Is market learning the missing link between family involvement – firm performance relationship? A resource-based perspective

International Entrepreneurship and Management Journal

Volumn 13, Issue 2, 2017, Pages 575-604

  Yeniaras, Volkan ^a   Sener, Pinar ^b   Unver, Suheyl ^c  

^a UNIVERSITY OF SHARJAH   (United Arab Emirates)

^b EDC Paris Business School   (France)

^c ISTANBUL BILGI UNIVERSITY   (Turkey)

Author keywords

Environmental turbulence; Family involvement; Firm age; Firm performance; Market exploitation; Market exploration

Indexed keywords

EID: 84991669512     PISSN: 15547191     EISSN: 15551938     Source Type: Journal    
DOI: 10.1007/s11365-016-0417-4     Document Type: Article

References (146)

1. Aiken, L. S., & West, S. G. (1991). Multiple regression testing and interpreting interactions. Newbury Park: Sage.
2. Allison, T. H., McKenny, A. F., & Short, J. C. (2013). Integrating time into family business research: using random coefficient modeling to examine temporal influences on family firm ambidexterity. Family Business Review, 27(1), 20–34.
3. Allouche, J., Amann, B., Jaussaud, J., & Kurashina, T. (2008). The impact of family control on the performance and financial characteristics of family versus nonfamily businesses in Japan: a matched-pair investigation. Family Business Review, 21(4), 315–329.
4. Anderson, J. C., & Gerbing, D. W. (1988). Structural equation modeling in practice: a review and recommended two-step approach. Psychological Bulletin, 103(3), 411–423.
5. Anderson, R. C., & Reeb, D. M. (2003). Founding-family ownership and firm performance: evidence from the S&P 500. Journal of Finance, 58(3), 1301–1327.
6. Astrachan, J. H., & Jaskiewicz, P. (2008). Emotional returns and emotional costs in privately held family businesses: advancing traditional business valuation. Family Business Review, 21(2), 139–149.
7. Astrachan, J. H., & Shanker, M. C. (2003). Family businesses' contribution to the U.S. economy: a closer look. Family Business Review, 16(3), 211–219.
8. Astrachan, J. H., Klein, S. B., & Smyrnios, K. X. (2002). The F-PEC scale of family influence: a proposal forsolving the family business definition problem. Family Business Review, 15(1), 45–58.
9. Atuahene-Gima, K. (2003). The effects of centrifugal and centripetal forces on product development speed and quality: how does problem solving matter? Academy of Management Journal, 46(3), 359–373.
10. Audretsch, D. B., Hu¨ lsbeck, M., & Lehmann, E. E. (2013). Families as active monitors of firm performance. Journal of Family Business Strategy, 4(2), 118–130.
11. Auh, S., & Menguc, B. (2005). Balancing exploration and exploitation: the moderating role of competitive intensity. Journal of Business Research, 58(12), 1652–1661.
12. Bagozzi, R. P., & Yi, Y. (1988). On the evaluation of structural equation models. Journal of the Academy of Marketing Science, 16(1), 74–94.
13. Bain, J. S. (1968). Industrial organization. New York: Wiley.
14. Barney, J. (1991). Firm resources and sustained competitive advantage. Journal of Management, 17(1), 99–120.
15. Barreto, I. (2010). Dynamic capabilities: a review of past research and an agenda for the future. Journal of Management, 36(1), 256–280.
16. Barsade, S. G. (2002). The ripple effect: emotional contagion and its influence on group behavior. Administrative Science Quarterly, 47(4), 644–675.
17. Basco, R. (2014). Exploring the influence of the family upon firm performance: does strategic behavior matter? International Small Business Journal, 32(8), 967–995.
18. Benner, M. J., & Tushman, M. L. (2003). Exploitation, exploration, and process management: the productivity dilemma revisited. Academy of Management Review, 28(2), 238–256.
