Abstract
Although an increasing amount of literature has identified the role of dynamic capabilities as a source of competitive advantage, we still have little knowledge as to how corporate governance may influence their development. This paper addresses how corporate governance practices may be strategically employed to change the firm’s resources and create new knowledge which enables the development of dynamic capabilities in a family firm. Our data show how value creation may result not merely from the possession of unique resources, but from how family members perform their day to day practice of strategy by managing resources which may enable the achievement of dynamic capabilities.Riferimenti bibliografici
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Alvarez, S.A., & Barney, J.B. (2004). ‘Organizing rent generation and appropriation: toward a theory of entrepreneurial firm’. Journal of Business Venturing, 19, 5, 621-635.
Amit, R. & Zott, C.(2001). ‘Value creation in e-business’. Strategic Management Journal, 22, 493-520.
Arregle, J., Hitt, M.A., Sirmon, D.G. & Very, P. (2007). ‘The development of organizational social capital: attributes of family firms’. Journal of Management Studies. 44, 1, 73-95.
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Chirico, F., & Salvato, C. (2008). ‘Knowledge Integration and Dynamic Organizational Adaptation in Family Firms’. Family Business Review, 21, 2, 169-181.
Chua, J.H., Chrisman, J.J., & Bergiel, E.B. (2009). ‘An Agency Theoretic Analysis of the Professionalized Family Firm’. Entrepreneurship Theory and Practice, 33, 2, 355-372.
Chua, J.H., Chrisman, J.J., & Sharma, P. (1999). ‘Defining the family business by behavior’. Entrepreneurship Theory and Practice, 23(4), 19-40.
Corbetta G. (2010). Le aziende familiari. Strategie per il lungo periodo. Milano, Egea.
Danneels, E. (2002). ‘The dynamics of product innovation and firm competences’. Strategic Management Journal, 23, 1095-1121.
Eisenhardt, K.M. (1989) Building Theories from Case Study Research. Academy of Management Review, 14(4), 532-550.
Eisenhardt, K.M. and Martin, J.A. (2000), ‘Dynamic capabilities: What are they?’. Strategic Management Journal, 21, 1105-1121.
Fama, E.F. & Jensen, M.C. (1983). ‘Separation of Ownership and Control’. Journal of Law and Economics, 26, 301-326.
Filatotchev, I., 2007, ‘Corporate Governance and the Firm’s Dynamics: Contingencies and Complementarities’, Journal of Management Studies, 44, 1041-1056.
Filatotchev, I., Toms S., & Wright, M. (2006). ‘The firm’s strategic dynamics and corporate governance life cycle’. International Journal of Managerial Finance, 2(4), 256-279.
Gedajlovic, E., Lubatkin, M.H., & Schulze, W. (2004). ‘Crossing the Threshold from Founder Management to Professional Management: A Governance Perspective’. Journal of
Management Studies, 41(5), 899-912.
Habbershon, T.G., & Williams, M.L. (1999). ‘A resource-based framework for assessing the strategic advantages of family firms. Family Business Review, 12, 1-25.
Helfat, C.E., & Raubitschek R.S. (2000). ‘Product sequencing: co-evolution of knowledge, capabilities and products’. Strategic Management Journal, 21, 961-979
Ireland, R.D., Covin J.G., & Kuratko, D.F. (2009). Conceptualizing Corporate Entrepreneurship Strategy. Entrepreneurship Theory & Practice, 1, 19-46.
Ireland R.D., Hitt, M.A., & Sirmon, M.A. (2003). ‘Strategic entrepreneurship: the construct and its dimensions’. Journal of Management, 29, 963-989.
Jensen, M.C. & Meckling, W.H. (1976). ‘Theory of the firm: managerial behaviour, agency costs and capital structure’, Journal of Financial Economics, 3, 305-360.
Lei, D., Hitt, M.A., & Bettis, R. (1996). ‘Dynamic core competencies through metalearning and strategic context’. Journal of Management, 22, 549-569.
McKelvie, A. & Davidsson, P. (2009), ‘From Resource Base to Dynamic Capabilities: an Investigation of New Firms’. British Journal of Management, 20: S63-S80.
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Salvato, C. (2009), ‘Capabilities Unveiled: The Role of Ordinary Activities in the Evolution of Product Development Processes’. Organization Science, 20, 2, 384-409.
Salvato, C. & Melin L. (2008). ‘Creating Value Across Generations in Family-Controlled Businesses: The Role of Family Social Capital’. Family Business Review, .21(3), 259-276.
Schulze, W.S., Lubatkin, M.H. & Dino, R.N. (2003). ‘Toward a theory of agency and altruism in family firms’. Journal of Business Venturing, 18, 4, 473-490.
