Abstract
The aim of this paper is to consider how CEO’s demography affect family firm’s innovation. Innovation is a key factor in developing the competitive advantage of the family firm in their long run orientation. In this type of firms, CEO is often the most influent individual in the governance of the firm. Thus, investigate his impact on innovation is challenging and relevant. Following the insight from the Upper Echelon Theory (Hambrick and Mason, 1984), we empirically test the impact of the CEO’s demography on innovation using a sample of 251 Italian family companies. Specifically, we found that in family firm CEO’s education and experience influence innovation, while age does not.References
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De Massis, A., Frattini, F., Kotlar, J., Petruzzelli, A. M., & Wright, M. (2016). Innovation through tradition: Lessons from innovative family businesses and directions for future research. Academy of Management Perspectives, 30(1), 93-116.
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Chrisman, J. J., & Patel, P. C. (2012). Variations in R&D investments of family and nonfamily firms: Behavioral agency and myopic loss aversion perspectives. Academy of Management Journal, 55(4), 976-997.
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De Massis, A., Frattini, F., Kotlar, J., Petruzzelli, A. M., & Wright, M. (2016). Innovation through tradition: Lessons from innovative family businesses and directions for future research. Academy of Management Perspectives, 30(1), 93-116.
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Duran, P., Kammerlander, N., Van Essen, M., & Zellweger, T. (2016). Doing more with less: Innovation input and output in family firms. Academy of Management Journal, 59(4), 1224-1264.
Feltham, T. S., Feltham, G., & Barnett, J. J. (2005). The dependence of family businesses on a single decision‐maker. Journal of small business management, 43(1), 1-15.
Filippetti, A., Frenz, M., & Ietto-Gillies, G. (2009). Is the innovation performance of countries related to their internationalization. Brussels: European Commission.
Finkelstein, S., & Hambrick, D. C. (1996). Strategic leadership: Top executives and their effects on organizations. West Publishing Company.
Fitz‐Koch, S., & Nordqvist, M. (2017). The Reciprocal Relationship of Innovation Capabilities and Socioemotional Wealth in a Family Firm. Journal of Small Business Management, 55(4), 547-570.
Gómez-Mejía, L. R., Haynes, K. T., Núñez-Nickel, M., Jacobson, K. J., & Moyano-Fuentes, J. (2007). Socioemotional wealth and business risks in family-controlled firms: Evidence from Spanish olive oil mills. Administrative science quarterly, 52(1), 106-137.
Gomez-Mejia, L. R., Cruz, C., Berrone, P., & De Castro, J. (2011). The bind that ties: Socioemotional wealth preservation in family firms. Academy of Management Annals, 5(1), 653-707.
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Hambrick, D. C. (2007). Upper echelons theory: An update. Academy of Management Review, 32(2), 334-343.
Hambrick, D. C. & Mason, P. A. (1984). Upper Echelons. the Organization as a reflection of its top managers. Academy of Management Review, 9 (2), 193-206.
Handler, W. C. (1990). Succession in family firms: A mutual role adjustment between entrepreneur and next-generation family members. Entrepreneurship theory and practice, 15(1), 37-52.
Hanel, P., & St-Pierre, A. (2002). Effects of R & D Spillovers on the Profitability of Firms. Review of Industrial Organization, 20(4), 305-322.
Heyden, M. L., Reimer, M., & Van Doorn, S. (2017). Innovating beyond the horizon: CEO career horizon, top management composition, and R&D intensity. Human Resource Management, 56(2), 205-224.
Hibbert, P., & Huxham, C. (2010). The past in play: Tradition in the structures of collaboration. Organization Studies, 31(5), 525-554.
Hitt, M. A., & Tyler, B. B. (1991). Strategic decision models: Integrating different perspectives. Strategic Management Journal, 12(5), 327-351.
Horstmann, I., MacDonald, G. M., & Slivinski, A. (1985). Patents as information transfer mechanisms: To patent or (maybe) not to patent. Journal of Political Economy, 93(5), 837-858.
Howell, J. M., & Avolio, B. J. (1993). Transformational leadership, transactional leadership, locus of control, and support for innovation: Key predictors of consolidated-business-unit performance. Journal of Applied Psychology, 78(6), 891.
