Hostname: page-component-cd9895bd7-gbm5v Total loading time: 0 Render date: 2024-12-25T16:57:30.713Z Has data issue: false hasContentIssue false

A review of succession strategies in family business: content analysis and future research directions

Published online by Cambridge University Press:  26 May 2022

Edgar Nave*
Affiliation:
University of Beira Interior & NECE- Research Unit in Business Sciences, Covilhã, Portugal
João J. Ferreira
Affiliation:
University of Beira Interior & NECE- Research Unit in Business Sciences, Covilhã, Portugal
Cristina I. Fernandes
Affiliation:
University of Beira Interior & NECE- Research Unit in Business Sciences, Covilhã, Portugal
Arminda do Paço
Affiliation:
University of Beira Interior & NECE- Research Unit in Business Sciences, Covilhã, Portugal
Helena Alves
Affiliation:
University of Beira Interior & NECE- Research Unit in Business Sciences, Covilhã, Portugal
Mário Raposo
Affiliation:
University of Beira Interior & NECE- Research Unit in Business Sciences, Covilhã, Portugal
*
*Correspondence to author: E-mail: edgar.nave@ubi.pt

Abstract

Family firms (FF) represent an important business segment worldwide, contributing greatly to their country's GDP and social well-being, giving employment and contributing to communities' development. Due to their particularities, these organizations also face various challenges, one of the most relevant being inter-generational succession – transversal to all FF and their consequent sustainability over time. Given the importance of this issue, through a systematic literature review (SLR), the intention is to provide a general, wide-ranging view of the succession strategies most used by FF, mapping the existing literature. A total of 84 articles from the Scopus database were analysed. Through content analysis and bibliographic coupling techniques (VosViewer), four thematic groups of articles were identified, namely: (i) socio-emotional wealth and corporate governance, (ii) leadership and inter-generational conflicts, (iii) managing succession process and (iv) succession planning drivers. These themes/clusters originated a theoretical framework that depicts the investigation status of the field, and detailed suggestions for future investigations by cluster were also provided. Despite the relevance and long age of succession in FF, this is the first SLR to directly address succession strategies, offering implications for academics and practitioners, to guide a smooth succession.

Type
Research Article
Copyright
Copyright © Cambridge University Press and Australian and New Zealand Academy of Management 2022

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Abebe, M. A., Li, P., Acharya, K., & Daspit, J. J. (2020). The founder chief executive officer: A review of current insights and directions for future research. Corporate Governance: An International Review, 28(6), 406436. https://doi.org/10.1111/corg.12348.CrossRefGoogle Scholar
Ahmad, S., Omar, R., & Quoquab, F. (2021). Family firms’ sustainable longevity: The role of family involvement in business and innovation capability. Journal of Family Business Management, 11(1), 86106. https://doi.org/10.1108/JFBM-12-2019-0081.CrossRefGoogle Scholar
Ahmad, S., Siddiqui, K. A., & AboAlsamh, H. M. (2020). Family SMEs’ survival: The role of owner family and corporate social responsibility. Journal of Small Business and Enterprise Development, 27(2), 281297. https://doi.org/10.1108/JSBED-12-2019-0406.CrossRefGoogle Scholar
Ahmad, Z., & Yaseen, M. R. (2018). Moderating role of education on succession process in small family businesses in Pakistan. Journal of Family Business Management, 8(3), 293305. https://doi.org/10.1108/JFBM-12-2017-0041.CrossRefGoogle Scholar
Ahrens, J. P., Uhlaner, L., Woywode, M., & Zybura, J. (2018). ‘Shadow emperor’ or ‘loyal paladin’? – The Janus face of previous owner involvement in family firm successions. Journal of Family Business Strategy, 9(1), 7390. https://doi.org/10.1016/j.jfbs.2017.11.003.CrossRefGoogle Scholar
