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Family in business and innovation are considered vital for firm performance and economic growth. Scholars claim that studying this relationship is important, as there are ‘strong theoretical reasons’ to believe that a firm’s innovation, hence firm performance, is positively and/or negatively influenced by the family. Research on the interception of the two fields is growing in developed countries, but is still nascent in developing country contexts. Hence, this study seeks to explore and further existing knowledge on this relationship in such a context. This investigation’ explores how family influences the firm’s innovation activities. It explores particularly the concept of ‘familiness’, which depicts those resources unique to a firm due to the involvement of the family members. Two approaches to ‘familiness’ are adopted, dimensions and resources. Concerning dimensions, three characteristics: components of involvement, essence and organisational identity were explored. The resources approach in this study includes four elements: financial, physical, human and social. In addition to this, the positive or negative nature of the family influence on each resource is considered. These two approaches of ‘familiness’ serves as the theoretical lens for understanding innovation comprehensively by taking into account the types, magnitudes, strategies and sources. This study adopted a qualitative approach to explore this phenomenon. Data were collected from six Colombian family firms through a self-administered questionnaire, followed by in-depth semi-structured interviews with family and nonfamily members in the form of a multi-case study design within purposefully selected firms. Triangulation was achieved by using different sources of information, such as documents, catalogues, newspapers, websites, and academic case studies. Due to the deductive and inductive nature of this study, data were explored and thematically analysed by coding into pre-existing categories suggested by the initial conceptual framework, while new themes emerged from the data. Results showed that when all three ‘familiness’ dimensions are present, there is an impact on the innovation activities within family firms. With respect to resources, the study highlighted the importance of the family influence on the firm’s human resource, and its impact on organisational innovation. This is particular the case when non-family members are more involved in top management teams. An intriguing finding is the relationship between the family’s foreign background and its influence of the firm’s overall innovation activities. In addition to this, by viewing the findings in this study as a whole, it is demonstrated that family firms in developing countries are innovative, which is contrary to existing studies on this subject area. Furthermore, it is advocated that this phenomenon would be better understood and further captured through the entrepreneurship lens. Hence, this is in line with recent views calling for a closer interception of family business and entrepreneurship. This study addresses these issues by weaving in Schumpeter’s ‘creative destruction’ and Kirzner’s ‘entrepreneurial discovery’ approaches to innovation to reconciliate inconsistent findings in the field of ‘innovation and family firms’. This is due to all firm’s engaging in innovative activities in an incremental (Kirznerian) nature, as opposed to a ‘radical’ (Schumpeterian) one, whereby the latter has been the main focus of previous studies. This thesis advocates the need for public and private institutions to implement family business and innovation courses at various levels throughout the country, in order to enable young generations to be expose to the challenges and opportunities that globalisation brings to developing economies. The study highlights the importance of exploring this phenomenon using the family itself as the unit of analysis, as opposed to the firm, in order to move the field forwards. Future research should test the conceptual framework that emerged from this study, both qualitatively and quantitatively, in family firms from other industries, and context within Latin America or beyond.

In recent years, there has been a global trend of adopting International Financial Reporting Standards (IFRS). In 2011, Canada joined this trend by implementing mandatory IFRS adoption for publicly traded firms. Proponents of IFRS adoption claim that it will benefit investors by improving comparability and transparency of firms. At the same time, research on family firms has seen increasing focus. Because of family ties to the firm, family firms can exhibit different motivations, behaviours and performance than do non-family firms. In this research, I attempt to gain insight on the effects of IFRS adoption for a unique set of firms, namely publicly traded family firms by examining the effect of IFRS adoption on earnings informativeness. Although previous literature examines the economic consequences of IFRS adoption, my study is the first to my knowledge that examines IFRS adoption effects on the unique set of family firms. I run a pooled regression to examine the effects of IFRS adoption on earnings informativeness. I find that IFRS adoption by Canadian family firms is associated with a statistically significant higher level of earnings informativeness. The findings of this research could have implications for standard setters, minority shareholders of family firms, and academic researchers.

