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Family ownership logic: Framing the core characteristics of family businesses

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  • Brundin, Ethel
  • Samuelsson, Emilia Florin
  • Melin, Leif

Abstract

In this article we show how specific family business logic shapes managerial practices. Based on empirical material from 20 case studies of family ownership governance, our study identifies seven core characteristics of family ownership logic. These include active, visible and persistent ownership with few owners, relatively stable strategic development encompassing multiple ownership goals, autonomy towards capital markets, and a strong identification and emotional bonding with the business. By considering the family business context, we find managerial practices that are prevalent in the majority of businesses around the world and that have implications for ownership research. It is concluded that by taking the logic of ownership into consideration when studying family businesses, researchers in this field can contribute to the growing literature on sociocultural and behavioural factors in corporate governance relations.

Suggested Citation

  • Brundin, Ethel & Samuelsson, Emilia Florin & Melin, Leif, 2014. "Family ownership logic: Framing the core characteristics of family businesses," Journal of Management & Organization, Cambridge University Press, vol. 20(1), pages 6-37, January.
    • Handle: RePEc:cup:jomorg:v:20:y:2014:i:01:p:6-37_00
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    Cited by:

    1. Schäfer, Dorothea & Stephan, Andreas & Mosquera, Jenniffer Solórzano, 2017. "Family ownership: does it matter for funding and success of corporate innovations?," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 48(4), pages 931-951.
    2. Hahn, Katrin, 2019. "Innovation in times of financialization: Do future-oriented innovation strategies suffer? Examples from German industry," Research Policy, Elsevier, vol. 48(4), pages 923-935.
    3. Boers, Börje & Ljungkvist, Torbjörn & Brunninge, Olof & Nordqvist, Mattias, 2017. "Going private: A socioemotional wealth perspective on why family controlled companies decide to leave the stock-exchange," Journal of Family Business Strategy, Elsevier, vol. 8(2), pages 74-86.
    4. Bell, Catherine, 2019. "Pr - People Of Future Agriculture: Trust And Succession In Family Businesses," 22nd Congress, Tasmania, Australia, March 3-8, 2019 345908, International Farm Management Association.
    5. Bell, Catherine, 2019. "People of Future Agriculture; Trust and Succession in Family Businesses," International Journal of Agricultural Management, Institute of Agricultural Management, vol. 8(3), August.
    6. Wu, Hangyao & Xu, Zeshui & Skare, Marinko, 2022. "How do family businesses adapt to the rapid pace of globalization? a bibliometric analysis," Journal of Business Research, Elsevier, vol. 153(C), pages 59-74.
    7. Aparicio, Gloria & Basco, Rodrigo & Iturralde, Txomin & Maseda, Amaia, 2017. "An exploratory study of firm goals in the context of family firms: An institutional logics perspective," Journal of Family Business Strategy, Elsevier, vol. 8(3), pages 157-169.
    8. Pearce, Craig L. & Houghton, Jeffrey D. & Manz, Charles C. & Dillon, Pamela J. & Fugate, Mel & Wassenaar, Christina L., 2023. "Time for a group hug? Toward a theory of shared emotional leadership in and of family business," Journal of Family Business Strategy, Elsevier, vol. 14(2).
    9. Basco, Rodrigo, 2015. "Family business and regional development—A theoretical model of regional familiness," Journal of Family Business Strategy, Elsevier, vol. 6(4), pages 259-271.
    10. Waldkirch, Matthias, 2020. "Non-family CEOs in family firms: Spotting gaps and challenging assumptions for a future research agenda," Journal of Family Business Strategy, Elsevier, vol. 11(1).
    11. Sund, Lars-Göran & Melin, Leif & Haag, Kajsa, 2015. "Intergenerational ownership succession," Journal of Family Business Strategy, Elsevier, vol. 6(3), pages 166-177.
    12. Elsbach, Kimberly D. & Pieper, Torsten M., 2019. "How psychological needs motivate family firm identifications and identifiers: A framework and future research agenda," Journal of Family Business Strategy, Elsevier, vol. 10(3), pages 1-1.
    13. Andreana Drencheva & Wee Chan Au, 2023. "Bringing the Family Logic in: From Duality to Plurality in Social Enterprises," Journal of Business Ethics, Springer, vol. 182(1), pages 77-93, January.
    14. Frederik J. Riar & Conrad Wiedeler & Nadine Kammerlander & Franz W. Kellermanns, 2022. "Venturing Motives and Venturing Types in Entrepreneurial Families: A Corporate Entrepreneurship Perspective," Entrepreneurship Theory and Practice, , vol. 46(1), pages 44-81, January.
    15. Stough, Roger & Welter, Friederike & Block, Joern & Wennberg, Karl & Basco, Rodrigo, 2015. "Family business and regional science: “Bridging the gap”," Journal of Family Business Strategy, Elsevier, vol. 6(4), pages 208-218.
    16. Min, Byung-Seong & Chen, Chien-Nan & Tien, Chengli, 2022. "Firms' responses to corporate governance reform in an emerging economy from the perspective of institutional logics," Journal of Business Research, Elsevier, vol. 147(C), pages 278-289.
    17. Brundin, Ethel & McClatchey, Irene S. & Melin, Leif, 2023. "Leaving the family business: The dynamics of psychological ownership," Journal of Family Business Strategy, Elsevier, vol. 14(2).
    18. Binz Astrachan, Claudia & Astrachan, Joseph H. & Kotlar, Josip & Michiels, Anneleen, 2021. "Addressing the theory-practice divide in family business research: The case of shareholder agreements," Journal of Family Business Strategy, Elsevier, vol. 12(1).

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