James J. Chrisman

Mississippi State University | MSU · Department of Management and Information Systems

This article is a practitioner-focused summary of a comprehensive review conducted on the dynamics of family firm CEOs, analyzing 175 studies over nearly 40 years. The findings reveal that family CEOs often prioritize keeping the business within the family, resulting in a greater focus on noneconomic goals like corporate social responsibility but...

Using a framework that intersects strategic management and institutional economics, we show how differences in institutional environments and firm resources influence different types of strategic change (i.e., internationalization, innovation, and diversification) in family firms. We review 193 quantitative and qualitative articles to identify diff...

Research attention to family firms has significantly increased in recent years, with a growing application of economic theories such as agency theory and resource-based theory to explain differences between family firms and nonfamily firms and heterogeneity among family firm populations. Despite this progress, the formulation of an economic theory...

Understanding chief executive officers (CEOs) is important because of their vast influence on the strategies and performance of organizations. With the growth of family business research, new insights about family firm CEOs have emerged. However, knowledge about family firm CEOs is dispersed across an array of disciplines that take different perspe...

Purpose This article provides commentary from well-known family business researchers on what they have learnt about the family business field and tips for the future. Design/methodology/approach Well-known family business management researchers were contacted in order to provide their feedback on the field of family business management. Their resp...

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This is a call for papers for a special issue from Management and Organization Review. We have recently extended the submission deadline and the new submission deadline is Sept 15, 2023.

Although studies of social networks in family businesses have proliferated into a sizable literature, the research remains fragmented into disparate strands that lack theoretical coherence. By applying an inductive coding process to 69 articles published in 29 high-impact journals from 1988 to 2020, this review summarizes, synthesizes, and highligh...

As the field of entrepreneurship has grown, so has the accumulated knowledge about individual entrepreneurs, entrepreneurial ventures, and the entrepreneurial environment. The purpose of this special issue is to offer a forum for articles that used different approaches to examine the literature for the purpose of accumulating knowledge on various f...

Contractor (J Int Bus Stud, 2022 ) argues that the COVID-19 pandemic has only accelerated changes in the world economy that had already started, and that the fundamental rationale for globalization remains. Although we agree with much of Contractor's analysis and conclusions, we argue that in the case of large family-owned multinational enterprises...

Prior studies find that nonfamily managers enhance family firm performance, yet other studies note that family firms have difficulty attracting high-quality nonfamily managers, often settling for average-quality nonfamily managers. Given these findings, how is it possible that average-quality nonfamily managers enhance family firm performance? We a...

Conceptual articles are important for theory building but the special challenges of developing conceptual articles on entrepreneurship has not been fully considered. We begin to fill this gap by discussing the nature of conceptual articles on entrepreneurship, particularly those geared for publication in Entrepreneurship Theory and Practice. We int...

Although the family business research field and related disciplines are paying increasing attention to improvements in methodology, there is still insufficient attention being paid to endogeneity issues. We therefore raise awareness of endogeneity and suggest ways to reduce biased results in family business studies. We review publications in the fa...

We replicate, in the Chinese context, a study undertaken in 2007 by Miller, Le Breton-Miller, Lester, and Cannella (MLLC), which examined the performance differences among lone-founder firms, family firms, and nonfamily firms in the U.S. Our goal was to test the generalizability of MLLC’s findings, as well as uncover contextual nuances that might e...

While progress has been made in recent years to understand the differences among family firms, insights remain fragmented due, in part, to an incomplete understanding of heterogeneity and the scope of differences that exist among family firms. Given this, we offer a definition of and review the literature on family firm heterogeneity. A latent sema...

Multi-family firms represent an important and complex type of family firm that is not as well understood as single-family firms. We develop a governance-based framework of the agency complexities in multi-family firms, theorizing that divergent family-centered noneconomic goals between the owning families create complex inter-family agency problems...

Using a behavioral theory framework, we argue that family firms are more persistent (less likely to engage in the strategic renewal form of corporate entrepreneurship) in their strategic behaviors over time than nonfamily firms owing to their goals of maintaining family tradition and parsimony. We also argue that family firms controlled by founders...

This article serves as a review of the existing research on Asian family firms, synthesizing the literature using the goals, governance, and resources (GGR) framework, and suggesting future research directions. The article intends to take stock of the knowledge on Asian family firms and compare it with the literature on Western firms to enhance our...

