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Editors Marita Rautiainen, Peter Rosa, Timo Pihkala, Maria José Parada and Allan Discua Cruz The Family Business Group Phenomenon Emergence and Complexities Editors Marita Rautiainen School of Engineering Science Lappeenranta University of Technology, Lahti, Finland Peter Rosa Business School, University of Edinburgh, Edinburgh, UK Timo Pihkala School of Engineering Science Lappeenranta University of Technology, Lahti, Finland Maria José Parada Strategy and General Management Department, ESADE Business School, Barcelona, Spain Allan Discua Cruz Department of Entrepreneurship and Strategy, Lancaster University Management School, Lancaster, UK ISBN 978-3-319-98541-1 e-ISBN 978-3-319-98542-8 https://doi.org/10.1007/978-3-319-98542-8 Library of Congress Control Number: 2018957330 © The Editor(s) (if applicable) and The Author(s) 2019 This work is subject to copyright All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed The use of general descriptive names, registered names, trademarks, service marks, etc in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland Acknowledgements This book would not have been possible without the families who invited us into their business lives We have seen family businesses of all sizes from all over the world We are grateful to all of those family members with whom we have had the pleasure to work during this and other related projects that helped us to compile this book Writing a book requires the work of large numbers of people It is important to us as editors in this developing professional field to acknowledge the influence and contributions of our colleagues We want to thank all the authors who gave their valuable data, time and effort in writing and finishing different chapters of this book During the years of research, there has been financial support of several kinds In Finland, Foundation for Entrepreneurship Research and Foundation for Economic Education have supported the research of this topic in several projects, as has George David’s Endowment in funding activities of the Edinburgh University Business School research in this book Special thanks to the Department of Entrepreneurship and Strategy at Lancaster University Management School for continued support We are particularly grateful to the Department of Strategy and General Management at ESADE and the STEP project in Spain The Palgrave Macmillan press has our sincere thanks for helping us turn our research into a publication Contents 1 Introduction: Presenting the Case for Studying the Emergence and Development of Family Business Groups Peter Rosa, Marita Rautiainen, Timo Pihkala, Maria José Parada and Allan Discua Cruz 1.1 The Vision and Organization of the Book References Part I Theoretical and Methodological Reflections 2 Theoretical Insights into the Nature, Diversity and Persistence of Business Groups Peter Rosa and Timo Pihkala 2.1 Introduction 2.2 The Emergence of Business Groups and the Role of Portfolio Entrepreneurship 2.3 Conclusion References 3 The Methodological Challenges of Researching Family-Owned Business Groups Peter Rosa, Marita Rautiainen and Timo Pihkala 3.1 Introduction 3.2 Methodological Challenge 1: Identifying and Refining Key Research Questions and Theories 3.3 Methodological Challenge 2: Definitional Challenges 3.3.1 Unpacking the Definitional Complexities of Business Groups and Family Business Groups 3.3.2 Unpacking the Complexities of Legal Entities and Affiliates 3.3.3 Defining Portfolio Entrepreneurship 3.4 Methodological Challenge 3: Family Business Databases Amenable to Rigorous Statistical Analysis Are Difficult to Find and Access 3.5 Methodological Challenge 4: The Phenomenon Is a Difficult Process to Research Rigorously Over Time 3.6 Methodological Challenge 5: Researchers of Family Business Groups and Portfolios Encounter the Challenges of Mapping, Recording and Analysing Complexity 3.6.1 Identifying, Describing and Mapping Complex Family Business Groups 3.7 Conclusion References Part II The Emergence of Family Business Groups Through Portfolio Entrepreneurship 4 The Emergence of a Family Business Group: The Role of Portfolio Entrepreneurship Marita Rautiainen and Timo Pihkala 4.1 Introduction 4.2 Business Group Emergence Through Portfolio Entrepreneurship: A Case Study 4.2.1 The Portfolio Entrepreneur 4.2.2 The Entrepreneurial Model for Diversification 4.2.3 The Emergence of a Family Business 4.2.4 Balancing Entrepreneurship and Retaining Wealth 4.3 Discussion of the Case Study 4.3.1 Building the Portfolio 4.3.2 The Characteristics of Family Business Entrepreneurship and Business Group 4.3.3 The Complex Group Structure, Organized According to the Family Members 4.4 Conclusion References 5 Managing Portfolio Entrepreneurship: A Case Study Donato Iacobucci and Peter Rosa 5.1 Introduction 