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Articles 1 - 30 of 37
Full-Text Articles in Business
Family Business Wealth And Knowledge Transfer, Justin Craig, Keith Duncan, Frank Barbera, Manuel Eberhard, Marina Skinner
Family Business Wealth And Knowledge Transfer, Justin Craig, Keith Duncan, Frank Barbera, Manuel Eberhard, Marina Skinner
Justin B. Craig
“Knowledge transfer is the key to successful wealth transfer” After years of creating the building blocks to understand family businesses within the greater community, BDO has partnered with The Australian Centre for Family Business (ACFB) and Bond University to undertake an Australian-first report to understand the dynamics of wealth and knowledge transfer, and identify the key trends and issues that will enhance successful transitions within private businesses. This report examines the wealth and knowledge transfer intentions of 320 respondent businesses, the majority of which classified themselves as family businesses. This report will provide an insight into issues such as family-first …
Twin Brothers In Arms Learn The Family Business, Justin Craig, Wayne Irava, Ken Moores
Twin Brothers In Arms Learn The Family Business, Justin Craig, Wayne Irava, Ken Moores
Justin B. Craig
ExtractIn this case, Moores and Barrett’s (2002) family business learning and life cycle framework has been used as the foundation, along with entrepreneurialorientation (EO) (Lumpkin and Dess 1996; Miller 1983) and the resource-based view of the firm (RBV) (Mahoney and Pandian 1992; Peteraf 1993; Wernerfelt 1984), for a review of an intriguing Australian second generation migrant family business.
Stewardship Climate Scale: Measurement And An Assessment Of Reliability And Validity, Justin Craig, Clay Dibrell, Donald Neubaum, Christopher Thomas
Stewardship Climate Scale: Measurement And An Assessment Of Reliability And Validity, Justin Craig, Clay Dibrell, Donald Neubaum, Christopher Thomas
Justin B. Craig
Building on the seminal work of Davis, Schoorman, and Donaldson (1997), using a three study approach and a combined multi-level respondent sample of 847 from 237 firms, we develop a statistically valid and reliable 18-item measure to capture the degree to which executives act to engender a stewardship climate in their organizations. Nomological validity of our dual (psychological and situational) mechanism measure is established by demonstrating significant associations with multiple individual- and firm-level measures.
Strategic Planning And Flexibility: Governance Control Mechanisms In Family And Non-Family Firms, Clay Dibrell, Justin Craig, Donald Neubaum
Strategic Planning And Flexibility: Governance Control Mechanisms In Family And Non-Family Firms, Clay Dibrell, Justin Craig, Donald Neubaum
Justin B. Craig
We examine governance systems within the contexts of family and non-family owned firms. Specifically, we suggest that while a formal governance mechanism (i.e., formal strategic planning) is positively associated with financial performance in both family and non-family firms, the relative benefit of such a formal governance structure is greater for non-family firms. We posit that strategic flexibility can also be used as a governance mechanism, but the value of this informal governance mechanism is greater for family firms. In a study of 354 firms using moderated regression analysis, we discovered the relative benefit of formal and informal governance mechanisms in …
Natural Environment, Market Orientation, And Firm Innovativeness: An Organizational Life Cycle Perspective, Clay Dibrell, Justin Craig, Eric Hansen
Natural Environment, Market Orientation, And Firm Innovativeness: An Organizational Life Cycle Perspective, Clay Dibrell, Justin Craig, Eric Hansen
Justin B. Craig
Drawing upon the corporate social responsibility literature, we investigate the moderating effects of the natural environment and the stage of an organization’s life cycle on the market orientation to firm innovativeness relationship. Through 229 owners or chief executive officer respondents, our results establish evidence of (1) a positive linkage between market orientation and firm innovativeness; (2) natural environmental policy positively moderating the market orientation to firm innovativeness relationship; and (3) organizational life cycle negatively moderating market orientation to innovativeness. Our findings suggest ventures characterized as being early in the organizational life cycle are more likely to have a positive environmental …
Intrapreneurship In Multi-Generational Family Businesses, Robert Garrett, Clay Dibrell, Justin Craig
Intrapreneurship In Multi-Generational Family Businesses, Robert Garrett, Clay Dibrell, Justin Craig
Justin B. Craig
Drawing from the agency and stewardship theory literature, this conceptual work explores the role of intrapreneurship (internal corporate venturing) in multi-generational family businesses. Specifically, governance and managerial considerations unique to family businesses are used to predict both the relatedness between a parent firm and its ventures, and how these internal new ventures are managed.
