org/10.5465/19416520.2011.593320
Gómez-Mejía, L.R., Campbell, J.T., Martin, G., Hoskisson, R. E., Makri, M. and Sirmon, D.G., 2014. Socioemotional wealth as a mixed gamble: Revisiting family firm R&D investments with the behavioral agency mod- el. Entrepreneurship Theory and Practice, 38(6), 1351-1374. https://doi.org/10.1111/etap.12083
Gras, D. and Mendoza-Abarca, K.I., 2014. Risky business? The survival implications of exploiting commercial opportunities by nonprofits. Journal of Business Venturing, 29(3), 392-404. https://doi.org/10.1016/j.jbusvent.2013.05.003
Habbershon, T.G. and Williams, M.L., 1999. A resource-based frame- work 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
Habbershon, T.G., Williams, M., Macmillan and Ian C., 2003. A unified systems perspective of family firm performance. Journal of Business Venturing, 18(4), p. 451-465. https://doi.org/10.1016/S0883-9026(03)00053-3
Habbershon, T. G. and Pistrui, J., 2002. Enterprising families domain: Family‐influenced ownership groups in pursuit of transgeneration- al wealth. Family Business Review, 15(3), 223-237. https://doi.org/10.1111/j.1741-6248.2002.00223.x
Heirman, A. and Clarysse, B., 2007. Which tangible and intangible as- sets matter for innovation speed in start‐ups? Journal of Product Innovation Management, 24(4), 303-315. https://doi.org/10.1111/j.1540-5885.2007.00253.x
Hernández-Linares, R., and López-Fernández, M.C., 2018. Entrepreneur- ial orientation and the family firm: Mapping the field and tracing a path for future research. Family Business Review 31(3), 318-351. https://doi.org/10.1177/0894486518781940
Hernández-Perlines, F., and Cisneros, M.A.I., 2017. Analysis of the moderating effect of entrepreneurial orientation on the influence of social responsibility on the performance of Mexican family compa- nies. Cogent Business & Management, 4(1), 1408209.
https://doi.org/10.1080/23311975.2017.1408209
Huergo, E. and Jaumandreu, J., 2004. How does probability of innovation change with firm age? Small Business Economics, 22(3-4), 193-207. https://doi.org/10.1023/B:SBEJ.0000022220.07366.b5
Huselid, M.A., 1995. The impact of human resource management practices on turnover, productivity, and corporate financial performance. Academy of Management Journal, 38(3), 635-672. https://doi.org/10.5465/256741
Hutchinson, R.W., 1995. The capital structure and investment decision of the small owner-managed firm: Some exploratory issues. Small Business Economics, 7(3), 231-239. https://doi.org/10.1007/BF01135368
Kammerlander, N. and Ganter, M., 2015. An attention‐based view of family firm adaptation to discontinuous technological change:
Exploring the role of family CEOs' noneconomic goals. Journal of Product Innovation Management, 32(3), 361-383.
Kellerman, B., 2008. How followers are creating change and changing leaders. Boston, MA: Harvard School Press.
Khan, U, Xuele, Z., Atlas, F. and Khan, F., 2019. The impact of dominant logic and competitive intensity on SMEs performance: A case from China. Journal of Innovation & Knowledge, 4, 1-11. https://doi.org/10.1016/j.jik.2018.10.001
Kupp, M., Schmitz, B. and Habel, J., 2019. When do family firms con- sider issuing external equity? Understanding the contingent role of families' need for control. Journal of Family Business Management, 9(3), 271-296. https://doi.org/10.1108/JFBM-08-2018-0021
Kotlar, J., De Massis, A., Fang, H. and Frattini, F., 2014. Strategic reference points in family firms. Small Business Economics, 43(3), 597-619. https://doi.org/10.1007/s11187-014-9556-6
Kotlar, J., Signori, A., De Massis, A., and Vismara, S., 2018. Financial wealth, socioemotional wealth, and IPO underpricing in family firms: A two-stage gamble model. Academy of Management Journal, 61(3), 1073-1099. https://doi.org/10.5465/amj.2016.0256
La Porta, R., Lopez-de-Silanes, F., and Shleifer, A., 1999. Corporate owner- ship around the world. Journal of Finance, 54(2), 471-517.
https://doi.org/10.1111/0022-1082.00115
Lansberg, I. and Perrow, E., 1991. Understanding and working with leading family businesses in Latin America. Family Business Review, 4(2), 127-147. https://doi.org/10.1111/j.1741-6248.1991.00127.x
Le Breton-Miller, I., Miller, D. and Lester, R.H., 2011. Stewardship or agen- cy? A social embeddedness reconciliation of conduct and performance in public family businesses. Organization Science, 22(3), 704-721. https://doi.org/10.1287/orsc.1100.0541
Lee, T. and Chu, W., 2017. The relationship between entrepreneurial orientation and firm performance: Influence of family governance. Journal of Family Business Strategy, 8(4), 213-223. https://doi.org/10.1016/j.jfbs.2017.09.002
Litz, R.A., 2008. Two sides of a one-sided phenomenon: Conceptualiz- ing the family business and business family as a Möbius strip. Family Business Review, 21, 217-236. https://doi.org/10.1177/08944865080210030104
López-Fernández, M.C., Serrano Bedia, A. and Palama-Ruiz, M., 2016. What hampers innovation in Mexican familia firms? Academia Re- vista Latinoamericana de Administración, 29(3), 255-278. https://doi.org/10.1108/ARLA-08-2015-0194
Lumpkin, G.T. and Lichtenstein, B.B., 2005. The role of organizational learning in the opportunity-recognition process. Entrepreneurship Theory and Practice, 29(4), 451-472. https://doi.org/10.1111/j.1540-6520.2005.00093.x
Malaver Rodríguez, F. and Vargas Pérez, M., 2004. Los procesos de in- novación en la industria colombiana: Resultados de un estudio de casos. Academia Revista Latinoamericana de Administración, 33(2) 5-33.
