Strategic Persistence in Family Business
Using a behavioral theory framework, we argue that family firms are more persistent (less likely to engage in the strategic renewal form of corporate entrepreneurship) in their strategic behaviors over time than nonfamily firms owing to their goals of maintaining family tradition and parsimony. We also argue that family firms controlled by founders or having a family member as Chairman or CEO are more likely to be persistent in their strategies than family firms with different governance structures. Panel regression based on a sample of 8,748 firm-year observations of S&P 1500 manufacturing firms from 1996 to 2013 support our hypotheses.
Fang, C., Chrisman, J. J., & Holt, D. T. (2021). Strategic Persistence in Family Business. Entrepreneurship: Theory and Practice, 45(4), pp. 931-950. SAGE.
The definitive version is available at https://doi.org/10.1177/10422587211001806
Business and Information Technology
Keywords and Phrases
Behavioral Theory; Family Business; Strategic Change; Strategic Management; Time/Temporal Aspects
International Standard Serial Number (ISSN)
Article - Journal
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01 Jul 2021