Building upon prospect theory’s concept of narrow‐framing, we explore family firms’ risk preferences across multiple decisions in corporate entrepreneurship. We argue that family firms’ decisions are less likely to be narrowly framed (more likely to be made as a group rather than in isolation) compared to non‐family firms. Examining the interaction...

Building upon the literature of necessity- and opportunity-driven entrepreneurship, this study explores how the presence of foreign ventures affect domestic entrepreneurship. We hypothesize that foreign ventures reduce necessity-driven entrepreneurship by diminishing unemployment in domestic economies, and stimulate opportunity-driven entrepreneurs...

The heterogeneity of family firms and their simultaneous pursuit of financial and nonfinancial goals is well established in the literature. However, causal factors underlying the variance in the goals, behaviors, and performance of family firms remain unclear. To help fill this gap, the articles in this special issue point to psychological aspects...

Is family control a source of the sustainability of competitive advantage? Using resource-based theory, we argue that family involvement in ownership and management creates family-specific isolating mechanisms based on path-dependent, socially complex, and inseparable resources, that jointly enhance family firms’ ability to sustain performance adva...

Stewardship theory is a popular alternative to agency theory for studying family firm governance. Despite its contributions to management and family business studies, stewardship theory’s assumptions limit its realism and relevance. Using agency theory as a standard of comparison, I discuss stewardship theory’s model of man and its assumptions conc...

Family firms tend to exhibit substantial differences in their goals, governance, and resources in comparison to those of non-family firms. In this article, we briefly discuss these differences and their implications for organizational change and change management. We then summarize key findings in the literature pertaining to innovation and success...

In this chapter, we highlight and review the most frequently cited articles that have influenced family business research between 2006 and 2013 from the five most commonly adopted theoretical perspectives: agency theory, resource-based view, stewardship theory, socioemotional wealth, and institutional theory. Using citation counts from Google Schol...

In this introduction, we observe that the study of social structures and social relationships constitutes a common theme among the articles and commentaries contained within this special issue on Theories of Family Enterprise. Individuals and organizations are embedded in complex networks of social organization and exchange. Within business enterpr...

Heterogeneity among family firms has become an important research topic. This special issue of Journal of Business Research contributes to the literature on family firm heterogeneity by specifically focusing on variations in governance. In this introductory article, we suggest that governance—particularly family involvement in firm ownership and ma...

Governance, along with goals and resources, is a key determinant of the distinctiveness and heterogeneity of family firms. Our introduction discusses formal and informal governance mechanisms that emanate from inside and outside the firm and then reviews, integrates, and extends the contributions to this topic of the six articles and four commentar...

Assessments of family firm effectiveness depend critically on how goals and performance outputs are measured. Similarly, assessments of family firm efficiency depend critically on how performance outputs and resource inputs are measured. We illustrate this by showing that the assessment of performance is affected by how different family firm goal s...

Research Summary: We argue that willingness (attitude toward risk, return, and socioemotional wealth), ability (extent of control), and resource availability influence the internationalization of family firms. We hypothesize that the internationalization of family firms led by founding and later generation family members differs from the internatio...

The study of the roles, impact, and challenges associated with nonfamily members in family firms has generated considerable attention in the literature. To gain an appreciation of this body of knowledge, we systematically review 82 articles on nonfamily members in family firms that were published in 34 journals over the past three decades. We synth...

In a context of increasing globalization and neoliberal economic policies, to what extent can local communities respond to the social, cultural, economic and environmental impacts posed by those processes? This chapter provides a conceptual foundation for understanding one particular community response that emerges from local cultural and collectiv...

Drawing from the mentoring and organizational commitment literatures, this paper addresses the relationship between mentoring and organizational commitment within the family business context. While there is a clear connection between mentoring and organizational commitment in the broader literature, the relationship takes on added complexity in fam...

Family and nonfamily firms both must align owner and employee interests. However, family firms may experience lower labor productivity because of adverse selection problems from labor market sorting and attenuation. Incentive compensation reduces alignment of interest problems in family and nonfamily firms. Importantly, incentive compensation signa...

Family firms are the most prevalent form of business organization in the world. This special issue of the Journal of Managerial Issues seeks to advance knowledge about the strategic and behavioral issues and processes aimed to accomplish the transgenerational economic and non-economic goals of these firms. Taking a strategic management perspective,...

There has been a prominent stream of research investigating internationalisation of organisations. While the importance of transaction costs in the governance decisions of firms has been well established in the literature, transaction cost theory (TCT) in family firms remains underutilised. We examine the impact of family governance (i.e. family ow...