5.2 Research Method 5.3 The Pigini Group: History Outline 5.4 New Venture Creation and Entrepreneurial Team Formation 5.5 The Dynamics of Entrepreneurial Teams in Knowledge-Intensive Businesses 5.6 Conclusions References 6 Entrepreneurial Growth Through Portfolio Entrepreneurship: The Entrepreneurial Career Ladder Peter Rosa 6.1 Introduction 6.2 Learning from Indigenous Entrepreneurship 6.3 East African Indigenous Entrepreneurship Systems 6.4 Conceptualising the Entrepreneurial Career Ladder (ECL) 6.5 Case Studies to Illustrate the “Ladder Process” at Work 6.5.1 Case Study One: Moses the Skinner 6.5.2 Case Study Two: Jeremiah Butchery: Fred Ngombo (Name Changed) 6.5.3 Case Study Three: Sudhir Ruparelia: Starting Again Through Cash Flow and Property 6.5.4 Case Four: The ECL and a Trans-generational Ugandan Family—The Madhvanis 6.6 Business Failure 6.7 Case Examples of a Mismatch of Entrepreneurial and Business Levels 6.7.1 Analysis 6.8 Example of Squandering Inheritance by Starting at the Wrong Level 6.8.1 Analysis 6.9 Conclusion References 7 Resourcefulness and Informal Economy: From Pluriactivity to Portfolio Entrepreneurship Naveed Akhter and Ernestine Ning 7.1 Introduction 7.2 Theoretical Background 7.2.1 Pluriactivity and Portfolio Entrepreneurship 7.2.2 Informal Economies and Entrepreneurial Resourcefulness 7.3 Proposition Development 7.4 Discussion 7.4.1 Further Research 7.4.2 Concluding Remarks References Part III Complexity and the Development of Family Business Groups 8 The Dynamics and Complexity of Family Business Groups Kajari Mukherjee, Marita Rautiainen, Timo Pihkala and Peter Rosa 8.1 Introduction 8.2 Family Business Group Complexity 8.3 Research Methodology 8.4 The Empirical Setting 8.5 Conceptualizing the Case Family Business Group as a Complex Adaptive System 8.6 Accepting the Complexity of the Family Business Group 8.7 Conclusion References 9 Understanding the Dynamics of Business Group Development: A Transgenerational Perspective Maria José Parada, Naveed Akhter, Rodrigo Basco, Allan Discua Cruz and Sarah Fitz-Koch 9.1 Introduction 9.2 Literature Review 9.2.1 Family Firms 9.2.2 Transgenerational Entrepreneurship and Family Business Groups 9.3 Method and Case Analysis 9.4 Discussion 9.4.1 Ability to Transform the Business Model 9.4.2 Ownership Concentration 9.4.3 Familiness 9.4.4 Entrepreneurial Orientation 9.4.5 Value Transformation 9.5 Conclusion References 10 Deciphering Ownership of Family Business Groups Timo Pihkala, Sanjay Goel, Marita Rautiainen, Kajari Mukherjee and Markku Ikävalko 10.1 Introduction 10.2 About the Concept of Ownership 10.3 Family Business Group as a Set of Legal Ownership 10.3.1 The Benefits of Controlling the Business and Its Resources in Family Business Groups 10.3.2 The Benefits of Including Outside Investors in the Distinct Businesses in the Group 10.3.3 The Benefit of Operating on the Levels of Collective Ownership and Individual Ownership 10.4 Emotional and Social Benefits of Owning a Family Business Group 10.4.1 The Benefits of Owning Family Business Group on Personal Goals 10.4.2 The Benefits of Family Business Group Ownership on Family Cohesion and Business Continuity 10.4.3 Social Benefits of Owning a Family Business Group 10.5 Managing the Complexity of the Ownership of Family Business Groups 10.6 Future Directions for Research 10.7 Conclusions References 11 Governance in Family Business Groups: Resolving Multiple Contingencies to Sustain Entrepreneurial Capability Sanjay Goel, Tuuli Ikäheimonen and Marita Rautiainen 11.1 Introduction 11.2 The Meaning of the Context and Goals for Governance 11.2.1 Family Business Governance 11.2.2 FBGs Emerge for a Variety of Reasons 11.2.3 Goals Create the Basis for Governance 11.2.4 A Governance System Consists of Structures, Mechanisms and Processes 11.3 FBG Governance 11.4 Discussion and Future Research 11.5 Conclusions References Part IV Family Business Groups in Different Local Contexts 12 The Contribution of Family Business Groups to the Local Innovation Environment Suvi Konsti-Laakso, Jussi Heikkilä, Marita Rautiainen, Satu Rinkinen and Naveed Akhter 12.1 Introduction 12.2 Family Business Groups and Innovation 12.3 Family Businesses in a Regional Innovation System 12.4 Methodology and Data 12.5 Case Lahti: Description and Empirical Findings 12.5.1 The Characteristics of the Lahti Region 12.5.2 Measuring Innovation Activity of Family Business Groups in Lahti 12.6 Discussion and Conclusions 12.6.1 Limitations References 13 Resilience and Family Business Groups in Unstable Economies Allan Discua Cruz, Rodrigo Basco, Maria José Parada, Antonio Malfense Fierro and Cristina Alvarado-Alvarez of Family Entrepreneurial Teams Entrepreneurship Theory and Practice 37 (1): 17–46 https://doi.org/10.1111/j.1540-6520. 