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Sustainable entrepreneurship: another avenue for family business scholarship?
Abstract
Purpose – The purpose of this paper is to review family businesses as a subset of sustainable entrepreneurship. It is intended that another avenue of scholarship for the growing interest in family businesses and their continuity across generations will be outlined.
Design/methodology/approach – Relevant journal articles were selected and broadly analysed to gather an understanding of the current state of existing sustainable entrepreneurship literature. The main themes extrapolated related to sustainable entrepreneurship and potential directions for future research.
Findings – Although sustainable entrepreneurship has been traditionally concentrated in the environmental and social responsibility literature, there are emerging paths where family businesses can be considered alongside community-based enterprise.
Research limitations/implications – The findings suggest that future research into sustaining family businesses across generations could be situated under sustainable entrepreneurship scholarship.
Originality/value – This paper presents a novel review and summary of recent literature at the juncture of family business and sustainable entrepreneurship. It is useful for directing scholars towards an avenue which has not traditionally had attention from family business researchers.
Keywords - Entrepreneurship, Family business, Succession, Sustainable development, Community-based enterprise, Sustainable entrepreneurship
... In the literature, various aspects of the family business in entrepreneurship have been explored. The role of the family in entrepreneurship has been conceptualized and represented by multiple studies, for example, mapping family with sustainable entrepreneurship (Woodfield et al., 2017), family business succession and its relation with opportunity and necessity entrepreneurship (Tan et al., 2019;Vikstrom and Westerberg, 2010), perceived desirability and perceived feasibility (Kaushik et al., 2020), financing for entrepreneurs (Kumar et al., 2020) and the effect of gender and age on a transitional migrant entrepreneurial journey (Dheer and Lenartowicz, 2020) in a family business context. Moreover, for a successful family business, researchers have suggested five significant resources: ...
... however, some studies have also found that non-family enterprises have some advantages over family businesses (Debellis et al., 2021;Jaskiewicz et al., 2021;Xu et al., 2020). For example, Woodfield et al. (2017) have analyzed family businesses for sustainable entrepreneurship and their ability to sustain across generations under various conditions. They connected family businesses to social and environmental responsivity by mapping them to sustainable entrepreneurship. ...
Purpose
Family business has been widely discussed in the literature. Still, a holistic approach summarizing the family business concept in entrepreneurship is fragmented to date. This paper aims to explore the multimedia view of family business research in entrepreneurship and finds the key theme discussed by researchers.
Design/methodology/approach
In this paper, a systematic literature review on family business and its role in entrepreneurship have been conducted. The literature review consists of bibliometric and content analyzes. Bibliometric research offers quantitative insights, whereas content analysis provides the qualitative evaluation of the literature.
Findings
The findings suggest that recent research in this area focuses on exploring the role of women entrepreneurs and social entrepreneurship in the family business. The literature also finds that because of the nature of family businesses, successors get the opportunity to use their family’s network, social status, financing and opportunity toward a well-developed market.
Research limitations/implications
This paper may help researchers and practitioners to identify the past and current research trends related to family business and entrepreneurship.
Originality/value
The concepts from network theory are applied for content analysis to identify and explore various family business and entrepreneurship literature sub-domains.
... As an area of research, CBE is still in a very nascent stage and hence the definition of CBE has been debated by many scholars (Butler and Current, 2021;Soviana, 2015;Woodfield et al., 2017). While some authors have focussed on the commercial nature of CBEs in defining them (Odero, 2004), others have emphasized on the characteristic features that differentiate a CBE from the conventional enterprises (Kerins and Jordan, 2010). ...
Purpose
The purpose of this paper is to provide a comprehensive review of scholarly literature on community-based enterprise (CBE) through a bibliometric analysis and to comprehend the qualitative dimensions of research in this specific field.
Design/methodology/approach
The study is based on scholarly papers indexed in Scopus from 1990 to 2021. The bibliometric analysis focuses on journals, documents, writers, organizations and countries. VOSviewer is used for network visualization mapping of citation, co-citation, bibliographic coupling and co-occurrence of keywords.
Findings
The analysis of the bibliometric aspects of CBE literature reveals an upward trend in publication of CBE documents, with a significant increase of research productivity in the past few years. This behaviour shows that CBE is becoming increasingly popular among academics and practitioners. The document “Toward a theory of community based enterprise” by Ana Maria Peredo is the most cited document. USA has so far published the maximum number of documents in this field.
Practical implications
This study provides an overview of the current state of research in the subject as well as the primary themes explored in this burgeoning discipline, with the potential to help the researchers identify new topics and gaps that need to be investigated further.
Originality/value
This work contributes to the literature by conducting a bibliometric analysis that has not yet been explored. It gives an overview of the field’s organization as well as specifics on the major issues explored in this discipline.
... Green Business had become one of the most sought-after and discusses topic within the realm of business and management for the past 3-4 years, in which, many research or studies tend to put some emphasize on understanding which factors could ultimately affect consumers' decision in buying, purchasing, consuming or using green products (Byrch et al., 2007;Loucks et al., 2010;Fernando, 2012;Hogevold et al., 2015;Woodfield et al., 2017;Wilson et al., 2019;Wilson et al., 2021;Lamptey et al., 2021). Meanwhile, in the other hand, there have also been some studies which try to put their focus from the other point of view, in which, many studies had also tried to deeply understand why there have been some companies which are willing to conduct their business activities in accordance with the concept of green business, and why there have also been some companies which decline or refuse to follow the trend of shifting their focus on doing their businesses in a more sustainable way (Braun, 2010;Gibbs and O-Neill, 2012;Martinez, 2014;Pillania, 2014;Harrington et al., 2016;Wilson, 2019;Wilson, 2020;Wilson and Jessica, 2020;Couckuyt and Van looy, 2020;Couckuyt and Van looy, 2021) In this case, there have been several factors which could explain some companies' decision and stance of not conducting their business activities in accordance within the concept of green marketing, such as the amount of costs which these companies will bear during the process of producing green products, consumers' low level of knowledge regarding what is green products (and which aspects differentiate green products and the non-green ones), and the attitude or their target markets (or consumers) of mainly focusing on the price of the product compared to the impact that using the product had on the surrounding society or environment (in which, in this case, these types of consumers usually consider the price level of the product as the basic standard in determining which products that consumers will buy). ...
