How do family firms create value across generations? After five years it is time for STEP’s netwo... more How do family firms create value across generations? After five years it is time for STEP’s network of 33 partner universities, 125 scholars and more than 75 families to reflect on our answers to this question. This booklet presents the first comprehensive effort to showcase what the global STEP community has discovered regarding the transgenerational success of family firms. Based
... 4 We are indebted to Tom Lumpkin (Syracuse University), Michael Hitt (Texas A&M U... more ... 4 We are indebted to Tom Lumpkin (Syracuse University), Michael Hitt (Texas A&M University), Per Davidsson (Queensland University of Technology) and Candida Brush (Babson College) for the guidance in the scale building
Through the lens of stakeholder theory, this article deepens our understanding of financial and n... more Through the lens of stakeholder theory, this article deepens our understanding of financial and nonfinancial performance outcomes in family firms across multiple stakeholder categories, including the family level of analysis. Based on this foundation, we develop a typology of performance relationships between performance outcomes: overlapping, causal, synergistic, and substitutional. We argue that these relationships, when used between constructive (positive) performance outcomes, are able to increase stakeholder satisfaction, which in turn increases organizational effectiveness. Through this analysis, we extend the common one-dimensional and cause-effect understanding of performance in family firms and move toward a comprehensive stakeholder performance perspective, which provides insights for increasing organizational effectiveness of family firms.
How do family firms create value across generations? After five years it is time for STEP’s netwo... more How do family firms create value across generations? After five years it is time for STEP’s network of 33 partner universities, 125 scholars and more than 75 families to reflect on our answers to this question. This booklet presents the first comprehensive effort to showcase what the global STEP community has discovered regarding the transgenerational success of family firms. Based
... 4 We are indebted to Tom Lumpkin (Syracuse University), Michael Hitt (Texas A&M U... more ... 4 We are indebted to Tom Lumpkin (Syracuse University), Michael Hitt (Texas A&M University), Per Davidsson (Queensland University of Technology) and Candida Brush (Babson College) for the guidance in the scale building
Through the lens of stakeholder theory, this article deepens our understanding of financial and n... more Through the lens of stakeholder theory, this article deepens our understanding of financial and nonfinancial performance outcomes in family firms across multiple stakeholder categories, including the family level of analysis. Based on this foundation, we develop a typology of performance relationships between performance outcomes: overlapping, causal, synergistic, and substitutional. We argue that these relationships, when used between constructive (positive) performance outcomes, are able to increase stakeholder satisfaction, which in turn increases organizational effectiveness. Through this analysis, we extend the common one-dimensional and cause-effect understanding of performance in family firms and move toward a comprehensive stakeholder performance perspective, which provides insights for increasing organizational effectiveness of family firms.
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