2012.00534.x [Crossref] Fitz-Koch, Sarah, Mattias Nordqvist, Sara Carter, and Erik Hunter 2017 Entrepreneurship in the Agriculture Sector: A Literature Review and Future Research 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An Organizational Identity Perspective Entrepreneurship Theory and Practice 37 (2): 229–248 https://doi. org/10.1111/j.1540-6520.2011.00466.x [Crossref] Part V Conclusion © The Author(s) 2019 Marita Rautiainen, Peter Rosa, Timo Pihkala, Maria José Parada and Allan Discua Cruz (eds.), The Family Business Group Phenomenon https://doi.org/10.1007/978-3-319-98542-8_15 15 Conclusions: Researching Family Business Groups: Lessons Learned and Avenues for Further Research Peter Rosa1 , Marita Rautiainen2 , Timo Pihkala2 , Maria José Parada3 and Allan Discua Cruz4 (1) (2) (3) (4) Business School, University of Edinburgh, Edinburgh, UK School of Engineering Science, Lappeenranta University of Technology, Lahti, Finland Strategy and General Management Department, ESADE Business School, Barcelona, Spain Department of Entrepreneurship and Strategy, Lancaster University Management School, Lancaster, UK Peter Rosa Email: peter.rosa@ed.ac.uk Marita Rautiainen (Corresponding author) Email: marita.rautiainen@lut.fi Timo Pihkala Email: timo.pihkala@lut.fi Maria José Parada Email: mariajose.parada@esade.edu Allan Discua Cruz Email: a.discuacruz@lancaster.ac.uk People who start and manage multiple businesses are common worldwide Similarly, most large companies of national or global significance are business groups of legally independent firms rather than organized as a single organization This constitutes a paradox that has preoccupied business researchers for several decades Why do business groups exist and persist when focusing on just one business is apparently so much easier? That large family businesses are also commonly organized as business groups has only recently been realized For the last two decades, there has been a slow but steady increase in researchers focusing on family business groups and their differences from non-family groups Particular research has focused on how pyramid family business groups help controlling families leverage capital from the shareholders of affiliates to fund growth where external capital and equity is not freely available or desirable There has been little research beyond this exploration of the complexities of ownership and family management and how they relate to differing business group organizational forms The emergence of business groups had not received much attention from those researching large-scale business groups, as many business groups start as small-scale entrepreneur-led or family business groups This reflects a widespread, but mistaken, impression that (a) business groups are uncommon and of an insignificant size in the smallfirm sector, and (b) if they do exist, they are likely to be mechanisms to aid survivalist goals, not growth The emergence of entrepreneurship as an important business discipline in the 1980s, which concentrated on new venture creation and small firms, saw new interest being paid to multiple business ownership by small-scale entrepreneurs It was realized that a significant minority of small-scale entrepreneurs have developed small portfolios of businesses, and the term ‘portfolio entrepreneur’ was coined to differentiate them from mono-entrepreneurs or ‘serial’ entrepreneurs who started and closed a series of businesses without building a group Research established that while diversification could be survivalist for many small-business entrepreneurs, for others it could be a positive process of entrepreneurial growth and capital and wealth accumulation The growth of this literature has been overlooked by large business group researchers, but at the same time, entrepreneurship researchers have also tended to regard portfolio entrepreneurship as mainly a small-firm phenomenon and to avoid engaging in the wider business group community of researchers During the last two decades, there has also been a renaissance of interest in family businesses Family business researchers have concentrated on larger businesses and have tended to view them as single businesses rather than as a business group They have been preoccupied more with unravelling the relationship between family and overall business performance and transgenerational issues such as succession, rather than on how the family affects the emergence and development of a business group organizational format In particular, the development of research on transgenerational entrepreneurship in family firms has been preoccupied with identifying unique pools of family resources and how they affect short-term and long-term performance and continuity Their relation to and implications for family businesses group emergence and development are yet to be explored In this book, we have attempted to bridge these parallel