Green business, green marketing or sustainable business activities had emerged as some of the most discussed and most popular concept within the realm of business, in which, due to the continuous destruction of wildlife and environment all around the world, many people, non-governmental organizations, entrepreneurs, companies and government had constantly pushed and urged many businesses to do or conduct their business activities in a proper and sustainable way which won't have any damaging or negative impact toward the surrounding environment. Meanwhile, at the same time, consumers were also constantly being "pushed" by these same parties to play a more active role in ensuring that the negative impact of these business activities toward the environment won't escalate by stop consuming, buying or using non-green product which is not sustainable and could bring a dire impact toward the nature and the surrounding environment in the future. Therefore, this community services activities were designed or conducted in order to give some information, suggestions, or understanding to both businesses and consumers, not only in order to ensure that both of these parties will fully understand the main concept of green business, but also in order to ensure that both parties will eventually and actually conduct both of their businesses and consumption activities in a more sustainable way
... This is evident in the completion of only a few PhD studies centred on exploring family businesses in New Zealand (e.g. Hirsch, 2013;Kilkolly-Proffit, 2016;Woodfield, 2012) that has produced related research articles (Hirsch, 2011;Kilkolly-Proffit, 2013;Woodfield & Husted, 2017;Woodfield et al., 2017a;Woodfield et al., 2017b). Over the past few decades, there have been other research articles and reports published in an ad-hoc manner; however, these have mainly concentrated on small businesses or small-and medium-sized entreprises (SMEs) with references to family businesses (de Bruin & Lewis, 2004;Keating & Little, 1997;Lewis et al., 2005;New Zealand Government, 2016). ...
This paper seeks to identify and summarise the big issues at the intersection of family businesses and employment relations business literatures. Family businesses have additional complexities compared with non-family businesses. Thus, the aim of this paper is to throw light on why this intersection is of interest in New Zealand and rationalise the need to research employment relations in the context of family businesses. We first present family businesses as an area for research by outlining the landscape of family businesses in New Zealand, followed by a review of the foundations of family business and employment relations research. We then highlight and discuss three overarching themes: familiness or family dynamics; formalisation/professionalisation; and incorporating employment relations perspectives. Finally, we conclude with future research directions and canvas potential research questions to introduce ways researchers can enhance our understanding of employment relations in family firms.
... Such an agenda advocates the use of alternative forms of hybrid organizations such as for-profit enterprises like B Corps, not-for-profit enterprises like cooperatives, and not-for-profit organizations like foundations (e.g., Muñoz, Cacciotti, & Cohen, 2018). Sustainability influences entrepreneurial behavior, processes, and outcomes, which are currently mostly explored from an individual perspective (Woodfield, Woods, & Shepherd, 2017). ...
The purpose of this chapter is to investigate how intra-family communication influences the entrepreneurial spirit over generations within business families and thus the decision of the offspring to succeed in the family business. Therefore, we used mixed data including current family business and entrepreneurship literature, gathered interviews from our past research, and our consultancy experiences in family firms. Our results show that narratives within the intra-family communication, especially when considering business-related topics, can affect the perception of the family business and thus the entrepreneurial spirit of the next generation in both positive and negative directions. Consequently, these narratives should create a positive image of running a family firm, which increases the probability that children with a family business background act more entrepreneurially and like to take over a family business with all the inherent responsibilities. Derived from our results, we developed a seven-step action plan for business families who want to keep or even promote the entrepreneurial spirit within their family across generations, which is, besides the theoretical insights, the main contribution of this chapter.
... Entrepreneurship orientation aids in the sustainability of family-owned businesses [19,33,56,57]. This is because their activities revitalize these companies [33]. ...
Family businesses often face significant challenges while trying to develop and increase their sustainability throughout generations. This is often due to their inability to properly manage the knowledge required to develop their resources to increase sustainability. Therefore, this study examines the relationship between processes of managing knowledge, dynamic capabilities, and innovative performance in an Indonesian family company in order to improve business performance. This is qualitative research with a single case study used to obtain data from nineparticipants in an Indonesian family company ("Ardiles") that focuses on footwear. The findings showed that a family company that mobilizes knowledge can improve its members' dynamic capabilities for proper business management and growth. Furthermore, the frequent process of mobilizing knowledge improves family members' dynamic capabilities to create new ideas. This creative process helps to improve its innovative performance, thereby creating a sustainable competitive advantage among family companies.
... With the era of machine learning, artificial intelligence and IoT, data can become competitive advantage for the company (Woodfield et al., 2017). Consumer's preferences and behaviours can be studied from data very easily. ...
Purpose
The purpose of this paper is to identify the role of dynamic capabilities for the survival of family-owned business (FOB) in Pakistan. The paper aims at examining the impact of digitization on business landscape for FOBs.
Design/methodology/approach
Data for this research were collected using in-depth interviews. About 24 interviews were conducted with the owners of 24 FOBs in four different states of Pakistan. Interviews were translated and transcribed. By using GIOIA methodology, first-order concepts, themes and aggregate dimension were identified that explained the additional dynamic capabilities needed for family businesses in digital era.
Findings
The results of the data analysis revealed that family businesses are struggling to cope with thriving digital market. Digital mind-set is needed to survive in the market. The ability to respond to change is needed. The intelligence and wisdom needed for creating and maintaining an intellectual asset should be used by investing in new technologies. Importantly, businesses need to maintain an emotionally and artificially intelligent brand.
Research limitations/implications
The research is based on four different states of Pakistan. By focussing on each state could generate more data. The research is focussed on Pakistan to know about the dynamics of emerging economies. Replicating same research on other developing countries can bring more results. Lastly, it is a purely qualitative research. A quantitative analysis could bring a new context to the problem.
Practical implications
Understanding the challenges of family businesses for coping in digital market helps other family businesses to get a know-how before entering the market. Digital presence can help in building the brand but when not handled correctly can damage the brand as well. Investing in additional capabilities can provide a competitive advantage to family businesses. Family businesses possess a passion for the idea which helps to build the narrative for the brand.
Originality/value
This research is contributing to highlight the scenario of an emerging economy by studying the challenges of FOB in digitization. The literature provides more information and theories regarding developed countries. This research is a picture of developing economy and how wave of digital era has transformed the business landscape. In-depth interviews were conducted for deep insights which helps in contributing towards family business research.
