Family business innovativeness: a quantitative analysis of the individual and combined effect of size, age/generation and family ownership
Abstract
No large-scale quantitative studies exist on how the complex characteristics of the firm affect the innovativeness of family businesses. Our study is the first to quantitatively examine how size, age/generation and family ownership individually and in combination affect the innovativeness of family businesses, using data from 56 countries. Firstly, we found that medium and large family businesses are perceived by potential successors as more innovative than small businesses; secondly, that the trend of family business innovativeness changes over time and generations according to the U-shape line; and thirdly, that the most effective family ownership in terms of innovativeness seems to be that with exactly 50%. These results were subsequently confirmed by testing the combined effect of the above mentioned three characteristics. In contrast, small family businesses in which the second or any subsequent generation is involved and which are minority or majority family-owned are perceived as the least innovative family businesses. Our findings can help public authorities in deciding how to allocate public funds, investors in deciding how to co-finance projects, and family businesses in defining development and innovation strategies for their growth.
First published online 12 January 2024
Keyword : family business, family firm, innovativeness, business age/generation, business size, family ownership, one-way ANOVA, Kruskall–Wallis test
How to Cite
Skrbková, D., & Rydvalová, P. (2023). Family business innovativeness: a quantitative analysis of the individual and combined effect of size, age/generation and family ownership. Journal of Business Economics and Management, 24(6), 1059–1079. https://doi.org/10.3846/jbem.2023.20642
This work is licensed under a Creative Commons Attribution 4.0 International License.
References
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Bell, R., & Pham, T. T. (2020). Modelling the knowledge transfer process between founder and successor in Vietnamese family businesses succession. Journal of Family Business Management, 11(4), 479–495. https://doi.org/10.1108/JFBM-03-2020-0024
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Gubik, A. S., & Vörös, Z. (2023). Why narcissists may be successful entrepreneurs: The role of entrepreneurial social identity and overwork. Journal of Business Venturing Insights, 19, Article e00364. https://doi.org/10.1016/j.jbvi.2022.e00364
GUESSS. (2021). Global University Entrepreneurial Spirit Students’ Survey. https://www.guesssurvey.org/
Hidayati, A., Hermawan, A., Soehadi, A. W., & Hartoyo. (2020). Intra-family succession insights: The presence of millennial cohort successors. Journal of Family Business Management, 11(1), 107–135. https://doi.org/10.1108/JFBM-07-2019-0052
Holmberg-Wright, K., Hribar, T., & Tsegai, J. D. (2017). More than money: Business strategies to engage millennials, 9(2).
Huang, F.-M., Cvetkoska, V., Kassi, D. F., & Gnahe, F. E. (2023). The divergence effects of knowledge transfer in the family business: Evidence from Nanchang. FIIB Business Review, 23197145231167708. https://doi.org/10.1177/23197145231167707
Jeng, D. J., & Pak, A. (2016). The variable effects of dynamic capability by firm size: The interaction of innovation and marketing capabilities in competitive industries. International Entrepreneurship and Management Journal, 12(1), 115–130. https://doi.org/10.1007/s11365-014-0330-7
Kellermanns, F. W., Eddleston, K. A., Sarathy, R., & Murphy, F. (2012). Innovativeness in family firms: A family influence perspective. Small Business Economics, 38(1), 85–101. https://doi.org/10.1007/s11187-010-9268-5
Kenyon-Rouvinez, D., & Ward, J. L. (2005). Introduction and models. In D. Kenyon-Rouvinez & J. L. Ward (Eds.), Family business: Key issues (pp. 1–16). Palgrave Macmillan UK. https://doi.org/10.1057/9780230287730_1
Khan, M. A. (2022). Barriers constraining the growth of and potential solutions for emerging entrepreneurial SMEs. Asia Pacific Journal of Innovation and Entrepreneurship, 16(1), 38–50. https://doi.org/10.1108/APJIE-01-2022-0002
Kinkel, S., & Lay, G. (2012). Familienunternehmen: Langfristige Stabilität statt kurzfristiger Optimierung. Wettbewerbs- und Modernisierungsstrategien von Familienbetrieben im Vergleich zu anderen Betrieben.
Krstić, S., & Fedajev, A. (2020). The role and importance of large companies in the economy of the Republic of Serbia. Serbian Journal of Management, 15(2), 335–352. https://doi.org/10.5937/sjm15-19553
Léger, A., & Swaminathan, S. (2007). Innovation theories: Relevance and implications for developing country innovation. DIW Berlin.
Lesáková, Ľ., Ondrušová, A., & Vinczeová, M. (2019). Factors determining profi tability of small and medium enterprises in selected industry of mechanical engineering in the Slovak Republic – the empirical study. E+M Ekonomie a Management, 22(2), 144–160. https://doi.org/10.15240/tul/001/2019-2-010
Lim, E. N. K., Lubatkin, M. H., & Wiseman, R. M. (2010). A family firm variant of the behavioral agency theory. Strategic Entrepreneurship Journal, 4(3), 197–211. https://doi.org/10.1002/sej.91
Mazzi, C. (2011). Family business and financial performance: Current state of knowledge and future research challenges. Journal of Family Business Strategy, 2, 166–181. https://doi.org/10.1016/j.jfbs.2011.07.001
Medase, S. K. (2020). Product innovation and employees’ slack time. The moderating role of firm age & size. Journal of Innovation & Knowledge, 5(3), 151–174. https://doi.org/10.1016/j.jik.2019.11.001
Merriam-Webster. (2023). Thesaurus by Merriam-Webster. https://www.merriam-webster.com/thesaurus
Muñoz-Bullón, F., & Sanchez-Bueno, M. J. (2011). The impact of family involvement on the R&D intensity of publicly traded firms. Family Business Review, 24(1), 62–70. https://doi.org/10.1177/0894486510396870
Nejman, Z., Sadlowska-Wrzesinska, J., Jalowiec, T., & Wojtaszek, H. (2021). Analysis of factors influencing the motivation of production workers: Experiences of Polish family businesses. https://doi.org/10.35808/ersj/1985
Núñez-Cacho, P., & Lorenzo, D. (2020). Temporary factors that condition innovation: Comparison between family and non-family businesses. Entrepreneurship and Sustainability Issues, 7(3), 1740–1759. https:// doi.org/10.9770/jesi.2020.7.3(20)
Nwuke, O., Nwoye, C., & Onoyima, N. (2020). Family businesses, succession and survival strategies. In O. Adeola (Ed.), Indigenous African enterprise (Vol. 26, pp. 59–71). Emerald Publishing Limited. https://doi.org/10.1108/S1877-636120200000026005
OECD. (2021). Entrepreneurship – Enterprises by business size – OECD Data. The OECD. http://data.oecd.org/entrepreneur/enterprises-by-business-size.htm
Oswald, S. L., Muse, L. A., & Rutherford, M. W. (2009). The influence of large stake family control on performance: Is it agency or entrenchment? Journal of Small Business Management, 47(1), 116–135. https://doi.org/10.1111/j.1540-627X.2008.00264.x
Peráček, T., Vilčeková, L., & Strážovská, Ľ. (2020). Selected problems of family business: A Case study from Slovakia. Acta Polytechnica Hungarica, 17, 145–162. https://doi.org/10.12700/APH.17.7.2020.7.8
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