Howell, J. M., & Higgins, C. A. (1990). Champions of technological innovation. Administrative Science Quarterly, 317-341.
Kafouros, M. I., Buckley, P. J., Sharp, J. A., & Wang, C. (2008). The Role of internationalization in explaining innovation performance. Technovation, 28(1), 63-74.
Kellermanns, F. W., Eddleston, K. A., Barnett, T., & Pearson, A. (2008). An exploratory study of family member characteristics and involvement: Effects on entrepreneurial behavior in the family firm. Family Business Review, 21(1), 1-14.
Kellermanns, F. W., Eddleston, K. A., Sarathy, R., & Murphy, F. (2012). Innovativeness in family firms: A family influence perspective. Small Business Economics, 38(1), 85-101.
King, N., & Anderson, N. (1995). Innovation and Change in Organizations. Routledge.
Kirton, M. (1976). Adaptors and innovators: A description and measure. Journal of Applied Psychology, 61(5), 622.
Kitchell, S. (1997). CEO characteristics and technological innovativeness: A Canadian perspective. Canadian Journal of Administrative Sciences/Revue Canadienne des Sciences de l'Administration, 14(2), 111-121.
Kraiczy, N. D., Hack, A., & Kellermanns, F. W. (2015). What makes a family firm innovative? CEO risk‐taking propensity and the organizational context of family firms. Journal of Product Innovation Management, 32(3), 334-348.
Llach, J., & Nordqvist, M. (2010). Innovation in family and non-family businesses: A resource perspective. International Journal of Entrepreneurial Venturing, 2(3-4), 381-399.
Lumpkin, G. T., & Brigham, K. H. (2011). Long–Term Orientation and Intertemporal Choice in Family Firms. Entrepreneurship Theory and Practice, 35(6), 1149-1169.
MacCrimmon, K. R., & Wehrung, D. A. (1986). Assessing risk propensity. Recent developments in the foundations of utility and risk theory, 47, 291-309.
Mansfield, E. (1968). Industrial Research and Technological Innovation; An Econometric Analysis. New York: W.W. Norton.
Mansfield, E. (1986). Patents and innovation: An empirical study. Management Science, 32(2), 173-181.
Mariotti, S., & Mutinelli, M. (2012). Italia multinazionale 2012. estere in Italia. ICE-Agenzia per la promozione all’estero e l’internazionalizzazione delle imprese italiane. Rubettino editore.
Melin, L., & Nordqvist, M. (2007). The reflexive dynamics of institutionalization: The case of the family business. Strategic Organization, 5(3), 321-333.
Miller, D., Le Breton‐Miller, I., Minichilli, A., Corbetta, G., & Pittino, D. (2014). When do Non‐Family CEO s Outperform in Family Firms? Agency and Behavioural Agency Perspectives. Journal of Management Studies, 51(4), 547-572.
Nosi, C., Pucci, T., & Zanni, L. (2017). No need to choose between innovation and internationalization: when pursuing two strategies at a time leads to firm superior performance. Piccola Impresa/Small Business, (1).
Pavitt, K. (1984). Sectoral patterns of technical change: towards a taxonomy and a theory. Research policy, 13(6), 343-373.
Payne, R. L., Lane, D., & Jabri, M. (1990). A two‐dimensional person‐environment fit analysis of the performance, effort and satisfaction of research scientists. British Journal of Management, 1(1), 45-57.
Pinelli, M., Cappa, F., Franco, S., & Peruffo, E. (2018). Competenze dei fondatori e performance delle start-up: un’analisi empirica. Piccola Impresa/Small Business, (1).
Pittino, D., & Visintin, F. (2009). Innovation and strategic types of family SMEs: A test and extension of Miles and Snow's configurational model. Journal of Enterprising Culture, 17(03), 257-295.
Salvato, C., Chirico, F., & Sharma, P. (2010). A farewell to the business: Championing exit and continuity in entrepreneurial family firms. Entrepreneurship & Regional Development, 22(3-4), 321-348.
Sanchez-Famoso, V., Maseda, A., & Iturralde, T. (2017). Family involvement in top management team: Impact on relationships between internal social capital and innovation. Journal of Management & Organization, 23(1),
136-162.
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