... One of the goals of this study is to attempt to extend knowledge about intergenerational focus groups. In this sense, analyzing the entrepreneurial behavior is relevant to the continuity of a family business to achieve developmental gains for individuals and their networks through the legacy and contributions to the wider society (Woodfield, 2012;Woodfield, Woods, & Shepherd, 2017). However, identifying the entrepreneurial behavior across generations can be difficult and there is a need to prepare the heirs to the next generation of family business. ...
Objective:This paper aims to understand the transgenerational entrepreneurship process in family businesses.Method:This study was based on a qualitative research using three focus groups.
Originality/Relevance:Aspects related to the intergenerational entrepreneurship in the context of family businesses have drawn the attention of researchers who focus both on family businesses and entrepreneurship. Therefore, it is relevant to analyze how entrepreneurship occurs across generations in order to overcome the simplification of research on entrepreneurshipin the context of family business.Results:This study allowed understanding the similarities and differences of transgenerational entrepreneurship in family businesses regarding five topics: relevance of the founder, challenges, governance, and influenceof the heirs who are not involved in managing the family businesses.
Theoretical/methodological contributions:The study presents propositions with the aim to integrate entrepreneurship in the context of family businesses while highlighting the role of founders, heirs, their challenges and governance practices
... One of the goals of this study is to attempt to extend knowledge about intergenerational focus groups. In this sense, analyzing the entrepreneurial behavior is relevant to the continuity of a family business to achieve developmental gains for individuals and their networks through the legacy and contributions to the wider society (Woodfield, 2012;Woodfield, Woods, & Shepherd, 2017). However, identifying the entrepreneurial behavior across generations can be difficult and there is a need to prepare the heirs to the next generation of family business. ...
Objective: This paper aims to understand the transgenerational entrepreneurship process in family businesses.
Method: This study was based on a qualitative research using three focus groups.
Originality/Relevance: Aspects related to the intergenerational entrepreneurship in the context of family businesses have drawn the attention of researchers who focus both on family businesses and entrepreneurship. Therefore, it is relevant to analyze how entrepreneurship occurs across generations in order to overcome the simplification of research on entrepreneurship in the context of family business.
Results: This study allowed understanding the similarities and differences of transgenerational entrepreneurship in family businesses regarding five topics: relevance of the founder, challenges, governance, and influence of the heirs who are not involved in managing the family businesses.
Theoretical/methodological contributions: The study presents propositions with the aim to integrate entrepreneurship in the context of family businesses while highlighting the role of founders, heirs, their challenges and governance practices.
... Evidence From the USA and Spain 2009;De Massis, Di Minin, & Frattini, 2015), has pushed a growing number of higher education institutions, such as universities and business and management schools, to introduce family business education programmes in their curricula (De Massis & Kotlar, 2015;Sharma, Hoy, Astrachan, & Koiranen, 2007). Family business education at prominent universities provides high-level support for family SMEs due to such complexities of a family and their needs to the dynamics of a competitive business which can be quite challenging (Woodfield, Woods, & Shepherd, 2017). ...
Driven by increasing awareness of the importance of family firms in most countries, the interest in family business studies is growing at a rapid pace. The entrepreneurial potential of family-owned businesses has been gaining even more attention among scholars and institutions since the 1980s and 90s. This fact joined to the fact that family firms are the most extended type of businesses all around the world, has pushed a growing number of higher education institutions to introduce family business education programs in their curricula. Family business education at prominent universities provides high-level support for family SMEs due to such complexities of a family and their needs to the dynamics of a competitive business which can be quite challenging. It is therefore attractive to investigate and compare what characterizes the family business education programs in USA and Spain, including an overview of the most recent offerings among the most prominent higher education institutions.
... Various related topics now appear in the sustainable entrepreneurship literature. For example, Woodfield et al. (2017) examine the issues related to sustaining family businesses. Further, family business research has found collaborative innovation to be an effective way to overcome innovation barriers (Feranita, Kotlar & De Massis, 2017), which is a part of SBMI. ...
Sweden's agriculture industry has faced many challenges in recent years. Among the most severe challenges are the decrease in the number of small and medium-sized farms, the decrease in the number of people employed in agricultural activities, and the increase in governmental regulations and legislation governing such activities. At the same time, the demand that agriculture contributes to sustainable social and ecological development has increased. Although research shows that sustainable business model innovation (SBMI) contributes to the creation of sustainable businesses and to the development of a sustainable society, Swedish agriculture has not been at the forefront in the use of SBMI. The purpose of this paper is to examine the barriers to SBMI in Swedish agriculture in order to understand why farmers seldom engage in SBMI. This qualitative study follows the Gioia methodology and data for the analysis were acquired in semi-structured interviews with entrepreneurs at six family farms in Sweden. The paper makes a theoretical contribution to the research on SBMI with its focus on sustainable entrepreneurship in the Swedish agricultural industry. The paper concludes that the barriers to SBMI are external, internal, and contextual.
... The researchers' and scholars' interest towards the employment in the family business has recently increased significantly [2]. This is due to the complication of economic situation in the country, which makes the population to search for additional, and sometimes, basic jobs. ...
This paper presents the results of a study about particular personality traits that entrepreneurs display. Supported by a survey involving 1,135 responses from students enrolled in master's degree programmes taught across five cities in Spain, we identified the relevant characteristics that determine the personality traits of a likely entrepreneur. We found some key aspects such as previous knowledge of the business, high level of initiative, open-mindedness and coming from an entrepreneurial family environment, with no other distinctions made for other factors.
In a second analysis, we compared students enrolled in entrepreneur-related courses (EMBA and MBA) with students enrolled in other disciplines and found significant differences between groups. Finally, we compared all results based on gender to obtain more relevant conclusions.
The majority of small- and medium-sized enterprises (SMEs) in the wine industry are family owned and operated providing a unique organisational structure to study environmental sustainability engagement. However, researchers at the intersection of environmental sustainability (ES) and family businesses tend to oversimplify family businesses as homogeneous regarding ES. Therefore, the broader goal of this paper is to investigate the antecedents of heterogeneities among family firms related to ES. The paper aims to understand how family firms portray different aspects of family influence (family goals, family values, culture and ethics, and the imprints of the founders and the next generation) in their ES disclosures. Family logics are used as a theoretical lens to analyse family influence. A qualitative content analysis of 72 corporate websites of family firms operating in the New Zealand wine industry was conducted. Antecedents of heterogeneities were revealed with a discussion of three typologies of family firms: family first, business first and upstarts.