Akhmedova, A., & Cavallotti, R. (2021). Position of daughters in family businesses: The role of motivation. International Journal of Entrepreneurship and Small Business, 43(2), 287310.CrossRefGoogle Scholar
Akinbami, C. A. O., Adejumo, O. O., Akinyemi, F. O., Jiboye, T. F., & Obisanya, J. F. (2019). Family business and succession in developing economies: The Nigerian perspective. International Journal of Entrepreneurship and Small Business, 38(1–2), 4559. https://doi.org/10.1504/IJESB.2019.102510.CrossRefGoogle Scholar
Amore, M. D., Minichilli, A., & Corbetta, G. (2011). How do managerial successions shape corporate financial policies in family firms? Journal of Corporate Finance, 17(4), 10161027. https://doi.org/10.1016/j.jcorpfin.2011.05.002.CrossRefGoogle Scholar
Armstrong, C. E. (2012). Overqualified and disadvantaged: Exploring the barriers to growth of family businesses to second-generation leaders. International Journal of Entrepreneurship and Small Business, 17(2), 160175. https://doi.org/10.1504/IJESB.2012.048845.CrossRefGoogle Scholar
Arteaga, R., & Menéndez-Requejo, S. (2017). Family constitution and business performance: Moderating factors. Family Business Review, 30(4), 320338.CrossRefGoogle Scholar
Astrachan, J. H. (2010). Strategy in family business: Toward a multidimensional research agenda. Journal of Family Business Strategy, 1(1), 614. https://doi.org/10.1016/j.jfbs.2010.02.001.CrossRefGoogle Scholar
Avrichir, I., Meneses, R., & dos Santos, A. (2016). Do family-managed and non-family-managed firms internationalize differently? Journal of Family Business Management, 6(3), 330349.CrossRefGoogle Scholar
Basco, R., & Bartkevičiūtė, I. (2016). Is there any room for family business into European Union 2020 Strategy? Family Business and Regional Public Policy. Local Economy, 31(6), 709732. https://doi.org/10.1177/0269094216664485.Google Scholar
Bennedsen, M., Nielsen, K. M., Perez-Gonzalez, F., & Wolfenzon, D. (2007). Inside the family firm: The role of families in succession decisions and performance. The Quarterly Journal of Economics, 122(2), 647691.CrossRefGoogle Scholar
Bjuggren, P. O., & Sund, L. G. (2001). Strategic decision making in intergenerational successions of small-and medium-size family-owned businesses. Family Business Review, 14(1), 1123.CrossRefGoogle Scholar
Bloemen-Bekx, M., Van Gils, A., Lambrechts, F., & Sharma, P. (2021). Nurturing offspring's affective commitment through informal family governance mechanisms. Journal of Family Business Strategy, 12(2), 100309.CrossRefGoogle Scholar
Bodolica, V., Spraggon, M., & Zaidi, S. (2015). Boundary management strategies for governing family firms: A UAE-based case study. Journal of Business Research, 68(3), 684693. https://doi.org/10.1016/j.jbusres.2014.08.003.CrossRefGoogle Scholar
Breton-Miller, I., Miller, D., & Steier, L. P. (2004). Toward an integrative model of effective FOB succession. Entrepreneurship Theory and Practice, 28(4), 305328.CrossRefGoogle Scholar
Brunninge, O., Nordqvist, M., & Wiklund, J. (2007). Corporate governance and strategic change in SMEs: The effects of ownership, board composition and top management teams. Small Business Economics, 29(3), 295308.CrossRefGoogle Scholar
Cabrera-Suárez, K. (2005). Leadership transfer and the successor's development in the family firm. Leadership Quarterly, 16(1), 7196. https://doi.org/10.1016/j.leaqua.2004.09.010.CrossRefGoogle Scholar
Cadieux, L. (2007). Succession in small and medium-sized family businesses: Toward a typology of predecessor roles during and after instatement of the successor. Family Business Review, 20(2), 95109. https://doi.org/10.1111/j.1741-6248.2007.00089.x.CrossRefGoogle Scholar
Carney, M., Zhao, J., & Zhu, L. (2019). Lean innovation: Family firm succession and patenting strategy in a dynamic institutional landscape. Journal of Family Business Strategy, 10(4), 100247. https://doi.org/10.1016/j.jfbs.2018.03.002.CrossRefGoogle Scholar