Michiels, A. and Molly, V., 2017. Financing decisions in family business- es: a review and suggestions for developing the field. Family Business Review, 30(4), 369-399. https://doi.org/10.1177/0894486517736958
Miller, D., Wright, M., Breton-Miller, I.L. and Scholes, L., 2015. Re- sources and innovation in family businesses: The Janus-face of so- cioemotional preferences. California Management Review, 58(1), 20-40. https://doi.org/10.1525/cmr.2015.58.1.20
Monteferrante, P. and Piñango, R., 2011. Governance structures and entrepreneurial performance in family firms: an exploratory study of Latin American family firms. En M. Nordqvist et.al. (Eds.), Un- derstanding Entrepreneurial Family Businesses in Uncertain Environments. Edward Elgar Publishing.
Morck, R. and Yeung, B., 2003. Agency problems in large family busi- ness groups. Entrepreneurship Theory and Practice, 27(4), 367-383.
https://doi.org/10.1111/1540-8520.t01-1-00015
Munari, F., Oriani, R. and Sobrero, M., 2010. The effects of owner iden- tity and external governance systems on R&D investments: A study of Western European firms. Research Policy, 39(8), 1093-1104. https://doi.org/10.1016/j.respol.2010.05.004
Muñoz-Bullón, F. and Sánchez-Bueno, M., 2011. The impact of family involvement on the R&D intensity of publicly traded firms. Family Business Review, 24(1), 62-70. https://doi.org/10.1177/0894486510396870
Murphy, L. and Lambrechts, F., 2015. Investigating the actual career decisions of the next generation: The impact of family business in- volvement. Journal of Family Business Strategy, 6(1), 33-44. https://doi.org/10.1016/j.jfbs.2014.10.003
Naldi, L., Nordqvist, M., Sjöberg, K. and Wiklund, J., 2007. Entrepre- neurial orientation, risk taking, and performance in family firms. Family Business Review, 20(1), 33-47. https://doi.org/10.1111/j.1741-6248.2007.00082.x
Nicholson, E., 2011. Discovering Latin America and its family business. Tharawhat Magazine. www.thara-whatmagazine.com.
Nieto, M.J., Santamaria, L. and Fernández, Z., 2015. Understanding the innovation behavior of family firms. Journal of Small Business Management, 53(2), 382-399. https://doi.org/10.1111/jsbm.12075
Nordqvist, M., Habbershon, T. G., and Melin, L., 2008. Transgenera- tional entrepreneurship: Exploring entrepreneurial orientation in family firms. Entrepreneurship, sustainable growth and perfor- mance: Frontiers in European entrepreneurship research, 93.
Nordqvist, M., Marzano, G., Brenes, E. R., Jiménez, G. and Fonseca-Pa- rades, M., 2011. Understanding entrepreneurial family businesses in uncertain environments: The case of Latin America. In Under- standing Entrepreneurial Family Businesses in Uncertain Environments. Edward Elgar Publishing. https://doi.org/10.4337/9781849804738
Olavarrieta, S. and Villena, M.G., 2014. Innovation and business re- search in Latin America: An overview. Journal of Business Research, 67(4), 489-497. https://doi.org/10.1016/j.jbusres.2013.11.005
Orlitzky, M, Schmidt, F.L Rynes and Reynes, S., 2003. Corporate social and financial performance: A meta-analysis. Organization Studies, 24 (3), 403-441. https://doi.org/10.1177/0170840603024003910
Ostrom, E., 2005. Undestanding instituional diversity. Princenton Uni- versity Press.
Pavitt, K., 2005. Innovation process, En Fagerberg, et al (eds.), The Oxford handbook of innovation, 86-114, Oxford: Oxford University Press. https://doi.org/10.1093/oxfordhb/9780199286805.003.0004
Pérez, P. F. and Lluch, A. (Eds.), 2016. Evolution of family business: Continu- ity and change in Latin America and Spain. Edward Elgar Publishing.
Pindado, J., Requejo, I. and de la Torre, C., 2011. Family control and investment-cash flow sensitivity: Empirical evidence from the Euro zone. Journal of Corporate Finance, 17(5), 1389-1409. https://doi.org/10.1016/j.jcorpfin.2011.07.003
Pindado, J. and Requejo, I., 2014. Panel data: a methodology for model specification and testing. Wiky Enciclopedia of Manager, Cooper, C.L. (ed.). Ed John Wiley & Sons, Ltd. https://doi.org/10.1002/9781118785317.weom040013
Poza, E.J., 1995. Global competition and the family‐owned business in Latin America. Family Business Review, 8(4), 301-311. https://doi.org/10.1111/j.1741-6248.1995.00301.x
Querbach, S., Bird, M., Kraft, P.S. and Kammerlander, 2020. When the former CEO stays on board: The role of the predecessor's board re- tention for product innovation in family firms. Journal of Product Innovation Management, 37(2), 184-207. https://doi.org/10.1111/jpim.12517
Ridder, A-K., 2012. External dynamics capabilities: Creating competi- tive advantages in Innovation via external resources renewal, WP- 2012. School of Business Economics, Maastrich University.