theoretical traditions Our contributions lie at the interface and overlap entrepreneurship research on portfolio entrepreneurship, family business research and business group research In taking a holistic approach for the first time, the book examines family business groups and portfolio entrepreneurship at all scales of size, from large groups spanning several generations to small micro proto-groups formed by small-scale micro-entrepreneurs The book’s themes are all research areas that have only been partially researched before The chapters on theory demonstrated that although there is an increasingly sophisticated and constantly developing theoretical literature on business groups, entrepreneurship and family business, applying and integrating these theories to researching family business groups specifically is still at the pioneering stage One reason for this, as discussed in depth in the chapter on methods, may be the fact that family business groups and portfolio entrepreneurship are phenomena that are difficult to research and gather relevant rigorous data to research them in any depth The contribution of this chapter is to identify and clarify the methodological challenges faced by researchers There has been some progress in developing new methods to meet these challenges, but these are mostly at an early stage Four of the chapters shed insights through the analysis of detailed cases on the theme of how business groups emerge through portfolio entrepreneurship We believe this is the first time that such a focus has been attempted in any depth Three of the chapters (Rautiainen and Pihkala; Iacobucci and Rosa; and Akhter and Ning) examined how business groups have emerged in a large-scale, medium-scale and small/micro-scale context There is also a progression of scale and complexity, from relatively basic and simple groups to highly complex and messy groups with many businesses and covering a diversity of industrial sectors, with a diversity of ownership and a diverse balance between production and investment roles The managerial challenges faced by the families in each, from micro- to large-scale, are fundamentally different, yet Rosa suggested there is an identifiable common process in the way portfolios are developed into more substantial business groups He put forward the idea of the entrepreneurial career ladder, which demonstrates how capital accumulation (financial, social and human) can be achieved gradually from small beginnings through starting a cumulative series of businesses, a process that allows the exploitation of larger-scale business opportunities as capital increases The third theme, ‘understanding the complexities of family business groups’, examined in more detail how family factors influence the dynamics and complexity of these groups In the management and organization research on business groups, there has been little attempt to explore and account for the complexity of some large-scale transgenerational family business groups The business groups they tend to research tend to be well-organized and logical business groups, particularly M-Forms or H-Forms, where affiliates centre neatly around a central parent or holding company Hence, they have not tended to encounter the kind of ‘messy’ and more open groups to be found in some family businesses In the most complex groups, there may be several separate business groups loosely coexisting with each other, and supplemented by other companies hardly linked to production activities How to account for and analyse this complexity is taken further by Mukherjee, Rautiainen, Pihkala and Rosa in their chapter They demonstrate that the creation, acquisition and divestment of multiple businesses by one or a team of family entrepreneurs translate into increased complexity in terms of governance, ownership and management over time This attempt includes a challenge: there is no theory development specifically focused on analysing and understanding complex family business groups In their paper, they explored the potential of theorizing family business groups as complex adaptive systems They draw on theories of complex adaptive systems to propose that family business groups are the outcome of complex temporal dynamic interactions within and between family business subsystems Their paper is one of the first attempts to bring to our attention how complex some family business groups can be and to apply complex adaptive theory to analyse it The remaining papers in this theme each discuss a specific aspect of family and business which has attracted previous research in the family business field, but whose implications have yet to be understood in terms of their contribution to business group complexity and development As indicated in the introduction, there has been considerable interest and research on transgenerational