This chapter delineates how entrepreneurial families can build engagement through entrepreneurship by developing or investing in new sustainable ventures. Sustainable ventures strive for the dignity and long-term survival of our planet. They are out most important since human activities affect the life and balance of social-ecological systems on our planet. We thereby propose that engagement is essential for capturing the opportunities for sustainable venturing that emerge in interactions and connections between individuals, family, business and the earth’s biosphere. Such engagement facilitates the development of a business purpose that includes and goes beyond financial profits. We connect insights from the family entrepreneurship literature with those from the sustainability literature and suggest three sustainable venturing processes that can help develop engagement with entrepreneurship in the business family. We call these processes igniting family entrepreneurship through sustainability; interplaying between family entrepreneurship and a purpose for sustainability; and interfacing between family entrepreneurship and sustainability. Through these processes, we argue that sustainability provides an opportunity of involving different generations and branches of a family to build commitment around a purpose, and shared values and principles in new sustainable ventures that stretch beyond the traditional financial goals of the business.
Driven by increasing awareness of the importance of family firms in most countries, the interest in family business studies is growing at a rapid pace. The entrepreneurial potential of family-owned businesses has been gaining even more attention among scholars and institutions since the 1980s and 90s. This fact joined to the fact that family firms are the most extended type of businesses all around the world has pushed a growing number of higher education institutions to introduce family business education programs in their curricula. Family business education at prominent universities provides high-level support for family SMEs due to such complexities of a family and their needs to the dynamics of a competitive business which can be quite challenging. It is therefore attractive to investigate and compare what characterizes the family business education programs in USA and Spain, including an overview of the most recent offerings among the most prominent higher education institutions.
Sustainability of small, medium, and micro enterprises has been an issue due to the lack of strategic capability of many entrepreneurs. This chapter examines the strategic capabilities that are necessary for the sustainability of small, medium, and micro-enterprises. A literature review approach was adopted by the authors to examine the relationship between the measures of strategic capability of small, medium, and micro-enterprises, and the sustainability measures of the small, medium, and micro-enterprises. The result shows that there is a positive relationship between strategic capability and sustainability of small, medium, and micro-enterprises. The measures of strategic capability include sensing, seizing, transforming, and innovative capabilities. The sustainability measures of the small, medium, and micro enterprises are strategic objectives, customer satisfaction, and retention, organisational value, networking, availability of resources, innovation capability, profitability, and organisational competitiveness.
Today’s society faces major challenges in meeting future global food demands and solving biodiversity loss, and it quickly needs to find ways in addressing these issues. The places to look for solutions come from the economic sectors that employ the most powerful pressure on these issues such as agriculture. Apiculture, as a branch of agriculture is being more and more recognized as sustaining human life and contributing to sustainability. However, the sector records a progressive decline of honey bees. Therefore, a rapid restructuring needs to take place in agricultural markets, in general, as well as in apiary agribusinesses. Although important, technological progress is insufficient in providing the necessary changes to achieve long-term economic, social and environmental sustainability, which should be considered both within and between generations. Consequently, sustainable business models encourage sustainable development through a triple bottom line approach and provide an analytical tool for firms into assessing the different aspects that are combined in order to create value. Since literature has paid little attention to the sustainable development in the apiary agribusiness, the present paper aims to link the two using a business model perspective and bring arguments in favor of moving to a sustainable business model.
In steering towards the future, innovation managers are commonly advised to dismiss the old and make way for the new. However, such “recency bias” may significantly limit a firm’s innovation potential and prevent it from realizing the benefits of past knowledge. We argue that the temporal dimension of innovation deserves more research attention. Combining prior research on innovation, dynamic capabilities and family business, we conceptualize a new product innovation strategy called innovation through tradition (ITT) and identify its underlying capabilities of interiorizing and reinterpreting past knowledge. The illustrative cases of six long-lasting family businesses (Aboca, Apreamare, Beretta, Lavazza, Sangalli and Vibram) are analyzed and discussed, hence exemplifying how firms that build long-lasting and intimate links with their traditions can be extremely innovative while remaining firmly anchored to the past. These examples help visualize theoretical concepts and recognize the potential advantages of past knowledge in terms of value creation and capture. We develop an agenda for future research aimed at improving our understanding of the temporal search processes involved in the ITT strategy, within and outside the family business field, and thus contribute to innovation and organizational learning studies. Managers of non-family firms can learn from the family businesses that successfully use ITT to create and nurture a competitive advantage and emulate them by leveraging rather than discarding tradition.
This book establishes a chronological trace of the entrepreneur as treated in economic literature in order to give a more wholesome perspective to contemporary writings and teachings on entrepreneurship. It focuses on the nature and role of the entrepreneur, and of entrepreneurship, as revealed in economic literature as early as the eighteenth century, when Richard Cantillon first coined the term 'entrepreneur'. The authors then trace how Joseph Schumpeter's perspective, among other's, on entrepreneurship came to dominate the world's understanding of the term. Due to Schumpeter's dominant influence, entrepreneurship has come to occupy a primary role in the theory of economic development. In this book Hébert and Link discuss various key topics including the German Tradition, the Austrian and the English School of thought as well as individuals such as Alfred Marshall and Jeremy Bentham. The historical survey also illustrates the tension that often exists between "theory" and "practice" and how it has been difficult for economic theory to assimilate a core concept that plays a vital role in social and economic change. Finally, the book exposes the many different facets of entrepreneurship as they have been perceived by some of the great economists throughout the ages. © 2009 Robert F. Hébert and Albert N. Link. All rights reserved.
Further reflecting on the study of organizational behaviour (OB) in family business (FB), this rejoinder piece discusses and integrates the points raised in the three thoughtful commentaries and our original article. We start by highlighting the general agreement between us and the commentators on three points: (1) that family firms are theoretically distinct from non-family firms due to significant involvement of kinship ties in the enterprise; (2) there is paucity of research at the interface of OB and FB and (3) there is an abundance of interesting research questions at this interface with the potential to benefit both domains of study. Next, we discuss and elaborate on the research possibilities on time, teams and positive organizational study, suggested by the commentators. An illustrative list of interesting research questions at the OB-FB interface that extend and enrich our agenda for future research is shared. We conclude that not only is FB a promising context for behavioural scholars to investigate, the timing is perfect for such investigations.
