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Commentary: Family Firms and the Advantage of Multitemporality

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  • Isabelle Le Breton-Miller
  • Danny Miller

Abstract

In this commentary, we argue the need for multitemporality (MT)—the ability to achieve enduring success by meeting both short– and long–term challenges—and we show how many family firms are in a superior position to do that. We situate Lumpkin and Brigham's (L&B's) long–term orientation (LTO) components within a multitemporal frame in part by relating them to their primary mechanisms of intertemporality. We then extend L&B's LTO conception by moving from an organizational mindset to its effective actualization via multitemporal facilitators as they manifest in family firms, arguing also the conditions under which family firms have an advantage in achieving MT. We conclude with a discussion of suggested research directions.

Suggested Citation

  • Isabelle Le Breton-Miller & Danny Miller, 2011. "Commentary: Family Firms and the Advantage of Multitemporality," Entrepreneurship Theory and Practice, , vol. 35(6), pages 1171-1177, November.
    • Handle: RePEc:sae:entthe:v:35:y:2011:i:6:p:1171-1177
    DOI: 10.1111/j.1540-6520.2011.00496.x
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    4. Isabelle Le Breton-Miller & Danny Miller & Richard H. Lester, 2011. "Stewardship or Agency? A Social Embeddedness Reconciliation of Conduct and Performance in Public Family Businesses," Organization Science, INFORMS, vol. 22(3), pages 704-721, June.
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    9. Loewenstein, George & Thaler, Richard H, 1989. "Intertemporal Choice," Journal of Economic Perspectives, American Economic Association, vol. 3(4), pages 181-193, Fall.
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    Cited by:

    1. Andrea Calabrò & James J. Chrisman & Liena Kano, 2022. "Family-owned multinational enterprises in the post-pandemic global economy," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(5), pages 920-935, July.
    2. Ines Herrero, 2017. "Family Involvement and Sustainable Family Business: Analysing Their Effects on Diversification Strategies," Sustainability, MDPI, vol. 9(11), pages 1-20, November.
    3. Tang, Jintong & Yang, Jun & Ye, Wenping & Khan, Shaji A., 2021. "Now is the time: The effects of linguistic time reference and national time orientation on innovative new ventures," Journal of Business Venturing, Elsevier, vol. 36(5).
    4. Vanessa Diaz-Moriana & Eric Clinton & Nadine Kammerlander & G. T. Lumpkin & Justin B. Craig, 2020. "Innovation Motives in Family Firms: A Transgenerational View," Entrepreneurship Theory and Practice, , vol. 44(2), pages 256-287, March.
    5. Hu, Min & Dou, Junsheng & You, Xialei, 2023. "Is organizational ambidexterity always beneficial to family-managed SMEs? Evidence from China," Journal of Business Research, Elsevier, vol. 167(C).
    6. Sah, Nilesh B. & Banerjee, Anandi & Malm, James & Rahman, Anisur, 2022. "A good name is better than riches: Family firms and working capital management," Journal of Behavioral and Experimental Finance, Elsevier, vol. 33(C).
    7. Irmak Erdogan & Emanuela Rondi & Alfredo De Massis, 2020. "Managing the Tradition and Innovation Paradox in Family Firms: A Family Imprinting Perspective," Entrepreneurship Theory and Practice, , vol. 44(1), pages 20-54, January.
    8. Arz, Christopher, 2019. "Bridging the micro-macro gap: A multi-layer culture framework for understanding entrepreneurial orientation in family firms," Journal of Family Business Strategy, Elsevier, vol. 10(3), pages 1-1.
    9. Luciano Ciravegna & Liena Kano & Francesco Rattalino & Alain Verbeke, 2020. "Corporate Diplomacy and Family Firm Longevity," Entrepreneurship Theory and Practice, , vol. 44(1), pages 109-133, January.
    10. Riviezzo, Angelo & Garofano, Antonella & Napolitano, Maria Rosaria & Marino, Vittoria, 2015. "Moving forward or running to standstill? Exploring the nature and the role of family firms’ strategic orientation," Journal of Family Business Strategy, Elsevier, vol. 6(3), pages 190-205.
    11. James J. Chrisman & Jess H. Chua & Lloyd P. Steier, 2011. "Resilience of Family Firms: An Introduction," Entrepreneurship Theory and Practice, , vol. 35(6), pages 1107-1119, November.
    12. James J. Chrisman, 2019. "Stewardship Theory: Realism, Relevance, and Family Firm Governance," Entrepreneurship Theory and Practice, , vol. 43(6), pages 1051-1066, November.
    13. Du, Shanzhong & Cao, June, 2023. "Non-family shareholder governance and green innovation of family firms: A socio-emotional wealth theory perspective," International Review of Financial Analysis, Elsevier, vol. 90(C).
    14. Moren Lévesque & Ute Stephan, 2020. "It’s Time We Talk About Time in Entrepreneurship," Entrepreneurship Theory and Practice, , vol. 44(2), pages 163-184, March.
    15. Nilesh B. Sah & Anandi Banerjee & James Malm & Anisur Rahman, 2021. "A Good Name Is Better Than Riches: Family Firms and Working Capital Management," Discussion Paper Series 2021-02, McColl School of Business, Queens University of Charlotte.
    16. Sattar, Mahnoor & Biswas, Pallab Kumar & Roberts, Helen, 2022. "Board gender diversity and firm risk in UK private firms," Global Finance Journal, Elsevier, vol. 54(C).
    17. Migheli, Matteo & D’ambrosio, Anna, 2022. "Regional Resilience through the Lenses of the Capability Approach," Department of Economics and Statistics Cognetti de Martiis. Working Papers 202209, University of Turin.

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