Schulze, W.S., Lubatkin, M.H., Dino, R.N. & Bucholtz, A.K. (2001). ‘Agency Relationships in Family Firms: Theory and Evidence’. Organization Science, 12, 2, 99-116.
Sirmon, D.G. & Hitt, M.A. (2003). ‘Managing Resources: Linking Unique Resources, Management, and Wealth Creation in Family Firms’. Entrepreneurship Theory and Practice, 28(4), 339-358.
Sirmon, D.G.,. Hitt, M.A & Ireland, R. D., 2007, ‘Managing firm resources in dynamic environments to create value: looking inside the black box’. Academy of Management Review, 32(1): 273-291.
Verona, G., & Ravasi, D. (2003). ‘Unbundling dynamic capabilities: an exploratory study of continuous product innovation’. Industrial and Corporate Change, 12, 3, 577-606.
Wiklund, J., & Shepherd D. (2003). ‘Knowledge based resources, entrepreneurial orientation, and the performance of small and medium-sized businesses’. Strategic Management Journal, 24, 1307-1314.
Yin, R.K. (1994). Case study research. Design and Methods. 2nd ed., Thousands Oaks: Sage
Zahra, S.A., & Filatotchev, I. (2004). ‘Governance of the Entrepreneurial Threshold Firm: A Knowledge-based Perspective’. Journal of Management Studies, 41(5): 885-897.
Zahra, S.A., Filatotchev, I. & Wright, M. (2009). ‘How do threshold firms sustain corporate entrepreneurship? The role of boards and absorptive capacity’. Journal of Business Venturing, 24, 248-260.
Zahra S.A. & George, G. (2002). ‘Absorptive capacity: a review. Reconceptualization, and extension’. Academy of Management Review, 27(2), 185-203.
Zahra, S.H., Sapienza, J. & Davidsson, P. (2006). ‘Entrepreneurship and Dynamic Capabilities: A Review, Model and Research Agenda’. Journal of Management Studies, 43(4),
917-955.
Zattoni, A.(2006). Assetti proprietari e corporate governance. Milano, Egea.
Zollo, M., & Winter, S.G. (2002), ‘Deliberate Learning and the Evolution of DynamicCapabilities’. Organization Science, 13(3), 339-351.
Alvarez, S.A., & Barney, J.B. (2004). ‘Organizing rent generation and appropriation: toward a theory of entrepreneurial firm’. Journal of Business Venturing, 19, 5, 621-635.
Amit, R. & Zott, C.(2001). ‘Value creation in e-business’. Strategic Management Journal, 22, 493-520.
Arregle, J., Hitt, M.A., Sirmon, D.G. & Very, P. (2007). ‘The development of organizational social capital: attributes of family firms’. Journal of Management Studies. 44, 1, 73-95.
Barney, J.B. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17, 99-120.
Bryman, A., & Bell, E. (2007) Social Research Methods, 2nd ed., New York: Oxford University Press.
Carney, M. (2005). Corporate Governance and Competitive Advantage in Family-Controlled Firms. Entrepreneurship Theory and Practice, 249-264.
Chirico, F., & Salvato, C. (2008). ‘Knowledge Integration and Dynamic Organizational Adaptation in Family Firms’. Family Business Review, 21, 2, 169-181.
Chua, J.H., Chrisman, J.J., & Bergiel, E.B. (2009). ‘An Agency Theoretic Analysis of the Professionalized Family Firm’. Entrepreneurship Theory and Practice, 33, 2, 355-372.
Chua, J.H., Chrisman, J.J., & Sharma, P. (1999). ‘Defining the family business by behavior’. Entrepreneurship Theory and Practice, 23(4), 19-40.
Corbetta G. (2010). Le aziende familiari. Strategie per il lungo periodo. Milano, Egea.
Danneels, E. (2002). ‘The dynamics of product innovation and firm competences’. Strategic Management Journal, 23, 1095-1121.
Eisenhardt, K.M. (1989) Building Theories from Case Study Research. Academy of Management Review, 14(4), 532-550.
Eisenhardt, K.M. and Martin, J.A. (2000), ‘Dynamic capabilities: What are they?’. Strategic Management Journal, 21, 1105-1121.
Fama, E.F. & Jensen, M.C. (1983). ‘Separation of Ownership and Control’. Journal of Law and Economics, 26, 301-326.
Filatotchev, I., 2007, ‘Corporate Governance and the Firm’s Dynamics: Contingencies and Complementarities’, Journal of Management Studies, 44, 1041-1056.
Filatotchev, I., Toms S., & Wright, M. (2006). ‘The firm’s strategic dynamics and corporate governance life cycle’. International Journal of Managerial Finance, 2(4), 256-279.
