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The aim of this research is to understand why some family firms perform better than others. To do so different configurations are identified based on familiness resources such as human, social, and financial capital, as well as the degree of entrepreneurial orientation that are considered to impact family firms' performance and transgenerational survival. We test our theoretical contention on a sample of 1,344 family firms from 21 countries through fuzzy-set qualitative comparative analysis. Our main findings suggest that there are several configurations of resources and entrepreneurial orientation that increase the level of family firm performance. In three out of the seven main configurations, family firm specific resources alone lead to better financial performance, while the other four rely on entrepreneurial orientation combined with family firm specific resources. All identified configurations relate to different degrees of family involvement and thus emphasize the heterogeneity of family firms and their paths to financial performance. [ABSTRACT FROM AUTHOR]

Building upon social capital theory, this study investigates to what extent board openness to non-family directors affects family firm internationalization. We suggest that board compositions relate to different levels of bonding (internal) and bridging (external) social capital, which affect firm internationalization. In particular, we hypothesize a curvilinear relationship between the percentage of non-family directors in the board and FDI geographic scope. Moreover, we argue that firm age moderates the main relationship. Our analysis of a panel dataset of 7,707 family firms suggests a balanced juxtaposition of family and non-family directors in more mature firms is detrimental for FDI geographic scope. Moreover, our results show that, except for young family firms, broader FDI geographic scope emerges when the board is dominated by one homogeneous type (either family or non-family directors); however, boards dominated by non-family directors always lead to higher FDI geographic scope. We offer important theoretical insights to research on family firm internationalization, social capital, and corporate governance as well as managerial implications. Plain English Summary: The presence of both family and non-family members in the board is a double-edged sword. Drawing on social capital theory, we advance that there is a curvilinear relationship between the presence of non-family directors in the board and family firm internationalization. In addition, we study the moderating role of firm age. Our results show that, in mature firms, boards in which there is a balanced juxtaposition of family and non-family directors lead to lower FDI geographic scope. Therefore—except for young firms—it is more functional for internationalization to rely entirely on external board members or to have a board dominated by family members. For young firms, the relationship between the family board ratio and the FDI geographic scope is more negatively linearly related rather than curvilinear, with the lowest level of internationalization occurring when the board is dominated by family members. [ABSTRACT FROM AUTHOR]

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Drawing on the resource-based view of the firm, this study investigates the relationship between human capital (employees' experience, knowledge and technical skills, managerial talent) and innovativeness (propensity to innovate) in a sample of 478 family firms taken from a cross-country dataset (STEP Project). Furthermore, we consider the moderating effect of the proportion of family members sitting on the board of directors (family board ratio). The main findings highlight that there is a positive relationship between human capital and family firm innovativeness. Moreover, family board ratio positively moderates the relationship between human capital and innovativeness in such a way that when the family board ratio is high, the relationship between human capital and innovativeness is stronger. This result is weaker when multiple family generations are actively involved in the firm. In summary, family members sitting on the board of directors focus more attention on people and for this reason, play an important strategic leadership role in valorizing human capital that fosters more innovativeness. [ABSTRACT FROM AUTHOR]

We examine the impact of equity crowdfunding on innovation and growth opportunity within small- and medium-sized enterprises. While previous studies have generally focused on the realm of crowdfunding and how it can close the financing gap for small firms, recent academic attention has turned toward assessing the outcome of equity crowdfunding, measured in terms of successes (or failures) in post-campaign firm financing. Using data from Fame BVD for small firms operating in the UK, we investigate whether equity crowdfunding can act as a catalyst for innovation and growth. The findings show that crowdfunding does not have a significant influence on innovation in small firms, thereby disproving the proposition that the use of crowdfunding leads to an increase in innovation. Nonetheless, crowdfunding does have an impact on the growth opportunity of small firms, with a strong positive correlation. Our further tests on return on assets models and propensity score and controlled firm-matching models show a positive impact of crowdfunding on small firms' performance. We also discuss the implications of our findings for small firms' use of equity crowdfunding for business growth opportunities. [ABSTRACT FROM AUTHOR]

The purpose of this study is to understand the dynamic relationships between managerial human capital, dynamic managerial capabilities and strategic change within boards of directors. Building on the dynamic managerial capabilities perspective and upper echelons theory, we theorize and investigate the impact of managerial human capital on strategic change as well as the mediating role of boards' sensing, seizing and reconfiguring abilities, defined as dynamic managerial capabilities. The hypotheses are tested on a sample of 606 Norwegian firms. The main findings suggest that while managerial human capital positively impacts strategic change, boards' sensing and seizing abilities (not reconfiguring) positively mediate the relationship between human capital and strategic change. Implications for theory and practice are discussed. [ABSTRACT FROM AUTHOR]