There has been a prominent stream of research investigating internationalisation of organisations. While the importance of transaction costs in the governance decisions of firms has been well established in the literature, transaction cost theory (TCT) in family firms remains underutilised. We examine the impact of family governance (i.e. family ow...

Purpose The purpose of this paper is to explain how the concept of socioemotional wealth can be combined with other important concepts in the family firm literature to develop a theory of the family firm. Design/methodology/approach This is a conceptual paper based on a review of the paper of Martin and Gómez-Mejía in this issue as well as the f...

The distinctiveness of family firms’ goals, structures, resources, strategies, and performance has been studied in terms of what family firms do or are able to achieve that are different from those of nonfamily firms. This dominant approach to studying family firm behavior has contributed significantly to our understanding of such organizations. Cu...

As family firms begin to professionalize, they face an important crossroads in deciding whether to employ non-family managers. To preserve socioemotional wealth and minimize agency costs, family owners may resist employing non-family managers. However, industry sector may play a role that influences the employment of non-family managers. We argue t...

Family firm owners accumulate economic and noneconomic wealth that they may wish to transfer to the next generation. Their challenges in doing so include: what, to whom, when, and how to transfer this wealth. The decisions made and actions taken will impact behavior and performance as well as the type and amount of wealth eventually transferred. Th...

We use a social exchange perspective to review family firm succession literature owing to its fit with the multiphase, multistakeholder nature of the process. We searched the history of 34 journals, finding 88 published or forthcoming articles that quantitatively examined succession. We consider the primary phases of the management succession proce...

A growing body of research is concerned with how family governance influences innovation. Yet the organizational issues that family governance engenders for innovation processes have been largely overlooked. In a study of six small- and medium-size family enterprises, we investigate the design decisions that fit family and business logics to create...

Drawing on family business studies and the knowledge-based view of economic growth, we develop and test a model of how the prevalence of small-and medium-size enterprises (SMEs) under family control affects economic growth. Specifically, we propose there is an inverted U-shaped relationship between family SMEs' proportional representation and econo...

We use the articles and commentaries in this special issue to reinvigorate the theme of family business governance and extend its scope beyond the single business, single-family approach that has traditionally dominated the family business literature. Through a discussion of the implications of the articles and commentaries included in this special...

We present a framework of how family involvement influences innovation management based on ability (discretion to act) and willingness (disposition to act), two drivers that distinguish family firms from nonfamily firms and lead to heterogeneity among family firms. Paradoxically, family firms have superior ability yet lower willingness to engage in...

We supplement the recent work by Miller and Le Breton-Miller by evaluating more closely two related theoretical aspects of the socioemotional wealth concept: (1) the stocks and flows of noneconomic benefits and how they influence family firm behavior; and (2) the use of prospect theory as an umbrella concept. We, thus, contribute to family business...

Family firms' decisions to hire nonfamily managers are influenced by agency costs, socioemotional wealth concerns, and the availability of high-quality nonfamily managers in the labor pool. We hypothesize that owing to these factors, family ownership and intrafamily succession intentions will be negatively associated with the proportion of nonfamil...

Entrepreneurs are individuals who create or rebuild organizations to exploit opportunities. This article briefly reviews the progression of conceptualizations of entrepreneurs over time with particular attention to the trait and behavioral approaches and entrepreneurial types.

Entrepreneurship refers to acts of organizational creation, renewal, or innovation that occur within, or independent of, an existing organization where corporate entrepreneurship refers to the entrepreneurial activities occurring within the boundaries of an existing organization. As entrepreneurship is explained, we summarize the current debate tha...

Management succession in family firms is different from that in non family firms. First, the age and experiential gaps between the incumbent and successor are counted in decades rather than years. Second, the incumbent who retires and family candidates not selected to be the CEO can continue to have a long-term influence on the business through the...

In this paper, we hypothesize that the greater the importance placed on Socieoemotional Wealth (SEW) in a family firm, the more reluctant it will be to expand internationally. Moreover, we propose that this relationship is moderated by the munificence of the domestic and international environments. These propositions were partially supported. Altho...

There has been increasing attention to the heterogeneity of family businesses but recognition of the heterogeneity of the contexts in which family firms operate is only now emerging. The articles and commentaries in this special issue contribute to the understanding of some of the institutional and organizational contexts in which family businesses...

