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Value creation in family firms: A model of fit

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  • Kammerlander, Nadine
  • Sieger, Philipp
  • Voordeckers, Wim
  • Zellweger, Thomas

Abstract

We propose a framework describing how family ownership can create or destroy value depending on the goals, resources, and governance of the family firm, which are each influenced by the family owners. Taking a contingency perspective, we suggest that a fit is required for all three elements – family-influenced goals, resources, and governance – for the family firm to flourish over generations. We conclude with a suggested research agenda indicating research opportunities at the nexus of these identified elements. Further we provide some guiding questions for practitioners that might stimulate fruitful discussions among family firm owners and managers about how to realize “fit.”

Suggested Citation

  • Kammerlander, Nadine & Sieger, Philipp & Voordeckers, Wim & Zellweger, Thomas, 2015. "Value creation in family firms: A model of fit," Journal of Family Business Strategy, Elsevier, vol. 6(2), pages 63-72.
    • Handle: RePEc:eee:fambus:v:6:y:2015:i:2:p:63-72
    DOI: 10.1016/j.jfbs.2015.04.001
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    2. Dianne H. B. Welsh & Eugene Kaciak, 2019. "Family enrichment and women entrepreneurial success: the mediating effect of family interference," International Entrepreneurship and Management Journal, Springer, vol. 15(4), pages 1045-1075, December.
    3. Elena Rivo-López & Mónica Villanueva-Villar & Alberto Vaquero-García, 2016. "Family office: a new category in family business research?," Working Papers. Collection C: Family business 1601, Universidade de Vigo, GEN - Governance and Economics research Network.
    4. Randerson, Kathleen & Bettinelli, Cristina & Fayolle, Alain & Anderson, Alistair, 2015. "Family entrepreneurship as a field of research: Exploring its contours and contents," Journal of Family Business Strategy, Elsevier, vol. 6(3), pages 143-154.
    5. Lavlu Mozumdar & Geoffrey Hagelaar & Valentina C. Materia & S. W. F. Omta & Gerben Velde & Mohammad Amirul Islam, 2023. "Fuelling Entrepreneurial Orientation in Enhancing Business Performance: Women Entrepreneurs’ Contribution to Family Livelihood in a Constrained Context, Bangladesh," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 35(3), pages 623-655, June.
    6. Jayantilal, Shital & Jorge, Sílvia Ferreira & Palacios, Tomás M. Bañegil, 2016. "Effects of sibling competition on family firm succession: A game theory approach," Journal of Family Business Strategy, Elsevier, vol. 7(4), pages 260-268.
    7. Min-Lee Chan & Cho-Min Lin & Huan-Min You, 2022. "Corporate Social Responsibility and Value of Cash Holdings in Taiwan: The Role of Family Firms," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 12(4), pages 1-3.
    8. Lardon, Andy & Deloof, Marc & Jorissen, Ann, 2017. "Outside CEOs, board control and the financing policy of small privately held family firms," Journal of Family Business Strategy, Elsevier, vol. 8(1), pages 29-41.
    9. Vazquez, Pedro & Rocha, Héctor, 2018. "On the goals of family firms: A review and integration," Journal of Family Business Strategy, Elsevier, vol. 9(2), pages 94-106.
    10. Pérez-López, M. Carmen & Gómez-Miranda, M. Elena & Argente-Linares, Eva & López-Sánchez, Lina, 2018. "The internationalisation of Spanish family firms through business groups: Factors affecting the profitability, and the moderating effect of the family nature of the Spanish business," Revista de Contabilidad - Spanish Accounting Review, Elsevier, vol. 21(1), pages 82-90.
    11. Pan, Yue & Weng, Ruoyu & Xu, Nianhang & Chan, Kam C., 2018. "The role of corporate philanthropy in family firm succession: A social outreach perspective," Journal of Banking & Finance, Elsevier, vol. 88(C), pages 423-441.
    12. Arteaga, R. & Menéndez-Requejo, S., 2017. "Family Constitution and Business Performance: Moderating Factors," MPRA Paper 120028, University Library of Munich, Germany.
    13. Paolo Toma & Stefano Montanari, 2017. "Corporate governance effectiveness along the entrepreneurial process of a family firm: the role of private equity," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 21(4), pages 1023-1052, December.
    14. Martínez-García, Irma & Basco, Rodrigo & Gómez-Ansón, Silvia, 2021. "Dancing with giants: Contextualizing state and family ownership effects on firm performance in the Gulf Cooperation Council," Journal of Family Business Strategy, Elsevier, vol. 12(4).
    15. Tommaso Minola & Nadine Kammerlander & Franz W. Kellermanns & Frank Hoy, 2021. "Corporate Entrepreneurship and Family Business: Learning Across Domains," Journal of Management Studies, Wiley Blackwell, vol. 58(1), pages 1-26, January.
    16. Fatemeh Hamidi & Naser Shams Gharneh & Datis Khajeheian, 2019. "A Conceptual Framework for Value Co-Creation in Service Enterprises (Case of Tourism Agencies)," Sustainability, MDPI, vol. 12(1), pages 1-21, December.
    17. Claudio Camfield & Mário Franco, 2019. "Professionalisation of the Family Firm and Its Relationship with Personal Values," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 28(1), pages 144-188, March.

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