19. Bertrand, M., & Schoar, A. (2006). The role of family in family firms. Journal of Economic Perspectives, 20(2), 73–96.
20. Bierly, P. E., & Daly, P. S. (2007). Alternative knowledge strategies, competitive environment, and organizational performance in small manufacturing firms. Entrepreneurship Theory and Practice, 31(4), 493–516.
21. Bjuggren, C. M., Johansson, D., & Sjögren, H. (2011). A note on employment and gross domestic product in Swedish family-owned businesses: a descriptive analysis. Family Business Review, 24(4), 362–371.
22. Blake, C. G., & Saleh, S. D. (1995). A model of family owned small business performance. Family Business Annual, 1(1), 22–31.
23. Bloom, N., & Van Reenen, J. (2007). Measuring and explaining management practices across firms and countries. Quarterly Journal of Economics, 122(4), 1351–1408.
24. Bugra, A. (1994). State and business in modern Turkey: a comparative study. SUNY Press.
25. Cabrera-Suárez, K., De Saá-Pérez, P., & García-Almeida, D. (2001). The succession process from a resource-and knowledge-based view of the family firm. Family Business Review, 14(1), 37–46.
26. Carlock, R. S., & Ward, J. L. (2001). Strategic planning for the family business: parallel planning to unify the family and business. Houndsmill, NY: Palgrave.
27. Carnes, C. M., & Ireland, R. D. (2013). Familiness and innovation: resource bundling as the missing link. Entrepreneurship Theory and Practice, 37, 1399–1419.
28. Carney, M. (2005). Corporate governance and competitive advantage in family-controlled firms. Entrepreneurship Theory and Practice, 29, 249–265.
29. Carney, M., Van Essen, M., Gedajlovic, E. R., & Heugens, P. (2013). What do we know about private family firms? A meta-analytical review. Entrepreneurship Theory and Practice, 39(3), 513–544.
30. Casillas, J. C. & Moreno, A., M. (2010). The relationship between entrepreneurial orientation and growth: the moderating role of family involvement. Entrepreneurship and Regional Development, 22: 265–291.
31. Chandler Jr., A. D. (1990). Scale and scope: the dynamics of industrial capitalism. Cambridge, MA: Harvard University Press.
32. Chrisman, J. J., Chua, J. H., & Litz, R. A. (2003). A unified systems perspective of family firm performance: an extension and integration. Journal of Business Venturing, 18(4), 467–472.
33. Chrisman, J. J., Chua, J. H., & Litz, R. A. (2004). Comparing the agency costs of family and non-family firms: conceptual issues and exploratory evidence. Entrepreneurship Theory and Practice, 28(4), 335–354.
34. Chrisman, J. J., Chua, J. H., & Sharma, P. (2005). Trends and directions in the development of a strategic management theory of the family firm. Entrepreneurship Theory and Practice, 29(5), 555–576.
35. Chrisman, J. J., Chua, J. H., Pearson, A. W., & Barnett, T. (2012). Fmily involvement, family influence, and family-centered non-economic goals in small firms. Entrepreneurship Theory and Practice, 36(2), 267–293.
36. Chu, W. (2009). The influence of family ownership on SME performance: evidence from public firms in Taiwan. Small Business Economics, 33(3), 353–373.
37. Chua, J. H., Chrisman, J. J., & Sharma, P. (1999). Defining the family business by behavior. Entrepreneurship: Theory and Practice, 23(4), 19–39.
38. Chua, J. H., Chrisman, J. J., & Steier, L. P. (2003). Extending the theoretical horizons of family business research. Entrepreneurship: Theory and Practice, 27(4), 331–338.
39. Claessens, S., Djankov, S., Fan, J. P. H., & Lang, L. H. P. (2002). Disentangling the incentive and entrenchment effects of large shareholdings. Journal of Finance, 27(6), 2741–2771.
