Risk Management in Family Franchises: Analysis of the behaviour differences between founding and heir leaders
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Published
29-07-2026
María Fernández Muiños
Luis Vázquez Suárez
Ilir Hajdini
https://orcid.org/0000-0002-4815-1962
Luis Vázquez Suárez
Ilir Hajdini
Abstract
This study examines generational differences in risk-taking behaviour in family franchise firms by integrating upper echelons theory and the socioemotional wealth (SEW) perspective. Specifically, it analyses whether founder and successor leaders differ in their propensity to assume risk, and under what individual and governance conditions these differences become more pronounced. Using primary survey data from 215 Spanish family franchise chains, the study measures risk through outlet discontinuation rates over a three-year period (2015–2017). The analyses compare founder and heir leaders across three positions of influence within the franchise system: ownership, management, and board membership. The findings reveal that heir leaders consistently exhibit higher levels of risk-taking than founders across all three governance roles. Furthermore, the results show that these generational differences vary according to leader characteristics and ownership structure. The relationship between heir leadership and higher risk propensity is stronger among younger leaders, male leaders, and both majority and minority shareholders occupying ownership and managerial positions. By contrast, board participation tends to attenuate generational differences in risk orientation, suggesting that collective governance mechanisms constrain individual preferences. Robustness analyses confirm the stability of the findings across alternative specifications and controls. Overall, the study contributes to the franchising and family business literature by demonstrating how generational leadership, socioemotional priorities, and governance roles jointly shape strategic risk behaviour in family-controlled franchise systems.
How to Cite
Fernández Muiños, M., Vázquez Suárez, L., & Hajdini, I. (2026). Risk Management in Family Franchises: Analysis of the behaviour differences between founding and heir leaders. Cuadernos De Gestión, 26(2), 39–57. https://doi.org/10.5295/cdg.252463mf
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Keywords
Risk, Generation Leadership, Family firms, Franchise firms
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