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Perceptions of entrepreneurship across generations in family offices: A stewardship theory perspective

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  • Welsh, Dianne H.B.
  • Memili, Esra
  • Rosplock, Kirby
  • Roure, Juan
  • Segurado, Juan Luis

Abstract

Family offices have been in existence for at least two centuries and have substantial impact on the wealth and prosperity of the families behind them. However, despite their practical relevance, family offices remain an under-researched topic in family business studies. Drawing upon stewardship theory, this qualitative study examines the perceptions of different generations (i.e., founder or first generation and second and/or later generations) about entrepreneurship in family offices and their new investments and, in turn, influence on growth and prosperity of their ventures. The results of interviews with two separate generations of family businesses who operate family offices show that each generation exhibits different perceptions of entrepreneurship concerning family offices that we integrate in a model of organizational entrepreneurship in family offices. Implications for future studies and practice are discussed.

Suggested Citation

  • Welsh, Dianne H.B. & Memili, Esra & Rosplock, Kirby & Roure, Juan & Segurado, Juan Luis, 2013. "Perceptions of entrepreneurship across generations in family offices: A stewardship theory perspective," Journal of Family Business Strategy, Elsevier, vol. 4(3), pages 213-226.
    • Handle: RePEc:eee:fambus:v:4:y:2013:i:3:p:213-226
    DOI: 10.1016/j.jfbs.2013.07.003
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    4. Thomas Zellweger & Nadine Kammerlander, 2015. "Family, Wealth, and Governance: An Agency Account," Entrepreneurship Theory and Practice, , vol. 39(6), pages 1281-1303, November.
    5. Fletcher, Denise & Massis, Alfredo De & Nordqvist, Mattias, 2016. "Qualitative research practices and family business scholarship: A review and future research agenda," Journal of Family Business Strategy, Elsevier, vol. 7(1), pages 8-25.
    6. Tomasz Ingram & Katarzyna Bratnicka-Mysliwiec, 2021. "Organizational Resilience and Family Firm Performance: The Role of Socioemotional Wealth," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 523-540.
    7. Gottschalck, Nicole & Guenther, Christina & Kellermanns, Franz, 2020. "For whom are family-owned firms good employers? An exploratory study of the turnover intentions of blue- and white-collar workers in family-owned and non-family-owned firms," Journal of Family Business Strategy, Elsevier, vol. 11(3).
    8. Miller, Danny & Le Breton-Miller, Isabelle & Amore, Mario Daniele & Minichilli, Alessandro & Corbetta, Guido, 2017. "Institutional logics, family firm governance and performance," Journal of Business Venturing, Elsevier, vol. 32(6), pages 674-693.
    9. Charlotte L. Schuster & Alexander T. Nicolai & Jeffrey G. Covin, 2020. "Are Founder-Led Firms Less Susceptible to Managerial Myopia?," Entrepreneurship Theory and Practice, , vol. 44(3), pages 391-421, May.
    10. Sohrab Soleimanof & Kulraj Singh & Daniel T. Holt, 2019. "Micro-Foundations of Corporate Entrepreneurship in Family Firms: An Institution-Based Perspective," Entrepreneurship Theory and Practice, , vol. 43(2), pages 274-281, March.
    11. Antonia Schickinger & Alexandra Bertschi-Michel & Max P. Leitterstorf & Nadine Kammerlander, 2022. "Same same, but different: capital structures in single family offices compared with private equity firms," Small Business Economics, Springer, vol. 58(3), pages 1407-1425, March.
    12. Riviezzo, Angelo & Garofano, Antonella & Napolitano, Maria Rosaria & Marino, Vittoria, 2015. "Moving forward or running to standstill? Exploring the nature and the role of family firms’ strategic orientation," Journal of Family Business Strategy, Elsevier, vol. 6(3), pages 190-205.
    13. Carolin Decker & Knut S G Lange, 2016. "The global field of multi-family offices: An institutionalist perspective," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 21(1), pages 64-75, March.
    14. Olaf M. Rottke & Felix K. Thiele, 2018. "Do family investors differ from other investors? Similarity, experience, and professionalism in the light of family investee firm challenges," Journal of Business Economics, Springer, vol. 88(2), pages 139-166, February.
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