I investigate how the presence of outsiders in the senior management team is related to the financing decision of Chinese listed family firms. For a sample of listed family firms from 2008 to 2017, I find that family firms with more outsiders in their senior management team (including the CEO, vice general manager, CFO, secretary of the board of directors, and other persons specified in the articles of Association) have higher leverage and take on more debt. Further, from the aspect of different financing choices, my empirical analysis shows that family firms with a higher proportion of outsiders take on fewer bank loans but issue more bonds. I use the proportion of outsiders in the firm's senior management team to measure the presence of outsiders in family firms. Besides, for the robustness test, I also use two dummy variables to measure the presence of outsiders in family firms. One indicates whether the family members fully exit from the senior executive team (including board chair, CEO, and CFO), and the other indicates whether the family members fully exit from the senior management team (including CEO, vice general manager, CFO, secretary of the board of directors, and other persons specified in the articles of Association). The results are consistent. To deal with the potential endogeneity issues, I use the outsiders’ full control of the senior executive team of the family firms as an exogenous shock to conduct PSM-DID analysis, and the results still hold. To conduct a heterogeneity analysis, I investigate factors that could moderate the relation between the presence of outsiders and financing policy in family firms from the perspective of family firms’ expropriation risks. The results show that the positive relationship between the presence of outsiders and the issue of bonds are both more pronounced for family firms with a higher amount of related party transactions, and for family firms with higher other receivables. My study shows that the presence of outsiders in family firms has a significant impact on firms’ financing decisions. In specific, the presence of outsiders leads to significantly higher leverage in family firms, fewer bank loans, and a larger amount of bond issuance. Considering the superiority of bonds to bank loans in the issuance procedure, amount, maturity, and cost, the positive impact of the presence of outsiders on bond issuance indicates that outsiders help to alleviate family firms’ financing constraints and improve financing structure. In addition, the strengthening role of expropriation risks in the positive relation of the presence of outsiders and bonds issuance also provides some implication that the introduction of outsiders in family firms helps to improve family firms’ governance structure, alleviate the concerns of creditors, and thus reduce agency conflicts between family shareholders and creditors. / Business Administration/Finance

This dissertation follows extant scale development practices to propose, develop, and validate a measurement instrument for the family legacy orientation construct. Family legacy orientation (FLO) is understood to be the shared intentions and preferences a family has regarding the biological, social, and material components of the family legacy. The context of the family firm is of specific interest to the dissertation. The dissertation builds and extends our theoretical understanding of family legacy within the field of family business research. In doing so, the dissertation explores many ideas presented by Hammond et al. (2016; p. 1209) who emphasized the importance of the topic by stating “interest in the family’s pursuit of a legacy has grown along with the widespread acknowledgment that controlling families value many noninancial and family-related outcomes, suggesting that family legacy can be a unique source of motivation similar to socioemotional wealth (Chrisman, Chua, & Sharma, 2003; Miller, Steier, & Le Breton-Miller, 2003; Jaffe & Lane, 2004; Zahra, 2005)”. In this dissertation, FLO is proposed to influence intergenerational decision making and strategies.

El presente estudio busca determinar la relación entre la asertividad y los estilos de afrontamiento de un grupo de trabajadores de una empresa familiar del sector Avícola en Perú. La muestra estuvo compuesta por 77 trabajadores, 44 hombres y 33 mujeres, con edades entre los 18 y más de 55 años, pertenecientes a las áreas administrativas de la empresa. Los instrumentos empleados fueron el Test de Afrontamiento (COPE) adaptado a Perú (Casuso, 1996) y el Test de Asertividad Rathus la versión Costaricense (León y Vargas, 2009). Los resultados revelaron la existencia de una correlación moderada entre ambas variables, así como correlaciones internas entre los estilos de afrontamiento y entre los tipos de asertividad. Las cuales fueron discutidas en cuatro hallazgos principales: a) Relación entre asertividad y el estilo de afrontamiento enfocado en el problema; b) Relación entre asertividad y el estilo de afrontamiento enfocado en la emoción; c) Asertividad en la empresa familiar; y d) Estilos de afrontamiento en la empresa familia. Finalmente, se dieron las recomendaciones para la futura gestión de ambas variables en la empresa donde se aplicaron las pruebas. / The present study aimed determine the relationship between Assertiveness and Coping styles of a group of workers from a Family Business of the Poultry sector in Peru. The sample consisted of 77 workers, 44 men and 33 women, aged between 18 and over 55, belonging to the administrative areas of the company. The instruments that were used the Coping Test adapted to Peru (Casuso, 1996) and the Rathus Assertiveness Test, the Costa Rican version (León and Vargas, 2009). The results revealed the existence of a moderate correlation between both variables, as well as internal correlations between coping styles and between assertiveness types. Which were discussed in four main findings: a) Relationship between assertiveness and coping style focused on the problem; b) Relationship between assertiveness and coping style focused on emotion; c) Assertiveness in family firms; and d) Coping styles in family firms. Finally, recommendations were given for the future management of both variables in the company where the tests were applied. / Tesis