40. Cohen, W. M., & Levinthal, D. A. (1990). Absorptive capacity: a new perspective on learning and innovation. Administrative Science Quarterly, 35, 128–152.
41. Colbert, B. A. (2004). The complex resource-based view: implications for theory and practice in strategic human resource management. Academy of Management Review, 29(3), 341–358.
42. Corbetta, G., & Salvato, C. (2004). Self-serving or self-actualizing? Models of man and agency costs in different types of family firms: a commentary on “comparing the agency costs of family and non-family firms: conceptual issues and exploratory evidence”. Entrepreneurship Theory and Practice, 28(4), 355–362.
43. Danes, S. M., Stafford, K., & Loy, J. T. C. (2007). Family business performance: the effects of gender and management. Journal of Business Research, 60(10), 1058–1069.
44. Danes, S. M., Stafford, K., Haynes, G., & Amarapurkar, S. S. (2009). Family capital of family firms: bridging human, social, and financial capital. Family Business Review, 22(3), 199–215.
45. D'Aveni, R. A. (1994). Hypercompetition: managing the dynamics of strategic maneuvering. New York: The Free Press.
46. Davis, J. H., Schoorman, F. D., & Donaldson, L. (1997). Toward a stewardship theory of management. Academy of Management Review, 22(1), 20–47.
47. Davis, J. H., Allen, M. R., & Hayes, H. D. (2010). Is blood thicker than water? A study of stewardship perceptions in family business. Entrepreneurship Theory and Practice, 34(6), 1093–1116.
48. Day, G. S. (1994). The capabilities of market-driven organizations. Journal of Marketing, 58(4), 37–52.
49. De Massis, A., Kotlar, J., Chua, J. H., & Chrisman, J. J. (2014). Ability and willingness as sufficiency conditions for family-oriented particularistic behavior: implications for theory and empirical studies. Journal of Small Business Management, 52(2), 344–364.
50. Dekker, J. C., Lybaert, N., Steijvers, T., Depaire, B., & Mercken, R. (2012). Family firm types based on the professionalization construct: exploratory research. Family Business Review, 26(1), 81–99.
51. Discua-Cruz, A., Howorth, C., & Hamilton, E. (2012). Intrafamily entrepreneurship: the formation and membership of family entrepreneurial teams. Entrepreneurship Theory and Practice, 37(1), 17–46.
52. Dow, D. (2006). Adaptation and performance in foreign markets: evidence of systematic under-adaptation. Journal of International Business Studies, 37(2), 212–226.
53. Dreux IV, D. R., & Brown, B. M. (1994). Marketing private banking services to family businesses. The International Journal of Bank Marketing, 12(3), 26–35.
54. Dyer, W. G. (2006). Examining the “Family Effect” on firm performance. Family Business Review, 19(4), 253–273.
55. Efron, B., & Tibshirani, R. J. (1994). An introduction to the bootstrap. CRC press.
56. Eisenhardt, K. M., & Martin, J. A. (2000). Dynamic capabilities: what are they? Strategic Management Journal, 21(10–11), 1105–1121.
57. Faccio, M., & Lang, L. (2002). The ultimate ownership of western European corporations. Journal of Financial Economics, 65(3), 365–395.
58. Fornell, C., & Larcker, D. F. (1981). Evaluating structural equation models with unobservable variables and measurement error. Journal of Marketing Research, 18(February), 39–50.
59. Gallucci, C., Santulli, R., & Calabro, A. (2015). Does family involvement foster or hinder firm performance? The missing role of family-based branding strategies. Journal of Family Business Strategy, 6, 155–165.
60. Gedajlovic, E., Cao, Q., & Zhang, H. (2012a). Corporate shareholdings and organizational ambidexterity in high-tech SMEs: evidence from a transitional economy. Journal of Business Venturing, 27(6), 652–665.
61. Gedajlovic, E., Carney, M., Chrisman, J. J., & Kellermanns, F. W. (2012b). The adolescence of family firm research: taking stock and planning for the future. Journal of Management, 38(4), 1010–1037.