Gedajlovic, E., Lubatkin, M.H., & Schulze, W. (2004). ‘Crossing the Threshold from Founder Management to Professional Management: A Governance Perspective’. Journal of
Management Studies, 41(5), 899-912.
Habbershon, T.G., & Williams, M.L. (1999). ‘A resource-based framework for assessing the strategic advantages of family firms. Family Business Review, 12, 1-25.
Helfat, C.E., & Raubitschek R.S. (2000). ‘Product sequencing: co-evolution of knowledge, capabilities and products’. Strategic Management Journal, 21, 961-979
Ireland, R.D., Covin J.G., & Kuratko, D.F. (2009). Conceptualizing Corporate Entrepreneurship Strategy. Entrepreneurship Theory & Practice, 1, 19-46.
Ireland R.D., Hitt, M.A., & Sirmon, M.A. (2003). ‘Strategic entrepreneurship: the construct and its dimensions’. Journal of Management, 29, 963-989.
Jensen, M.C. & Meckling, W.H. (1976). ‘Theory of the firm: managerial behaviour, agency costs and capital structure’, Journal of Financial Economics, 3, 305-360.
Lei, D., Hitt, M.A., & Bettis, R. (1996). ‘Dynamic core competencies through metalearning and strategic context’. Journal of Management, 22, 549-569.
McKelvie, A. & Davidsson, P. (2009), ‘From Resource Base to Dynamic Capabilities: an Investigation of New Firms’. British Journal of Management, 20: S63-S80.
Myers, M.D. (2009). Qualitative Research in Business & Management, London: Sage
Newey L.R., & Zahra, S.A. (2009). ‘The evolving firm: how dynamic and operating capabilities interact to enable
entrepreneurship’. British Journal of Management, 20, S81-S100.
Salvato, C. (2009), ‘Capabilities Unveiled: The Role of Ordinary Activities in the Evolution of Product Development Processes’. Organization Science, 20, 2, 384-409.
Salvato, C. & Melin L. (2008). ‘Creating Value Across Generations in Family-Controlled Businesses: The Role of Family Social Capital’. Family Business Review, .21(3), 259-276.
Schulze, W.S., Lubatkin, M.H. & Dino, R.N. (2003). ‘Toward a theory of agency and altruism in family firms’. Journal of Business Venturing, 18, 4, 473-490.
Schulze, W.S., Lubatkin, M.H., Dino, R.N. & Bucholtz, A.K. (2001). ‘Agency Relationships in Family Firms: Theory and Evidence’. Organization Science, 12, 2, 99-116.
Sirmon, D.G. & Hitt, M.A. (2003). ‘Managing Resources: Linking Unique Resources, Management, and Wealth Creation in Family Firms’. Entrepreneurship Theory and Practice, 28(4), 339-358.
Sirmon, D.G.,. Hitt, M.A & Ireland, R. D., 2007, ‘Managing firm resources in dynamic environments to create value: looking inside the black box’. Academy of Management Review, 32(1): 273-291.
Verona, G., & Ravasi, D. (2003). ‘Unbundling dynamic capabilities: an exploratory study of continuous product innovation’. Industrial and Corporate Change, 12, 3, 577-606.
Wiklund, J., & Shepherd D. (2003). ‘Knowledge based resources, entrepreneurial orientation, and the performance of small and medium-sized businesses’. Strategic Management Journal, 24, 1307-1314.
Yin, R.K. (1994). Case study research. Design and Methods. 2nd ed., Thousands Oaks: Sage
Zahra, S.A., & Filatotchev, I. (2004). ‘Governance of the Entrepreneurial Threshold Firm: A Knowledge-based Perspective’. Journal of Management Studies, 41(5): 885-897.
Zahra, S.A., Filatotchev, I. & Wright, M. (2009). ‘How do threshold firms sustain corporate entrepreneurship? The role of boards and absorptive capacity’. Journal of Business Venturing, 24, 248-260.
Zahra S.A. & George, G. (2002). ‘Absorptive capacity: a review. Reconceptualization, and extension’. Academy of Management Review, 27(2), 185-203.
Zahra, S.H., Sapienza, J. & Davidsson, P. (2006). ‘Entrepreneurship and Dynamic Capabilities: A Review, Model and Research Agenda’. Journal of Management Studies, 43(4),
917-955.
Zattoni, A.(2006). Assetti proprietari e corporate governance. Milano, Egea.
Zollo, M., & Winter, S.G. (2002), ‘Deliberate Learning and the Evolution of DynamicCapabilities’. Organization Science, 13(3), 339-351.
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