Este trabalho tem como objetivo pesquisar os processos não estruturados que suportam a formação de empreendedores. A literatura contemporânea sobre administração e gestão dá a conhecer que crises de continuidade nas organizações seriam minimizadas se essas contassem com maior espírito empreendedor em suas lideranças e equipes. Subentende-se, então, que as organizações deveriam formar empreendedores, tarefa de alta complexidade, que demanda conceituação e ambiente interno para ser realizada. Uma das conceituações possíveis é considerar o empreendedorismo como resultante de um conjunto de competências, que, por definição, são passíveis de serem adquiridas. A teoria da cognição tem fornecido novas abordagens para o entendimento de como competências individuais e conhecimento são absorvidos por pessoas em formação. Aplicada ao tema do empreendedorismo, a teoria da cognição também explica como os empreendedores agem e quais são os modelos mentais (crenças e aprendizados) que dão suporte à sua ação. Uma amostra de cinco empresas familiares, em fase de sucessão de liderança foi selecionada para esta pesquisa, que é exploratória e qualitativa. O ambiente interno das organizações também foi avaliado, assim como as atitudes empreendedoras dos gestores destas organizações. Como contraponto, as características de personalidade de cada respondente também foram avaliadas por um instrumento projetivo. Segundo o resultado encontrado, pode-se afirmar que existe um processo de formação dos sucessores, usado de forma intuitiva pelos fundadores das organizações. Esse processo pode ser estruturado e repetido, sob certas condições, em organizações que desejem formar empreendedores internos. As características de personalidade exercem influência relativamente pequena, tanto na escolha dos sucessores como no processo de formação e no ambiente interno. / The objective is to research the unstructured processes which support the development of entrepreneurs. Contemporary literature on administration and management evidences that continuity crises in the organizations would be minimized if the latter could count on a higher entrepreneurial spirit in it leaderships and teams. It is hence inferred that organizations should work towards developing entrepreneurs, a highly complex task, which demands conceptualization and an internal environment in order to be carried out. One of the possible conceptualizations consists of considering entrepreneurship as a result of a set of skills. By definition, it is possible to acquire skills. Cognition theory has provided new approaches to the understanding of how knowledge and individual skills are assimilated by people in professional development. Applied to the notion of entrepreneurship, cognition theory also explains how the entrepreneurs act and which the mental models (beliefs and learning) that support their actions are. A sample of five family businesses, in the process of succession, has been selected for this research, which is exploratory and qualitative. The organizations’ internal environment has also been evaluated, along with the entrepreneurial attitudes of their managers. As a counterpoint, personality traits of each respondent have been analyzed by a projective method. As a result, it can be stated that there is a successors’ development process, employed intuitively by the organizations’ founders. This process can be structured and repeated, under certain conditions, in organizations willing to work on the development of internal entrepreneurs. Personality traits exert a relatively small influence, both in the choice of the successors and in the professional development process and internal environment.