In this monograph we focus on family entrepreneurship and offer tutorial coverage of the subject, research retrospectives as well as a state-of-the-art review. The core of this contribution is family entrepreneurship, a developing field that studies entrepreneurial behaviors of family, family members and family businesses by taking into account the possible interplays among them. We offer a conceptualization together with a review of
the literature as well as a research agenda of this field. Our conceptualization of family entrepreneurship makes it possible to disentangle complex relationships that characterize the field while the review of the literature offers some examples of how entrepreneurial behaviors can be affected by the family business context. The proposed research agenda offers some guidelines for future research that should advance
our knowledge of family entrepreneurship.
Sustainability entrepreneurship (SuE) is an emergent field of study
that focuses on the founding and growth of firms that combine the creation of
economic value with the pursuit of the environmental and social objectives of
sustainable development. A review of the SuE literature is carried out from a
critical management studies perspective and five main themes are identified.
The article notes that the field is powerfully influenced by its roots in ‘green’
entrepreneurship and that authors are generally uncritical of the concepts of
‘sustainable development’ in relation to entrepreneurship. From the perspective
of bottom-of-the-pyramid populations it is suggested that these trends involve
both risks and opportunities. The author calls upon scholars to integrate a
broader range of voices and entrepreneurial topics under the sustainability
entrepreneurship umbrella, and suggests that the field make greater use of
concepts of sustainable development that are participatory and embedded in
nature.
The contributions and shortcomings of past entrepreneurship research can be viewed within the context of six research design specifications: purpose, theoretical perspective, focus, level of analysis, time frame and methodology. The authors suggest a unifying definition of the field of entrepreneurship. The recent trend toward theory driven research that is contextual and process oriented is encouraging. It is time for entrepreneurship researchers to pursue causality more aggressively. Exploratory studies that are not theory driven should be discouraged unless the topic is highly original. Implications for practicing entrepreneurs are discussed.
Whereas existing research on the longevity of family firms has focused on the survival of firms, this article investigates transgenerational entrepreneurship of families. By building on the transgenerational entrepreneurship research framework, the authors argue that by shifting from firm to family level of analysis, one gains a deeper understanding of family firms’ ability to create value across generations. The authors find evidence for their argument in that such a level shift reveals extended entrepreneurial activity, which is missed when focusing exclusively on the firm level. The study introduces and empirically explores the construct of family entrepreneurial orientation, which may serve as an antecedent to transgenerational value creation by families.
This article examines the relationship between altruism and agency costs in family business through an in-depth case study of a family firm. We found that altruism reduced agency costs in the early stages of the business, but that agency problems increased as the venture became larger and more established. Moreover, we suggest that altruistic behavior need not be confined to family and close kin, but may extend through networks of distant kin and ethnic ties. We thus present a more complex view of the agency relationship in family business than is often portrayed in the existing literature.
Theoretical models that separate social, political and environmental factors from the economics dimensions of entrepreneurship cannot account for the failed experiences in business development among very poor populations. In this article, we develop the concept of Community-Based Enterprise (CBE) and argue that it provides a potential strategy for sustainable local development. We maintain that in this emerging form of entrepreneurship, typically rooted in community culture, natural and social capital are integral and inseparable from economic considerations, transforming the community into an entrepreneur and an enterprise. Drawing on interdisciplinary and multilevel approaches, we propose a theoretical model of the determinants, characteristics, and consequences of CBEs.
Informed by the sustainable development and entrepreneurship literatures we offer the following definition: Sustainable entrepreneurship is focused on the preservation of nature, life support, and community in the pursuit of perceived opportunities to bring into existence future products, processes, and services for gain, where gain is broadly construed to include economic and non-economic gains to individuals, the economy, and society. To illustrate the diversity of potential research avenues that will advance this field, we offer a research agenda derived from an economics, an institutional, and a psychology perspective. We suggest research questions exploring “what is to be sustained” and “what is to be developed” in sustainable entrepreneurship research.
Based on an analysis of 44 cases in Canada, Tunisia, and Cameroon, this research attempts to determine the fundaments of sustainable
entrepreneurship (SE) in an international perspective and to shed the light on the potential impact of economic, institutional,
and cultural dimensions upon diverse levels of sustainability in small- and medium-size firms (SMEs). Neo-institutional and
entrepreneurship theories were combined in an integrative conceptual model to fully embrace the meanings and practices of
SE and to question the “culture free” argument of some prescriptions as well as some international programs. The analysis
of the rationale behind entrepreneurs committed to sustainability in the three countries compared to less engaged firms shows
that entrepreneurs’ individual values are crucial in all cases. Socio-cultural specificities and institutional realities can,
however, be more or less inductive to the adoption of sustainable practices in SMEs. This study also demonstrates that external
stimuli are needed in Tunisia and Cameroon to reach the same environmental involvement as found in Canada. Moreover, support
programs to assist SMEs with the adoption of sustainable practices and communication about the issue have to be tailored to
the entrepreneur’s motives, the firms’ levels of openness to sustainability, the socio-cultural practices already embedded,
and the countries’ priorities. Implications for policy, management, and research are also discussed.
Keywordsentrepreneurship–SMEs–sustainable entrepreneurship–sustainability
What makes organizations so similar? We contend that the engine of rationalization
and bureaucratization has moved from the competitive marketplace to the state and
the professions. Once a set of organizations emerges as a field, a paradox arises:
rational actors make their organizations increasingly similar as they try to
change them. We describe three isomorphic processes--coercive, mimetic, and
normative-leading to this outcome. We then specib hypotheses about the impact of
resource centralization and dependency, goal ambiguity and technical uncertainty,
and professionalization and structuration on isomorphic change. Finally, we suggest
implications for theories of organizations and social change.
