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Broadening the business model construct: Exploring how family-owned SMEs co-create value with external stakeholders

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  • Gamble, Jordan Robert
  • Clinton, Eric
  • Díaz-Moriana, Vanessa

Abstract

This paper explores how family-owned SMEs and their external stakeholders co-create value for end consumers. Our empirical data consists of 22 semi-structured interviews with the senior management of family-owned SMEs, supplemented by 1107 items of archival data. The findings shed light on precisely how contemporary family business practitioners can expand their business model (through external orientation and stakeholder collaborations). In doing so, we enrich SME literature by offering new empirical research findings from the unique perspective of how family-owned SMEs collaborate with specific stakeholder groups. We also expand the current business model literature by providing a more nuanced understanding of the SME business model construct, and advance service-dominant logic theory through the presentation of our theoretical model and propositions. Ultimately, this paper extends insights into value co-creation with stakeholders as an extension of the business model construct, whilst highlighting practical implications for family-owned SME practitioners.

Suggested Citation

  • Gamble, Jordan Robert & Clinton, Eric & Díaz-Moriana, Vanessa, 2021. "Broadening the business model construct: Exploring how family-owned SMEs co-create value with external stakeholders," Journal of Business Research, Elsevier, vol. 130(C), pages 646-657.
    • Handle: RePEc:eee:jbrese:v:130:y:2021:i:c:p:646-657
    DOI: 10.1016/j.jbusres.2020.03.034
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    1. Pereira, Vijay & Laker, Benjamin & Bamel, Umesh & Sharma, Gagan Deep & Paul, Happy, 2024. "Customer engagement strategies within family businesses in emerging economies: A multi-method study," Journal of Business Research, Elsevier, vol. 174(C).
    2. Rodriguez Serna, Lil & Nakandala, Dilupa & Bowyer, Dorothea, 2022. "Stakeholder identification and prioritization: The attribute of dependency," Journal of Business Research, Elsevier, vol. 148(C), pages 444-455.
    3. Weinzimmer, Laurence & Esken, Candace A. & Michel, Eric J. & McDowell, William C. & Mahto, Raj V., 2023. "The differential impact of strategic aggressiveness on firm performance: The role of firm size," Journal of Business Research, Elsevier, vol. 158(C).
    4. Randerson, Kathleen, 2022. "Conceptualizing family business social responsibility," Technological Forecasting and Social Change, Elsevier, vol. 174(C).

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