As empresas familiares geralmente são conhecidas como empresas com propriedade detida e gestão exercida por pelo menos um membro de uma família empresária. Historicamente, essas empresas foram um objeto pouco estudado pela academia, apesar de sua importância. Esta dissertação tem como objetivo geral analisar os efeitos da propriedade familiar sobre os eventos de fusão e aquisição, por meio da investigação do efeito da propriedade familiar sobre a propensão a realizar fusões e aquisições, do efeito da participação percentual da família no capital sobre essa propensão e da comparação do retorno anormal acumulado de empresas familiares e não familiares após eventos de fusão e aquisição. Para testar as hipóteses de pesquisa foram utilizadas as técnicas estatísticas Probit e regressão linear simples. A população de estudo foi composta por companhias abertas brasileiras com registro em bolsa de valores. Com base nessa população construiu-se uma amostra de 216 empresas. O período de investigação incluiu os anos de 2007 a 2011. Os resultados encontrados confirmaram a hipótese de que as empresas familiares são menos propensas a realizar fusões e aquisições do que as empresas não familiares. Esses resultados são relevantes na medida em que confirmaram a única constatação equivalente disponível na literatura. Contudo, a participação percentual da família no capital não mostrou nenhuma relação com a propensão a realizar fusões e aquisições. Por fim, os resultados não mostraram evidências para suportar a hipótese de que o retorno anormal acumulado após eventos de fusão ou aquisição seja superior para as empresas familiares. / Family firms are generally known as companies whith property held and management exercised by at least one member of an entrepreneur family. Historically, these companies have been an object little studied by the academy, despite their importance. This work aims to analyze the effects of family ownership on merger and acquisition events, by investigating the effect of family ownership on the propensity to carry out mergers and acquisitions, the effect of family\'s percentual participation on this propensity and the comparison between the abnormal return of family firms and non-family firms after merger and acquisition events. To test the research hypotheses the statistics techniques Probit and simple linear regression were used. The study population was composed by Brazilian public companies listed in the stock exchange. Based on this population a sample of 216 companies was built. The research period included the years 2007 to 2011. The results confirmed the hypothesis that family firms are less likely to conduct mergers and acquisitions than non-family firms. These results are relevant to the extent that they confirmed the unique equivalent conclusion available in the literature. However, the family\'s percentual ownership had no relationship with the propensity to carry out mergers and acquisitions. Finally, the results showed no evidence that the cumulative abnormal return after merger or acquisition events is higher for family firms.

Sammanfattning Denna magister uppsats undersöker huruvida ledarskap, ägarstruktur och kontroll påverkar svenska familjeföretags investerings prestation på marknaden. I undersökningen har 90 svenska företag analyserats inom en 15 års period (1990-2005). Ledarskap har delats upp i tre olika strukturer, den första strukturen står för grundar ledarskap. Regressionsanalysen i denna uppsats visade att en grundare har en positiv påverkan på företagets investerings prestation då grundaren agerade som Verkställande Direktör (VD), Styrelseordförande (SO) eller båda. Detta kan förklaras utifrån teorier som gör tydligt att en grundare äger entreprenörskaps anda och utmärkande kunskaper inom området ifråga. Resultatet för den andra strukturen, ättlings ledarskap visade att då ättlingar till grunderaren verkade som antingen VD, SO eller båda i företaget förekom en negativ påverkan på företagets finansiella prestation. Detta kan förklaras utifrån teorier som menar att en ättling inte har samma kunskap eller ambitioner som grundaren till företaget. Ättlingar har oftast ärvt högre poster inom företagen på grund av sina familjerelationer till grundaren snarare än på grund av sina kunskaper inom området. Den tredje ledarskapsstrukturen är externa ledare. Externa ledare är antingen en VD, SO eller båda som har blivit inhyrda till företaget av ägarfamiljen. Regressionsanalysen visade ett insignifikant resultat. När resultaten för ägarstruktur och andel röster av ägare analyserades i både företag med röstdifferensiering och utan röstdifferensiering visade det sig att när grundaren agerade som VD, SO eller båda i företag utan röstdifferensiering förekom ingen minoritets expropriation eller principal-agent konflikter inom företaget, vilket betyder att företagets finansiella prestation påverkades positivt. Liknande resultat hittades även för företag med röstdifferensiering som hade externa ledare i sin ledning.