Entrepreneurial Family Businesses: Innovation, Governance, and Succession PDF
Preview Entrepreneurial Family Businesses: Innovation, Governance, and Succession
Springer Texts in Business and Economics Veland Ramadani Esra Memili Ramo Palalić Erick P. C. Chang Entrepreneurial Family Businesses Innovation, Governance, and Succession Springer Texts in Business and Economics Moreinformationaboutthisseriesathttp://www.springer.com/series/10099 (cid:129) (cid:129) Veland Ramadani Esra Memili ć (cid:129) Ramo Palali Erick P. C. Chang Entrepreneurial Family Businesses Innovation, Governance, and Succession VelandRamadani EsraMemili FacultyofBusinessandEconomics BryanSchoolofBusinessandEconomics SouthEastEuropeanUniversity UniversityofNorthCarolinaatGreensboro Tetovo,NorthMacedonia Greensboro,NC,USA RamoPalalić ErickP.C.Chang FacultyofBusinessandAdministration NeilGriffinCollegeofBusiness InternationalUniversityofSarajevo ArkansasStateUniversity Sarajevo,BosniaandHerzegovina StateUniversity,Arkansas,USA ISSN2192-4333 ISSN2192-4341 (electronic) SpringerTextsinBusinessandEconomics ISBN978-3-030-47777-6 ISBN978-3-030-47778-3 (eBook) https://doi.org/10.1007/978-3-030-47778-3 #SpringerNatureSwitzerlandAG2020 Thisworkissubjecttocopyright.AllrightsarereservedbythePublisher,whetherthewholeorpartofthe materialisconcerned,specificallytherightsoftranslation,reprinting,reuseofillustrations,recitation, broadcasting,reproductiononmicrofilmsorinanyotherphysicalway,andtransmissionorinformation storageandretrieval,electronicadaptation,computersoftware,orbysimilarordissimilarmethodology nowknownorhereafterdeveloped. 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Theregisteredcompanyaddressis:Gewerbestrasse11,6330Cham,Switzerland To my academic brother, professor Léo-Paul Dana, for his never-ending support and contribution to my professional development Veland Ramadani To my family for the endless support Esra Memili To my family as my biggest support ever Ramo Palalić To all the descendants from the Chang and Espino families, whoknowhowhardistorun abusiness,andtoallmystudentswhobelieve in doing rather than talking Erick P. C. Chang Foreword This is an exciting time to study family firms, what makes them unique, how they compete and survive, and how many of them live for generations. Besides being amongthemostubiquitousorganizationalfirmsaroundtheworld,familyfirmsoffer a distinct environment in which to experience entrepreneurship and train future entrepreneurs. Earlier in my career, I had the great fortune of working for such a firmwhereIlearnedfromtheownerandhisfamilyhowtheyinnovateandinfusethe entrepreneurial spirit throughout their business. Several of the employees were non-familymemberslikemyselfandwholaterwentontocreatetheirownsuccess- ful companies. I ended up researching entrepreneurship and family business. Such wastheenduringimpactofourworkingexperienceinasmallfamilyfirmsomany yearsago. Itgivesmegreatpleasuretointroducethisbookthatcomprehensivelycoversthe differenttopicsassociatedwithmanagingandgrowingfamilybusinesses.Grounded inthemostcurrentliterature,thoroughinitstreatmentoftheissuesinvolved,richly illustrated,andwellwritten,thisbookprovidesthereaderswiththestate-of-the-art knowledge of the field—its different theories and their applications. The authors, whoclearlyhaveastrongpassionforfamilybusinessresearch,doawonderfuljob making their ideas accessible to their readers, enriching their presentation with illustrativecasestudiesandtimelyexamples. Readerswillfindthisbookagreatreferencethatwilldeepentheirappreciationof thecontributionsoffamilyfirms,theiruniquecultures,anddynamics.Theywillgain a greater appreciation of the role of the family in creating value and introducing innovations that make our lives better. They will also learn how members of the ownerfamilylearnthebusinessandhowtoworkwitheachotherandotherswhoare not part of the family. Readers will also learn how family dynamics influence the strategicchoicesthesebusinessfirmsmakeaswellasthesocialandeconomicgoals they pursue. They will analyze the rich but complex interplay of the “family” and “business” parts that give these companies their distinctive quality as they manage theopportunitiesandchallengesthatflowfromthesedynamics.Equallyimportant, readers will appreciate the prominent place family firms occupy in today’s vviiii viii Foreword globalizedworld!Thereissomuchtolearnfromreadingandstudyingthisbook.So, enjoythejourney—itisthestartofmanydiscoveriesandconsiderablelearning. CarlsonSchoolofManagement ShakerA.Zahra UniversityofMinnesota Minneapolis,MN,USA Endorsements Astheattentiontofamilyfirmsincreases,andeducatorsarebeginningtorecognize the importance of the subject matter in the classroom, the book Entrepreneurial Family Businesses helps fill an important gap in the instructional literature by dealingwiththekeyissuesstudentswillhavetoconfrontwhenworkinginafamily businessasowner,potentialsuccessor,oremployee. JamesJ.Chrisman MississippiStateUniversity,MS,UnitedStates Family businesses act as the economic bedrock of countries, economies, and communities. The nature of family business and the factors that influence the economic and social contribution made by family businesses are a key dimension of our knowledge of the ways in which businesses operate. Entrepreneurial behaviors, human resource management, and socio-emotional wealth contribute toourunderstandingoffamilybusinessesandthewaysinwhichfamilybusinesses surviveand thrive through multiple generations. This new text will beof consider- able benefit to researchers and practitioners alike as they seek to develop their understandingofthemyriadfactorsthatinfluencefamilybusinesses. ClaireSeaman QueenMargaretUniversity,Edinburgh,UK Veland,Esra,Ramo,andErickhavewrittenasimpleandpowerfulbookthattackles some of the most important issues that entrepreneurial family firms are called to face.Itisauseful,compellingreferenceforscholarsandexpertswhoareeagerto knowmoreaboutthedistinctivebehavioroffamilyfirms. AlfredoDeMassis FreeUniversityofBolzano,Bolzano,Italy& LancasterUniversityManagementSchool,Lancaster,UK An insightful textbook on macro and micro issues in family firms. The new go-to resourceforstudentandfacultyalike. FranzW.Kellermanns UniversityofNorthCarolina,Charlotte,UnitedStates WHU–OttoBeisheimSchoolofManagement,Germany ix x Endorsements Nowadays,researchinginentrepreneurialfamilybusinessesareaisinterestingand timely.Thisbookgivesscholars,entrepreneurs,andpolicymakerstheopportunity to learning and sharing a piece of deep knowledge about this exciting topic. The book offers several practical experiences, methods, and tools in different interna- tionalfamilybusinesscontexts. JoãoJ.Ferreira UniversityofBeiraInterior,Beira,Portugal Fromrenownedfamilybusinessscholars,theauthorshavewrittenatextbookwhich notonly considers theday-to-day dynamics ina familybusiness, butalso places a strongemphasisontheentrepreneurialskillsneededforafamilybusinesstosurvive and to thrive today and tomorrow. ‘Entrepreneurial Family Businesses provides familybusinessbestpracticesrelevanttobothstudentsandfamilybusinessowners/ managers. ClayDibrell TheUniversityofMississippi,MS,UnitedStates As more and more challenges arise in terms of managing family businesses—in particular with regard to succession issues—the book Entrepreneurial Family Businesslaysthefoundationofunderstandingandrespondingtothemadequately. Thebook,whichelaboratesanddiscussesanumberofbestpracticeexamples,can beconsideredasavaluableguidenotonlyforscholarsbutforstudentswhoaimto studythesechallenges. SaschaKraus DurhamUniversity,Durham,UK With family businesses playing an important role in the business landscape for centuries, they still continue to attract a lot of attention from scholars, educators, business leaders, and policy makers. The authors of this new textbook emphasized on the daily operational challenges of family business management and also stressedontheimportanceofentrepreneurialskillsnecessaryforafamilybusiness succession.Definitely,amust-havetextbookforfacultyandstudents. ShqipeGërguri-Rashiti AmericanUniversityoftheMiddleEast,KuwaitCity,Kuwait
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