Cater, J. J. (2011). Leadership crisis at Algood press: A case study. Journal of the International Academy for Case Studies, 17(6), 7380.Google Scholar
Chirapanda, S. (2020). Identification of success factors for sustainability in family businesses: Case study method and exploratory research in Japan. Journal of Family Business Management, 10(1), 5875. https://doi.org/10.1108/JFBM-05-2019-0030.Google Scholar
Chrisman, J. J., Chua, J. H., & Sharma, P. (2005). Management theory family firm. Entrepreneurship Theory & Practice, 29(5), 555575.CrossRefGoogle Scholar
Chrisman, J. J., Chua, J. H., Steier, L. P., Wright, M., & McKee, D. N. (2012). An agency theoretic analysis of value creation through management buy-outs of family firms. Journal of Family Business Strategy, 3(4), 197206. https://doi.org/10.1016/j.jfbs.2012.10.003.CrossRefGoogle Scholar
Chua, J. H., Chrisman, J. J., & Steier, L. P. (2003). Extending the theoretical horizons of family business research. Entrepreneurship Theory & Practice, 27(4), 331338.CrossRefGoogle Scholar
Chua, J. H., Chrisman, J. J., Steier, L. P., & Rau, S. B. (2012). Sources of heterogeneity in family firms: An introduction. Entrepreneurship Theory and Practice, 36(6), 11031113.CrossRefGoogle Scholar
Churchill, N. C., & Hatten, K. J. (1997). Non-market-based transfers of wealth and power: A research framework for family business. Family Business Review, 10(1), 5367. https://doi.org/10.1111/j.1741-6248.1997.00053.x.CrossRefGoogle Scholar
Cirillo, A., Huybrechts, J., Mussolino, D., Sciascia, S., & Voordeckers, W. (2020). Researching family business growth. European Management Review, 17(3), 733746. https://doi.org/10.1111/emre.12389.CrossRefGoogle Scholar
Conz, E., & Magnani, G. (2020). A dynamic perspective on the resilience of firms: A systematic literature review and a framework for future research. European Management Journal, 38(3), 400412. https://doi.org/10.1016/j.emj.2019.12.004.CrossRefGoogle Scholar
Costa, A. D., Aurora, C. Z., & Spindler, E. S. (2021). Family succession, professionalization and internationalization: A study of Brazilian family businesses. Journal of Family Business Management. https://doi.org/10.1108/JFBM-05-2021-0044.CrossRefGoogle Scholar
Craig, J. B. L., & Moores, K. (2005). Balanced scorecards to drive the strategic planning of family firms. Family Business Review, 18(2), 105122. https://doi.org/10.1111/j.1741-6248.2005.00035.x.CrossRefGoogle Scholar
Dalpiaz, E., Tracey, P., & Phillips, N. (2014). Succession narratives in family business: The case of Alessi. Entrepreneurship: Theory and Practice, 38(6), 13751394. https://doi.org/10.1111/etap.12129.Google Scholar
Darwish, S., Gomes, A., & Bunagan, V. (2020). Family Business (FBS) in Gulf Cooperation Council (GCC): Review and strategic insights. Academy of Strategic Management Journal, 19(3), 113.Google Scholar
Del Giudice, M., della Peruta, M. R., & Maggioni, V. (2013). One man company or managed succession: The transfer of the family dream in southern-Italian firms. Journal of Organizational Change Management, 26(4), 703719. https://doi.org/10.1108/JOCM-May-2012-0060.CrossRefGoogle Scholar
De Massis, A., Chua, J. H., & Chrisman, J. J. (2008). Factors preventing intra-family succession. Family Business Review, 21(2), 183199. https://doi.org/10.1111/j.1741-6248.2008.00118.x.CrossRefGoogle Scholar
Denyer, D., & Tranfield, D. (2009). Producing a systematic review (pp. 671689). Sage Publications Ltd.Google Scholar
di Belmonte, S., Seaman, C., & Bent, R. (2017). Keeping it in the family: Family, priorities and succession in Scottish landed estates. Journal of Family Business Management, 7(1), 111121. https://doi.org/10.1108/JFBM-08-2016-0018.CrossRefGoogle Scholar
Di Toma, P., & Montanari, S. (2012). Family business exit and private equity investment decisions: Governance implications for value creation. Corporate Ownership and Control, 10(1 E), 466484.CrossRefGoogle Scholar
