Velocidad de las estrategias de reestructuración de empresas familiares en tiempos de crisis
DOI:
https://doi.org/10.24310/ejfbejfb.v13i1.16610Palabras clave:
Empresa familiar, SEW, Estrategias de reestructuración, Plazo, Recuperación, FracasoResumen
Este artículo analiza qué tan rápido reaccionan las empresas familiares ante una caída en su desempeño financiero. La recuperación es especialmente relevante en las empresas familiares debido a la importancia de los objetivos no económicos. Estudiamos las diferencias entre empresas familiares y no familiares en relación con el cierre y la velocidad de recuperación, y el papel de la edad y el tamaño de la empresa como factores contingentes. La investigación empírica analiza datos de panel que comprenden más de 23.000 empresas españolas en declive, durante un período de once años (2006-2016). Nuestros hallazgos muestran que las empresas familiares cerrarán antes que las empresas no familiares sin una diferencia significativa entre la velocidad de recuperación de las empresas familiares y no familiares
Descargas
Métricas
Citas
Acquaah, M., Amoako-Gyampah, K., & Jayaram, J. (2011). Resilience in family and nonfamily firms: An examination of the relationships between manufacturing strategy, competitive strategy and firm performance. International Journal of Production Research, 49(18), 5527-5544.
https://doi.org/10.1080/00207543.2011.563834
Agustí, M., Ramos, E., & Acedo, F. J. (2021). Reacting to a generalised crisis. A theoretical approach to the consumption of slack resources in family firms. European Journal of Family Business, 11(2), 100-110. https://doi.org/10.24310/ejfbejfb.v11i2.10626
Akhter, N., Sieger, P., and Chirico, F. (2016) If we can't have it, then no one should: Shutting Down Versus Selling in Family Business Portfolios. Stratategic Entrepreneurship Journal.
https://doi.org/10.1002/sej.1237
Aldrich, H., & Auster, E. R. (1986). Even dwarfs started small: liabilities of age and size and their strategic implications. Research in Organizational Behavior, 8, 165-198.
Alonso-Dos-Santos, M., & Llanos-Contreras, O. (2019). Family business performance in a post-disaster scenario: the influence of socioemotional wealth importance and entrepreneurial orientation. Journal of Business Research, 101, 492-498. https://doi.org/10.1016/j.jbusres.2018.12.057
Argenti, J. (1976). Corporate planning and corporate collapse. Long Range Planning, 9(6), 12-17. https://doi.org/10.1016/0024-6301(76)90006-6
Arogyaswamy, K., Barker, V., & Yasai-Ardekani, M. (1995). Firm turnarounds: an integrative two-stage model. Journal of Management Studies, 32(4), 493-525. https://doi.org/10.1111/j.1467-6486.1995.tb00786.x
Arregle, J-L., Hitt, M. A., Sirmon, D. G., & Very, P. (2007). The development of organizational social capital: attributes of family firm. Journal of Management Studies, 44(1), 73-95.
https://doi.org/10.1111/j.1467-6486.2007.00665.x
Arteaga, R. and Menéndez-Requejo, S. (2017). 'Family Constitution and Business Performance: Moderating Factors'. Family Buainess Review, 1-19.
https://doi.org/10.1177/0894486517732438
Astrachan, J. H., Klein, S. B., & Smyrnios, K. X. (2002). The F-PEC scale of family influence: a proposal for solving the family business definition problem. Family Business Review, 15(1), 45-58. https://doi.org/10.1111/j.1741-6248.2002.00045.x
Barbero J. L., Casillas J. C., & Feldman H. D. (2012). Managerial capabilities and paths to growth as determinants of high-growth small and medium-sized enterprises. International. Small Business Journal, 29(6), 671-694. https://doi.org/10.1177/0266242610378287
Barbero, J. L. Ramos, A., & Chiang, C. (2017). Restructuring in dynamic environments: a dynamic capabilities perspective. Industrial and Corporate Change, 26(4), 593-615. https://doi.org/10.1093/icc/dtw042
Barker, V. L., & Duhaime, I. (1997). Strategic change in the turnaround process: theory and empirical evidence. Strategic Management Journal, 18(1), 13-38.
