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Human capital in family businesses: Focusing on the individual level

  • Dawson, Alexandra
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    This article focuses on the construct of human capital in family businesses. It makes three key contributions. First, it furthers our understanding of human capital in family businesses by identifying the underlying dimensions of human capital, involving not only knowledge, skills and abilities but also individual attitudes and motivation. Second, the article puts forward the conditions under which family businesses can achieve and sustain over time an alignment of interests between individual human capital and organizational goals. These conditions will vary depending on whether the external environment is static or dynamic. Third, the article heeds the call, shared by strategic management scholars, to focus on the individual level as well as on the (predominant) group- and organizational-level constructs.

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    File URL: http://www.sciencedirect.com/science/article/pii/S1877858511000787
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    Article provided by Elsevier in its journal Journal of Family Business Strategy.

    Volume (Year): 3 (2012)
    Issue (Month): 1 ()
    Pages: 3-11

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    Handle: RePEc:eee:fambus:v:3:y:2012:i:1:p:3-11
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    1. John MacDuffie, 1995. "Human resource bundles and manufacturing performance: Organizational logic and flexible production systems in the world auto industry," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 48(2), pages 197-221, January.
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    3. Andrei Shleifer & Fausto Panunzi & Mike Burkart, 2002. "Family Firms," FMG Discussion Papers dp406, Financial Markets Group.
      • Mike Burkart & Fausto Panunzi & Andrei Shleifer, 2003. "Family Firms," Journal of Finance, American Finance Association, vol. 58(5), pages 2167-2202, October.
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    6. Gary S. Becker, 1962. "Investment in Human Capital: A Theoretical Analysis," Journal of Political Economy, University of Chicago Press, vol. 70, pages 9.
    7. Schulze, William S. & Lubatkin, Michael H. & Dino, Richard N., 2003. "Toward a theory of agency and altruism in family firms," Journal of Business Venturing, Elsevier, vol. 18(4), pages 473-490, July.
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    9. Gersick, Connie J. G. & Hackman, J. Richard, 1990. "Habitual routines in task-performing groups," Organizational Behavior and Human Decision Processes, Elsevier, vol. 47(1), pages 65-97, October.
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    11. 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.
    12. Dawson, Alexandra, 2011. "Private equity investment decisions in family firms: The role of human resources and agency costs," Journal of Business Venturing, Elsevier, vol. 26(2), pages 189-199, March.
    13. 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.
    14. Ouchi, William, 1981. "Theory Z: How American business can meet the Japanese challenge," Business Horizons, Elsevier, vol. 24(6), pages 82-83.
    15. Memili, Esra & Chrisman, James J. & Chua, Jess H. & Chang, Erick P.C. & Kellermanns, Franz W., 2011. "The determinants of family firms' subcontracting: A transaction cost perspective," Journal of Family Business Strategy, Elsevier, vol. 2(1), pages 26-33, March.
    16. Rogoff, Edward G. & Heck, Ramona Kay Zachary, 2003. "Evolving research in entrepreneurship and family business: recognizing family as the oxygen that feeds the fire of entrepreneurship," Journal of Business Venturing, Elsevier, vol. 18(5), pages 559-566, September.
    17. Chrisman, James J. & Chua, Jess H. & Litz, Reginald, 2003. "A unified systems perspective of family firm performance: an extension and integration," Journal of Business Venturing, Elsevier, vol. 18(4), pages 467-472, July.
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