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Environmental jolts, family-centered non-economic goals and innovation: Toward a framework of family firm resilience

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Published
Publication date2018
Host publicationThe Palgrave Handbook of Heterogeneity among Family Firms
EditorsEsra Memili, Clay Dibrell
Place of PublicationCham
PublisherPalgrave Macmilan
Pages773-789
Number of pages7
ISBN (electronic)9783319776767
ISBN (print)9783319776750
<mark>Original language</mark>English

Abstract

Building on extant research on family firm resilience, we propose a framework to discuss the impact of family-centered non-economic goals on a firm’s ability to absorb and react to environmental jolts. This chapter aims to advance current knowledge on the goal-related antecedents of innovation strategies in family firms by theorizing on how family firms approach slack resource deployment and choose between investments in closed vs. open innovation as a response to environmental jolts. Building on prospect theory assumptions about risk-taking behavior, we make a contribution to understanding heterogeneity of resilient family firms, which are spurred to innovate in light of the degree of relevance of pursued family-centered non-economic goals.