Dodd, S. D., Theoharakis, V., & Bisignano, A. (2014). Organizational renewal in family firms. International Journal of Entrepreneurship and Innovation, 15(2), 6778. https://doi.org/10.5367/ijei.2014.0150.CrossRefGoogle Scholar
do Paço, A., Fernandes, C., Nave, E., Alves, H., Ferreira, J. J., & Raposo, M. (2021). Succession planning and strategies in family business: A multiple case study. International Journal of Entrepreneurship, 25(Special Issue 1), 112.Google Scholar
Dumas, C. A. (1990). Preparing the new CEO: Managing the father-daughter succession process in family businesses. Family Business Review, III(2), 169181.CrossRefGoogle Scholar
El-Chaarani, H. (2014). The success keys for family firms: Comparison between Lebanese and French systems. Lebanese Science Journal, 15(2), 133150.Google Scholar
Elo, S., Kääriäinen, M., Kanste, O., Pölkki, T., Utriainen, K., & Kyngäs, H. (2014). Qualitative content analysis. SAGE Open, 4(1), 215824401452263. https://doi.org/10.1177/2158244014522633.CrossRefGoogle Scholar
European Family Business. (2020). European Family Business (https://europeanfamilybusinesses.eu/about-european-family-businesses/) [accessed in 22/1/2021].Google Scholar
Ferrari, F. (2021). The postponed succession: An investigation of the obstacles hindering business transmission planning in family firms. Journal of Family Business Management. https://doi.org/10.1108/JFBM-09-2020-0088.CrossRefGoogle Scholar
Ferreira, J. J., Fernandes, C. I., Schiavone, F., & Mahto, R. V. (2021). Sustainability in family business – A bibliometric study and a research agenda. Technological Forecasting and Social Change, 173(August), 121077. https://doi.org/10.1016/j.techfore.2021.121077.CrossRefGoogle Scholar
Friedman, S. D. (1991). Sibling relationships and intergenerational succession in family firms. Family Business Review, IV(1), 320.CrossRefGoogle Scholar
Glover, J. L. (2013). Capital usage in family farm businesses. Journal of Family Business Management, 3(2), 136162. https://doi.org/10.1108/JFBM-01-2013-0001.CrossRefGoogle Scholar
Gundolf, K., & Filser, M. (2013). Management research and religion: A citation analysis. Journal of Business Ethics, 112(1), 177185. https://doi.org/10.1007/s10551-012-1240-7.CrossRefGoogle Scholar
Hacker, J., & Dowling, M. (2012). Succession in family firms: How to improve family satisfaction and family harmony. International Journal of Entrepreneurship and Small Business, 15(1), 7699. https://doi.org/10.1504/IJESB.2012.044590.CrossRefGoogle Scholar
Hallak, R., Assaker, G., & O'Connor, P. (2014). Are family and nonfamily tourism businesses different? An examination of the entrepreneurial self-efficacy–entrepreneurial performance relationship. Journal of Hospitality and Tourism Research, 38(3), 388413. https://doi.org/10.1177/1096348012461545.CrossRefGoogle Scholar
Hedberg, L. M., & Luchak, A. A. (2018). Founder attachment style and its effects on socioemotional wealth objectives and HR system design. Human Resource Management Review, 28(1), 3345. https://doi.org/10.1016/j.hrmr.2017.05.004.CrossRefGoogle Scholar
Heryjanto, A., Tannady, H., Ihalauw, J., Dwiatmadja, C., & Harijono, C. (2020). Supply chain management for small and medium enterprises at central java-Indonesia. International Journal of Supply Chain Management, 9(3), 11361140.Google Scholar
Hillen, C., & Lavarda, C. E. F. (2020). Budget and life cycle in family business in succession process. Revista Contabilidade e Financas, 31(83), 212227. https://doi.org/10.1590/1808-057x201909600.CrossRefGoogle Scholar
Howorth, C., Westhead, P., & Wright, M. (2004). Buyouts, information asymmetry and the family management dyad. Journal of Business Venturing, 19(4), 509534. https://doi.org/10.1016/j.jbusvent.2003.04.002.CrossRefGoogle Scholar
Huang, H., Lyu, C., & Zhu, X. (2019). Second generation involvement and corporate innovation: Evidence from China. Nankai Business Review International, 10(4), 526545. https://doi.org/10.1108/NBRI-03-2019-0008.CrossRefGoogle Scholar