Legitimizing The Natural Environment In Smes: A Strategic Issue Interpretation Perspective (Summary), Clay Dibrell, Justin Craig
Legitimizing The Natural Environment In Smes: A Strategic Issue Interpretation Perspective (Summary), Clay Dibrell, Justin Craig
Justin B. Craig
How do businesses legitimize their natural environmental strategic initiatives? In this research, we are concerned with how managerial interpretations of natural environmental issues predict natural environmental strategic action related to firm innovativeness in SMEs. Results from this study will provide managers with a greater understanding of the benefits from a natural environmental initiative. The research questions that are addressed include: (1) Does the legitimization of the natural environment in an SME positively affect firm innovativeness? (2) What benefits are associated with socially embedding natural environmental policies? and (3) How do the strategic issue and social embeddedness theories predict how a …
Accession Tournaments: The Application Of A Game Theory Derivative To The Multi-Dimensional Family Business Accession Process (Interactive Paper), Justin Craig, Clay Dibrell
Accession Tournaments: The Application Of A Game Theory Derivative To The Multi-Dimensional Family Business Accession Process (Interactive Paper), Justin Craig, Clay Dibrell
Justin B. Craig
We argue that the recent governance and professionalization focus in family business research conversations, while helpful in understanding succession, and family businesses in general, needs to be complemented with a theoretical discussion of the multi-dimensional accession process. We contend that this process is multi-dimensional as, unlike in a corporate setting where the incumbent is succeeded by a suitable successor, multi-generational family businesses are more complex and there is potentially a plethora of positions of influence for which actors can compete. We use tournament theory to propose how family actors will act in accession tournaments and propose that the absence of …
Overcoming The Liability Of Theoretical Newness: The Case For Stewardship Theory (Summary), Justin Craig, Clay Dibrell, Donald Neubaum
Overcoming The Liability Of Theoretical Newness: The Case For Stewardship Theory (Summary), Justin Craig, Clay Dibrell, Donald Neubaum
Justin B. Craig
To overcome stewardship theory’s liability of newness, we introduce a validated and reliable measure for stewardship. Using Dubin’s features of a theoretical model to position stewardship theory, we endeavour to take a structured approach in the Kuhn-characterised normal science stage of entrepreneurship. There is a danger that stewardship theory currently bears many of the hallmarks of a summative unit (in Dubin’s terms), where a summative unit is one that can be referred to as a global unit that stands for an entire complex phenomenon; conveys a great deal of meaning but is always diffuse; draws together a number of different …
Desk Rejection: How To Avoid Being Hit By A Returning Boomerang, Justin B. Craig
Desk Rejection: How To Avoid Being Hit By A Returning Boomerang, Justin B. Craig
Justin B. Craig
Manuscripts are desk rejected when they do not fit the mission of the journal or are too underdeveloped to benefit from the review process. In such cases, two members of the editorial team go through the manuscript and provide a developmental letter to author or authors to advance the article further. This helps free up the time of editors and reviewers to concentrate on the most promising manuscripts.
