Chapter 3: Characteristics and factors affecting innovation in family firms
This chapter examines the characteristics of innovation in small family firms (SFF), including factors driving innovation, level of innovation in SFF, and impacts of innovation on SFF business financial performance. The chapter also focuses on examining to what extent knowledge acquisition and learning, as well as innovation strategy and family involvement affect innovation in SFF. Social capital theory and social networks will be analysed and discussed. The chapter examines how innovation activity differs in young SFF compared with old SFF, and the implications of innovation in the early stage and later stage of the business. It also explores the issue of sustained innovation in generational firms.
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