Ibrahim, A. B., McGuire, J., Soufani, K., & Poutziouris, P. (2004a). Patterns in strategy in a family firm. International Journal of Entrepreneurial Behavior & Research, 10(2), 127140.CrossRefGoogle Scholar
Ibrahim, A. B., Soufani, K., & Lam, J. (2001). A study of succession in a family firm. Family Business Review, 14(3), 245258. https://doi.org/10.1111/j.1741-6248.2001.00245.x.CrossRefGoogle Scholar
Ibrahim, A. B., Soufani, K., Poutziouris, P., & Lam, J. (2004b). Qualities of an effective successor: The role of education and training. Education + Training, 46(8), 474480. https://doi.org/10.1108/00400910410569597.CrossRefGoogle Scholar
Ingram, T., & Głód, G. (2018). Organizational resilience of family business: Case study. Ekonomia i Prawo, 17(1), 57. https://doi.org/10.12775/eip.2018.005.CrossRefGoogle Scholar
Ip, B. (2009). Planning and controlling business succession planning using quality function deployment. Total Quality Management and Business Excellence, 20(4), 363379. https://doi.org/10.1080/14783360902781808.CrossRefGoogle Scholar
Janjuha-Jivraj, S., & Woods, A. (2002). Successional issues within Asian family firms – learning from the Kenyan experience. International Small Business Journal, 20(1), 7794.CrossRefGoogle Scholar
Joshi, M. (2017). The transition challenge in family and business: A case study of KL Bricks. Journal of Family Business Management, 7(2), 166176.CrossRefGoogle Scholar
Kallmuenzer, A., Tajeddini, K., Gamage, T. C., Lorenzo, D., Rojas, A., & Schallner, M. J. (2021). Family firm succession in tourism and hospitality: An ethnographic case study approach. Journal of Family Business Management. https://doi.org/10.1108/JFBM-07-2021-0072.CrossRefGoogle Scholar
Kamei, K., Boussaguet, S., D'Andria, A., & Jourdan, R. (2016). The transfer of small and medium-sized Japanese family businesses to the younger generation: Narratives by student-successors. International Journal of Entrepreneurship and Small Business, 27(4), 525541. https://doi.org/10.1504/IJESB.2016.075017.CrossRefGoogle Scholar
Kesner, I. F., & Sebora, T. C. (1994). Executive succession: Past, present & future. Journal of Management, 20(2), 327372. https://doi.org/10.1177/014920639402000204.CrossRefGoogle Scholar
Klimenko, L., & Posukhova, O. (2020). Business dynasties: Their specifics and the potential for development. Asia and Africa Today, 29(1), 80102.Google Scholar
Koffi, V., Guihur, I., Morris, T., & Fillion, G. (2014). Family business succession: How men and women predecessors can bring credibility to their successors? Entrepreneurial Executive, 19, 6785.Google Scholar
Lee, K. S., Lim, G. H., & Lim, W. S. (2003). Family business succession: Appropriation risk and choice of successor. Academy of management Review, 28(4), 657666.CrossRefGoogle Scholar
Leiß, G., & Zehrer, A. (2018). Intergenerational communication in family firm succession. Journal of Family Business Management, 8(1), 7590. https://doi.org/10.1108/JFBM-09-2017-0025.CrossRefGoogle Scholar
Lenz, R., Schormüller, C., & Glückler, J. (2020). Legitimation strategies in an emerging field: Family firm succession consultancy in Germany. Zeitschrift Fur Wirtschaftsgeographie, 64(2), 5873. https://doi.org/10.1515/zfw-2019-0019.CrossRefGoogle Scholar
Ling, Y., Baldridge, D., & Craig, J. B. (2012). The impact of family structure on issue selling by successor generation members in family firms. Journal of Family Business Strategy, 3(4), 220227. https://doi.org/10.1016/j.jfbs.2012.10.002.CrossRefGoogle Scholar
Liu, F. (2021). Family business succession roadblock model based on fuzzy linguistic preference relations. North American Journal of Economics and Finance, 55(xxxx), 101255. https://doi.org/10.1016/j.najef.2020.101255.CrossRefGoogle Scholar
Llanos-Contreras, O. A., & Jabri, M. (2019). Exploring family business decline with socioemotional wealth perspective. Academia Revista Latinoamericana de Administracion, 32(1), 6378. https://doi.org/10.1108/ARLA-02-2018-0042.CrossRefGoogle Scholar
