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Toward a Theory of Family Capital and Entrepreneurship: Antecedents and Outcomes

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  • W. Gibb Dyer
  • Elizabeth Nenque
  • E. Jeffrey Hill

Abstract

We propose that family capital—human, social, and financial—influences entrepreneurial activity and self‐employment rates. Furthermore, family capital has some unique advantages: It is difficult to imitate, can be mobilized quickly, has low transaction costs, and can be transferred efficiently across generations. We propose a model describing the relationship between family capital and entrepreneurial outcomes based on: (1) family patterns, (2) family capital, and (3) entrepreneurial outcomes. We also propose several moderator variables that would affect the formation and transfer of family capital. Recent family trends (e.g., marriage and fertility rates, cohabitation, divorce, and out‐of‐wedlock birthrates) may affect family capital in the nited States and elsewhere.

Suggested Citation

  • W. Gibb Dyer & Elizabeth Nenque & E. Jeffrey Hill, 2014. "Toward a Theory of Family Capital and Entrepreneurship: Antecedents and Outcomes," Journal of Small Business Management, Taylor & Francis Journals, vol. 52(2), pages 266-285, April.
    • Handle: RePEc:taf:ujbmxx:v:52:y:2014:i:2:p:266-285
    DOI: 10.1111/jsbm.12097
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    Cited by:

    1. Bort, James & Totterman, Henrik, 2023. "The growth aspirations of underdog entrepreneurs," Journal of Business Research, Elsevier, vol. 165(C).
    2. Block, Joern & Ulrich, Lennart, 2023. "Are family owners and managers good stewards in global crises? Evidence from stock market reactions to Covid-19," Journal of Family Business Strategy, Elsevier, vol. 14(1).
    3. Sherlock, Chelsea & Dibrell, Clay & Memili, Esra, 2023. "The impact of family commitment on firm innovativeness: The mediating role of resource stocks," Journal of Family Business Strategy, Elsevier, vol. 14(3).

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