Claudio G. Müller, School of Economics and Business, University of Chile.
The main objective is to analyze what characteristics possessed by a family firm and its family-member employees promote behaviors that share and transfer knowledge between them and non-family employees, customers and suppliers, and how this knowledge can improve the firm’s innovation and performance. We can contribute to the literature on family firms in three ways. First: by bolstering recent research on managing knowledge and innovation in family firms and their impact on performance (Price, Stoica & Boncella 2013; Schillaci, Romano & Nicotra 2013; Chen, Tsao, & Chen 2013; Kraus, Pohjola & Koponen 2012). Second: by improving our understanding of how family influence affects innovation, knowledge management and performance; and Third: by basing our analysis on data from family firms in a Latin American country (Chile), the first time we believe this has been don as a research investigation.
Claudio Bonilla, University of Chile. Claudio Müller , University of Chile.
Gonzalo Gómez-Betancourt, INALDE, La Sabana University, Colombia. Jose Bernardo Betancourt Ramirez, INALDE, La Sabana University, Colombia
This research explores the empirical relationship between family ownership and firm performance for companies listed in the Integrated Latin American Market, MILA by its Spanish acronym. Our analysis is based on that family firms have a better performance than non-family and present evidence that Tobin’s Qs are higher for family than for non-family firms.
Claudio A. Bonilla and Claudio Müller, University of Chile, Santiago, Chile.
In the last years, a big trend towards investigation of the entrepreneurial spirit has risen and it has explained what happens with businessmen before and after they reach a successful career. On the contrary, investigations of the family firm have
been particularly focused on what happens to entrepreneurs at the end of their labor life, problems related to succession, leadership and protocol for the next generations.
Claudio A. Bonilla and Claudio Müller, School of Economics and Business. University of Chile, Santiago de Chile
Varios authors have maintained that family firms are more profitable than nonfamily ones, basing their assertion on certain advantage such as the lower agency cost of dealings between family members and a longer-term management perspective. Others, however, take the opposite view. arguing that family businesses have significant disadvantages stemming from their limited capacity to hire external managers for key executive positions and the ever-present possibility they may expropriate value from minority stakeholder. Either of these phenomena could presumably damage market confidence un family companies and negatively affect they share prices.