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Family Wealth: Keeping it in the Family
Abstract
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... Each school of thought can be understood by: (1) the level of analysis, such as individual, group, and firm-family level; (2) dimensions, such as types of family and family business dimensions that are incorporated into the analysis, and (3) relationships, namely, the connections and associations among family and family business dimensions and variables that affect entrepreneurship. For instance, while the "Enterprising Family Perspective" is mainly focused on family involvement as an antecedent of family wealth creation and firm wealth creation (Carter 2011;Rubin 2005), the "Family Embeddedness Perspective" incorporates family dimensions to explain a traditional view of entrepreneurship such as new venture creation (Rodriguez et al. 2009). The "Entrepreneurship across Generations" perspective, assuming that families in business have a special mind-set for business growth and strategic entrepreneurial behavior, focuses on family dimensions that affect habitual entrepreneurship by families in business (Rosa et al. 2014) and corporate (Basco et al. 2018). ...
Discua Cruz and Basco provide from a holistic perspective a nuanced understanding of the effect of the family on the entrepreneurial dynamics that lead to the creation of new firms and the development of existing firms. The authors highlight three schools of thought: entrepreneurship by families, embedded family entrepreneurship, and entrepreneurship across generations, which brings forward the complex interaction among family, entrepreneurship, and established family businesses. The authors employ these schools of thought to explore and map current knowledge on the effect of family on entrepreneurship through three different levels: individual, group, and firm levels. By considering the inextricable connection of family and family business literature with entrepreneurship, the authors highlight previous and novel studies, interpret existing findings, and suggest a future research road map.
Internal Corporate Venturing (ICV) goals of family firms are analyzed based on a qualitative study of six family businesses. Semi structured interviews with the owners and managers of the six family firms provide in-depth details on the goals for 24 internal ventures. Data analysis of transcribed interviews identifies both within-case and across-case themes that allow for development of 10 testable propositions surrounding family firm venturing goals. The analysis suggests that family firm venturing goals are consistent with traditional financial business venturing goals, but that family firms also adopt many non-financial venturing goals.
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