Abstract
Abstract. Family firms are generally small and medium-sized, characterized by ‘flat’ organizational structures and internal succession patterns and relying upon self-financing. One way to overcome inherent liability of family business is to innovate in critical management aspects and jump out to a new operational model. The capability of a firm to continuously innovate is critical for competitive advantage. It can also contribute to the development for the so-called dynamic capability. A firm’s dynamic capability describes to continuously innovate.
Keywords. Household behavior, Family economics, Family business.
JEL. D10, D13, D14.
References
Argote, L., McEvily, B., Reagans, R. (2003). Managing knowledge in organizations: An integrative framework and review of emerging themes, Management Science, 49(4), 571-582. doi. 10.1287/mnsc.49.4.571.14424
Atuahene-Gima, K. (2003). The effects of centrifugal and centripetal forces on product development speed and quality: How does problem solving matter? Academy of Management Journal, 46(3), 359-373. doi. 10.2307/30040629
Badura, A. (1977). Self-efficacy: toward a unifying theory of behavioral change, Psychological Review, 84(2), 191-215. doi. 10.1037/0033-295X.84.2.191
Bandura, A. (1986). Social Foundations of Thought and Action: A Social Cognitive Theory. Englewood Cliffs, NJ: Prentice-Hall.
Bruine de Bruin, W., Parker, A.M., & Fischhoff, B. (2007). Individual differences in adult decision-making competence. Journal of Personality and Social Psychology, 92(5), 938-956. doi. 10.1037/0022-3514.92.5.938
Chatman, J.A., & Flynn, F.J. (2001). The influence of demographic heterogeneity on the emergence and consequences of cooperative norms in work teams, Academy Management Journal, 44(5), 965-974. doi. 10.2307/3069440
Chrisman, J.J., Bauerschmidt, A., & Hofer, C.W. (1998). The determinants of new venture performance: An extended model, Entrepreneurship Theory and Practice, 23(1), 5-29. doi. 10.1177/104225879802300101
Christensen, C. (1997). The Innovator's Dilemma, Harvard Business School Press, Cambridge, MA.
Damanpour, F. (1991). Organizational innovation: A meta-analysis of effects of determinants and moderators, Academy of Management Journal, 34(3), 555-590. doi. 10.2307/256406
D’Aveni, R., & Gunther, R. (2010). Hypercompetition, New York, Division of Simon & Schuster Inc.
Dougherty, D. (1992). A practice-centered model of organizational renewal through product innovation, Strategic Management Journal, 13(S1), 77-92. doi. 10.1002/smj.4250131007
Eisenhardt, K.M., & Zbaracki, M.J. (1992). Strategic decision making, Strategic Management, 13(S2), 17-37. doi. 10.1002/smj.4250130904
Grant, R.M. (1996). Toward a knowledge-based theory of the firm, Strategic Management Journal, 17(S2), 109-122. doi. 10.1002/smj.4250171110
Juliusson, E., Karlsson, N., & Garling, T. (2005). Weighing the past and the future in decision making, European Journal of Cognitive Psychology, 17(4), 561-575. doi. 10.1080/09541440440000159
Mustakallio, M., Autio, E., & Zahra, S.A. (2002). Relational and contractual governance in family firms: effects on strategic decision making. Family Business Review, 15, 205–222. doi. 10.1111/j.1741-6248.2002.00205.x
Nonaka, I. (1995). The Knowledge-Creating Company, Oxford University Press.
Van Riel, A.C.R., Lemmink, J., & Ouwersloot, H. (2004). High‐technology service innovation success: a decision‐making perspective. Journal of Product Innovation Management, 21(5), 348-359. doi. 10.1111/j.0737-6782.2004.00087.x
Stanovich, K.E., & West, R.F. (2008). On the relative independence of thinking biases and cognitive ability. Journal of Personality and Social Psychology, 94(4), 672-695. doi. 10.1037/0022-3514.94.4.672
Teece, D.J., Pisano, G., & Shuen, A. (1997). Dynamic capability and strategic management, Strategic Management Journal, 18(7), 509-533. doi. 10.1002/(SICI)1097-0266(199708)18:7<509::AID-SMJ882>3.0.CO;2-Z
Tushman, M., & Anderson, P. (2004). Managing Strategic Innovation and Change: A Collection of Readings, Oxford University Press, USA.
West, M.A., & Farr, J. (1990). Innovation and Creativity at Work: Psychological and Organizational Strategies, NY: John Wiley & Sons.