entrepreneurship since the early 2000s This has followed two strands The first strand are studies taking a resource-based view to research how formal and informal resource pools influence the survivability and performance of transgenerational business families The second strand is to draw on strategic theories of corporate entrepreneurship which advocate that performance and continuity are enhanced by family leaders taking a long-term entrepreneurial strategic orientation that is transmitted to the next generation Insights were shed on these issues by Parada, Basco, Discua Cruz, Fitz-Koch and Akhter, who examined the development of business groups from a transgenerational perspective through the case analysis of a Spanish business family They demonstrated that transgenerational entrepreneurship, when present, leads to complex processes of family business group realignments and expansion It is likely with the increasing pace of change in the business environment that new-generation family members will find it less worthwhile to replicate and renew their parent’s businesses and will seek new opportunities through starting fresh diversifications and spawning a new energized business group, which will eventually supersede the old In such circumstances, the accumulated resource pools and entrepreneurial orientation will enable them to establish sizeable new ventures In addition, Parada et al suggest that family businesses may evolve into a business group when family complexity increases dealing to the creation of complex ownership structures along with diversification into new areas of interest as the market and the context change This chapter also highlights the formation and dynamic development of such business groups One area where there is a fundamental difference between corporate and family business groups is ownership The implications of family ownership on business group dynamics are perhaps the most complex and least researched aspect of family business group research Pihkala, Goel, Rautiainen, Mukherjee and Ikävalko’s contribution lies mainly in clarifying how ownership relates to family business groups in three areas First, their paper unpacks the multidimensional nature of family ownership, how different forms of ownership generate different kinds of benefits for owners The family business group, they suggested, results from two choices: their owners’ choice of increasing their ownership positions beyond a single business and their owners’ choice of not integrating the acquired businesses into a single ownership position The former leads to a multiplication of businesses and the enlargement of the group and its complexity over time, as new businesses are started, acquired and divested, with different family and non-family ownership combinations The latter confronts the family with managerial challenges on how best to manage the group as it expands, or how to manage its consolidation when it becomes too large and unwieldy The authors point out that there is a range of challenges that a family faces when family owners seek to maintain balance in complex family business groups How to manage a diversified family business group becomes an important challenge for entrepreneurs and families Goel, Ikäheimonen and Rautiainen’s paper emphasizes that unlike a non-family business group, the optimization of management of the group is not related only to production and profit maximization The expansion of family members over time, operating at multiple levels within the group, and with multiple roles, differing goals and ownership stakes, makes it imperative for families to develop systems to control conflicting family interests and agendas This is in addition to finding managerial governance systems to organize and coordinate production businesses within the group These are likely to multiply further in entrepreneurial families, which are consistently and dynamically adding new ventures to the portfolio In providing an overview of key issues of the interaction of business and family governance within family business groups, these authors have helped clarify a basis for a focused agenda of further research on the governance of family business groups Throughout the book, the range of articles has examined family business groups and portfolio entrepreneurship from a number of general contexts, such as large-scale, small- and medium-scale and micro-scale, and developed and developing countries We emphasize the importance of researching family business groups in a range of contexts This applies not only to general contexts but also to local contexts, as was demonstrated by the last theme of the book In many developed countries, innovation forms an essential ingredient of long-term competitiveness, and this applies to local businesses, not just to international Internet-based firms