The purpose of this research was to explore the underlying meanings researchers and practitioners have about entrepreneurship and to outline some themes that characterize the major issues and concerns that constitute the debate about entrepreneurship as a field of study.The process used to identify the themes that characterize entrepreneurship took the form of a policy Delphi. This Delphi was constructed as a series of three questionnaires to elicit definitions of entrepreneurship that were then analyzed and evaluated. In the first phase, a one-page questionnaire asking for a definition of entrepreneurship was sent to leading academic researchers in entrepreneurship, to business leaders and to politicians. The first questionnaire asked individuals: What is your definition of entrepreneurship? We received 44 responses (36 from academics, 8 from business leaders and none from politicians) from the 280 individuals whom we invited to participate (a 16% response rate).In phase 2, all of the entrepreneurship definitions from the first questionnaire were typed and sent back with a second questionnaire to the 44 respondents. The second questionnaire was generated through a content analysis of the entrepreneurship definitions. Ninety attributes were identified from the entrepreneurship definitions. The second questionnaire asked participants: How important is each attribute to your definition of entrepreneurship? Participants ranked the attributes from very important to unimportant. Of the 44 participants in phase 2, 41 responded to the second questionnaire (93% response rate). The responses from the second questionnaire were then evaluated and factor analyzed. The factor analysis sought to cluster the 90 attributes into a smaller set of factors (themes). The eight-factor solution was selected. The debate about what constitutes the nature of entrepreneurship can be characterized by these eight themes.The Entrepreneur. The entrepreneur theme is the idea that entrepreneurship involves individuals with unique personality characteristics and abilities. Innovation. The innovation theme is characterized as doing something new as an idea, product, service, market, or technology in a new or established organization. Organization Creation. The organization creation theme described the behaviors involved in creating organizations. Creating Value. This theme articulated the idea that entrepreneurship creates value. Profit or Nonprofit. The profit/nonprofit theme is concerned with whether entrepreneurship involves profit-making organizations only. Growth. At issue in this theme is the importance of growth as a characteristic of entrepreneurship. Uniqueness. This theme suggested that entrepreneurship must involve uniqueness. The Owner-Manager. This theme suggested that entrepreneurship involves individuals who are owners and managers of their businesses.The third phase of the Delphi asked the 41 participants to evaluate and comment on the eight factors generated in the second phase. Of the 41 participants in phase 3, 34 responded to the third questionnaire (83% response rate). Since no one agreed-upon definition of entrepreneurship appeared to emerge from the Delphi process, the researcher undertook a cluster analysis of the responses to the third questionnaire to uncover whether any similarities in viewpoints existed among the participants. The data was cluster analyzed using both hierarchical (complete linkage and single linkage) and K-means clustering techniques. Results from these analyses revealed two distinct clusters. The majority (79%) of the participants were clustered in group 1. The focus of this group seems to be on the characteristics of entrepreneurship. Group 1 looked at what happened in the situation. This group indicated that a situation was entrepreneurial if they could answer “yes” to these questions: Is there an entrepreneur involved? Is there innovation? Is there growth? Is there uniqueness? The other group, group 2, focused on the outcomes of entrepreneurship. Group 2 saw a situation as entrepreneurial only if value was created or if someone gained.
Although the field of entrepreneurship is recognized as being of fundamental importance for our economy, and although many researchers throughout the world have turned their attention to it, there is, as yet, no agreement as to the research object in this scientific field. Empirical research has described the phenomenon from different standpoints. It has also shown that the phenomenon is much more complex and heterogeneous than was thought in the 1980s. However, to advance knowledge and produce tools that are useful in practice, it has become necessary to establish theories that will generate more productive empirical research. Some effort at definition is therefore needed.
This article discusses the emerging research concerned with sustainable development and entrepreneurship, which is the focus of this special issue of the Journal of Business Venturing. Entrepreneurship has been recognized as a major conduit for sustainable products and processes, and new ventures are being held up as a panacea for many social and environmental concerns. However, there remains considerable uncertainty regarding the nature of entrepreneurship's role and how it may unfold. We begin with an overview of sustainable development and the role of entrepreneurship and outline recent contributions exploring this role. We then summarize the papers presented in this special issue and conclude with suggestions for further research.
This article explains how entrepreneurship can help resolve the environmental problems of global socio-economic systems. Environmental economics concludes that environmental degradation results from the failure of markets, whereas the entrepreneurship literature argues that opportunities are inherent in market failure. A synthesis of these literatures suggests that environmentally relevant market failures represent opportunities for achieving profitability while simultaneously reducing environmentally degrading economic behaviors. It also implies conceptualizations of sustainable and environmental entrepreneurship which detail how entrepreneurs seize the opportunities that are inherent in environmentally relevant market failures. Finally, the article examines the ability of the proposed theoretical framework to transcend its environmental context and provide insight into expanding the domain of the study of entrepreneurship.
This paper proposes a model of how incumbents and new entrants engage in sustainable entrepreneurship. We suggest that in the early stages of an industry's sustainability transformation, new entrants (‘Emerging Davids’) are more likely than incumbents to pursue sustainability-related opportunities. Incumbents react to the activities of new entrants by engaging in corporate sustainable entrepreneurship activities. While these ‘Greening Goliaths’ are often less ambitious in their environmental and social goals, they may have a broader reach due to their established market presence. This paper analyses the interplay between ‘Greening Goliaths’ and ‘Emerging Davids’ and theorizes about how it is their compounded impact that promotes the sustainable transformation of industries.
We apply a key construct from the entrepreneurship field, entrepreneurial orientation (EO), in the context of long-lived family firms. Our qualitative in-depth case studies show that a permanently high level of the five EO dimensions is not a necessary condition for long-term success, as traditional entrepreneurship and EO literature implicitly suggest. Rather, we claim that the level of EO is dynamically adapted over time and that the original EO scales (autonomy, innovativeness, risk taking, proactiveness, and competitive aggressiveness) do not sufficiently capture the full extent of entrepreneurial behaviors in long-lived family firms. Based on these considerations we suggest extending the existing EO scales to provide a more fine-grained depiction of firm-level corporate entrepreneurship in long-lived family firms.
The majority of family businesses are both ill-prepared and ineffective at handling the emotional family related and the rational business related complexities they face. This book, a nine year study of multi-generational award winning family businesses, provides new and deep insights into their long-term success strategies.
This article explores how the family Influences an entrepreneur's career. There are various points In time where family and entrepreneurial dynamics intersect. These Include: (1) early experiences In the entrepreneur's family of origin; (2) family Involvement and support of early start-up activities; (3) employment of family members In the new venture; and (4) involvement of family members In ownership and management succession. The article explores each of these four areas and suggests research questions that need to be explored to develop a better understanding of the relationship between entrepreneurs and their families.
Understanding what motivates entrepreneurs to start and sustain their ventures has been a critical factor in understanding the complete entrepreneurial process. Since goal-directed behavior is a vital element in the research on entrepreneurial motivation, this study attempted to investigate the existence of a set of goals which motivate entrepreneurs to sustain their business development efforts. To accomplish this effort, auestionnaire developed from the literature was utilized to identify the existence of 16 possible goals. A four-factor structure of goal statements was identified on the basis of the responses from 234 entrepreneurs. Factors included Extrinsic Rewards, Independence/Autonomy, Intrinsic Rewards, and Family Security. The implications of the existence of these factors as motivators for sustained ownership are discussed.