https://doi.org/10.1002/(SICI)1097-0266(199701)18:1<13::AID-SMJ843>3.0.CO;2-X
Barker, V. L., & Mone, M. A. (1994). Retrenchment: cause of turnaround and consequence of decline? Strategic Management Journal, 15(5), 195-205. https://doi.org/10.1002/smj.4250150506
Belling, M., Pidun, U., & Knyphausen-Aufseß, D. (2022). Restructuring in family firms: Balancing family objectives and economic prosperity. Long Range Planning, 55(6), 102184. https://doi.org/10.1016/j.lrp.2022.102184
Berrone, P., Cruz, C., & Gómez-Mejía, L. R. (2012). Socio-emotional wealth in family firms: theoretical dimensions, assessment approaches and agenda for future research. Family Business Review, 25(3), 258-279. https://doi.org/10.1177/0894486511435355
Bettis, R., Ethiraj, S., Gambardella, A., Helfat, C., & Mitchell, W. (2016). Cresting repeatable cumulative knowledge in strategic management: a call for a broad and deep conversation among authors, referees, and editors. Strategic Management Journal, 37(2), 257-261.
https://doi.org/10.1002/smj.2477
Bowen, H. P., & Wiersema, M. F. (2004). Modeling limited dependent variables: methods and guidelines for researchers in strategic management. In D. Bergh, & D.J. Ketchen (Eds), Research methodology in strategy and management, 1 (pp. 87-134). Oxford: Elsevier.
https://doi.org/10.1016/S1479-8387(04)01104-X
Brewton, K. E., Danes, S. M., Stafford, K., & Haynes, G. W. (2010). Determinants of rural and urban family firm resilience. Journal of Family Business Strategy, 1(3), 155-166.
https://doi.org/10.1016/j.jfbs.2010.08.003
Burton, M. D., & Beckman, C.M. (2007). Leaving a legacy: position imprints and successor turnover in young firms. American Sociological Review, 72(2), 239-266.
https://doi.org/10.1177/000312240707200206
Cameron, K., Sutton, R., & Whetten, D. (1988). Readings in organizational decline: frameworks, research and prescriptions. Cambridge, MA: Ballinger.
Casillas, J. C., & Moreno-Menéndez, A. M. (2014). Speed of the internationalization process: the role of diversity and depth in experiential learning. Journal of International Business Studies, 45, 85-101. https://doi.org/10.1057/jibs.2013.29
Casillas, J. C., Moreno-Menendez, A. M., Barbero, J. L., & Clinton, E. (2019). Retrenchment strategies and family involvement: the role of survival risk. Family Business Review, 32(1), 58–75. https://doi.org/10.1177/0894486518794605
Cater III, J. J., & Schwab, A. (2008). Turnaround strategies in established small family firms. Family Business Review, 21(1), 31-50. https://doi.org/10.1111/j.1741-6248.2007.00113.x
Cennamo, C., Berrone, P., Cruz, C., & Gómez-Mejía, L. (2012). Socio-emotional wealth and proactive stakeholder engagement: why family-controlled firms care more about their stakeholders. Entrepreneurship Theory and Practice, 36(6), 1153-1173.
