Corporate governance and entrepreneurial orientation of family SMEs: an analysis of the influence of family involvement at different levels
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Published
18-12-2019
Unai Arzubiaga
Abstract
The entrepreneurial attitude of companies is key to compete in a globalized and dynamic economic environment. Thus, it is of special interest the analysis of the factors that promote or hinder the entrepreneurial orientation (EO) of organizations. In the case of family businesses, the interaction between the family and the business can directly affect the OE, although this effect may vary depending on whether it occurs in the top management team or in the Board of Directors. In addition, the effect of family involvement in both organs may be affected by their respective sizes. Based on a sample of 91 family SMEs, this paper shows the negative effect on OE of a high proportion of family members in the Board and in the top management team, an effect that is reinforced when the number of decision-makers in each organ is greater. This study also finds that the involvement of different family generations in the top management team has a positive effect on EO, decreasing this influence in larger top management teams In addition to the theoretical implications of these findings, the practical implications for managers and owners of family SMEs that are immersed in a period of professionalization are especially interesting. Thus, this study can be helpful in designing the size and the composition of the top management team and the Board of Directors of this type of organization.
How to Cite
Arzubiaga, U. (2019). Corporate governance and entrepreneurial orientation of family SMEs: an analysis of the influence of family involvement at different levels. Cuadernos De Gestión, 19(1), 119–146. https://doi.org/10.5295/cdg.170757ua
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Keywords
Entrepreneurial orientation, family SME, family involvement, top management team, board of directors, number of decision makers
References
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Casillas, J.C., Moreno, A.M. y Barbero, J.L., 2011. Entrepreneurial orientation of family firms: Family and environmental dimensions. Journal of Family Business Strategy, 2(2), 90-100.
Chin, W.W., 1998. The partial least squares approach to structural equation modeling. Modern Methods for Business Research, 295(2), 295-336.
Chrisman, J.J., Chua, J.H. y Sharma, P., 2005. Trends and directions in the development of a strategic management theory of the family firm. Entrepreneurship Theory and Practice, 29(5), 555-576.
Chua, J. H., Chrisman, J.J., y Sharma, P. 1999. Defining the family business by behavior. Entrepreneurship: Theory and Practice, 23(4), 19-39.
Collin, S.O.Y. y Ahlberg, J., 2012. Blood in the boardroom: Family relationships influencing the functions of the board. Journal of Family Business Strategy, 3(4), 207-219.
Corbetta, G., y Salvato, C. A., 2004. The board of directors in family firms: one size fits all?. Family Business Review, 17(2), 119-134.
Covin, J.G. y Slevin, D.P., 1989. Strategic management of small firms in hostile and benign environments. Strategic Management Journal, 10(1), 75-87.
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Covin, J.G. y Wales, W.J., 2012. The measurement of entrepreneurial orientation. Entrepreneurship Theory and Practice, 36(4), 677-702.
Cruz, C. y Nordqvist, M., 2012. Entrepreneurial orientation in family firms: A generational perspective. Small Business Economics, 38(1), 33-49.
Dawson, A., y Mussolino, D., 2014. Exploring what makes family firms different: Discrete or overlapping constructs in the literature?. Journal of Family Business Strategy, 5(2), 169-183.
De Clercq, D. y Belausteguigoitia, I., 2015. Intergenerational strategy involvement and family firms’ innovation pursuits: The critical roles of conflict management and social capital. Journal of Family Business Strategy, 6(3), 178-189.
De Clercq, D., Dimov, D. y Thongpapanl, N.T., 2010. The moderating impact of internal social exchange processes on the entrepreneurial orientation–performance relationship. Journal of Business Venturing, 25(1), 87-103.
De Massis, A., Di Minin, A. y Frattini, F., 2015a. Family-Driven Innovation. California Management Review, 58(1), 5-19.
De Massis, A., Frattini, F., Pizzurno, E. y Cassia, L., 2015b. Product innovation in family versus nonfamily firms: An exploratory analysis. Journal of Small Business Management, 53(1), 1-36.
De Massis, A., Kotlar, J., Frattini, F., Chrisman, J.J., y Nordqvist, M. 2016. Family governance at work: Organizing for new product development in family SMEs. Family Business Review, 29(2), 189-213.
Eddleston, K.A., Kellermanns, F.W. y Sarathy, R., 2008. Resource configuration in family firms: Linking resources, strategic planning and technological opportunities to performance. Journal of Management Studies, 45(1), 26-50.
Eddleston, K.A., Kellermanns, F.W. y Zellweger, T.M., 2012. Exploring the entrepreneurial behavior of family firms: does the stewardship perspective explain differences?. Entrepreneurship Theory and Practice, 36(2), 347-367.
Engelen, A., Gupta, V., Strenger, L. y Brettel, M., 2015. Entrepreneurial orientation, firm performance, and the moderating role of transformational leadership behaviors. Journal of Management, 41(4), 1069-1097.
Forbes, D.P. y Milliken, F.J., 1999. Cognition and corporate governance: Understanding boards of directors as strategic decision-making groups. Academy of Management Review, 24(3), 489-505.
Gefen, D., Straub, D. W., y Rigdon, E. E., 2011. An update and extension to SEM guidelines for admnistrative and social science research. Management Information Systems Quarterly, 35(2), iii-xiv.
Germain, L., Galy, N. y Lee, W., 2014. Corporate governance reform in Malaysia: Board size, independence and monitoring. Journal of Economics and Business, 75, 126-162.
Gomez-Mejía, L.R., Cruz, C., Berrone, P. y De Castro, J., 2011. The bind that ties: Socioemotional wealth preservation in family firms. The Academy of Management annals, 5(1), 653-707.
Gomez-Mejía, L.R., Makri M. y Kintana M.L., 2010. Diversification decisions in familycontrolled firms. Journal of Management Studies, 47(2), 223-252.
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