62. Ghemawat, P., & Costa, J. (1993). The organizational tension between static and dynamic efficiency. Strategic Management Journal, 14, 59–73.
63. Goel, S., & Jones, R. J. (2016). Entrepreneurial exploration and exploitation in family business: a systematic review and future directions. Family Business Review, 29(1), 94–120.
64. Gomez-Mejia, L. R., Haynes, K. T., Núñez-Nickel, M., Jacobson, K. J., & Moyano-Fuentes, J. (2007). Socioemotional wealth and business risks in family-controlled firms: evidence from Spanish olive oil mills. Administrative Science Quarterly, 52(1), 106–137.
65. Gunduz, L., & Tatoglu, E. (2003). A comparison of the financial characteristics of group affiliated and independent firms in Turkey. European Business Review, 15(1), 48–54.
66. Habbershon, T. G., & Williams, M. L. (1999). A resource-based framework for assessing the strategic advantages of family firms. Family Business Review, 12(1), 1–25.
67. Habbershon, T. G., Williams, M., & MacMillan, I. C. (2003). A unified systems perspective of family firm performance. Journal of Business Venturing, 18(4), 451–465.
68. Hair, Jr J. F., Black, W. C., Babin, B. J., Anderson, R., & Tathum, R. (2006). Multivariate data analysis. 6th ed. Upper Saddle River: Prentice Hall.
69. Hannan, M. T., & Freeman, J. (1984). Structural inertia and organizational change. American Sociological Review, 49, 149–164.
70. Hatch, N. W., & Dyer, J. H. (2004). Human capital and learning as a source of sustainable competitive advantage. Strategic Management Journal, 25(12), 1155–1178.
71. Henderson, A. D. (1999). Firm strategy and age dependence: a contingent view of the liabilities of newness, adolescence, and obsolescence. Administrative Science Quarterly, 44(2), 281–314.
72. Hitt, M. A., Hoskisson, R. E., & Kim, H. (1997). International diversification: effects on innovation and firm performance in product-diversified firms. Academy of Management Journal, 40(4), 767–798.
73. Joshi, A. W., & Sharma, S. (2004). Customer knowledge development: antecedents and impact on new product performance. Journal of Marketing, 68(4), 47–59.
74. Kellermanns, F. W., Eddleston, K. A., Barnett, T., & Pearson, A. (2008). An exploratory study of family member characteristics and involvement effects on entrepreneurial behavior in the family firm. Family Business Review, 21, 1–14.
75. Khandwalla, P. N. (1974). Mass output orientation of operations technology and organizational structure. Administrative Science Quarterly, 19(1), 74.
76. Kim, Y., & Gao, F. Y. (2013). Does family involvement increase business performance? Family-longevity goals’ moderating role in Chinese family firms. Journal of Business Research, 66, 265–274.
77. Klein, S. B., Astrachan, J. H., & Smyrnios, K. X. (2005). The F-PEC scale of family influence: construction, validation, and further implication for theory.Entrepreneurship. Theory Into Practice, 29(3), 321–339.
78. Kotlar, J., & De Massis, A. (2013). Goal setting in family firms: goal diversity, social interactions, and collective commitment to family-centered goals. Entrepreneurship Theory and Practice, 37(6), 1263–1288.
79. Kyriakopoulos, K., & Moorman, C. (2004). Tradeoffs in market exploitation and exploration strategies: the overlooked role of market orientation. International Journal of Research in Marketing, 21(3), 219–240.
80. La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance, 54, 471–517.
81. Lee, J. (2006). Family firm performance: further evidence. Family Business Review, 19(2), 103–114.
82. Lee, M. -S., & Rogoff, E. G. (1996). Research note: comparison of small businesses with family participation versus small businesses without family participation: an investigation of differences in goals, attitudes, and family/business conflict. Family Business Review, 9(4), 423–437.