Incorporating The Family Dynamic Into The Entrepreneurship Process, Justin Craig, Noel Lindsay
Incorporating The Family Dynamic Into The Entrepreneurship Process, Justin Craig, Noel Lindsay
Justin B. Craig
This research furthers our understanding of the interaction between the fields of entrepreneurship and family business. It presents a framework that introduces the family dynamic to Timmons’ driving forces model of entrepreneurship. The framework highlights the influence of the family in the entrepreneurship process and the importance of the fit among the three driving forces and the family. It highlights the importance of, and the pivotal roles played by, outside boards of directors when entrepreneurial activities are undertaken by family businesses. Using extracts from interviews with family and non-family executives and board members, the research employs a single case study …
Being The Boss And Working For A Boss: Upsides And Downsides, Justin Craig, Michael Schaper, Clay Dibrell
Being The Boss And Working For A Boss: Upsides And Downsides, Justin Craig, Michael Schaper, Clay Dibrell
Justin B. Craig
Comparatively, very little of the Household Income and Labour Dynamics (HILDA) data set has been used to analyse the activities of Australian small business owner-operators, even though there are currently some 1.8 million small firms in existence. Using multiple waves of the HILDA survey, in this paper we investigate two important research questions related to life in a small business in Australia. Question one seeks to uncover differences between small business respondents and employees of private sector firms, by examining issues related to (i) life satisfaction, (ii) job satisfaction, (iii) individual priorities, (iv) perceived prosperity, (v) risk preferences, and (vi) …
Overcoming Liability Of Newness Through Legitimacy: A Stakeholder Salience Perspective, Clay Dibrell, Aaron Johnson, Ken Moores, Justin Craig
Overcoming Liability Of Newness Through Legitimacy: A Stakeholder Salience Perspective, Clay Dibrell, Aaron Johnson, Ken Moores, Justin Craig
Justin B. Craig
Findings are presented on how start-up ventures in search of legitimacy are affected by internal and external stakeholders. Additionally, the salience that start-up entrepreneurs place on external and internal stakeholders in pre- and post-start-up legitimacy attainment is studied. Institutional theory, resource-based view of the firm, and stakeholder salience theory inform our discussion. using case and survey research methods nine start-up and three established Australian wineries from eight different regions are studied. Data collection consisted of: (1) semi-structure interviews with owner(s); (2) field research notes; and (3) a validation questionnaire. The findings suggest that start-ups, in this instance wineries, are able …
Quantifying “Gut Feeling” In The Opportunity Recognition Process, Justin Craig, Noel Lindsay
Quantifying “Gut Feeling” In The Opportunity Recognition Process, Justin Craig, Noel Lindsay
Justin B. Craig
This research used a questionnaire and psychophysiological responses to an investment opportunity proposal to provide insights into the opportunity recognition process. A group of 262 entrepreneurs and financiers responded to the main questionnaire study and six respondents (with an additional three respondents in a control group) were involved in the psychophysiological response pilot study. Based on previous research, it was proposed that opportunity recognition could be divided into two phases. The results provide tentative support for the notion that there are similarities between experienced entrepreneurs and financiers in terms of the first phase of the opportunity recognition process.
A 10-Year Longitudinal Investigation Of Strategy, Systems, And Environment On Innovation In Family Firms, Justin Craig, Ken Moores
A 10-Year Longitudinal Investigation Of Strategy, Systems, And Environment On Innovation In Family Firms, Justin Craig, Ken Moores
Justin B. Craig
This article studies innovation in family firms, filling in some gaps in existent literature. The research addresses the idea of shifting leadership, different mechanisms of facilitating communication, and the importance to the firm of technical progress, linking each to innovation. Shifting leadership is addressed through the longitudinal design. Communication mechanisms are monitored through two constructs: scope of information and timeliness of information. Technical progress is included in an environmental uncertainty factor technoeconomic uncertainty. The findings suggest that linkages between established family firms and innovation may be substantially stronger than currently assumed by many.
Toward A Better Understanding Of Family Enterprising, Morris Mervyn, Justin Craig
Toward A Better Understanding Of Family Enterprising, Morris Mervyn, Justin Craig
Justin B. Craig
By integrating stewardship theory and entrepreneurial orientation perspectives we contribute to the understanding of the concept of family enterprising. Using excerpts from a single case study we provide insight into how a third generation Australian family has evolved and transformed by embracing the notion of family enterprising, which, we suggest, places them in a strong position for sustainability across generations.
