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Strategic entrepreneurship within family-controlled firms: Opportunities and challenges

  • Webb, Justin W.
  • Ketchen Jr., David J.
  • Ireland, R. Duane
Registered author(s):

    A firm engages in strategic entrepreneurship when it simultaneously pursues exploration for future business domains and exploitation of current domains. Superior performance often results from successful strategic entrepreneurship. A growing body of literature addresses the opportunities and challenges created when a firm attempts to stand out in both exploration and exploitation. To date, however, this literature has focused on strategic entrepreneurship without distinguishing the role of family involvement. We seek to address this gap by theorizing that family involvement, shaped by four key dimensions of identity, justice, nepotism, and conflict, creates differences in the nature of strategic entrepreneurship between family-controlled and non-family firms. Based on these four dimensions, we develop a set of propositions describing potential positive and negative implications for strategic entrepreneurship in family-controlled firms.

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    Article provided by Elsevier in its journal Journal of Family Business Strategy.

    Volume (Year): 1 (2010)
    Issue (Month): 2 (June)
    Pages: 67-77

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    Handle: RePEc:eee:fambus:v:1:y:2010:i:2:p:67-77
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    1. Mike Burkart & Fausto Panunzi & Andrei Shleifer, 2002. "Family Firms," Harvard Institute of Economic Research Working Papers 1944, Harvard - Institute of Economic Research.
      • Mike Burkart & Fausto Panunzi & Andrei Shleifer, 2003. "Family Firms," Journal of Finance, American Finance Association, vol. 58(5), pages 2167-2202, October.
    2. Eddleston, Kimberly A. & Kellermanns, Franz W., 2007. "Destructive and productive family relationships: A stewardship theory perspective," Journal of Business Venturing, Elsevier, vol. 22(4), pages 545-565, July.
    3. Shu-hui Lin & Shing-yang Hu, 2007. "A Family Member or Professional Management? The Choice of a CEO and Its Impact on Performance," Corporate Governance: An International Review, Wiley Blackwell, vol. 15(6), pages 1348-1362, November.
    4. Michael H. Lubatkin & Yan Ling & William S. Schulze, 2007. "An Organizational Justice-Based View of Self-Control and Agency Costs in Family Firms," Journal of Management Studies, Wiley Blackwell, vol. 44(6), pages 955-971, 09.
    5. Ronald C. Anderson & David M. Reeb, 2003. "Founding-Family Ownership and Firm Performance: Evidence from the S&P 500," Journal of Finance, American Finance Association, vol. 58(3), pages 1301-1327, 06.
    6. Villalonga, Belen & Amit, Raphael, 2006. "How do family ownership, control and management affect firm value?," Journal of Financial Economics, Elsevier, vol. 80(2), pages 385-417, May.
    7. Astrachan, Joseph H., 2010. "Strategy in family business: Toward a multidimensional research agenda," Journal of Family Business Strategy, Elsevier, vol. 1(1), pages 6-14, March.
    8. Williams, J.R., 1992. "How Sustainable is your Competitive Advantage?," GSIA Working Papers 1992-03, Carnegie Mellon University, Tepper School of Business.
    9. Habbershon, Timothy G. & Williams, Mary & MacMillan, Ian C., 2003. "A unified systems perspective of family firm performance," Journal of Business Venturing, Elsevier, vol. 18(4), pages 451-465, July.
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    12. Ann C. Mooney & Patricia J. Holahan & Allen C. Amason, 2007. "Don't Take It Personally: Exploring Cognitive Conflict as a Mediator of Affective Conflict," Journal of Management Studies, Wiley Blackwell, vol. 44(5), pages 733-758, 07.
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