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Family management and family guardianship: Governance effects on family firm innovation strategy
Journal of Family Business Strategy ( IF 6.114 ) Pub Date : 2021-04-09 , DOI: 10.1016/j.jfbs.2020.100389
Louise Scholes , Mathew Hughes , Mike Wright , Alfredo De Massis , Josip Kotlar

Drawing on agency and stewardship theories, we examine how two dimensions of family governance influence family firm innovation strategy. Specifically, we differentiate between the effects of Family Management (family CEO, family managerial involvement, and next-generation involvement in the business) and Family Guardianship (trustees and family council) and study their effects on explorative and exploitative modes of innovation strategy. Our analysis of unique survey data from 328 UK private family firms shows that specific dimensions of Family Management (next-generation involvement) and Family Guardianship (the existence of a family council) are significantly positively associated with exploration. Exploitation, however, is positively associated with next-generation involvement only. These findings answer calls to theorize and empirically examine the heterogeneity of family firms’ innovation modes. These findings further respond to calls to better understand the relationship between governance and behavior, advancing scholarly debate at the intersection of agency and stewardship, family governance, and innovation.



中文翻译:

家族管理与家族监护:治理对家族企业创新战略的影响

借鉴代理和管理理论,我们研究了家族治理的两个维度如何影响家族企业创新战略。具体而言,我们区分家族管理(家族 CEO、家族管理参与和下一代参与业务)和家族监护(受托人和家族委员会)的影响,并研究它们对创新战略的探索性和开发性模式的影响。我们对来自 328 家英国私人家族企业的独特调查数据的分析表明,家族管理(下一代参与)和家族监护(家族委员会的存在)的特定维度与探索显着正相关。然而,剥削仅与下一代的参与呈正相关。这些发现回应了对家族企业创新模式异质性进行理论化和实证检验的呼声。这些发现进一步响应了更好地理解治理与行为之间关系的呼吁,推动了机构与管理、家族治理和创新交叉领域的学术辩论。

更新日期:2021-04-09
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