It is generally accepted that a family's involvement in the business makes the family business unique; but the literature continues to have difficulty defining the family business. We argue for a distinction between theoretical and operational definitions. A theoretical definition must identify the esence that distinguishes the family business from other businesses. It is the standard against which operational definitions must be measured. We propose a theoretical definition based on behavior as the essence of a family business. Our conceptual analysis shows that most of the operational definitions based on the components of family involvement overlap with our theoretical definition. Our empirical results suggest, however, that the components of family involvement typically used in operational definitions are weak predictors of intentions and, therefore, are not always reliable for distinguishing family businesses from non-family ones.
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 process (ground rules, successor development, and transition) and the relevant stakeholder exchanges occurring during each phase, including exchanges between incumbents and successors, within family boundaries, and across family boundaries. We contribute to the family firm succession literature by identifying how a social exchange perspective can help guide future research.
http://fbr.sagepub.com/content/29/1/44
We introduce the concept of "sustainable entrepreneurship" (SE). Since the field of business success lies on three distinctive levels, we argue that SE provides a holistic approach for organizational strategic development. Our case study exhibits how SE can be materialized and offer opportunities for doing well by doing good.
The positive relationship between innovativeness and firm performance is well established and applies equally to all businesses, including family firms. However, little is yet known about how the unique characteristics of family firms influence this relationship. Drawing upon the resource-based view (RBV) of the firm, this study explains how the interplay between innovativeness as a firm-specific resource and family commitment as a family-specific resource affects performance. The analysis of longitudinal survey data collected from Finnish family firms demonstrates a curvilinear (U-shaped) moderating effect of the owner family’s commitment to the firm, in that the impact of innovativeness on firm performance is strongest when family commitment is either low or high. This implies that owner families should avoid their level of commitment becoming becalmed between high and low if they wish to convert their firm’s innovativeness into performance.
Previous studies show that growth is an important goal for businesses, but little is known of how the entrepreneurial orientation–performance relationship works in family businesses and how this differs from their nonfamily peers. We examine that and how entrepreneurial activity mediates the relationship in family and nonfamily businesses. Our results on 532 firms show that family businesses benefit from innovative orientation, which is both directly and indirectly associated with firm growth via entrepreneurial activity. This association does not exist in nonfamily businesses. Furthermore, risk taking does not influence family business growth even if it does in nonfamily businesses.
The aims of this book chapter are to give an overview of and to add clarity to the emerging field of sustainable entrepreneurship research. As a disparity in the terminology and understanding of sustainable entrepreneurship exists, the motivation is to give an answer to the following (deceivingly simple) question: What is sustainable entrepreneurship? To this end a systematic literature review was conducted, in order to thoroughly present and evaluate the intellectual territory of the nascent research stream. The review resulted in 43 papers considered to be relevant for the field of sustainable entrepreneurship. As a synthesis and result of our review we suggest a definition of sustainable entrepreneurship as the scholarly examination of how opportunities to bring into existence future goods and services are recognized, developed, and exploited by whom, and with what economic, social and ecological gains. The definition reflects five important aspects of sustainable entrepreneurship, which have been identified in the systematic review: The sources of opportunities; a process-focused perspective; the individual sustainable entrepreneur; economic, ecological and social value creation; as well as the transition to a sustainable society. We hope that the findings of our systematic literature review and the suggested definition of sustainable entrepreneurship are a step forward to enhance relevant and yet rigorous research in the nascent field of sustainable entrepreneurship.
Sustainable entrepreneurship pursues a triple bottom line approach of economic, social and ecological goals. The main aim of this paper is to add to our understanding of the process of sustainable entrepreneurship. Since the field of sustainable entrepreneurship is in a nascent stage, we conduct a qualitative study. We employ a multiple case study design to build theory. Based on four case studies we develop a model, which describes the process of sustainable entrepreneurship, including six phases: 1) recognizing a social or ecological problem; 2) recognizing a social or ecological opportunity; 3) developing a double bottom line solution; 4) developing a triple bottom line solution; 5) funding and forming of a sustainable enterprise; 6) creating or entering a sustainable market. By developing a convergent process model with two pathways, we make theoretical contributions to the emerging fields of sustainable entrepreneurship and social entrepreneurship. A key finding is that the triple bottom line of ecological, social and economic goals is integrated sequentially, not simultaneously. Copyright © 2015 John Wiley & Sons, Ltd and ERP Environment.
Family businesses frequently are disrupted by the process of succession of leadership and ownership. This article focuses on causes of conflict and how to manage success after siblings have entered the business.
Long-term orientation (LTO), defined as the tendency to prioritize the long-range implications and impact of decisions and actions that come to fruition after an extended time period, is a common characteristic of many family businesses. Prior research is equivocal regarding whether an LTO contributes to or detracts from family firm outcomes. Of particular interest is the extent to which family business can be entrepreneurial given an LTO. Drawing on the concept of entrepreneurial orientation (EO), propositions that relate long- and short-term management time horizons of family firms to five dimensions of EO (innovativeness, proactiveness, risk taking, competitive aggressiveness and autonomy) are developed. Specifically, we propose that an LTO will be positively associated with innovativeness, proactiveness, and autonomy but negatively associated with risk taking and competitive aggressiveness. We also address the long- and short-term implications of EO on the performance of family firms, and identify issues to consider in future research into the EO–LTO relationship.
Sustainable entrepreneurship is a spin-off concept from sustainable development that can be defined as the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce, their families, local communities, society and the world at large, as well as future generations. This is an approach that is applied mostly by large, often industrial companies. In their wake, a whole range of sustainability certificates have come about. Because of the proliferation of complex and costly procedures to obtain them, SMEs have almost unanimously ignored and repudiated the idea of sustainable entrepreneurship. Although the gains can be substantial in terms of risk control, business relationships with large companies and positive reputation, the question is raised whether SMEs can actually afford to do business in a sustainable manner.The case study provides the preconditions for implementation of sustainable business practices by SMEs. First, the smaller financial resources of SMEs are not a prohibitive determinant. Lack of time, however, is. When preconditions are solved, SMEs should select a simple, pragmatic and effective format that is tailored to their needs. The case study offers some convincing examples. Finally, SMEs should look at the return and the opportunity costs of a sustainability strategy rather than simply examining the financial costs.