https://doi.org/10.1111/j.1540-6520.2012.00543.x
Chirico, F., Salvato, C., Byrne, B., Akhter, N., Arriaga Múzquiz, J. (2018). Commitment escalation to a failing family business Journal of Small Business Management, 56(3), 494-512. https://doi.org/10.1111/jsbm.12316
Claver, E., Rienda, L., and Quer, D. (2008). 'Family firms risk perception: Empirical evidence on the internationalization process'. Journal of Small Business and Enterprise Development, 15, 457-471. https://doi.org/10.1108/14626000810892283
Corbetta, G., & Salvato, C. (2012). Strategies for longevity in family firms. A European perspective. NewYork: Palgrave-Macmillan. https://doi.org/10.1057/9781137024589
Cox, D. R. (1975). Partial likelihood. Biometrika, 62(2), 269-276. https://doi.org/10.1093/biomet/62.2.269
Davila, J., Durán, P., Gómez-Mejía, L., & Sánchez-Bueno, M. J. (2023). Socioemotional wealth and family firm performance: a meta-analytic integration. Journal of Family Business Strategy, in press. https://doi.org/10.1016/j.jfbs.2022.100536
Dawley, D. D., Hoffman, J. J., & Lamont, B. T. (2002). Choice situation, refocusing, and post-bankruptcy performance. Journal of Management, 28(5), 695-717. https://doi.org/10.1177/014920630202800507
Deephouse D. L., & Jaskiewicz, P. (2013). Do family firms have better reputations than non-family firms? An integration of socioemotional wealth and social identity theories. Journal of Management Studies, 50(3), 337-360. https://doi.org/10.1111/joms.12015
DeTienne, D. R. (2010). Entrepreneurial exit as a critical component of the entrepreneurial process: theoretical development. Journal of Business Venturing, 25(2), 203-215. https://doi.org/10.1016/j.jbusvent.2008.05.004
DeTienne, D. R., & Chirico, F. (2013). Exit strategies in family firms: how socio-emotional wealth drives the threshold of performance. Entrepreneurship Theory and Practice, 37(6), 1297-1318. https://doi.org/10.1111/etap.12067
Doughty, K., & Hill, L. (2000). Francisco de Narváez at Tía: selling the family business. Harvard Business School, 9, 401-017.
Eddleston, K. A., Kellermanns, F. W., & Zellweger, T. M. (2012). Exploring the entrepreneurial behavior of family firms: does the stewardship perspective explain differences? Entrepreneurship Theory and Practice, 36(2), 347-367. https://doi.org/10.1111/j.1540-6520.2010.00402.x
Ensley, M. D., & Pearson, A. W. (2005). An exploratory comparison of the behavioral dynamics of top management teams in family and non-family new ventures: cohesion, conflict, potency, and consensus. Entrepreneurship Theory and Practice, 29(3), 267-284.
https://doi.org/10.1111/j.1540-6520.2005.00082.x
Franks, J., Mayer, C., Volpin, P., and Wagner, H.F. (2012). 'The Life Cycle of Family Ownership: International Evidence'. The Review of Financial Studies, 25, 1676-1712
https://doi.org/10.1093/rfs/hhr135
Fuenteslaz, L., Gómez, J., & Polo, Y. (2002). Followers' entry timing: evidence from the Spanish banking sector after deregulation. Strategic Management Journal, 23(3), 245-264.
https://doi.org/10.1002/smj.222
Gersick, K., Davis, J., Hampton, M., & Lansberg, I. (1997). Generation to generation: life cycles of the family business. Boston, MA: Harvard Business School Press.
Gimeno, J., Folta, T., Cooper, A., & Woo, C. (1997). Survival of the fittest? Entrepreneurial human capital and the persistence of underperforming firms. Administrative Science Quarterly, 42(4), 750-783. https://doi.org/10.2307/2393656
Gómez-Mejía, L. R., Haynes, K., Nuñez-Nickel, M., Jacobson, K. J. L., & Moyano-Fuentes, J. (2007). Socio-emotional wealth and business risks in family-controlled firms: evidence from Spanish olive oil mills. Administrative Science Quarterly, 52(1), 106-137. https://doi.org/10.2189/asqu.52.1.106
Gómez-Mejía, L., & Herrero, I. (2023). Back to square one: the measurement of socioemotional wealth (SEW). Journal of Family Business Strategy, 13(4), 100480. https://doi.org/10.1016/j.jfbs.2021.100480
Gómez-Mejía, L. R., Núñez-Nickel, M., & Gutiérrez, I. (2001). The role of family ties in agency contracts. Academy of Management Journal, 44(1), 81-95. https://doi.org/10.2307/3069338
Graves, C., & Shan, Y. G. (2014). An empirical analysis of the effectof internationalization on the performance of unlisted family and nonfamily firms in Australia. Family Business Review, 27(2), 142-160. https://doi.org/10.1177/0894486513491588
Hambrick, D. (1985). Turnaround strategies. In W. Guth (Ed.), Handbook of business strategy (pp. 101-132). Warren, Gorham and Lamont.
