Author: Vanessa Diaz MorianaPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
Family firms manage for the long run. In effect, family firms have a long-term orientation (LTO), which is defined as the propensity of a firm to prioritise long-term implications that materialise only after an extended period of time. LTO is manifested in the organisational mind-set of the firm and more visibly through the firm's strategic decision-making. Building on the multi-dimensional LTO construct (i.e., futurity, continuity and perseverance) proposed by Lumpkin and Brigham (2011), this exploratory study investigates: (1) how LTO manifests in multi-generational family firms, (2) its influence on the entrepreneurial orientation (EO) of the firms and (3) its association with non-economic goals. Through a stewardship lens, this thesis explores four in-depth case studies of multi-generational (second to seventh generation) Irish firms. This study makes important contributions to research in the field. First, it brings temporality to the forefront of family business research by exploring a temporal construct grounded in the family business field. It is the first case study-based empirical examination of the LTO construct and proposes a set of codes to capture its distinct dimensions of futurity, continuity and perseverance in multi-generational family firms. Second, this study explores the influence of LTO on the EO of the firms and shows that paradoxical tensions permeate family firms' strategic decision-making. These tensions surface when innovativeness, proactiveness or risk-taking conflict with family goals. Third, this study finds that the non-economic goals pursued by the firms are family-centred and require a long-term perspective, and consequently, they influence the decisions made by the firms in line with long-term thinking. The findings are captured in a set of propositions developed to stimulate further research.