The 4Cs model of command, continuity, community, and connections is useful for examining the effect of family influence on the adoption of discontinuous technologies. However, assuming that family influence differs only in degree rather than kind is naive because such an assumption ignores the likelihood of heterogeneous behaviors among family firm...

The behavioral agency model suggests family firms invest less in R&D than nonfamily firms to protect their socioemotional wealth. Studies support this contention but do not explain how family firms make R&D investments. We hypothesize that when performance exceeds aspirations, family firms manage socioemotional and economic objectives by making exp...

Distinguishing sufficient conditions from necessary conditions is crucial in both theoretical and empirical studies. We propose that the sufficiency condition for family involvement to produce family-oriented particularistic behavior in a firm requires the presence of both ability and willingness. We demonstrate how the omission of this sufficiency...

Drawing upon an internal/external recruitment perspective and the family business literature, we suggest that an increase in family ownership leads to a decrease in the proportion of nonfamily managers in small and medium-sized family firms, which can influence family firm productivity. We also suggest that family ownership dispersion moderates the...

Drawing upon agency theory, we examine the impact of interactions among family ownership, firm age, and succession intentions on firm performance. We suggest that family ownership has an inverted U-shaped relationship with firm performance in small-to-medium sized family firms. We also suggest that this relationship is interactively moderated by fi...

Drawing upon the agency theory and extending socioemotional wealth perspective, we suggest that both economic agency costs and non-economic cost of preservation of socioemotional wealth can result in resistance to hire nonfamily managers in family firms. Specifically, we first hypothesize that family ownership and intra- family succession intention...

We briefly reflect on the theoretical contributions of the ongoing series of special issues on theories of family enterprise and discuss the contributions of each article and commentary in the current special issue. We observe that the meta-themes—the unique goals, governance, and resources of family firms—are not only primary sources of heterogene...

Utilizing a combination of stakeholder theory and social identity theory, we explore religiosity in family firms. The concept of bounded stakeholder salience is developed to describe situations where legitimacy is attached to stakeholders based on their possession of characteristics valued by the coalition of family decision-makers rather than thei...

Purpose – The purpose of this paper is to use the socio‐emotional wealth perspective to examine how the level of family involvement reduces the propensity to use incentives to non‐family managers in small to medium‐sized enterprises (SME) family firms.Design/methodology/approach – Primary data were collected from US firms. To evaluate the hypothese...

We explain why family-centered noneconomic goals and bounded rationality decrease the willingness and ability of small- and medium-sized family firms to hire and provide competitive compensation to nonfamily managers even in a labor market composed of stewards rather than agents. Family-centered noneconomic goals attenuate the ability to attract hi...

New ventures are frequently started by entrepreneurial teams rather than lone entrepreneurs. Often, team members have family ties. Yet, there has been relatively little research on new venture and family business teams. The papers in this special issue address this gap by studying team formation and composition, faultlines among team members, gener...

Entrepreneurship scholars tend to discuss the merits of using innovation over imitation for the creation of new ventures. We take a step forward to focus our attention on the drivers of successful entrepreneurial firms and use Inc. 500 companies to test our framework. Findings indicate that the extent of innovation positively influences long-term s...

Family firms without able and willing family successors are frequently sold to non-family managers through management buy-outs (MBOs). Whether MBOs create value is thought to be dependent upon the ability to reduce owner–manager agency costs. In this article we examine the agency costs of MBOs that acquire family firms. We contribute to theory by a...

Family business researchers have devoted substantial attention to comparing family firms with nonfamily firms. Many of these comparisons rely on dichotomous variables, which implicitly treat family firms as homogeneous entities. However, recent studies have started to use moderators and mediators as well as continuous measures of family involvement...

'If I had been asked to suggest the currently most-needed editorial endeavor for advancing family business studies, I would have answered with no hesitation: an up-to-date annotated bibliography. The field's growth over the past 15 years has been so intense, that even experts who devote most of their research efforts to family business - not to men...

Through its rapid growth during the past decade, family business research has reached its adolescence as a field of study, and family business scholars now regularly contribute interesting and thought-provoking work to top-tier management, entrepreneurship, and finance journals. In this review article, the authors seek to document the growing matur...

Family firms are thought to pursue non-financial goals that provide socioemotional wealth but socioemotional wealth is feasible only with family control of the firm. Using prospect theory, we hypothesize that socioemotional wealth increases with the extent of current control, duration of control, and intentions for transgenerational control thus ad...