Roberts, P.W. and Dowling, G.R., 2002. Corporate reputation and sus- tained superior financial performance. Strategic Management Journal, 23(12), 1077-1093. https://doi.org/10.1002/smj.274
Robles, T.F., Carroll, J.E., Bai, S., Reynolds, B.M., Esquivel, S. and Repet- ti, R. L., 2016. Emotions and family interactions in childhood: Asso- ciations with leukocyte telomere length. Psychoneuroendocrinology, 63, 343-350. https://doi.org/10.1016/j.psyneuen.2015.10.018
Rua, O.L., 2018. From intangible resources to export performance. Review of International Business and Strategy, 28(1), 224-242. https://doi.org/10.1108/RIBS-02-2018-0012
Sapra, H., Subramanian, A. and Subramanian, K., 2014. Corporate gov- ernance and Innovation: Theory and evidence, Journal of Financial and Quantitative Analysis, 49(4), 957-1003. https://doi.org/10.1017/S002210901400060X
Sciascia, S., Mazzola, P. and Chirico, F., 2013. Generational involvement in the top management team of family firms: Exploring nonlinear effects on entrepreneurial orientation. Entrepreneurship Theory and Practice, 37(1), 69-85. https://doi.org/10.1111/j.1540-6520.2012.00528.x
Schneider, B.R., 2009. Hierarchical market economies and varieties of capitalism in Latin America. Journal of Latin American Studies, 41(3), 553-575. https://doi.org/10.1017/S0022216X09990186
Schoorman, F.D., Mayer, R.C. and Tagi, J.H., 2007. An Integrative model of organizational trust: Past, present, and future. Academy of Man- agement Review, 32(2), 344- 354. https://doi.org/10.5465/amr.2007.24348410
Schumpeter, J.A., 1934. The theory of economic development, Cam- bridge, MA: Harvard University Press.
Schumpeter, J.A., 1942. Capitalism, socialism and democracy. New York: Harper and Row.
Sharma, P. and Chua, J.H., 2013. Asian family enterprises and family business research. Asia Pacific Journal of Management, 30, 641-656.
Shrivastava, P. and Grant, J.H., 1985. Empirically derived models of strategic decision‐making processes. Strategic Management Journal, 6(2), 97-113. https://doi.org/10.1007/s10490-013-9350-z
Steir, L., 2003. Variants of agency contracts in family financed ventures as a continuum of familial altruistic and market rationalities. Journal of Business Venturing, 18(5), 597-618. https://doi.org/10.1016/S0883-9026(03)00012-0
Stoney, C. and Winstanley, D., 2001. Stakeholding: confusion or utopia? Mapping the conceptual terrain. Journal of Management Studies, 38(5), 602-626. https://doi.org/10.1111/1467-6486.00251
Surroca, J., Tribó, J.A. and Waddock, S., 2010. Corporate responsibility and financial performance: The role of intangible resources. Strategic Management Journal, 31(5), 463-490. https://doi.org/10.1002/smj.820
Thornton, P.H. and Ocasio, W., 2008. Institutional logics. En R. Green- wood, C. Oliver, y R. Suddaby (Eds.), The Sage handbook of organizational institutionalism. Thousand Oaks, CA: Sage, 99-128. https://doi.org/10.4135/9781849200387.n4
Talke, K., Salomo, S. and Rost, K., 2010. How top management team diversity affects innovativeness and performance via the strategic choice to focus on innovation fields. Research Policy, 39(7), 907-918. https://doi.org/10.1016/j.respol.2010.04.001
Teece, D.J., 2007. Explicating dynamic capabilities: the nature and mi- crofoundations of (sustainable) enterprise performance. Strategic Management Journal, 28(13), 1319-1350. https://doi.org/10.1002/smj.640
Trott, P., 2008. Innovation management and new Product development.Harlow, UK: Financial Times/Prentice Hall.
Ughetto, E., 2010. Assessing the contribution to innovation of private equity investors: a study on European buyout. Research Policy, 39(1), 126-140. https://doi.org/10.1016/j.respol.2009.11.009
Van der Wijst D., 1989. Small Business Characteristics. In: Financial Structure in Small Business. Lecture Notes in Economics and Mathematical Systems, vol 320. Springer, Berlin, Heidelberg. 11-26. https://doi.org/10.1007/978-3-642-45656-5_2
Van Doorn, S., Jansen, J.J., Van den Bosch, F.A. and Volberda, H.W., 2013. Entrepreneurial orientation and firm performance: Drawing attention to the senior team. Journal of Product Innovation Manage- ment, 30(5), 821-836. https://doi.org/10.1111/jpim.12032
White, H., 1980. A heteroscedastic-consistent covariance matrix estimator and a direct test for heteroscedasticity. Econometrica, 48, 817-838. https://doi.org/10.2307/1912934
Wu, L.Y., 2010. Applicability of the resource-based and dynamic-capa- bility views under environmental volatility. Journal of Business Re- search, 63(1), 27-31. https://doi.org/10.1016/j.jbusres.2009.01.007
Zahra, S.A., 2005. Entrepreneurial risk taking in family firm. Family Business Review, 18(1), 23-40, https://doi.org/10.1111/j.1741-6248.2005.00028.x
Zahra, S.A., Hayton, J.C., Neubaum, D.O., Dibrell, C. and Craig. J., 2008. Culture of family commitment and strategic flexibility: The moderating effect of stewardship. Entrepreneurship Theory and Practice, 32(6), 1035-1054. https://doi.org/10.1111/j.1540-6520.2008.00271.x
Zattoni, A., Gnan, L. and Huse, M., 2015. Does family involvement in- fluence firm performance? Exploring the mediating effects of board processes and tasks. Journal of Management, 41(4), 1214-1243. https://doi.org/10.1177/0149206312463936
Zellweger, T., 2007. Time horizon, costs of equity capital, and generic investment strategies of firms. Family business review, 20(1), 1-15.