This paper proposes a research model that outlines the determinants of functional families and
profitable businesses—requisites for family business sustainability. Two features distinguish the
model from previous models: inclusion of the family in the same detail as the business and emphasis
on the key features of family and business. Delineation of the interface between the family and the
business permits the use of research methods that allow for variable degrees of overlap of family and
business rather than assuming that family businesses constitute either a single system or two separate
systems. The research model is also compatible with a variety of theoretical perspectives.
Sustainability is oft thought of as the privilege of the large corporate – with sufficient funds to invest in anything from effective green Public Relations (PR) to improving its carbon footprint. What is perhaps less well-understood and documented is the range of activities undertaken by small and medium enterprises (SMEs), including very small entrepreneurial start-ups, some of which base their entire business rationale on sustainable principles. This paper uses a case study approach to explore the modus operandi of ecopreneurship and draws on both primary research and secondary data to develop and explore sustainable entrepreneurship in this sector. Preliminary findings suggest that ecopreneurial SMEs are looking to other goals alongside financial ones and are prepared to go to significant lengths to achieve such goals. Monetary measures are not, of course, entirely absent, but are very strongly conditioned by the ecoconscious nature of the business. In short, sustainability imperatives remain paramount. Copyright © 2010 John Wiley & Sons, Ltd and ERP Environment.
Providing clear goals for a company and communicating them are among the most powerful means for guiding the behavior of the people in an organization. In this article, we explore the range of objectives or goals of family-owned and -managed companies and identify those most commonly regarded as important by owner-managers. Further, we describe six major empirical dimensions of goals that we derived by factor-analytic procedures. Finally, we suggest how researchers, managers, and consultants can use our work to help owner-managers clarify and communicate their goals.
This article compares the family business, and its reciprocal institution, the business family, to a one-sided band known as the Möbius strip. After explaining the rationale for this comparison, the conceptualization is enriched and then enlarged to accommodate the diverse range of firms identifying themselves as family businesses. Next, a process model is presented to explain the emergence, existence, and decline of the family-business interface. The article concludes with a discussion of several research-related implications arising from this comparison.
One of the most critical organizational changes family businesses deal with at some stage in their lives is the succession process. When evaluating it, two main targets are sought: quality and effectiveness. To meet these quality-effectiveness standards three elements should be transferred from the predecessor to the Next Generation Member(s): 1) Ownership/power, 2) Management responsibility and 3) Competence/Knowledge. We focus on the third element: Knowledge, since most of the times, it is "the taken-for-granted" factor. How effective intergenerational knowledge transfer in family firms takes place -under which conditions and through which variables- is the heart of this writing. We have developed a Knowledge Transfer Model in Family Firms (KTFF) which sets on stage several internal and external relationships in the Family-Enterprise-Next Generation System. And, although this is a conceptual text, it may drive future empirical research projects in order to provide support for the proposed interactions (relationships).
The purpose of this paper is to propose a framework to position sustainable entrepreneurship in relation to sustainability innovation. The framework builds on a typology of sustainable entrepreneurship, develops it by including social and institutional entrepreneurship, i.e. the application of the entrepreneurial approach towards meeting societal goals and towards changing market contexts, and relates it to sustainability innovation. The framework provides a reference for managers to introduce sustainability innovation and to pursue sustainable entrepreneurship. Methodologically, the paper develops an approach of qualitative measurement of sustainable entrepreneurship and how to assess the position of a company in a classification matrix. The degree of environmental or social responsibility orientation in the company is assessed on the basis of environmental and social goals and policies, the organization of environmental and social management in the company and the communication of environmental and social issues. The market impact of the company is measured on the basis of market share, sales growth and reactions of competitors. The paper finds conditions under which sustainable entrepreneurship and sustainability innovation emerge spontaneously. The research has implications for theory and practitioners in that it clarifies which firms are most likely under specific conditions to make moves towards sustainability innovation. The paper makes a contribution in showing that extant research needs to be expanded with regard to motivations for innovation and that earlier models of sustainable entrepreneurship need to be refined. Copyright © 2010 John Wiley & Sons, Ltd and ERP Environment.
This futuristic commentary reviews family business research since its beginning more than 30 years ago. Prior to 2000, disciplinary roots, professional organizations, and early milestones are identified. More recent books, journals, and special issues are noted, and conceptualizations, theories, and databases are compared and contrasted. Lastly, current and future research paths or directions are identified and discussed, and researchers are challenged to move ahead into new and different research arenas.
For the past decade and a half, the primary conceptual model of family business has been the three-circle model, which views family enterprise as a complex system made up of three overlapping sub-systems (ownership, business, and family). The three-circle model is an excellent tool for understanding the dynamics at work in any family company at a particular point in time. In our more recent work, we have found it even more useful to transform this three-circle concept into a developmental model, in which each of the three sub-systems moves through a sequence of stages
Surprisingly, the majority of U.S. family firms offer employed family members short- and long-term performance-based incentive pay. We draw on the household economics and altruism literatures to explain why family firms might feel compelled to do so and develop theory that predicts when this practice will be beneficial. Results based on data obtained from 883 family firms show that altruism, as reflected by the parents' estate and share transfer intentions, moderates the effect of these pay incentives as our theory predicts. As such, this article helps explain both how altruism influences agency relationships in family firms and why business practice in family firms differs from those found in other types of firms.
This research develops the argument that four types of market imperfections (i.e., inefficient firms, externalities, flawed pricing mechanisms and information asymmetries) at once contribute to environmental degradation and that they also provide significant opportunities for the creation of radical technologies and innovative business models. We show that these opportunities establish the foundations for an emerging model of sustainable entrepreneurship, one which enables founders to obtain entrepreneurial rents while simultaneously improving local and global social and environmental conditions. To advance this new field, we offer suggestions for a research agenda focusing on two areas: the relationship between market imperfections and entrepreneurial opportunities, and the emerging field of sustainable entrepreneurship.
Global data points " , available at: www.ffi.org/page/globaldatapoints
- Family Firm Institute
Family Firm Institute (2016), " Global data points ", available at: www.ffi.org/page/globaldatapoints
(accessed 4 July 2016).
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- Oxford Dictionaries
Oxford Dictionaries (2012), " Oxford Dictionaries ", available at: http://oxforddictionaries.com/definition/
sustainable?q=sustainable (accessed 2 February 2012).