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What is a family business? A discussion of an integrative and operational definition

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  • Manuel Carlos Vallejo Martos

Abstract

The organisations known as family firms have been studied according to many criteria. However, whenever the criterion of classification and study has been whether the firm is a family firm or not, questions immediately arise about the conceptual reality of the term 'family firm'. There is still no agreement in the scientific community about what parameters should be used to specify this concept. In spite of this, there have been many studies since the early 1970s that have attempted to unify criteria. Thus, in the present work we first review, analyse and discuss the appropriateness of the various dimensions most commonly used in the literature to define the term 'family firm'; subsequently, we propose an integrative and operational definition of the term which is non-exclusive and independent of the evolutionary stage arrived at. We base the definition on two dimensions: sufficient share of the capital to control the decisions of the owners' representative body and determination to maintain the business in the hands of the succeeding family generation.

Suggested Citation

  • Manuel Carlos Vallejo Martos, 2007. "What is a family business? A discussion of an integrative and operational definition," International Journal of Entrepreneurship and Small Business, Inderscience Enterprises Ltd, vol. 4(4), pages 473-488.
    • Handle: RePEc:ids:ijesbu:v:4:y:2007:i:4:p:473-488
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    Citations

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    Cited by:

    1. Miguel Angel Acedo-Ramirez & Juan Carlos Ayala Calvo & Ernesto Navarrete-Martinez, 2017. "Determinants of Capital Structure: Family Businesses versus Non-Family Firms," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 67(2), pages 80-103, April.
    2. Manuel Carlos Vallejo-Martos, 2016. "Institutionalism and the Influence of the Cultural Values of the Family Subsystem on the Management of the Small–Medium Family Firms," Systems Research and Behavioral Science, Wiley Blackwell, vol. 33(1), pages 119-137, January.
    3. Hongjun Guan & Zhen Zhang & Aiwu Zhao & Jinyuan Jia & Shuang Guan, 2019. "Research on Innovation Behavior and Performance of New Generation Entrepreneur Based on Grounded Theory," Sustainability, MDPI, vol. 11(10), pages 1-19, May.
    4. M. Ruiz Jiménez & Manuel Vallejo Martos & Rocío Martínez Jiménez, 2015. "Organisational Harmony as a Value in Family Businesses and Its Influence on Performance," Journal of Business Ethics, Springer, vol. 126(2), pages 259-272, January.

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