Abstract
This paper aims to shed new light on the effects of social capital and human capital on family firms’ succession. Drawing on theory on family firms, we identify three succession models: conservative, wavering and proactive. Empirically, we adopt a multiple case study approach involving a theoretical sample of six family firms. From our research, we conclude that the successor’s level of social capital and human capital contributes in defining the succession model adopted by the firm. This study contributes to bridge literature on family firm with social capital and human capital theories and provides some insights for managers and entrepreneurs that are approaching the succession process.References
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Chua, J. H., J. J. Chrisman, et al. (1999). “Defining the family business by behavior.” Entrepreneurship Theory and Practice 23(4): 19-39.
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Ciambotti, M. (1991). “I processi di transizione imprenditoriale nelle imprese familiari di minore dimensione.” Piccola Impresa/Small Business 1.
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Daily , C. and J. Dollinger (1992). “An Empirical Examination of Ownership Structure in Family and Professionally Managed Firms.” Family Business Review 5(2): 117-136.
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Habbershon, T. G. and M. Williams (1999). “A Resource-Based Framework for Assessing the Strategic Advantages of Family Firms.” Family Business Review 12(1): 1-25.
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Nahapiet, J. and S. Ghoshal (1998). “Social capital, intellectual capital, and the organizational advantage “ Academy of Management Review 23(2): 242–266.
Schillaci and Faraci (1999). “I processi di transizione istituzionale nel governo delle piccole e medie imprese familiari.” Piccola Impresa\Small Business 3: 3-27.
Sexton, D. and P. Van Aucken (1982). “Prevalence of Strategic Planning in Small Business.” Journal of Small Business Management 20(2): 20-26.
Shanker, M. C. and J. H. Astrachan (2004). “Myths and Realities: Family Businesses’ Contribution to the US Economy–A Framework for Assessing Family Business Statistics.” Family
Business Review 9(1): 107 - 123.
Sharma, P., J. J. Chrisman, et al. (2003). “Journal of Business Venturing.” Predictors of satisfaction with the succession process in family firms.
Tagiuri, R. and J. A. Davis (1992). “On the goals of successful family companies.” Family Business Review 5(1): 43-62.
Uzzi, B. (1997). “Social structure and competition in interfirm networks: The paradox of embeddedness “ Administrative Science Quarterly 42: 35- 67.
Ward, J. L. (1987). Keeping the family business healthy: How to plan for continuing growth, profitability, and family leadership. San Francisco, CA, Jossey-Bass.
Yin, R. K. (2003). Case Study Research: Design and Methods London and New Delhi, Sage.
Beckhard, R. and G. W. Dyer (1983). “Managing continuity in the family-owned business.” Organizational Dynamics 12(1): 5-12.
Burt, R. S. (1992). Structural Holes: The Social Structure of Competition. Cambridge MA, Harvard University Press.
Cadieux , L. (2007). “Succession in Small and Medium-Sized Family Businesses: Toward a Typology of Predecessor Roles During and After Instatement of the Successor.” Family Business
Review 20(15): 95-109.
Cadieux, L., J. Lorrain, et al. (2002). “Succession in women owned family businesses: A case study.” Family Business Review 15.
Chrisman, J., J. Chua, et al. (2003). “A unified perspective of family firm performance: An extension and integration.” Journal of Business Venturing. Commentary: 18(4).
Chua, J. H., J. J. Chrisman, et al. (1999). “Defining the family business by behavior.” Entrepreneurship Theory and Practice 23(4): 19-39.
Chua, J. H., J. J. Chrisman, et al. (1999). “Defining the family business by behavior.” Entrepreneurship Theory and Practice 23(4): 19-39.
Churchill, N. C. and K. J. Hatten (1987). “Non-market-based transfer of wealth and power: A research framework for family businesses.” American Journal of Small Business 11(3): 51-64.