Lorandini, C. (2015). Looking beyond the Buddenbrooks syndrome: The Salvadori Firm of Trento, 1660s – 1880s. Business History, 57(7), 10051019. https://doi.org/10.1080/00076791.2014.993616.CrossRefGoogle Scholar
Mahto, R. V., Cavazos, D. E., Calabrò, A., & Vanevenhoven, J. P. (2021). CEO succession game in family firms: Owners vs. advisors. Journal of Small Business Management, 00(00), 118. https://doi.org/10.1080/00472778.2021.1934851.CrossRefGoogle Scholar
Marabelli, M., & Newell, S. (2014). Knowing, power and materiality: A critical review and reconceptualization of absorptive capacity. International Journal of Management Reviews, 16(4), 479499.CrossRefGoogle Scholar
Marchisio, G., Mazzola, P., Sciascia, S., Miles, M., & Astrachan, J. (2010). Corporate venturing in family business: The effects on the family and its members. Entrepreneurship and Regional Development, 22(3–4), 349377. https://doi.org/10.1080/08985621003726168.CrossRefGoogle Scholar
Martínez, J. I., Stöhr, B. S., & Quiroga, B. F. (2007). Family ownership and firm performance: Evidence from public companies in Chile. Family Business Review, 20(2), 8394.CrossRefGoogle Scholar
McAdam, M., Brophy, M., & Harrison, R. T. (2021). Anointed or appointed? Father–daughter succession within the family business. International Small Business Journal: Researching Entrepreneurship, 39(6), 125. https://doi.org/10.1177/0266242620948349.CrossRefGoogle Scholar
Meneses, R., Coutinho, R., & Pinho, J. (2014). The impact of succession on family business internationalisation: The successors’ perspective. Journal of Family Business Management, 4(1), 2445. https://doi.org/10.1108/JFBM-01-2013-0004.CrossRefGoogle Scholar
Miller, D., Steier, L., & Le Breton-Miller, I. (2003). Lost in time: Intergenerational succession, change, and failure in family business. Journal of Business Venturing, 18(4), 513531. https://doi.org/10.1016/S0883-9026(03)00058-2.CrossRefGoogle Scholar
Molly, V., Laveren, E., & Deloof, M. (2010). Family business succession and its impact on financial structure and performance. Family Business Review, 23(2), 131147. https://doi.org/10.1177/0894486510365062.CrossRefGoogle Scholar
Moog, P., Mirabella, D., & Schlepphorst, S. (2011). Owner orientations and strategies and their impact on family business. International Journal of Entrepreneurship and Innovation Management, 13(1), 95112.CrossRefGoogle Scholar
Morris, M. H., Williams, R. W., & Nel, D. (1996). Factors influencing family business succession. International Journal of Entrepreneurial Behaviour & Research, 2(3), 6881. https://doi.org/10.1108/13552559610153261.CrossRefGoogle Scholar
Ng, H. C., Tan, J. D., Sugiarto, S., Widjaja, A. W., & Pramono, R. (2021). Too big to fail: Succession challenge in large family businesses. The Journal of Asian Finance, Economics, and Business, 8(1), 199206.Google Scholar
Osnes, G., Hök, L., Yanli Hou, O., Haug, M., Grady, V., & Grady, J. D. (2018). Strategic plurality in intergenerational hand-over: Incubation and succession strategies in family ownership. Journal of Family Business Management, 9(2), 149174. https://doi.org/10.1108/JFBM-06-2018-0018.CrossRefGoogle Scholar
Pan, Y., Weng, R., Xu, N., & Chan, K. C. (2018). The role of corporate philanthropy in family firm succession: A social outreach perspective. Journal of Banking and Finance, 88, 423441. https://doi.org/10.1016/j.jbankfin.2018.01.011.CrossRefGoogle Scholar
Paul, J., & Criado, A. R. (2020). The art of writing literature review: What do we know and what do we need to know? International Business Review, 29(4), 101717.CrossRefGoogle Scholar
Petrů, N., Kramoliš, J., & Stuchlík, P. (2020). Marketing tools in the era of digitization and their use in practice by family and other businesses. E a M: Ekonomie a Management, 23(1), 199214. https://doi.org/10.15240/tul/001/2020-1-014.Google Scholar
Pittino, D., & Visintin, F. (2011). The propensity toward inter-organizational cooperation in small- and medium-sized family businesses. Journal of Family Business Strategy, 2(2), 5768. https://doi.org/10.1016/j.jfbs.2011.03.005.CrossRefGoogle Scholar