Konsti-Laakso, Heikkilä, Rautiainen, Rinkinen and Akhter drew attention to the fact that the role of family business groups on the regional innovation environment remains unexplored territory Although there has been some research on how family businesses interact with the innovation business environment, their case study of how family business groups in the Lahti region of Finland is one of the first to examine this issue specifically from the point of view of business groups In such environments, a business group structure enables family entrepreneurs to access patents and acquire new technologies by permitting shared ownership with outsiders without compromising overall ownership The paper has established that gaining a fuller understanding of how a business group structure operates and interacts with an innovative local business environment is an interesting and important area for further research Many areas of the emerging and developing world, in contrast, produce business environments that are unstable and full of uncertainty In these environments, resilience and the ability to manage risk and uncertainty become paramount if entrepreneurs and families are to sustain and grow their businesses Discua Cruz, Basco, Parada, Malfense Fierro and Alvarado examined the relationship between resilience and the advantages of a business group structure in four regional contexts, Venezuela, Honduras, Saudi Arabia and Malawi This paper again has helped to broaden the research agenda for portfolio entrepreneurship and family business group researchers The contribution from this highlight that whilst the emergence and development of family business groups may be strongly influenced by contextual issues, it is the family factor which strongly determines the resilience of families to remain in business, shaping their business portfolio to adapt and survive over time The family business literature has consistently stressed that the role of family values, identity, life goals, interpersonal family relationships and emotions are important factors in determining how a family business is developed and managed These cross cut and influence rational business decisions In Europe, farming sector forms a context where the interplay of such soft factors is most evident Fitz-Koch, Cooper and Discua Cruz demonstrated in their contribution that business pressures in an increasingly difficult farming environment have decreased income from farming and have forced many small- and medium-scale farming families to engage in new and diversified business strategies to ensure new sources of earnings and transgenerational continuity The rational alternative is to seek new opportunities outside farming, but many farming families are motivated to remain in farming out of a sense of identity with the rural lifestyle and long traditions of farm occupancy and ownership The authors applied identity theory into studying the dynamics of family farming diversification in a diversified local Swedish family It has broken new ground by demonstrating how farming family firms are inextricably intertwined with family identity, and thus complex patterns of portfolio growth emerge driven by family dynamics 15.1 Limitations and Further Research It is important to emphasize that researching the interface between portfolio entrepreneurship, family businesses, and business groups is at a pioneering stage Thus in this book, we have sought to add a new dimension to the overall research agenda on business groups, family business and entrepreneurship by illustrating the potential and possibilities of adopting this focus Each chapter has highlighted an agenda in its own right for further research, but there are many further areas relevant to our understanding on the unique characteristics and complexities of family business groups in different contexts There is in particular great scope for adopting a range of currently unexplored theoretical perspectives An example of this is applying more sophisticated complexity and evolutionary theories to researching family business groups Another example is how to draw upon the resourcebased view and entrepreneurship theory to provide a better development model to explain the evolutionary entrepreneurial processes, which we termed ‘the entrepreneurial ladder’ At the same time, we highlighted the need to meet the challenges of developing better ways of collecting rigorous quantitative and qualitative data on family business portfolios and to enable researchers to apply longitudinal approaches that are meaningful but also costeffective There are several opportunities to further family business group research from this book A particular aspect relates to the contextual issues that families who develop business groups over time face in developing a business portfolio Research around how family business