Ciambotti, M. (1991). “I processi di transizione imprenditoriale nelle imprese familiari di minore dimensione.” Piccola Impresa/Small Business 1.
Coleman, J. (1988). “Social Capital in the Creation of Human Capital “ American Journal of Sociology 94: 95 -120.
Corbetta, G. and C. Salvato (2004). “Self-Serving or Self-Actualizing? Models of Man and Agency Costs in Different Types of Family Firms: A Commentary on “Comparing the Agency Costs
of Family and Non-Family Firms Conceptual Issues and Exploratory Evidence.” Entrepreneurship: Theory and Practice 28(4): 355 - 362.
Cucculelli, M. and G. Micucci (2008). “Family succession and firm performance: Evidence from Italian family firms.” Journal of Corporate Finance 14(1): 17-31.
Daily , C. and J. Dollinger (1992). “An Empirical Examination of Ownership Structure in Family and Professionally Managed Firms.” Family Business Review 5(2): 117-136.
Davis, P. and P. Harveston (1998). “The influence of family on the family business succession process: A multi-generational perspective.” Entrepreneurship Theory and Practice 22.
Fukuyama, F. (1995). Trust: The Social Virtues and the Creation of Prosperity. World and I. USA NEWS WORLD COMMUNICATIONS, INC. 10 264-268
Gallo, M. and A. Vilaseca (1998). “A financial perspective on structure, conduct, and performance in the family firms: An empirical study.” Family Business Review 11.
Habbershon, T. G. and M. Williams (1999). “A Resource-Based Framework for Assessing the Strategic Advantages of Family Firms.” Family Business Review 12(1): 1-25.
Handler, W. (1989). “Methodological issues and considerations in studying family businesses.” Family Business Review 2.
Harveston, P., P. Davis, et al. (1997). “Succession planning in family business: The impact of owner gender.” Family Business Review 10.
Heck, R. K. Z. and K. Stafford (2001). The vital institution of family business: Economic benefits hidden in plain sight. Destroying myths and creating value in family business G. K.
McCann and N. Upton. Deland, FL, Stetson University Press: 9-17.
Kets De Vries, M. (1993). “The dynamics of family controlled firms: The good and bad news.” Organizational Dynamics 21(3): 59-71.
Miller, D., L. Steier, et al. (2003). “Lost in time: Intergenerational succession, change, and failure in family business.” Journal of Business Venturing.
Morris, M., R. Williams, et al. (1997). “Correlates of success in family business transitions.” Journal of Business Venturing 12(5): 385-401
Nahapiet, J. and S. Ghoshal (1998). “Social capital, intellectual capital, and the organizational advantage “ Academy of Management Review 23(2): 242–266.
Schillaci and Faraci (1999). “I processi di transizione istituzionale nel governo delle piccole e medie imprese familiari.” Piccola Impresa\Small Business 3: 3-27.
Sexton, D. and P. Van Aucken (1982). “Prevalence of Strategic Planning in Small Business.” Journal of Small Business Management 20(2): 20-26.
Shanker, M. C. and J. H. Astrachan (2004). “Myths and Realities: Family Businesses’ Contribution to the US Economy–A Framework for Assessing Family Business Statistics.” Family
Business Review 9(1): 107 - 123.
Sharma, P., J. J. Chrisman, et al. (2003). “Journal of Business Venturing.” Predictors of satisfaction with the succession process in family firms.
Tagiuri, R. and J. A. Davis (1992). “On the goals of successful family companies.” Family Business Review 5(1): 43-62.
Uzzi, B. (1997). “Social structure and competition in interfirm networks: The paradox of embeddedness “ Administrative Science Quarterly 42: 35- 67.
Ward, J. L. (1987). Keeping the family business healthy: How to plan for continuing growth, profitability, and family leadership. San Francisco, CA, Jossey-Bass.
Yin, R. K. (2003). Case Study Research: Design and Methods London and New Delhi, Sage.
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