Pittino, D., Visintin, F., & Lauto, G. (2018). Fly away from the nest? A configurational analysis of family embeddedness and individual attributes in the entrepreneurial entry decision by next-generation members. Family Business Review, 31(3), 271294. https://doi.org/10.1177/0894486518773867.CrossRefGoogle Scholar
Radu-Lefebvre, M., & Randerson, K. (2020). Successfully navigating the paradox of control and autonomy in succession: The role of managing ambivalent emotions. International Small Business Journal: Researching Entrepreneurship, 38(3), 184210. https://doi.org/10.1177/0266242619879078.CrossRefGoogle Scholar
Rogers, E. D., Carsrud, A. L., & Krueger, N. F. (1996). Chiefdoms and family firm regimes: Variations on the same anthropological themes. Family Business Review, 9(1), 1527. https://doi.org/10.1111/j.1741-6248.1996.00015.x.CrossRefGoogle Scholar
Royer, S., Simons, R., Boyd, B., & Rafferty, A. (2008). Promoting family: A contingency model of family business succession. Family Business Review, 21(1), 1530.CrossRefGoogle Scholar
Sageder, M., Mitter, C., & Feldbauer-Durstmüller, B. (2018). Image and reputation of family firms: A systematic literature review of the state of research. Review of Managerial Science, 12(1), 335377. https://doi.org/10.1007/s11846-016-0216-x.CrossRefGoogle Scholar
Samara, G. (2021). Family businesses in the Arab Middle East: What do we know and where should we go? Journal of Family Business Strategy, 12(3), 100359. https://doi.org/10.1016/j.jfbs.2020.100359.CrossRefGoogle Scholar
Santos, C. C., Teston, S. F., Zawadzki, P., Lizote, S. A., & Machado, H. P. V. (2020). Individual absorptive capacity and entrepreneurial intention in successors of rural properties. Revista de Administracao Mackenzie, 21(3), 4259. https://doi.org/10.1590/1678-6971/ERAMR200045.Google Scholar
Scholes, L., Wright, M., Westhead, P., & Bruining, H. (2010). Strategic changes in family firms post management buyout: Ownership and governance issues. International Small Business Journal, 28(5), 505521. https://doi.org/10.1177/0266242610370390.CrossRefGoogle Scholar
Seaman, C., Bent, R., & Unis, A. (2016). The role of context understanding South Asian family firms in Scotland and the succession paradox. International Journal of Management Practice, 9(4), 433447. https://doi.org/10.1504/IJMP.2016.079619.CrossRefGoogle Scholar
Selcuk, G., & Suwala, L. (2020). Migrant family entrepreneurship – mixed and multiple embeddedness of transgenerational Turkish family entrepreneurs in Berlin. Journal of Family Business Management. https://doi.org/10.1108/JFBM-03-2019-0011.CrossRefGoogle Scholar
Sharma, P., Chrisman, J. J., Pablo, A. L., & Chua, J. H. (2010). Determinants of initial satisfaction with the succession process in family firms: A conceptual model. Entrepreneurship: Theory & Practice (514), 25(3), 11171125. https://doi.org/10.1111/j.1540-6520.2010.00416.x.Google Scholar
Shen, N. (2018). Family business, transgenerational succession and diversification strategy: Implication from a dynamic socioemotional wealth model. Cross Cultural and Strategic Management, 25(4), 628641. https://doi.org/10.1108/CCSM-06-2017-0074.CrossRefGoogle Scholar
Shi, H. X., Graves, C., & Barbera, F. (2019). Intergenerational succession and internationalisation strategy of family SMEs: Evidence from China. Long Range Planning, 52(4), 101838. https://doi.org/10.1016/j.lrp.2018.05.004.CrossRefGoogle Scholar
Sonnenfeld, J. A., & Spence, P. L. (1989). The parting patriarch of a family firm. Family Business Review, 2(4), 355375.CrossRefGoogle Scholar
Strike, V. M. (2012). Advising the family firm: Reviewing the past to build the future. Family Business Review, 25(2), 156177. https://doi.org/10.1177/0894486511431257.CrossRefGoogle Scholar
Suess-Reyes, J. (2017). Understanding the transgenerational orientation of family businesses: The role of family governance and business family identity. Journal of Business Economics, 87(6), 749777.CrossRefGoogle Scholar