Hambrick, D., & D'Aveni, R. (1988). Large corporate failures as downward spirals. Administrative Science Quarterly, 33(1), 1-23. https://doi.org/10.2307/2392853
Hambrick, D., & Schecter, S. (1983). Turnaround strategies for mature industrial-product business units. Academy of Management Journal, 26(2), 231-248. https://doi.org/10.2307/255972
Harhoff, D., Stahl, K., & Woywode, M. (1998). Legal form, growth and exit for west German firms-results for manufacturing, construction, trade and service industries. The Journal of Industrial Economics, XLVI, 453-488. https://doi.org/10.1111/1467-6451.00083
Hernández-Linares, R., & Arias-Abelaira, T. (2022). Adapt or perish! A systematic review of the literature on strategic renewal and the family firm. European Journal of Family Business, 12(2), 137-155. https://doi.org/10.24310/ejfbejfb.v12i2.14718
Hernández-Linares, R., Kellermanns, F. W., López-Fernández, M. C., & Sarkar, S. (2019). The effect of socioemotional wealth on the relationship between entrepreneurial orientation and family business performance. Business Research Quarterly. https://doi.org/10.1016/j.brq.2019.03.002
Josefy, M., Harrison, J., Sirmon, D., & Carnes, C. (2017). Living and dying: synthesizing the literature on firm survival and failure across stages of development. Academy of Management Annals, 11(2), 770-799. https://doi.org/10.5465/annals.2015.0148
Kammerlander, N. (2016). I want this firm to be in good hands: emotional pricing of resigning entrepreneurs. International Small Business Journal, 34(2), 189-214.
https://doi.org/10.1177/0266242614541287
King, D. R., Meglio, O., Gomez?Mejia, L., Bauer, F., & De Massis, A. (2022). Family business restructuring: a review and research agenda. Journal of Management Studies, 59(1), 197-235. https://doi.org/10.1111/joms.12717
Kotlar, J., de Massis, A., Fang, H., & Frattini, F. (2014). Strategic reference points in family firms. Small Business Economics, 43(3), 597-619. https://doi.org/10.1007/s11187-014-9556-6
Lim, D. S. K., Celly, N., Morse, E. A., & Rowe, W. G. (2013). Rethinking the effectiveness of asset and cost retrenchment: the contingency effects of a firm's rent creation mechanism. Strategic Management Journal, 34(1), 42-61. https://doi.org/10.1002/smj.1996
Lumpkin, G. T., & Brigham, K. H. (2011). Long-term orientation and intertemporal choice in family firms. Entrepreneurship Theory and Practice, 35(6), 1149-1169.
https://doi.org/10.1111/j.1540-6520.2011.00495.x
Lumpkin, G. T., Brigham, K. H., & Moss, T. W. (2010). Long-term orientation implications for the entrepreneurial orientation and performance of family businesses. Entrepreneurship and Regional Development, 22, 241-264. https://doi.org/10.1080/08985621003726218
MacMillan, C. J., & Overall, J. S. (2017). Crossing the chasm and over the abyss: perspectives on organizational failure. Academy of Management Perspectives, 31(4), 271-287. https://doi.org/10.5465/amp.2017.0018
Mellahi, K., & Wilkinson, A. (2004). Organizational failure: a critique of recent research and a proposed integrative framework. International Journal of Management Reviews, 5/6(1), 21-41. https://doi.org/10.1111/j.1460-8545.2004.00095.x
Miller, D., & Le Breton-Miller, I. (2005). Managing for the long run: lessons in competitive advantage from great family businesses. Cambridge, MA: Harvard Business School Press.
Miller, D., Le Breton-Miller, I., & Scholnick, B. (2008). Stewardship vs. stagnation: an empirical comparison of small family and non-family businesses. Journal of Management Studies, 45(1), 51-78. https://doi.org/10.1111/j.1467-6486.2007.00718.x
Moreno-Menéndez, A. M. & Casillas, J. C. (2021). How do family businesses grow? Differences in growth patterns between family and non-family firms. Journal of Family Business Strategy, 12(3), 100420. https://doi.org/10.1016/j.jfbs.2021.100420
Nachum, L., & Song, S. (2011). The MNE as a portfolio: interdependencies in MNE growth trajectory. Journal of International Business Studies, 42(3), 381-405. https://doi.org/10.1057/jibs.2010.60
Nadolska, A., and Barkema, H.G. (2007). 'Learning to internationalise: The pace and success of foreign acquisitions'. Journal of International Business Studies, 38(7), 1170-1186.