https://doi.org/10.1111/j.1741-6248.2007.00080.x
Zellweger, M., Eddleston, K.A., and Kellermans, F.W., 2010. Exploring the concept of familiness: Introducing family firm identity. Journal of family Business Strategy, 1(1), 54-63. https://doi.org/10.1016/j.jfbs.2009.12.003
Anderson, R.C., Duru, A. and Reeb, D.M., 2012. Investment policy in fami- ly controlled firms. Journal of Banking and Financing 36(6), 1744-1758. Andres, C., 2008. Large shareholders and firm performance-An empiri- cal examination of founding-family ownership. Journal of Corporate Finance, 14(4), 431-445. https://doi.org/10.1016/j.jcorpfin.2008.05.003
Aparicio, G., Iturralde, T. and Sánchez-Famoso, V., 2019. Innovation in family firms: a holistic bibliometric overview of the research field. European Journal of Family Business, 9(2), 71-84. https://doi.org/10.24310/ejfbejfb.v9i2.5458
Arellano, M., and Bond, S., 1991. Some tests of specification for pan- el data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 58, 277-297. https://doi.org/10.2307/2297968
Arzubiaga, U., 2019. Gobernanza corporativa y orientación emprende- dora de las pymes familiares: un análisis de la influencia de la im- plicación familiar a distintos niveles. Cuadernos de Gestión, 19(1), 119-146. https://doi.org/10.5295/cdg.170757ua
Arzubiaga, U., Kotlar, J., De Massis, A., Maseda, A. and Iturralde, T., 2018. Entrepreneurial orientation and innovation in family SMEs: Unveiling the (actual) impact of the Board of Directors. Journal of Business Venturing, 33(4), 455-469. https://doi.org/10.1016/j.jbusvent.2018.03.002
Bacci, S., Cirillo, A., Mussolino, D. and Terzani, S., 2018. The influ- ence of family ownership dispersion on debt level in privately held firms. Small Business Economics, 51(3), 557-576. https://doi.org/10.1007/s11187-017-9930-2
Barney, J., 1991. Firm resources and sustained competitive advantage. Journal of Management 17(1), 99-120. https://doi.org/10.1177/014920639101700108
Basco, R., 2015. Family business and regional development: A theoreti- cal model of regional familiness. Journal of Family Business Strategy, 6, 259-271. https://doi.org/10.1016/j.jfbs.2015.04.004
Basco, R., and Calabrò, A., 2016. Open innovation search strategies in family and non-family SMEs. Academia Revista Latinoamericana de Administración, 29(3), 279-302. https://doi.org/10.1108/ARLA-07-2015-0188
Battilana, J., Leca, B. and Boxenbaum, E., 2009. How actors change in- stitutions: Towards a theory of institutional entrepreneurship. Academy of Management Annals, 3, 65-107. https://doi.org/10.5465/19416520903053598
Beckert, J. and Dewey, M., 2017. The architecture of illegal markets: Towards an economic sociology of illegality in the economy. Oxford University Press. https://doi.org/10.1093/oso/9780198794974.001.0001
Beinhocker, E., Davis, I. and Mendonca, L., 2009. The 10 trends you have to watch. Harvard Business Review, 87, 55-60.
Benfratello, L., Schiantarelli, F. and Sembenelli, A., 2008. Banks and in- novation: Microeconometric evidence on Italian firms. Journal of Financial Economics, 90(2), 197-217. https://doi.org/10.1016/j.jfineco.2008.01.001
Bianchini, S., Krafft, J., Quatraro, F. y Ravix, J., 2015. Corporate govern- ance, innovation and firm age: insights and new evidence. GREDEG Working Papers Series, 68(275).
Block, J., 2010. Family management, family ownership, and downsizing: Evidence from S&P 500 firms. Family Business Review, 23(2), 109-130. https://doi.org/10.1177/089448651002300202
Block, J.H. y Spiegel, F., 2013. Family firm density and regional inno- vation output: An exploratory analysis. Journal of Family Business Strategy, 4(4), 270-280. https://doi.org/10.1016/j.jfbs.2013.10.003
Blundell, R. y Bond, S. (1998). Initial conditions and moment restric- tions in dynamic panel data models. Journal of Econometrics, 87(1), 115-143. https://doi.org/10.1016/S0304-4076(98)00009-8
Brunninge, O. y Nordqvist, M., 2004. Ownership structure, board com- position and entrepreneurship. International Journal of Entrepreneurial Behavior & Research, 10(1-2), 85-105. https://doi.org/10.1108/13552550410521399
Cabrera-Suárez, K.C., y Santana-Martín, D.J., 2004. Governance in Spanish family business. International Journal of Entrepreneurial Behavior & Research, 10(1-2), 141-163. https://doi.org/10.1108/13552550410521425
Calabrò, A., Torchia, M., Jimenez, D.G. and Kraus, S., 2020. The role of human capital on family firm innovativeness: the strategic leader- ship role of family board members. International Entrepreneurship and Management Journal, 1-27. https://doi.org/10.1007/s11365-020-00657-y
Carney, M., 2007. Minority family business in emerging markets: Or- ganization forms and competitive advantage. Family Business Review, 20(4), 289-300. https://doi.org/10.1111/j.1741-6248.2007.00097.x
Casillas, J.C. and Moreno, A.M., 2010. The relationship between entre- preneurial orientation and growth: The moderating role of fami- ly involvement. Entrepreneurship & regional development, 22(3-4), 265-291. https://doi.org/10.1080/08985621003726135
Casillas, J.C., Moreno, A.M. and Barbero, J.L., 2011. Entrepreneurial orientation of family firms: Family and environmental dimensions. Journal of Family Business Strategy, 2(2), 90-100. https://doi.org/10.1016/j.jfbs.2011.03.002
Cirillo, A., Pennacchio, L., Carillo, M.R. and Romano, M., 2019. The antecedents of entrepreneurial risk-taking in private fam- ily firms: CEO seasons and contingency factors. Small Business Economics, 1-20. Retrieved from: https://link.springer.com/article/10.1007%2Fs11187-019-00279-x. [Access: 13th December 2020].
