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Family businesses and strategic change: The role of family ownership

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Family businesses and strategic change: The role of family ownership. / Schweiger, N.; Matzler, Kurt; Rapp-Hautz , J. et al.
In: Review of Managerial Science, Vol. 18, 31.10.2024, p. 2981-3005.

Research output: Contribution to Journal/Magazine › Journal article › peer-review

Harvard

Schweiger, N, Matzler, K, Rapp-Hautz , J & De Massis, A 2024, 'Family businesses and strategic change: The role of family ownership', Review of Managerial Science, vol. 18, pp. 2981-3005. https://doi.org/10.1007/s11846-023-00703-3

APA

Schweiger, N., Matzler, K., Rapp-Hautz , J., & De Massis, A. (2024). Family businesses and strategic change: The role of family ownership. Review of Managerial Science, 18, 2981-3005. https://doi.org/10.1007/s11846-023-00703-3

Vancouver

Schweiger N, Matzler K, Rapp-Hautz J, De Massis A. Family businesses and strategic change: The role of family ownership. Review of Managerial Science. 2024 Oct 31;18:2981-3005. Epub 2023 Oct 10. doi: 10.1007/s11846-023-00703-3

Author

Schweiger, N. ; Matzler, Kurt ; Rapp-Hautz , J. et al. / Family businesses and strategic change : The role of family ownership. In: Review of Managerial Science. 2024 ; Vol. 18. pp. 2981-3005.

Bibtex

@article{280ca2cbbbd2429a80aefd3d3cb0afae,
title = "Family businesses and strategic change: The role of family ownership",
abstract = "In this study, we analyze how the performance-aspiration gap influences strategic change in family firms, providing evidence of the moderating role of family ownership in this relationship. According to socioemotional wealth (SEW) theory, family owners pursue non-financial as well as financial goals, are more risk-averse due to their personal wealth being tied to the firm, and seek to maintain control of the firm to preserve and build their SEW—all characteristics that influence their strategic behavior. We therefore suggest that strategic decisions in family-owned firms are less influenced by purely economic performance, and that such firms tend to persevere more strongly in their strategic direction. We test our hypotheses on a sample of publicly listed European firms between 2007 and 2016. Our findings confirm that the success of firms inhibits strategic change, and that family ownership moderates this relationship by making the overall effect smaller, indicating greater resistance to change despite economic pitfalls.",
keywords = "Family firms, Family ownership, Strategic change, Performance feedback theory",
author = "N. Schweiger and Kurt Matzler and J. Rapp-Hautz and {De Massis}, Alfredo",
year = "2024",
month = oct,
day = "31",
doi = "10.1007/s11846-023-00703-3",
language = "English",
volume = "18",
pages = "2981--3005",
journal = "Review of Managerial Science",
issn = "1863-6683",
publisher = "Springer Verlag",

}

RIS

TY - JOUR

T1 - Family businesses and strategic change

T2 - The role of family ownership

AU - Schweiger, N.

AU - Matzler, Kurt

AU - Rapp-Hautz , J.

AU - De Massis, Alfredo

PY - 2024/10/31

Y1 - 2024/10/31

N2 - In this study, we analyze how the performance-aspiration gap influences strategic change in family firms, providing evidence of the moderating role of family ownership in this relationship. According to socioemotional wealth (SEW) theory, family owners pursue non-financial as well as financial goals, are more risk-averse due to their personal wealth being tied to the firm, and seek to maintain control of the firm to preserve and build their SEW—all characteristics that influence their strategic behavior. We therefore suggest that strategic decisions in family-owned firms are less influenced by purely economic performance, and that such firms tend to persevere more strongly in their strategic direction. We test our hypotheses on a sample of publicly listed European firms between 2007 and 2016. Our findings confirm that the success of firms inhibits strategic change, and that family ownership moderates this relationship by making the overall effect smaller, indicating greater resistance to change despite economic pitfalls.

AB - In this study, we analyze how the performance-aspiration gap influences strategic change in family firms, providing evidence of the moderating role of family ownership in this relationship. According to socioemotional wealth (SEW) theory, family owners pursue non-financial as well as financial goals, are more risk-averse due to their personal wealth being tied to the firm, and seek to maintain control of the firm to preserve and build their SEW—all characteristics that influence their strategic behavior. We therefore suggest that strategic decisions in family-owned firms are less influenced by purely economic performance, and that such firms tend to persevere more strongly in their strategic direction. We test our hypotheses on a sample of publicly listed European firms between 2007 and 2016. Our findings confirm that the success of firms inhibits strategic change, and that family ownership moderates this relationship by making the overall effect smaller, indicating greater resistance to change despite economic pitfalls.

KW - Family firms

KW - Family ownership

KW - Strategic change

KW - Performance feedback theory

U2 - 10.1007/s11846-023-00703-3

DO - 10.1007/s11846-023-00703-3

M3 - Journal article

VL - 18

SP - 2981

EP - 3005

JO - Review of Managerial Science

JF - Review of Managerial Science

SN - 1863-6683

ER -