https://doi.org/10.1057/palgrave.jibs.8400318
Naldi, L., Nordqvist, M., Sjöberg, K., & Wiklund, J. (2007). Entrepreneurial orientation, risk taking, and performance in family firms. Family Business Review, 20(1), 33-47.
https://doi.org/10.1111/j.1741-6248.2007.00082.x
Ndofor, H. A., Vanevenhoven, J., & Barker, V. L. (2013). Software firm turnarounds in the 1990s: an analysis of reversing decline in a growing, dynamic industry. Strategic Management Journal, 34(9), 1123-1133. https://doi.org/10.1002/smj.2050
Nordqvist, M., & Melin, L. (2010). Entrepreneurial families and family firms. Entrepreneurship and Regional Development, 22(3-4), 211-239. https://doi.org/10.1080/08985621003726119
Pearce II, J. A., & Robbins, K. (1993). Toward improved theory research on business turnaround. Journal of Management, 19(3), 613-636. https://doi.org/10.1177/014920639301900306
Pearce II, J. A., & Robbins, D. K. (1994a). Entrepreneurial recovery strategies of small market share manufacturers. Journal of Business Venturing, 9(2), 91-108. https://doi.org/10.1016/0883-9026(94)90003-5
Pearce II, J. A., & Robbins, D. K. (1994b). Retrenchment remains the foundation of business turnaround. Strategic Management Journal, 15(5), 407-417. https://doi.org/10.1002/smj.4250150507
Penrose, E. (1959). The theory of the growth of the firm. New York: Wiley.
Pindado, J., & Requejo, I. (2015). Family business performance from a governance perspective: a review of empirical research. International Journal of Management Reviews, 17(3). 279-311. https://doi.org/10.1111/ijmr.12040
Price, L. L., Arnould, E. J., & Folkman-Curasi, C. (2000). Older consumers' disposition of special possessions. Journal of Consumer Research, 27(2), 272-382. https://doi.org/10.1086/314319
Revilla, A. J., Pérez-Luño, A., & Nieto, M. J. (2016). Does family involvement in management reduce the risk of business failure? The moderating role of entrepreneurial orientation. Family Business Review, 29(4) 365-379. https://doi.org/10.1177/0894486516671075
Robbins, D. K., & Pearce, J. A. (1992). Turnaround: Retrenchment and recovery. Strategic Management Journal, 13(4), 287-309. https://doi.org/10.1002/smj.4250130404
Salvato, C., Chirico, F., and Sharma, P. (2010). 'A farewell to the business: Championing exit and continuity in entrepreneurial family firms'. Entrepreneurship and Regional Development, 22(3/4), 321-348. https://doi.org/10.1080/08985621003726192
Schmitt, A., & Raisch, S. (2013). Corporate turnarounds: the duality of retrenchment and recovery. Journal of Management Studies, 50(7), 1216-1244. https://doi.org/10.1111/joms.12045
Schulze, W. S., Lubatkin, M. H., Dino, R. N., & Buchholtz, A. K. (2001). Agency relationships in family firms. Organization Science, 12(2), 99-116. https://doi.org/10.1287/orsc.12.2.99.10114
Sciascia, S., Mazzola, P., Astrachan, J. H., & Pieper, T. M. (2012). The role of family ownership in international entrepreneurship: exploring nonlinear effects. Small Business Economics, 38(1), 15-31. https://doi.org/10.1007/s11187-010-9264-9
Shanker, M. C., & Astrachan, J. H. (1996). Myths and realities: family businesses' contribution to the US economy - A framework for assessing family business statistics. Family Business Review, 9(2), 107-123. https://doi.org/10.1111/j.1741-6248.1996.00107.x
Shepherd, D., & Haynie, J.M. (2011). Venture failure, stigma, and impression management: a self-verification, self-determination view. Strategic Entrepreneurship Journal, 5(2), 178-187.
https://doi.org/10.1002/sej.113
Sirmon, D. G., & Hitt, M. A. (2003). Managing resources: linking unique resources, management, and wealth creation in family firms. Entrepreneurship Theory and Practice, 27(4), 339-358. https://doi.org/10.1111/1540-8520.t01-1-00013
Slatter, S. (1984). Corporate recovery. (P. Books, Ed.). Harmandsworth, Middlesex: Penguin Books.