Chatzoglou, P. and Chatzoudes. D., 2018. The role of innovation in building competitive advantages: an empirical investigation. Euro- pean Journal of Innovation Management, 41, 46-73.
Cho, H.-J. and Pucik, V., 2005. Relationship between innovativeness, quality, growth, profitability, and market value. Strategic Management Journal, 26 (6), 555-575. https://doi.org/10.1002/smj.461
Chrisman, J.J., Chua, J.H. and Sharma, P., 2005. Trends and directions in the development of a strategic management theory of the family firm. Entrepreneurship Theory and Practice, 29(5), 555-575. https://doi.org/10.1111/j.1540-6520.2005.00098.x
Chrisman, J. J. and Patel, P.J., 2012. Variations in R&D investments of fam- ily and non-family firms: Behavioral agency and myopic loss aversion perspectives. Academy of Management Journal, 55(4), 976-997. https://doi.org/10.5465/amj.2011.0211
Chrisman, J.J., Chua, J.H., De Massis, A., Frattini, F. and Wright, M., 2015. The ability and willingness paradox in family firm innovation. Journal of Product Innovation Management, 32(3), 310-318. https://doi.org/10.1111/jpim.12207
Chua, J.H., Chrisman, J.J., Steier, L.P. and Rau, S.B., 2012. Sources of heterogeneity in family firms: An introduction. Entrepreneurship Theory and Practice, 36(6), 1103-1113. https://doi.org/10.1111/j.1540-6520.2012.00540.x
Classen, N., Carree, M., Van Gils, A., and Peters, B., 2014. Innovation in family and non-family SMEs: an exploratory analysis. Small Busi- ness Economics, 42(3), 595-609. https://doi.org/10.1007/s11187-013-9490-z
Crafts, N.F.R., 2000. Globalization and Growth in the Twentieth Century. No. 00/44. International Monetary Fund.
https://doi.org/10.5089/9781451846409.001
Croci, E., Doukas, J.A. and Gonenc, H., 2011. Family control and fi- nancing decisions. European Financial Management, 17(5), 860-897.
https://doi.org/10.1111/j.1468-036X.2011.00631.x
Cruz, C., Justo, R., and De Castro, J.O., 2012. Does family employment enhance MSEs performance?: Integrating socioemotional wealth and family embeddedness perspectives. Journal of business venturing, 27(1), 62-76. https://doi.org/10.1016/j.jbusvent.2010.07.002
Davidson, R. and MacKinnon, J.G., 1993. Estimation and Inference in Econometrics. Oxford University Press, New York.
De Massis, A., Di Minin, A. and Frattini, F., 2015. Family-Driven Inno- vation. California Management Review, 58(1), 5-19. https://doi.org/10.1525/cmr.2015.58.1.5
Decker, C., and Günther, C., 2017. The impact of family ownership on innovation: evidence from the German machine tool industry. Small Business Economics, 48(1) 199-212. https://doi.org/10.1007/s11187-016-9775-0
Deming, D., 2017. The growing importance of social skills in the labour market. NBER Working Paper, nº 2147.
Dreux, D.R., 1990. Financing family business: Alternatives to selling out or going public. Family Business Review, 3, 225-243. https://doi.org/10.1111/j.1741-6248.1990.00225.x
Dunn, B., 1996. Family enterprises in the UK: A special sector? Family Business Review, 9(2), 139-155. https://doi.org/10.1111/j.1741-6248.1996.00139.x
Duran, P., Kammerlander, N., Van Essen, M. and Zellweger, T., 2016. Doing more with less: Innovation input and output in family firms. Academy of Management Journal, 59(4), 1224-1264. https://doi.org/10.5465/amj.2014.0424
Dyer, W.G., 2003. The family: The missing variable in organizational research. Entrepreneurship Theory and Practice, 27(4), 401-416.
https://doi.org/10.1111/1540-8520.00018
Eddleston, K.A., Kellermanns, F.W. and Sarathy, R., 2008. Resource configuration in family firms: Linking resources, strategic planning and technological opportunities to performance. Journal of Man- agement Studies, 45(1), 26-50.
Faccio, M. and Lang, L.H., 2002. The ultimate ownership of Western European corporations. Journal of Financial Economics, 65(3), 365-395. https://doi.org/10.1016/S0304-405X(02)00146-0
Garcés-Galdeano, L., Larraza-Kintana, M., García-Olaverri, C. and Makri, M., 2016. Entrepreneurial orientation in family firms: the moderating role of technological intensity and performance. Inter- national Entrepreneurship and Management Journal, 12(1), 27-45.
