IDEAS home Printed from https://ideas.repec.org/h/zbw/entr19/207671.html
   My bibliography  Save this book chapter

Measuring Success in Small Family Businesses - A Socioemotional Wealth Perspective

In: Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference, Rovinj, Croatia, 12-14 September 2019

Author

Listed:
  • Ivana, Bujan

Abstract

The goal of this paper is to reveal typical non-financial success measures in small family business in Croatia. Socioemotional wealth model is used as a basis for questionnaire construction. Questionnaire items represent family typical success measures and are adaptable to different business activities. Since family business is heterogeneous it was necessary to give a definition of chosen sample – small family hotels. Given definition of small family business was used as a key to separate the family and non-family businesses in this survey. Chosen, socioemotional based, success measures were tested on a sample of small family hotels by using logistic regression. Based on the statistical results, community acknowledgments and continuation of family business are the most important non-financial success measures for Croatian example.

Suggested Citation

  • Ivana, Bujan, 2019. "Measuring Success in Small Family Businesses - A Socioemotional Wealth Perspective," Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference (2019), Rovinj, Croatia, in: Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference, Rovinj, Croatia, 12-14 September 2019, pages 120-129, IRENET - Society for Advancing Innovation and Research in Economy, Zagreb.
    • Handle: RePEc:zbw:entr19:207671
    as

