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.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.