83. Lei, D., Slocum, J. W., & Pitts, R. A. (2000). Designing organizations for competitive advantage: the power of unlearning and learning. Organizational Dynamics, 27(3), 24–38.
84. Levinthal, D. A., & March, J. G. (1993). The myopia of learning. Strategic Management Journal, 14(S2), 95–112.
85. Lewin, A. Y., Long, C. P., & Carroll, T. N. (1999). The coevolution of new organizational forms. Organization Science, 10(5), 535–550.
86. Lindell, M. K., & Whitney, D. J. (2001). Accounting for common method variance in cross-sectional research designs. Journal of Applied Psychology, 86(1), 114–121.
87. Litz, R. A. (1995). The family business: toward definitional clarity. Family Business Review, 8(2), 71–81.
88. Lu, Y., Zhou, L., Bruton, G., & Li, W. (2009). Capabilities as a mediator linking resources and the international performance of entrepreneurial firms in an emerging economy. Journal of International Business Studies, 41(3), 419–436.
89. Lumpkin, G. T., & Brigham, K. H. (2011). Long-term orientation and intertemporal choice in family firms. Entrepreneurship Theory and Practice, 35(6), 1149–1169.
90. Madanoglu, M., Altinay, L., & Wang, X. L. (2015). Disentangling the effect of family involvement on innovativeness and risk taking: the role of decentralization. Journal of Business Research. management and wealth creation in family firms. Entrepreneurship Theory and Practice, 27(4), 339–358.
91. Manor, O., Matthews, S., & Power, C. (2000). Dichotomous or categorical response? Analyzing self-rated health and lifetime social class. International Journal of Epidemiology, 29, 149–157.
92. March, J. G. (1991). Exploration and exploitation in organizational learning. Organization Science, 2(1), 71–87.
93. Martin, W. L., & Lumpkin, T. (2003). From entrepreneurial orientation to family orientation: generational differences in the management of family businesses. In Paper presented at the 22nd Babson college entrepreneurship research conference, Babson college, in Wellesley. MA: USA.
94. Miller, D., & Droge, C. (1986). Psychological and traditional determinants of structure. Administrative Science Quarterly, 31(4), 539.
95. Miller, D., & Le Breton-Miller, I. (2005). Management insights from great and struggling family businesses. Long Range Planning, 38(6), 517–530.
96. Miller, D., & Le Breton-Miller, I. (2006). Family governance and firm performance: agency, stewardship, and capabilities. Family Business Review, 19(1), 73–87.
97. Miller, D., Le Breton-Miller, I., & Scholnick, B. (2008). Stewardship vs. stagnation: an empirical comparison of small family and non-family businesses. Journal of Management Studies, 45(1), 51–78.
98. Mishra, C. S., Randoy, T., & Jenssen, J. I. (2001). The effect of founding family influence on firm value and corporate governance. Journal of International Financial Management Accounting, 12(3), 235–259.
99. Morck, R., & Yeung, B. (2003). Agency problems in large family business groups. Entrepreneurship Theory and Practice, 27(4), 367–382.
100. Morgan, N. A. (2011). Marketing and business performance. Journal of the Academy of Marketing Science, 40(1), 102–119.
101. Moss, T. W., Payne, G. T., & Moore, C. B. (2014). Strategic consistency of exploration and exploitation in family businesses. Family Business Review, 27(1), 51–71.
102. Mustakallio, M., Autio, E., & Zahra, S. A. (2002). Relational and contractual governance in family firms: effects on strategic decision making. Family Business Review, 15(3), 205–222.
103. Neter, J., & Wasserman, W. Kutner M. (1985). Applied Linear Statistical Models, Regression, Analysis of Variance, and Experimental Design. Homewood Illinois: Richard D. 1rwin Inc.