Balanced Scorecards To Drive The Strategic Planning Of Family Firms, Justin Craig, Ken Moores
Balanced Scorecards To Drive The Strategic Planning Of Family Firms, Justin Craig, Ken Moores
Justin B. Craig
The focus of this research is the measurement and management tool known as the Balanced Scorecard (BSC) and how it can be applied in the family business context. In this article we add familiness to the four BSC perspectives (financial, innovation and learning, customer, internal process) and illustrate how this can assist business development, management, and succession planning in family-owned businesses. We use an action research project to highlight how family businesses can professionalize their management by the adoption of a BSC strategy map that includes a family business focus and links the core essence of the family business with …
Understanding Family Enterprise: A Book Of Readings, Ken Moores, Justin Craig
Understanding Family Enterprise: A Book Of Readings, Ken Moores, Justin Craig
Justin B. Craig
This collection of papers, written over a span of about 16 years by researchers associated with the Australian Centre for Family Business (ACFB) at Bond University highlight diversity in family business scholarship. Diversity not only with respect to topics but also the range of audiences to which the various communication messages were delivered is indicative of an area of emerging scholarship. The purpose of the collection is primarily to chronicle the distinctive learning experiences of ACFB researchers rather than be a comprehensive coverage of all aspects of family enterprises.
Founding Family Leadership And Industry Profitability, Trond Randoy, Clay Dibrell, Justin Craig
Founding Family Leadership And Industry Profitability, Trond Randoy, Clay Dibrell, Justin Craig
Justin B. Craig
In this article, we argue that firms in high-margin industries can benefit from founding family influence. Specifically, in more profitable markets, the influence of the founding family provides an additional corporate governance-monitoring function. The sample consists of 294 firm-year observations from 98 publicly traded companies headquartered in Sweden, representing approximately half of all nonfinancial traded firms. Our support that the effect of family leadership in publicly held firms should be assessed in relation to the intensity of industry competition.
Factors Critical In Overcoming The Liability Of Newness: Highlighting The Role Of Family, Clay Dibrell, Justin Craig, Ken Moores, Aaron Johnson, Peter David
Factors Critical In Overcoming The Liability Of Newness: Highlighting The Role Of Family, Clay Dibrell, Justin Craig, Ken Moores, Aaron Johnson, Peter David
Justin B. Craig
With a focus on the role of family, we explore factors critical in enabling start-up ventures to attain legitimacy and overcome the liability of newness. Drawing from multiple interviews with leaders of seven start-up ventures, we investigate the function of a variety of factors [e.g., family, distributors, financial supporters, etc.] deemed critical in attaining venture legitimacy. To validate our findings, we conducted additional interviews with three established family ventures. Our discussion highlights the role of family as a legitimizing strategy and provides an increased awareness of how internal and external resources are leveraged by the start-up to gain legitimacy.
The Impact Of Firm Natural Environment Policy On The Market Orientation To Innovation Relationship In Smes (Interactive Paper), Clay Dibrell, Justin Craig, Eric Hansen
The Impact Of Firm Natural Environment Policy On The Market Orientation To Innovation Relationship In Smes (Interactive Paper), Clay Dibrell, Justin Craig, Eric Hansen
Justin B. Craig
As the natural environment emerges as a strategic issue, conceptual linkages are leading to empirical investigations that examine the antecedents and effects of incorporating the natural environment into firm processes such as market orientation and entrepreneurial behaviors. This project is part of an ongoing research agenda that examines the role of the natural environment in new and growing ventures. Specifically, in this paper, the research questions investigated are: How do small-to-medium sized firms (SMEs) incorporate natural environment issues in relation to the way they present themselves to, and receive information from, their customers and competitors (i.e., market orientation)?; and, How …
Australia’S Dennis Family Corporation, Justin Craig, Ken Moores
Australia’S Dennis Family Corporation, Justin Craig, Ken Moores
Justin B. Craig
This paper details how the Australia Dennis family has been able to professionalize their family business while still retaining their family values and realizing the founders’ vision. We detail how Bert and Dawn Dennis and their four adult offspring decided to amalgamate their associated businesses with the parent company and take on the challenge of professionalizing this new entity. We highlight that, although the four siblings had learnt business, they had to now learn their family business. In addition, the CEO, Grant Dennis, had to learn to lead the business. As well, the Dennis family had to learn to give …
Epilogue - Family Business: A Rich Research Repository, Justin Craig, Ken Moores, Carole Howorth, Panikkos Poutziouris
