Edited by Ritch L. Sorenson, Andy Yu, Keith H. Brigham and G. T. Lumpkin
Chapter 5: Strategy in family business: Recent findings and future challenges
Family firms represent a major engine of economic growth and wealth creation (Astrachan & Shanker, 2003). Young, small firms represent a substantial portion of the new job creation and innovation in the US economy (Birch, Haggerty, & Parsons, 1994), and many of today’s new ventures are family-based. A growing body of research indicates that family-controlled businesses outperform non-family businesses (e.g., Anderson & Reeb, 2003). Compared to firms in general, however, less is known about the strategic orientations and organizational processes that drive family firms (Sharma, Chrisman, & Chua, 1997). Although a few studies have investigated family firm strategic postures (e.g., Daily & Thompson, 1994), the strategic methods employed by family firms, many of which are highly entrepreneurial, are not well understood. A growing body of research suggests that family businesses are fundamentally different from non-family businesses (e.g., Miller & Le Breton-Miller, 2005). Beneath this important conclusion, however, questions persist about how family firms behave and what makes them different.
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