    Download full text from publisher

    File URL: https://www.econstor.eu/bitstream/10419/207671/1/15-ENT-2019-Bujan-120-129.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Carmelo Cennamo & Pascual Berrone & Cristina Cruz & Luis R. Gomez–Mejia, 2012. "Socioemotional Wealth and Proactive Stakeholder Engagement: Why Family–Controlled Firms Care More about their Stakeholders," Entrepreneurship Theory and Practice, , vol. 36(6), pages 1153-1173, November.
    2. Jess H. Chua & James J. Chrisman & Alfredo De Massis, 2015. "A Closer Look at Socioemotional Wealth: Its Flows, Stocks, and Prospects for Moving Forward," Entrepreneurship Theory and Practice, , vol. 39(2), pages 173-182, March.
    3. Evis Kushi & Enkela Caca, 2010. "Some Problems of the Micro, Small and Medium Enterprises in Albanian Holiday Hotels," Regional Science Inquiry, Hellenic Association of Regional Scientists, vol. 0(1), pages 63-70, June.
    4. Andreas Kallmuenzer & Mike Peters, 2017. "Exploring entrepreneurial orientation in family firms: the relevance of social embeddedness in competition," International Journal of Entrepreneurship and Small Business, Inderscience Enterprises Ltd, vol. 30(2), pages 191-213.
    5. Lumpkin, G. T. & Dess, Gregory G., 2001. "Linking two dimensions of entrepreneurial orientation to firm performance: The moderating role of environment and industry life cycle," Journal of Business Venturing, Elsevier, vol. 16(5), pages 429-451, September.
    6. Thomas M. Zellweger & Robert S. Nason & Mattias Nordqvist & Candida G. Brush, 2013. "Why Do Family Firms Strive for Nonfinancial Goals? An Organizational Identity Perspective," Entrepreneurship Theory and Practice, , vol. 37(2), pages 229-248, March.
    7. Johan Wiklund & DEAN Shepherd, 2003. "Knowledge‐based resources, entrepreneurial orientation, and the performance of small and medium‐sized businesses," Strategic Management Journal, Wiley Blackwell, vol. 24(13), pages 1307-1314, December.
    8. Hatak, Isabella & Kautonen, Teemu & Fink, Matthias & Kansikas, Juha, 2016. "Innovativeness and family-firm performance: The moderating effect of family commitment," Technological Forecasting and Social Change, Elsevier, vol. 102(C), pages 120-131.
    9. repec:hrs:journl:v:2:y:2010:i:1:p:63-70 is not listed on IDEAS
    10. Andreas Kallmuenzer & Andreas Strobl & Mike Peters, 2018. "Tweaking the entrepreneurial orientation–performance relationship in family firms: the effect of control mechanisms and family-related goals," Review of Managerial Science, Springer, vol. 12(4), pages 855-883, October.
    11. Jack, Sarah L. & Anderson, Alistair R., 2002. "The effects of embeddedness on the entrepreneurial process," Journal of Business Venturing, Elsevier, vol. 17(5), pages 467-487, September.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Hernández-Perlines, Felipe & Covin, Jeffrey G. & Ribeiro-Soriano, Domingo E., 2021. "Entrepreneurial orientation, concern for socioemotional wealth preservation, and family firm performance," Journal of Business Research, Elsevier, vol. 126(C), pages 197-208.
    2. Erik Lundmark & Anna Krzeminska & Dean A. Shepherd, 2019. "Images of Entrepreneurship: Exploring Root Metaphors and Expanding Upon Them," Entrepreneurship Theory and Practice, , vol. 43(1), pages 138-170, January.
    3. Gema García-Piqueres & Ana-M. Serrano-Bedia & Marta Pérez-Pérez, 2019. "Knowledge Management Practices and Innovation Outcomes: The Moderating Role of Risk-Taking and Proactiveness," Administrative Sciences, MDPI, vol. 9(4), pages 1-22, September.
    4. Mumin Dayan & Poh Yen Ng & Nelson Oly Ndubisi, 2019. "Mindfulness, socioemotional wealth, and environmental strategy of family businesses," Business Strategy and the Environment, Wiley Blackwell, vol. 28(3), pages 466-481, March.
    5. Wu, Bao & Monfort, Abel & Jin, Chenfei & Shen, Xinyan, 2022. "Substantial response or impression management? Compliance strategies for sustainable development responsibility in family firms," Technological Forecasting and Social Change, Elsevier, vol. 174(C).
    6. Cambrea, Domenico Rocco & Ponomareva, Yuliya & Pittino, Daniel & Minichilli, Alessandro, 2022. "Strings attached: Socioemotional wealth mixed gambles in the cash management choices of family firms," Journal of Family Business Strategy, Elsevier, vol. 13(3).
    7. Lavlu Mozumdar & Valentina C. Materia & Geoffrey Hagelaar & Mohammad Amirul Islam & Gerben van der Velde & S. W. F. (Onno) Omta, 2022. "Contextuality of Entrepreneurial Orientation and Business Performance: The Case of Women Entrepreneurs in Bangladesh," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 8(1), pages 94-120, January.
    8. William Nikolakis & Doina Olaru & Andreas Kallmuenzer, 2022. "What motivates environmental and social sustainability in family firms? A cross‐cultural survey," Business Strategy and the Environment, Wiley Blackwell, vol. 31(5), pages 2351-2364, July.
    9. Junsheng Dou & Emma Su & Song Wang, 2019. "When Does Family Ownership Promote Proactive Environmental Strategy? The Role of the Firm’s Long-Term Orientation," Journal of Business Ethics, Springer, vol. 158(1), pages 81-95, August.
    10. Andrea Calabrò & Rosalia Santulli & Mariateresa Torchia & Carmen Gallucci, 2021. "Entrepreneurial Orientation and Family Firm Performance: The Moderating Role of TMT Identity-Based and Knowledge-Based Faultlines," Entrepreneurship Theory and Practice, , vol. 45(4), pages 838-866, July.
    11. Bernhard Fabian Bichler & Andreas Kallmuenzer & Mike Peters & Tanja Petry & Thomas Clauss, 2022. "Regional entrepreneurial ecosystems: how family firm embeddedness triggers ecosystem development," Review of Managerial Science, Springer, vol. 16(1), pages 15-44, January.
    12. Vazquez, Pedro & Rocha, Héctor, 2018. "On the goals of family firms: A review and integration," Journal of Family Business Strategy, Elsevier, vol. 9(2), pages 94-106.
    13. González L., Ana C. & Rodríguez, Yeny E. & Gómez, Juan M. & Chávez, Helmuth & Chea, Jaly, 2021. "Family business risk-taking and financial performance: Is it easier said than done?," Journal of Family Business Strategy, Elsevier, vol. 12(4).
    14. Gundula Glowka & Andreas Kallmünzer & Anita Zehrer, 2021. "Enterprise risk management in small and medium family enterprises: the role of family involvement and CEO tenure," International Entrepreneurship and Management Journal, Springer, vol. 17(3), pages 1213-1231, September.
    15. Abiodun Tope Samson, 2015. "The Impact of Entrepreneurial Orientation, Reconfiguring Capability and Moderation of Environmental Turbulence on Export Performance of SMEs in Nigeria," Journal of Economics and Behavioral Studies, AMH International, vol. 7(3), pages 76-87.
    16. Van Gils, Anita & Huybrechts, Jolien & Minola, Tommaso & Cassia, Lucio, 2019. "Unraveling the impact of family antecedents on family firm image: A serial multiple-mediation model," Journal of Family Business Strategy, Elsevier, vol. 10(1), pages 17-27.
    17. Francisco Javier Forcadell & Fernando Úbeda, 2022. "Individual entrepreneurial orientation and performance: the mediating role of international entrepreneurship," International Entrepreneurship and Management Journal, Springer, vol. 18(2), pages 875-900, June.
    18. Nurudeen Afolabi Sofoluwe, 2020. "Relevance of Entrepreneurial Orientation Strategy to Cooperative Business Organizations in Nigeria," Business & Management Compass, University of Economics Varna, issue 4, pages 415-429.
    19. Madison, Kristen & Runyan, Rodney C. & Swinney, Jane L., 2014. "Strategic posture and performance: Revealing differences between family and nonfamily firms," Journal of Family Business Strategy, Elsevier, vol. 5(3), pages 239-251.
    20. Zhiwei Yan & Xuerong Peng & Seoki Lee & Leibao Zhang, 2023. "How do multiple cognitions shape corporate proactive environmental strategies? The joint effects of environmental awareness and entrepreneurial orientation," Asian Business & Management, Palgrave Macmillan, vol. 22(4), pages 1592-1617, September.

    More about this item

    Keywords

    family firm management; family entrepreneurship; socioemotional wealth;
    All these keywords.

    JEL classification:

    • D10 - Microeconomics - - Household Behavior - - - General
    • L25 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Performance
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • M21 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics - - - Business Economics

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:zbw:entr19:207671. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ZBW - Leibniz Information Centre for Economics (email available below). General contact details of provider: https://www.entrenova.org/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.