Stinchcombe, A. L. (1965). Social structure and organizations. In: March, J.G. (Ed.), Handbook of Organizations (pp. 142-193). Rand McNally and Co., Chicago.
Stockmans, A., Lybaert, N., & Voordeckers, W. (2010). Socioemotional wealth and earnings management in private family firms. Family Business Review, 23(3), 280-294.
https://doi.org/10.1177/0894486510374457
Suárez, F. F., & Utterback, J. M. (1995). Dominant designs and the survival of firms. Strategic Management Journal, 16(6), 415-430. https://doi.org/10.1002/smj.4250160602
Swab, R. G., Sherlock, C., Markin, E., & Dibrell, C. (2020). "SEW" What do we know and where do we go? A review of socioemotional wealth and a way forward. Family Business Review, 33(4), 424-445. https://doi.org/10.1177/0894486520961938
Thornhill, S., & Amit, R. (2003). Learning about failure: bankruptcy, firm age, and the resource-based view. Organization Science, 14(5), 497-509. https://doi.org/10.1287/orsc.14.5.497.16761
Trahms, C. A., Ndofor, H. A., & Sirmon, D. G. (2013). Organizational decline and turnaround: a review and agenda for future research. Journal of Management, 39(5), 1277-1307. https://doi.org/10.1177/0149206312471390
Weitzel, W., & Jonsson, E. (1989). Decline in organizations: a literature integration and extension. Administrative Science Quarterly, 34(1), 91-109. https://doi.org/10.2307/2392987
Williams, T. A., Gruber, D. A., Sutcliffe, K. M., Shepherd, D. A., & Zhao, E. Y. (2017). Organizational response to adversity: fusing crisis management and resilience research streams. Academy of Management Annals, 11(2), 733-769. https://doi.org/10.5465/annals.2015.0134
Wiseman, R. M., and Gomez-Mejía, L. R. (1998). 'A behavioral agency model of managerial risk taking'. Academy of Management Review, 22, 133-153.
https://doi.org/10.2307/259103
Yu, T., & Cannella, A. A. (2007). Rivalry between multinational enterprises: an event history approach. Academy of Management Journal, 50(3), 665-686. https://doi.org/10.5465/amj.2007.25527425
Zellweger, T. M., & Astrachan, J. H. (2008). On the emotional value of owning a firm. Family Business Review, 21(4), 347-363. https://doi.org/10.1177/08944865080210040106
Zellweger, T. M., Nasson, R. S., & Nordqvist, M. (2012). From longevity of firms to transgenerational entrepreneurship of families: introducing family entrepreneurial orientation, Family Business Review, 25(2), 136-155. https://doi.org/10.1177/0894486511423531
Descargas
Publicado
Cómo citar
Número
Sección
Licencia
Los derechos de autoría son de dos tipos: morales y patrimoniales, los cuales EJFB reconoce y respeta. Los derechos morales son los relacionados con el reconocimiento de autoría. Son prerrogativas perpetuas, irrenunciables, intransferibles, inalienables, inembargables e imprescriptibles como consecuencia del vínculo indivisible del autor/a y su obra. Los derechos patrimoniales son aquellos que se derivan de la reproducción, distribución, adaptación o comunicación pública de la obra, entre otros. Estos derechos patrimoniales son cedidos por EJFB a la Universidad de Málaga en acceso abierto.
Los autores y autoras que publican en EJFB reconocen que la revista se publica en completo acceso abierto y que está autorizada para reproducir, distribuir, difundir o comunicar el trabajo bajo una Licencia CC BY-NC-SA 4.0. Esto significa que usted es libre de compartir y adaptar este material bajo las condiciones siguientes:
- Reconocimiento — Debe reconocer adecuadamente la autoría, lo que implica el derecho de los autores y autoras a ser reconocidos y citados correctamente.
- No Comercial — No puede utilizar el material con fines comerciales.
- Compartir Igual — Si remezcla, transforma o construye sobre el material, debe distribuir sus contribuciones bajo la misma licencia que el original.