https://doi.org/10.1007/s11365-014-0335-2
Gómez-Mejía, L.R., Makri, M., and Kintana, M.L., 2010. Diversification decisions in family-controlled firms. Journal of Management Studies, 47(2), 223-252. https://doi.org/10.1111/j.1467-6486.2009.00889.x
Gómez-Mejía, L.R., Cruz, C., Berrone, P. and De Castro, J., 2011. The bind that ties: Socioemotional wealth preservation in family firms. Academy of Management Annals, 5(1), 653-707. https://doi.org/10.5465/19416520.2011.593320
Gómez-Mejía, L.R., Campbell, J.T., Martin, G., Hoskisson, R. E., Makri, M. and Sirmon, D.G., 2014. Socioemotional wealth as a mixed gamble: Revisiting family firm R&D investments with the behavioral agency mod- el. Entrepreneurship Theory and Practice, 38(6), 1351-1374. https://doi.org/10.1111/etap.12083
Gras, D. and Mendoza-Abarca, K.I., 2014. Risky business? The survival implications of exploiting commercial opportunities by nonprofits. Journal of Business Venturing, 29(3), 392-404. https://doi.org/10.1016/j.jbusvent.2013.05.003
Habbershon, T.G. and Williams, M.L., 1999. A resource-based frame- work 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
Habbershon, T.G., Williams, M., Macmillan and Ian C., 2003. A unified systems perspective of family firm performance. Journal of Business Venturing, 18(4), p. 451-465. https://doi.org/10.1016/S0883-9026(03)00053-3
Habbershon, T. G. and Pistrui, J., 2002. Enterprising families domain: Family‐influenced ownership groups in pursuit of transgeneration- al wealth. Family Business Review, 15(3), 223-237. https://doi.org/10.1111/j.1741-6248.2002.00223.x
Heirman, A. and Clarysse, B., 2007. Which tangible and intangible as- sets matter for innovation speed in start‐ups? Journal of Product Innovation Management, 24(4), 303-315. https://doi.org/10.1111/j.1540-5885.2007.00253.x
Hernández-Linares, R., and López-Fernández, M.C., 2018. Entrepreneur- ial orientation and the family firm: Mapping the field and tracing a path for future research. Family Business Review 31(3), 318-351. https://doi.org/10.1177/0894486518781940
Hernández-Perlines, F., and Cisneros, M.A.I., 2017. Analysis of the moderating effect of entrepreneurial orientation on the influence of social responsibility on the performance of Mexican family compa- nies. Cogent Business & Management, 4(1), 1408209.
https://doi.org/10.1080/23311975.2017.1408209
Huergo, E. and Jaumandreu, J., 2004. How does probability of innovation change with firm age? Small Business Economics, 22(3-4), 193-207. https://doi.org/10.1023/B:SBEJ.0000022220.07366.b5
Huselid, M.A., 1995. The impact of human resource management practices on turnover, productivity, and corporate financial performance. Academy of Management Journal, 38(3), 635-672. https://doi.org/10.5465/256741
Hutchinson, R.W., 1995. The capital structure and investment decision of the small owner-managed firm: Some exploratory issues. Small Business Economics, 7(3), 231-239. https://doi.org/10.1007/BF01135368
Kammerlander, N. and Ganter, M., 2015. An attention‐based view of family firm adaptation to discontinuous technological change:
Exploring the role of family CEOs' noneconomic goals. Journal of Product Innovation Management, 32(3), 361-383.
Kellerman, B., 2008. How followers are creating change and changing leaders. Boston, MA: Harvard School Press.
Khan, U, Xuele, Z., Atlas, F. and Khan, F., 2019. The impact of dominant logic and competitive intensity on SMEs performance: A case from China. Journal of Innovation & Knowledge, 4, 1-11. https://doi.org/10.1016/j.jik.2018.10.001
Kupp, M., Schmitz, B. and Habel, J., 2019. When do family firms con- sider issuing external equity? Understanding the contingent role of families' need for control. Journal of Family Business Management, 9(3), 271-296. https://doi.org/10.1108/JFBM-08-2018-0021
Kotlar, J., De Massis, A., Fang, H. and Frattini, F., 2014. Strategic reference points in family firms. Small Business Economics, 43(3), 597-619. https://doi.org/10.1007/s11187-014-9556-6
Kotlar, J., Signori, A., De Massis, A., and Vismara, S., 2018. Financial wealth, socioemotional wealth, and IPO underpricing in family firms: A two-stage gamble model. Academy of Management Journal, 61(3), 1073-1099. https://doi.org/10.5465/amj.2016.0256
La Porta, R., Lopez-de-Silanes, F., and Shleifer, A., 1999. Corporate owner- ship around the world. Journal of Finance, 54(2), 471-517.
https://doi.org/10.1111/0022-1082.00115
Lansberg, I. and Perrow, E., 1991. Understanding and working with leading family businesses in Latin America. Family Business Review, 4(2), 127-147. https://doi.org/10.1111/j.1741-6248.1991.00127.x
Le Breton-Miller, I., Miller, D. and Lester, R.H., 2011. Stewardship or agen- cy? A social embeddedness reconciliation of conduct and performance in public family businesses. Organization Science, 22(3), 704-721. https://doi.org/10.1287/orsc.1100.0541
Lee, T. and Chu, W., 2017. The relationship between entrepreneurial orientation and firm performance: Influence of family governance. Journal of Family Business Strategy, 8(4), 213-223. https://doi.org/10.1016/j.jfbs.2017.09.002
Litz, R.A., 2008. Two sides of a one-sided phenomenon: Conceptualiz- ing the family business and business family as a Möbius strip. Family Business Review, 21, 217-236. https://doi.org/10.1177/08944865080210030104
López-Fernández, M.C., Serrano Bedia, A. and Palama-Ruiz, M., 2016. What hampers innovation in Mexican familia firms? Academia Re- vista Latinoamericana de Administración, 29(3), 255-278. https://doi.org/10.1108/ARLA-08-2015-0194
Lumpkin, G.T. and Lichtenstein, B.B., 2005. The role of organizational learning in the opportunity-recognition process. Entrepreneurship Theory and Practice, 29(4), 451-472. https://doi.org/10.1111/j.1540-6520.2005.00093.x
Malaver Rodríguez, F. and Vargas Pérez, M., 2004. Los procesos de in- novación en la industria colombiana: Resultados de un estudio de casos. Academia Revista Latinoamericana de Administración, 33(2) 5-33.
Michiels, A. and Molly, V., 2017. Financing decisions in family business- es: a review and suggestions for developing the field. Family Business Review, 30(4), 369-399. https://doi.org/10.1177/0894486517736958
Miller, D., Wright, M., Breton-Miller, I.L. and Scholes, L., 2015. Re- sources and innovation in family businesses: The Janus-face of so- cioemotional preferences. California Management Review, 58(1), 20-40. https://doi.org/10.1525/cmr.2015.58.1.20
Monteferrante, P. and Piñango, R., 2011. Governance structures and entrepreneurial performance in family firms: an exploratory study of Latin American family firms. En M. Nordqvist et.al. (Eds.), Un- derstanding Entrepreneurial Family Businesses in Uncertain Environments. Edward Elgar Publishing.
