Innovation in family firms: An empirical analysis linking organizational and managerial innovation to corporate success

  • Kraus S
  • Pohjola M
  • Koponen A
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Abstract

Family firms play a significant role in national economies worldwide,
accounting e.g. for 85% of all enterprises in the OECD countries as
well as for the majority of companies in Central Europe. Previous
scholarly research on family firms has mostly focused on the question of
how they differ from public corporations, describing family firms as
being more conservative, less risk-raking, or reluctant to grow-in sum,
as being less entrepreneurial than their non-family counterparts.
Similarly, the existing literature often criticizes the lack of
innovation in family firms. But since innovation has long been
discovered as one of the key drivers to company success, it is
surprising that its role in family firms has been mostly neglected in
existing academic research so far. The aim of this article is therefore
to study the role of (managerial and organizational) innovation in
family firms compared to non-family firms on the basis of an empirical
survey of 533 companies from Finland, using structural equation
modelling (MPlus) for the statistical analyses.

Author-supplied keywords

  • Entrepreneurial
  • Family firms
  • Finland
  • Innovation
  • Structural equation modelling

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