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Item type:Publication, Explorers, audacious, hesitant, and hermetics: N-helix dynamics and collaboration behavior in Latin America family firms(Universitat de Barcelona, Facultad de Economia y Empresa, 2024-01-02)This research aims to explore the collaborative behavior of family firms based on their partners, the objective of cooperation, their market position, and the intensity of competition. This research used a N-Helix approach and implemented a multiple correspondence analysis in a sample of 127 Chilean family businesses of different ages, sizes, and industries. According to their collaboration behaviors, the data analysis proposes that family firms may be grouped into four clusters: Explorers, audacious, hesitant, and hermetics. These clusters are defined principally by the number of collaborators and the goals of the collaboration. Additionally, Triple Helix and dyadic collaborative partnerships have been identified when exploring the cooperative behavior of family firms. These research findings have implications for understanding the dynamics of family firms' collaboration and analyzing the critical strategical issues found in family firms' collaborative behavior. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Navigating job satisfaction in family firms during crisis(Frontiers Media SA, 2024-01-01)Occupational health is one of the aspects significantly affected during crisis periods. It is essential to learn about the factors that improve organizational capacity in coping with such shocks. This study investigates how the working environment of a family business influences job satisfaction during crises. Conducting a survey with 516 employees at the peak of the pandemic, the research utilizes structural equation analysis, revealing that family business environments can mitigate burnout, enhance affective commitment, and consequently, boost job satisfaction. The study highlights the need to manage burnout and utilize resources, such as employee commitment, for family firms to sustain job satisfaction amidst disruptions. It deepens the comprehension of family businesses’ crisis response, emphasizing the significance of human resource commitment and management. The investigation illuminates the dynamic interplay between the work environment, employee well-being, and organizational resilience, providing valuable insights for both theoretical understanding and practical application. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, The Impact of Environmental, Social and Governance (ESG) Score on Dividend Payment of Large Family Firms: What Is the Role of Financial Constraints? International Evidence(Wiley, 2023-12-12)This article studies the relationship between environmental, social and governance (ESG) score and dividend payment for 274 large family firms in the period 2015–2021. This research has three contributions to the literature. First, to the best of our knowledge this is the first article to focus on large family firms considering their greater importance in stock ownership around the world. Second, this sample covers both developed and emerging nations. Third, our study not only establishes a connection between ESG (Environmental, Social, and Governance) criteria and dividend payments but also considers how financial constraints moderate the relationship between ESG scores and dividend payments. The results indicate a positive influence of ESG scores on dividend payments. Furthermore, financial constraints of family firms are negatively related to dividend payments. Finally, the moderating effect of financial constraints on the relationship between dividend payment and ESG show that for high levels of financial constraints that dividends are less sensitive to ESG score. The opposite effect is reported when firms show low levels of financial constraints. Practically speaking, the study demonstrates the value of creating a dividend policy that is in line with the ESG score because they are complementary signals. Additionally, it is important to consider financial limitations when planning financial reserves in family firms. This is due to the diminished correlation between ESG score and dividend payments in the presence of financial constraints. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, The Impact of ESG Performance on the Value of Family Firms: The Moderating Role of Financial Constraints and Agency Problems(MDPI, 2023-04-01)The main objective of this research is to shed more light on how ESG may be seen as a valuable investment for family firms. We study the impact of ESG performance on the value of family firms by considering the moderating role played by financial constraints and agency costs. Using an international sample of 254 firms that belong to the 500 largest family-owned firms worldwide over the period 2015–2021, we report that the overall ESG score is positively associated with firm value. Among the three ESG components, we find that environmental and social performances have a positive and statistically significant impact on firm value. However, we find no evidence of any significant effect of governance score on firm value. More importantly, we also find that the impact of ESG performance on firm value is lower under the presence of financial constraints and agency costs. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Family vs. Non-Family Networks: Chile, Mexico and Peru(Emerald Publishing, 2023-08-04)The purpose of this study is to analyze interlocking directorate (ID) networks of family and nonfamily firms (FFs) in Chile, Mexico and Peru. Design/methodology/approach: Social network analysis methodology allowed us to analyze the position of FFs within the structure of IDs at the local and transnational levels. Findings: FFs tend to have a higher proportion of board interlocks to other firms, especially FFs. In addition, FFs are more likely to occupy a brokerage position in national IDs structures. Finally, they also have a higher proportion of interlocks to other domestic firms in and nearby geographic areas. Thus, they create transnational networks. Originality/value: This paper finds evidence that supports three of the premises of interorganizational familiness literature (Lester and Cannella, 2006). FFs are part of national as well as international corporate networks more than other types of firms, through interlocking directorships.