Morck, R. and Yeung, B., 2003. Agency problems in large family busi- ness groups. Entrepreneurship Theory and Practice, 27(4), 367-383.
https://doi.org/10.1111/1540-8520.t01-1-00015
Munari, F., Oriani, R. and Sobrero, M., 2010. The effects of owner iden- tity and external governance systems on R&D investments: A study of Western European firms. Research Policy, 39(8), 1093-1104. https://doi.org/10.1016/j.respol.2010.05.004
Muñoz-Bullón, F. and Sánchez-Bueno, M., 2011. The impact of family involvement on the R&D intensity of publicly traded firms. Family Business Review, 24(1), 62-70. https://doi.org/10.1177/0894486510396870
Murphy, L. and Lambrechts, F., 2015. Investigating the actual career decisions of the next generation: The impact of family business in- volvement. Journal of Family Business Strategy, 6(1), 33-44. https://doi.org/10.1016/j.jfbs.2014.10.003
Naldi, L., Nordqvist, M., Sjöberg, K. and Wiklund, J., 2007. Entrepre- neurial orientation, risk taking, and performance in family firms. Family Business Review, 20(1), 33-47. https://doi.org/10.1111/j.1741-6248.2007.00082.x
Nicholson, E., 2011. Discovering Latin America and its family business. Tharawhat Magazine. www.thara-whatmagazine.com.
Nieto, M.J., Santamaria, L. and Fernández, Z., 2015. Understanding the innovation behavior of family firms. Journal of Small Business Management, 53(2), 382-399. https://doi.org/10.1111/jsbm.12075
Nordqvist, M., Habbershon, T. G., and Melin, L., 2008. Transgenera- tional entrepreneurship: Exploring entrepreneurial orientation in family firms. Entrepreneurship, sustainable growth and perfor- mance: Frontiers in European entrepreneurship research, 93.
Nordqvist, M., Marzano, G., Brenes, E. R., Jiménez, G. and Fonseca-Pa- rades, M., 2011. Understanding entrepreneurial family businesses in uncertain environments: The case of Latin America. In Under- standing Entrepreneurial Family Businesses in Uncertain Environments. Edward Elgar Publishing. https://doi.org/10.4337/9781849804738
Olavarrieta, S. and Villena, M.G., 2014. Innovation and business re- search in Latin America: An overview. Journal of Business Research, 67(4), 489-497. https://doi.org/10.1016/j.jbusres.2013.11.005
Orlitzky, M, Schmidt, F.L Rynes and Reynes, S., 2003. Corporate social and financial performance: A meta-analysis. Organization Studies, 24 (3), 403-441. https://doi.org/10.1177/0170840603024003910
Ostrom, E., 2005. Undestanding instituional diversity. Princenton Uni- versity Press.
Pavitt, K., 2005. Innovation process, En Fagerberg, et al (eds.), The Oxford handbook of innovation, 86-114, Oxford: Oxford University Press. https://doi.org/10.1093/oxfordhb/9780199286805.003.0004
Pérez, P. F. and Lluch, A. (Eds.), 2016. Evolution of family business: Continu- ity and change in Latin America and Spain. Edward Elgar Publishing.
Pindado, J., Requejo, I. and de la Torre, C., 2011. Family control and investment-cash flow sensitivity: Empirical evidence from the Euro zone. Journal of Corporate Finance, 17(5), 1389-1409. https://doi.org/10.1016/j.jcorpfin.2011.07.003
Pindado, J. and Requejo, I., 2014. Panel data: a methodology for model specification and testing. Wiky Enciclopedia of Manager, Cooper, C.L. (ed.). Ed John Wiley & Sons, Ltd. https://doi.org/10.1002/9781118785317.weom040013
Poza, E.J., 1995. Global competition and the family‐owned business in Latin America. Family Business Review, 8(4), 301-311. https://doi.org/10.1111/j.1741-6248.1995.00301.x
Querbach, S., Bird, M., Kraft, P.S. and Kammerlander, 2020. When the former CEO stays on board: The role of the predecessor's board re- tention for product innovation in family firms. Journal of Product Innovation Management, 37(2), 184-207. https://doi.org/10.1111/jpim.12517
Ridder, A-K., 2012. External dynamics capabilities: Creating competi- tive advantages in Innovation via external resources renewal, WP- 2012. School of Business Economics, Maastrich University.
Roberts, P.W. and Dowling, G.R., 2002. Corporate reputation and sus- tained superior financial performance. Strategic Management Journal, 23(12), 1077-1093. https://doi.org/10.1002/smj.274
Robles, T.F., Carroll, J.E., Bai, S., Reynolds, B.M., Esquivel, S. and Repet- ti, R. L., 2016. Emotions and family interactions in childhood: Asso- ciations with leukocyte telomere length. Psychoneuroendocrinology, 63, 343-350. https://doi.org/10.1016/j.psyneuen.2015.10.018
Rua, O.L., 2018. From intangible resources to export performance. Review of International Business and Strategy, 28(1), 224-242. https://doi.org/10.1108/RIBS-02-2018-0012
Sapra, H., Subramanian, A. and Subramanian, K., 2014. Corporate gov- ernance and Innovation: Theory and evidence, Journal of Financial and Quantitative Analysis, 49(4), 957-1003. https://doi.org/10.1017/S002210901400060X
Sciascia, S., Mazzola, P. and Chirico, F., 2013. Generational involvement in the top management team of family firms: Exploring nonlinear effects on entrepreneurial orientation. Entrepreneurship Theory and Practice, 37(1), 69-85. https://doi.org/10.1111/j.1540-6520.2012.00528.x
Schneider, B.R., 2009. Hierarchical market economies and varieties of capitalism in Latin America. Journal of Latin American Studies, 41(3), 553-575. https://doi.org/10.1017/S0022216X09990186
Schoorman, F.D., Mayer, R.C. and Tagi, J.H., 2007. An Integrative model of organizational trust: Past, present, and future. Academy of Man- agement Review, 32(2), 344- 354. https://doi.org/10.5465/amr.2007.24348410
Schumpeter, J.A., 1934. The theory of economic development, Cam- bridge, MA: Harvard University Press.