104. Nordqvist, M. (2005). Familiness in top management teams: commentary on Ensley and Pearson’s an exploratory comparison of the behavioral dynamics of top management teams in family and nonfamily new ventures: cohesion, conflict, potency, and consensus. Entrepreneurship Theory and Practice, 29(3), 285–292.
105. O'Boyle, E. H., Pollack, J. M., & Rutherford, M. W. (2012). Exploring the relation between family involvement and firms' financial performance: a meta-analysis of main and moderator effects. Journal of Business Venturing, 27(1), 1–18.
106. Ozsomer, A., & Gencturk, E. (2003). A resource-based model of market learning in the subsidiary: the capabilities of exploration and exploitation. Journal of International Marketing, 11(3), 1–29.
107. Penrose, E. T. (1959). The theory of the growth of the firm. New York: John Wiley.
108. Perez-Gonzalez, F. (2006). Inherited control and firm performance. American Economic Review, 96(5), 1559–1588.
109. Poza, E. (1995). Global competition and the family-owned business in Latin America. Family Business Review. doi:10.1111/j.1741-6248.1995.00301.x.
110. Preacher, K. J., & Hayes, A. F. (2004). SPSS and SAS procedures for estimating indirect effects in simple mediation models. Behavior Research Methods, Instruments, & Computers, 36(4), 717–731.
111. Rousseau, D. M. (1995). Psychological contracts in organizations: understanding written and unwritten agreements. Newbury Park: Sage.
112. Schroeder, D. M. (1990). A dynamic perspective on the impact of process innovation upon competitive strategies. Strategic Management Journal, 11(1), 25–41.
113. Schulze, W. S., & Gedajlovic, E. R. (2010). Whither family business? Journal of Management Studies, 47(2), 191–204.
114. Sciascia, S., & Mazzola, P. (2008). Family involvement in ownership and management: exploring nonlinear effects on performance. Family Business Review, 21(4), 331–345.
115. Scott, W. R., & Davis, G. F. (2007). Organizations and organizing. Rational, natural, and open system perspectives. Upper Sadle River, NJ: Pearson.
116. Sharma, P., Chrisman, J. J., & Gersick, K. (2012). Twenty five years of family business review: reflections on the past and perspectives for the future. Family Business Review, 25(1), 5–15.
117. Shinnar, R. S., Cho, S., & Ragoff, E. G. (2013). Outcomes of family involvement in minority owned family businesses. Journal of Family Business Strategy, 4(1), 22–33.
118. Short, J. C., Payne, G. T., Brigham, K. H., Lumpkin, G. T., & Broberg, J. C. (2009). Family firms and entrepreneurial orientation in publicly traded firms: a comparative analysis of the S&P 500. Family Business Review, 22(1), 9–24.
119. Shrout, P. E., & Bolger, N. (2002). Mediation in experimental and nonexperimental studies: new procedures and recommendations. Psychological Methods, 7(4), 422–445.
120. Sirmon, D.G. & Hitt, M.A. (2003). Managing resources: Linking unique resources.
121. Sorensen, J. B., & Stuart, T. E. (2000). Aging, obsolescence, and organizational innovation. Administrative Science Quarterly, 45(1), 81–112.
122. Steier, L. (2003). Variants of agency contracts in family-financed ventures as a continuum of familial altruistic and market rationalities. Journal of Business Venturing, 18, 597–618.
123. Teece, D. J., & Pisano, G. (1994). The dynamic capabilities of firms: an introduction. Industrial and Corporate Change, 3(3), 537–556.
124. Teece, D. J., Pisano, G., & Shuen, A. (1997). Dynamic capabilities and strategic management. Strategic Management Journal, 18(7), 509–533.
125. Tokarczyk, J., Hansen, E., Green, M., & Down, J. (2007). A resource-based view and market orientation theory examination of the role of “familiness” in family business success. Family Business Review, 20(1), 17–31.