Sund, L. G., Melin, L., & Haag, K. (2015). Intergenerational ownership succession. Shifting the focus from outcome measurements to preparatory requirements. Journal of Family Business Strategy, 6(3), 166177. https://doi.org/10.1016/j.jfbs.2015.07.001.CrossRefGoogle Scholar
Tan, J. D., Supratikno, H., Pramono, R., Purba, J. T., & Bernarto, I. (2019). Nurturing transgenerational entrepreneurship in ethnic Chinese family SMEs: Exploring Indonesia. Journal of Asia Business Studies, 13, 294325. https://doi.org/10.1108/JABS-04-2018-0132.CrossRefGoogle Scholar
Teixeira, S., Mota Veiga, P., Figueiredo, R., Fernandes, C., Ferreira, J. J., & Raposo, M. (2020). A systematic literature review on family business: Insights from an Asian context. Journal of Family Business Management, 10(4), 329348. https://doi.org/10.1108/JFBM-12-2019-0078.CrossRefGoogle Scholar
Thiele, F. K. (2017). Family businesses and non-family equity: Literature review and avenues for future research. Management Review Quarterly, 67(1), 3163. https://doi.org/10.1007/s11301-017-0123-5.CrossRefGoogle Scholar
Venter, E., Boshoff, C., & Maas, G. (2005). The influence of successor-related factors on the succession process in small and medium-sized family businesses. Family Business Review, 18(4), 283303. https://doi.org/10.1111/j.1741-6248.2005.00049.x.CrossRefGoogle Scholar
Węcławski, J. (2014). Capital market financing of family enterprises. Business and Economic Horizons 10(4), 272280.CrossRefGoogle Scholar
Whittington, R. (2006). Completing the practice turn in strategy research. Organization Studies, 27(5), 613634. https://doi.org/10.1177/0170840606064101.CrossRefGoogle Scholar
Yacob, S. (2012). Trans-generational renewal as managerial succession: The Behn Meyer story (1840–2000). Business History, 54(7), 11661185. https://doi.org/10.1080/00076791.2012.692080.CrossRefGoogle Scholar
Yeoh, P. L. (2014). Internationalization and performance outcomes of entrepreneurial family SMEs: The role of outside CEOs, technology sourcing, and innovation. Thunderbird International Business Review, 56(1), 7796.CrossRefGoogle Scholar
Yu, A., Lumpkin, G. T., Sorenson, R. L., & Brigham, K. H. (2011). The landscape of family business outcomes: A summary and numerical taxonomy of dependent variables. Family Business Review, 25(1), 3357. https://doi.org/10.1177/0894486511430329.CrossRefGoogle Scholar
Zahra, S. A., & Sharma, P. (2004). Family business research: A strategic reflection. Family Business Review, 17(4), 331346. https://doi.org/10.1111/j.1741-6248.2004.00022.x.CrossRefGoogle Scholar
Zehrer, A., & Leiß, G. (2019). Family entrepreneurial resilience – an intergenerational learning approach. Journal of Family Business Management. https://doi.org/10.1108/JFBM-09-2018-0037.CrossRefGoogle Scholar
Zellweger, T. (2007). Time horizon, costs of equity capital, and generic investment strategies of firms. Family Business Review, 20(1), 115. https://doi.org/10.1111/j.1741-6248.2007.00080.x.CrossRefGoogle Scholar
Zellweger, T. M., Nason, R. S., & Nordqvist, M. (2012). From longevity of firms to transgenerational entrepreneurship of families: Introducing family entrepreneurial orientation. Family Business Review, 25(2), 136155. https://doi.org/10.1177/0894486511423531.CrossRefGoogle Scholar
Zheng, V., & Ho, T. M. (2012). Contrasting the evolution of corporate governance models: A study of banking in Hong Kong. Asia Pacific Business Review, 18(3), 407423. https://doi.org/10.1080/13602381.2011.626156.CrossRefGoogle Scholar
Zheng, V., & Wong, S. L. (2016). Competing for leadership and ownership: The Li & Fung Group's legendary and strategy. Journal of Entrepreneurship in Emerging Economies, 8(3), 304320. https://doi.org/10.1108/JEEE-06-2015-0034.CrossRefGoogle Scholar
Zupic, I., & Čater, T. (2015). Bibliometric methods in management and organization. Organizational Research Methods, 18(3), 429472. https://doi.org/10.1177/1094428114562629.CrossRefGoogle Scholar