Schumpeter, J.A., 1942. Capitalism, socialism and democracy. New York: Harper and Row.
Sharma, P. and Chua, J.H., 2013. Asian family enterprises and family business research. Asia Pacific Journal of Management, 30, 641-656.
Shrivastava, P. and Grant, J.H., 1985. Empirically derived models of strategic decision‐making processes. Strategic Management Journal, 6(2), 97-113. https://doi.org/10.1007/s10490-013-9350-z
Steir, L., 2003. Variants of agency contracts in family financed ventures as a continuum of familial altruistic and market rationalities. Journal of Business Venturing, 18(5), 597-618. https://doi.org/10.1016/S0883-9026(03)00012-0
Stoney, C. and Winstanley, D., 2001. Stakeholding: confusion or utopia? Mapping the conceptual terrain. Journal of Management Studies, 38(5), 602-626. https://doi.org/10.1111/1467-6486.00251
Surroca, J., Tribó, J.A. and Waddock, S., 2010. Corporate responsibility and financial performance: The role of intangible resources. Strategic Management Journal, 31(5), 463-490. https://doi.org/10.1002/smj.820
Thornton, P.H. and Ocasio, W., 2008. Institutional logics. En R. Green- wood, C. Oliver, y R. Suddaby (Eds.), The Sage handbook of organizational institutionalism. Thousand Oaks, CA: Sage, 99-128. https://doi.org/10.4135/9781849200387.n4
Talke, K., Salomo, S. and Rost, K., 2010. How top management team diversity affects innovativeness and performance via the strategic choice to focus on innovation fields. Research Policy, 39(7), 907-918. https://doi.org/10.1016/j.respol.2010.04.001
Teece, D.J., 2007. Explicating dynamic capabilities: the nature and mi- crofoundations of (sustainable) enterprise performance. Strategic Management Journal, 28(13), 1319-1350. https://doi.org/10.1002/smj.640
Trott, P., 2008. Innovation management and new Product development.Harlow, UK: Financial Times/Prentice Hall.
Ughetto, E., 2010. Assessing the contribution to innovation of private equity investors: a study on European buyout. Research Policy, 39(1), 126-140. https://doi.org/10.1016/j.respol.2009.11.009
Van der Wijst D., 1989. Small Business Characteristics. In: Financial Structure in Small Business. Lecture Notes in Economics and Mathematical Systems, vol 320. Springer, Berlin, Heidelberg. 11-26. https://doi.org/10.1007/978-3-642-45656-5_2
Van Doorn, S., Jansen, J.J., Van den Bosch, F.A. and Volberda, H.W., 2013. Entrepreneurial orientation and firm performance: Drawing attention to the senior team. Journal of Product Innovation Manage- ment, 30(5), 821-836. https://doi.org/10.1111/jpim.12032
White, H., 1980. A heteroscedastic-consistent covariance matrix estimator and a direct test for heteroscedasticity. Econometrica, 48, 817-838. https://doi.org/10.2307/1912934
Wu, L.Y., 2010. Applicability of the resource-based and dynamic-capa- bility views under environmental volatility. Journal of Business Re- search, 63(1), 27-31. https://doi.org/10.1016/j.jbusres.2009.01.007
Zahra, S.A., 2005. Entrepreneurial risk taking in family firm. Family Business Review, 18(1), 23-40, https://doi.org/10.1111/j.1741-6248.2005.00028.x
Zahra, S.A., Hayton, J.C., Neubaum, D.O., Dibrell, C. and Craig. J., 2008. Culture of family commitment and strategic flexibility: The moderating effect of stewardship. Entrepreneurship Theory and Practice, 32(6), 1035-1054. https://doi.org/10.1111/j.1540-6520.2008.00271.x
Zattoni, A., Gnan, L. and Huse, M., 2015. Does family involvement in- fluence firm performance? Exploring the mediating effects of board processes and tasks. Journal of Management, 41(4), 1214-1243. https://doi.org/10.1177/0149206312463936
Zellweger, T., 2007. Time horizon, costs of equity capital, and generic investment strategies of firms. Family business review, 20(1), 1-15.
https://doi.org/10.1111/j.1741-6248.2007.00080.x
Zellweger, M., Eddleston, K.A., and Kellermans, F.W., 2010. Exploring the concept of familiness: Introducing family firm identity. Journal of family Business Strategy, 1(1), 54-63. https://doi.org/10.1016/j.jfbs.2009.12.003
Número
Sección
Artículos
Los autores mantienen el copyright de la publicación. Las publicaciones en Cuadernos de Gestión se distribuyen bajo la licencia de Creative Commons -CC-BY-NC-ND, garantizando el acceso abierto a toda la sociedad.
En concreto la licencia CC-BY-NC-ND permite utilización, copia, distribución y comunicación pública de la obra, siempre que los autores y la fuente sean correctamente citados y no se utilice para propósitos comerciales.
El/la autor/a puede hacer libre uso de su artículo indicando siempre que el texto ha sido publicado en Management Letters/Cuadernos de Gestión y cualquier re-edición del mismo deberá contar con la autorización de la revista.