126. Tushman, M. L., & O'Reilly, C. A. (1996). Ambidextrous organizations: managing evolutionary and revolutionary change. California Management Review, 38(4), 8–30.
127. Uotila, J., Maula, M., Keil, T., & Zahra, S. A. (2009). Exploration, exploitation, and financial performance: analysis of S&P 500 corporations. Strategic Management Journal, 30(2), 221–231.
128. Upton, N., Teal, E. J., & Felan, J. T. (2001). Strategic and business planning practices of fast growth family firms. Journal of Small Business Management, 39(1), 60–72.
129. Villalonga, B., & Amit, R. (2006). How do family ownership, control and management affect firm value? Journal of Financial Economics, 80(2), 385–417.
130. Wagner, D., Block, J. H., Miller, D., Schwens, C., & Xi, G. (2015). A meta-analysis of the financial performance of family firms: another attempt. Journal of Family Business Strategy, 6, 3–13.
131. Ward, J. (1987). Keeping the family business healthy. San Francisco, CA: Jossey-Bass.
132. Watson, D., Clark, L. A., & Tellegen, A. (1988). Development and validation of brief measures of positive and negative affect: the PANAS scales. Journal of Personality and Social Psychology, 54(6), 1063–1070.
133. Webb, J. W., Ketchen, D. J., & Ireland, R. D. (2010). Strategic entrepreneurship within family-controlled firms: opportunities and challenges. Journal of Family Business Strategy, 1(2), 67–77.
134. Weick, K. (1995). Sensemaking in organizations. Thousand Oaks, CA: Sage Publications.
135. Wernerfelt, B. (1989). From critical resources to corporate strategy. Journal of General Management, 14(3), 4–12.
136. Westhead, P. (1999). Factors associated with the employment of non-executive directors by unquoted companies. Journal of Management and Governance, 3(1), 81–111.
137. Westhead, P., Cowling, M., & Storey, D. J. (1997). The management and performance of unquoted family companies in the United Kingdom. UK: Center for Small and Medium Sized Enterprises, Warwick Business School.
138. Westhead, P., Wright, M., & Ucbasaran, D. (2001). The internationalization of new and small firms. Journal of Business Venturing, 16(4), 333–358.
139. Wright, M., & Kellermanns, F. W. (2011). What can family firm research learn from management and entrepreneurship? Journal of Family Business Strategy, 2(4), 187–198.
140. Xi, et al. (2015). Mapping the field of family business research: past trends and future directions. International Entrepreneurship and Management Journal, 11(1), 113–132.
141. Yu, J., Gilbert, B. A., & Oviatt, B. M. (2011). Effects of alliances, time, and network cohesion on the initiation of foreign sales by new ventures. Strategic Management Journal, 32(4), 424–446.
142. Zahra, S., J.C. Hayton, and C. Salvato. 2004. Entrepreneurship in family vs. non-family firms: A resource-based analysis of the effect of organizational culture. Entrepreneurship Theory and Practice 28, no. 4: 363–81.
143. Zahra, S. A., Sapienza, H. J., & Davidsson, P. (2006). Entrepreneurship and dynamic capabilities: a review, model and research agenda. Journal of Management Studies, 43(4), 917–955.
144. Zahra, S. A., Hayton, J. C., Neubaum, D. O., Dibrell, C., & Craig, J. (2008). Culture of family commitment and strategic flexibility: the moderating effect of stewardship. Entrepreneurship: Theory and Practice, 32(6), 1035–1054.
145. Zehir, C., Altindag, E., & Acar, A. Z. (2011). The effects of relationship orientation through innovation orientation on firm performance: an empirical study on Turkish family-owned firms. Procedia - Social and Behavioral Sciences, 24, 896–908.
146. Zellweger, T. M., Nason, R. S., Nordqvist, M., & Brush, C. G. (2011). Why do family firms strive for nonfinancial goals? An organizational identity perspective. Entrepreneurship Theory and Practice, 37(2), 229–248.