Epilogue - Family Business: A Rich Research Repository, Justin Craig, Ken Moores, Carole Howorth, Panikkos Poutziouris
Justin B. Craig
Extract:
As evidenced in our opening paper Family Business Research at a Tipping Point Threshold (Craig, Moores, Horworth & Poutzouris 2009), family business as a research pursuit has undergone significant growth during the last decade (Heck, Hoy, Poutziouris & Steier 2008; Sharma, Hoy, Astrachan & Koiranen 2007). The issues that have faced family business as a research destination are common among all emerging fields (Moores 2009b). Diverse methods are appropriate when the questions being asked are more common than the answers being provided. Therefore, a range of qualitative and quantitative methods are involved according to the nature of questions. Although …
Agency Differences In Professional Family Businesses: The Known And The Unknown, Ken Moores, Justin Craig
Agency Differences In Professional Family Businesses: The Known And The Unknown, Ken Moores, Justin Craig
Justin B. Craig
We suggest in this paper one of the reasons that researchers concur agency costs in family firms are more complex than originally thought maybe related to the lack of conceptual clarity. This, we propose, is because when frameworks and theories are borrowed and enthusiastically embraced without attention to clearly defining concepts from original sources, conceptual clarity is clouded. Clarity is achieved by specifying the conditions necessary for these concepts to be applicable in generating originally envisaged consequences. We present the conditions necessary for the optimum applicability of original agency theoretical concepts in family firms and tentatively distinguish between what is …
The Road To Legitimacy: A Study Of Startups And Their Established Competitors In The Australian Wine Industry (Summary), Clay Dibrell, Aaron Johnson, Peter Davis, Ken Moores, Justin Craig
The Road To Legitimacy: A Study Of Startups And Their Established Competitors In The Australian Wine Industry (Summary), Clay Dibrell, Aaron Johnson, Peter Davis, Ken Moores, Justin Craig
Justin B. Craig
A barrier to startup success is the liability of newness. One strategy to overcome this obstacle is through gaining venture legitimacy. Legitimacy is defined as acceptance, suitability, and appeal of the startup as judged by external and internal stakeholders such as the marketplace, industry competitors, and employees. Through attainment of legitimacy, a startup now has increased opportunities to access resources required for survival and growth. Drawing from institutional theory, a startup should heed external institutional forces and adapt to isomorphic pressures to gain legitimacy in an industry. Alternatively, a resource-based view perspective suggests that internal coordination and marshaling of resources …
Fueling Innovation Through Information Technology In Smes, Clay Dibrell, Peter S. Davis, Justin B. Craig
Fueling Innovation Through Information Technology In Smes, Clay Dibrell, Peter S. Davis, Justin B. Craig
Justin B. Craig
This paper describes a study that investigates the mediating effects of information technology (IT) on the relationships among product and process innovations and firm performance (measured in multiple profitability and growth rate metrics). Using structural equation modeling on a sample of 397 small and medium-sized enterprises (SMEs), we find evidence that (1) increases on the strategic emphasis placed on innovation, both product and process, positively impact the prominence managers place on IT; (2) the impact of innovation (both product and process) on performance (both profitability and growth) is primarily indirect, felt via the mechanism of the importance managers place on …
An Investigation Of Hindsight Bias In Nascent Venture Activity, Gavin Cassar, Justin Craig
An Investigation Of Hindsight Bias In Nascent Venture Activity, Gavin Cassar, Justin Craig
Justin B. Craig
We posit that individuals who are actively engaged in activities to develop their own venture will exhibit hindsight bias when recalling their startup experiences. We observe that those who fail to develop their startup activity into an operating business demonstrate substantial hindsight bias concerning the probability of venture formation. In particular, the recalled probability of success, reported after their decision to quit, is lower than the probability of success solicited during the nascent process. We argue that the systematic distortion of the past has important implications for individuals involved in the venturing process. Specifically, we suggest that these individuals are …
Family Business Research At A Tipping Point Threshold, Justin Craig, Ken Moores, Carole Howorth, Panikkos Poutziouris
Family Business Research At A Tipping Point Threshold, Justin Craig, Ken Moores, Carole Howorth, Panikkos Poutziouris
Justin B. Craig
In this paper, we report the frequency that family business research has been published by year and by discipline in top-tier journals as listed in the Journal Quality List (JQL) (Harzing 2008) to argue that family business research has reached a tipping point threshold.development.
New Venture Growing Pains: When Being Acquired Is An Appropriate Remedy, