Are family firms in the eyes of economic policy?
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Are family firms in the eyes of economic policy? Yong Qin 1
& Zeshui
Xu 1 & Xinxin Wang 1 & Marinko Škare 2
# Springer Science+Business Media, LLC, part of Springer Nature 2020
Abstract The aim of this paper is to explore the relationship between the literature on family firms and actual movements in economic policy and activity. We argue that economic policy changes accordingly to changes in family firms-related literature and employ an econometric analysis to test the assumed association. The outcomes of empirical analysis indicate, as we expected, that an effect of discussions related to family firms in the literature on economic activity indeed exists. The findings would help us have a better understanding of the patterns in the family firms-related literature, and strongly contribute to the policymakers’ perception on family firms. Furthermore, this work also makes an important contribution to the field of entrepreneurship and practitioners. More to the point, entrepreneurs could implement the best entrepreneurship activities at the suitable time by sensing the changes in the family firms-related literature. Keywords Family firms . Economic policy . Econometric analysis . Literature .
Entrepreneurship
Introduction In recent years, almost every country or region is striving to pursue the rapid economic growth, which is the focus of the society (Sun et al. 2017; Xu and Li 2020). As a * Zeshui Xu [email protected] * Xinxin Wang [email protected] Yong Qin [email protected] Marinko Škare [email protected]
1
Business School, Sichuan University, Chengdu 610064, China
2
Faculty of Economics and Tourism Dr Mijo Mirkovic, Juraj Dobrila University Pula, Preradoviceva 1-1, 52100 Pula, Croatia
International Entrepreneurship and Management Journal
development force, family firms are not only the developers of the local economy, but also can strongly stimulate the internationalization of surrounding industries (Andreini et al. 2020; File 1995; Walton 2014). Thus, the economic valence from family firms is highly recognized by policymakers (Pérez-González 2006). A large and growing body of literature has investigated the multiple drivers of family firm performance (Miller and Le Breton-Miller 2006). Oftentimes, family firm performance would improve while founding family members are involved in management (Lee 2006). In particular, family firms generally perform better when firms with family CEOs (Kowalewski et al. 2010). In addtion, the impact of family ownership and control on family firm performance is the most in-depth and extensive aspect discussed. Surely, other facets have also attracted the attention of scholars, such as entrepreneurial orientation and absorptive capacity (Hernandez-Perlines et al. 2017), family firm reputation (Santiago et al. 2019) and internal and external R&D (Munoz-Bullon et al. 2020). As noted, the past decades have seen increasingly rapid advances in the field of internal dynamics and resources regarding the theory of family firms, while the formation of family firms, as well as
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