The inherent heterogeneity characterizing the universe of family firms, especially because of the existence of different family ownership "constellations," might explain the highly inconsistent results of the effect of family ownership on internationalization outcomes. Stemming from a principal-principal perspective, the aim of this study is to understand whether and how different levels of family ownership concentration affect the degree of firms' internationalization. We test our main hypotheses on a sample of 455 German family firms. Our main findings suggest the existence of a U-shaped relationship between family ownership concentration and the degree of a family firm's internationalization. Furthermore, we consider the moderating effect of socioemotional wealth (SEW) and hypothesize that a higher degree of identification of family members with the firm may reduce the negative effects of an equal distribution of family ownership among family members. We find that SEW moderates the U-shaped relationship in such a way that family firms with an equal distribution of shares among the main family shareholders reach higher degrees of internationalization when the level of SEW is high. Résumé: L'hétérogénéité inhérente à l'univers des entreprises familiales, en raison de l'existence de différentes «constellations» de propriété familiale, peut expliquer les résultats très contradictoires de l'effet de la propriété familiale sur le niveau d'internationalisation des entreprises. En utilisant la perspective « principal-principal », l'objectif de cette étude est. de comprendre si et comment les différents niveaux de concentration de la propriété familiale affectent le degré d'internationalisation des entreprises. Les hypothèses sont testées sur un échantillon de 455 entreprises familiales allemandes. Nos principaux résultats montrent l'existence d'une relation en forme de U entre la concentration de la propriété familiale et le degré d'internationalisation des entreprises familiales. De plus, nous considérons l'effet modérateur du modèle de la richesse socio-émotionnelle et affirmons qu'un degré plus élevé d'identification des membres de la famille avec l'entreprise, peut réduire les effets négatifs d'une répartition égale de la propriété familiale entre les membres de la famille. Nous constatons que la richesse socio-émotionnelle modère la relation en forme de U de manière que les entreprises familiales, à répartition égale des actions entre les principaux actionnaires de la famille, atteignent un degré d'internationalisation plus élevé lorsque le niveau de la richesse socio-émotionnelle est. élevé. [ABSTRACT FROM AUTHOR]

Healthcare systems have changed rapidly in the past few decades due to increasing healthcare costs and decreasing governmental budgets. The structural complexity, huge numbers of actors and long-term relationships inherent to PPPs bring out several governance issues. Based on the principles of good governance for PPPs published by the United Nations Economic Commission for Europe (UNECE) in 2008, we try to answer the following research question: How can the governance standards of PPPs be increased? This paper aims to explore issues of governance, management and policy design as they apply to PPPs in healthcare services. The evidence from a single case-study (the New Mestre Hospital) is presented and discussed. The main findings are that, despite its great success, the analysed PPP does have some governance problems that need to be addressed. Concluding remarks and insights for future research directions are then presented. [ABSTRACT FROM AUTHOR]

Understanding the spread of national public policies to increase the percentage of women on boards is often presented using different types of institutional theory logic. However, the importance of the political games influencing these decisions has not received the same attention. In this article, we look beyond the institutional setting by focusing on the role of actors. We explore processes that include who the critical actors that drive and determine these policies are, and what motivates them to push for change. We employ a processual design approach using a longitudinal country-comparative case study exploring the case of Norway, England, Germany and Italy. We map the political games, both inside and outside legislative areas, including the micro-politics among various actors and groups of actors in the selected countries. Data are collected through participation observations, interviews and text analyses. The study contributes by filling important gaps in the literature by embedding the discussion about women on boards in politicking and national public policies and by introducing dynamic perspectives. Finally, by using a processual design approach, we capture the reality of the women on board debates at different points of time and in different actor and motivational contexts. The study has consequences for how policy-makers and businesses may follow up and act, based on the debates. [ABSTRACT FROM AUTHOR]

The paper discusses the ownership and control structures of local public utilities by showing evidence from the Italian case. In this discussion, the focus is on three main aspects: the ownership structure, the board composition and independence, and citizens' involvement (service charters). The main results from this study reveal that there are controversial aspects, which need further investigation. The existence of a principal-principal conflict is clearly arising from an in-depth analysis of the ownership structures. In addition, the board of directors, because of the lack of actual independence, does not seem to be a useful arena to manage and solve these conflicts. Other governance mechanisms are thus needed, to increase accountability to citizens. Within this, service charters seem to be a useful tool to protect the 'public interest'. However, service charters content analysis suggests that further implementation actions are due. The paper contributes to the debate on conflicts of interests and governance mechanisms in local public utilities suggesting possible developments of agency theory and discussing implications for further research. [ABSTRACT FROM AUTHOR]

Academic debate on the strategic importance of women corporate directors is widely recognized and still open. However, most corporate boards have only one woman director or a small minority of women directors. Therefore they can still be considered as tokens. This article addresses the following question: does an increased number of women corporate boards result in a build up of critical mass that substantially contributes to firm innovation? The aim is to test if 'at least three women' could constitute the desired critical mass by identifying different minorities of women directors (one woman, two women and at least three women). Tests are conducted on a sample of 317 Norwegian firms. The results suggest that attaining critical mass - going from one or two women (a few tokens) to at least three women (consistent minority) - makes it possible to enhance the level of firm innovation. Moreover, the results show that the relationship between the critical mass of women directors and the level of firm innovation is mediated by board strategic tasks. Implications for both theory and practice, and future research directions are discussed. [ABSTRACT FROM AUTHOR]