groups face critical challenges in certain contexts such as corruption, sudden institutional voids or deteriorating contextual frameworks remains scarce Chapters in this book provide a starting point to investigate the mechanisms that families in business use to overcome such challenges, yet our compilation revealed that such an approach may be more complex than originally believed and thus deserves further attention Further studies may rely and extend theories presented in this book and suggest how they complement other perspectives Our book has demonstrated the prevalence and advantages of family business group structures and strategies at all levels of business Yet the business support environment is not aware of its importance, and many business families are not consciously aware of how unique and distinctive their portfolio-based strategies are We lack an understanding of what makes successful portfolio systems in business families successful in various contexts Until this understanding develops further, we will be unable to recommend best practices for the business support environment to adapt and pass on to a new generation of business families Index 1 A Adaptivity Affiliation family group Agency theory agency costs of ownership B Business group growth model C Case study Complexity theory complex adaptive system organizational complexity Corporate strategy Corporation D Dynamic capability (DC) E Economy developed developing emerging unstable Emirate of Sharjah Entrepreneur habitual portfolio serial Entrepreneurial behavior career growth orientation team values Entrepreneurship corporate habitual portfolio serial transgenerational Expropriation F Familiness Family business identity succession Family business group emergence of evolution Farming Finland G Global Entrepreneurship Monitor (GEM) Goal economic goal congruence non-economic Governance Growth H Holding company Holding structure Honduras I Innovation Intellectual property rights (IPR) Interlocking directorship Italy L Legal entity M Malawi Minority share holding Multiple business owners O O Ownership collective cross joint legal multiple business ontology of psychological pyramidal social P Path dependency Pluriactivity Portfolio business Pyramid structure R R&D, see Research and development Regional innovation system (RIS) Research and development (R&D) Resilience Resource-based theory view Rural family identity S Self-organization Spain Stakeholder non-family Stewardship theory Strategic management Subsidiary Sweden Systems theory T Trademark Transaction cost theory Transgenerational entrepreneurship Triangulation U Uganda V Value creation Venezuela W Wealth accumulation Footnotes Note: Page numbers followed by ‘n’ refer to notes ... 14.2 A Brief Review of Portfolio Entrepreneurship and Its Role in the Family Business 14.3 Identity and the Family Business 14.4 Portfolio Development and Family Business: A Case Illustration of the Svensson Farming Family 14.4.1 Farming and the Family Business. .. Many family business groups reflect the outcomes of differing and often conflicting family business and ownership agendas and strategies, and it is these issues that make large family business groups more complex than corporate groups... 10.3.1 The Benefits of Controlling the Business and Its Resources in Family Business Groups 10.3.2 The Benefits of Including Outside Investors in the Distinct Businesses in the Group 10.3.3 The Benefit of Operating on the Levels of Collective Ownership and
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Xem thêm: The family business group phenomenon emergence and complexities , Introduction: Presenting the Case for Studying the Emergence and Development of Family Business Groups, Theoretical Insights into the Nature, Diversity and Persistence of Business Groups, The Methodological Challenges of Researching Family-Owned Business Groups, The Emergence of a Family Business Group: The Role of Portfolio Entrepreneurship, Managing Portfolio Entrepreneurship: A Case Study, Entrepreneurial Growth Through Portfolio Entrepreneurship: The Entrepreneurial Career Ladder, Resourcefulness and Informal Economy: From Pluriactivity to Portfolio Entrepreneurship, The Dynamics and Complexity of Family Business Groups, Understanding the Dynamics of Business Group Development: A Transgenerational Perspective, Deciphering Ownership of Family Business Groups, Governance in Family Business Groups: Resolving Multiple Contingencies to Sustain Entrepreneurial Capability, The Contribution of Family Business Groups to the Local Innovation Environment, Resilience and Family Business Groups in Unstable Economies, Entrepreneurship and Rural Family Identity: Understanding Portfolio Development in a Family Farm Business, Conclusions: Researching Family Business Groups: Lessons Learned and Avenues for Further Research
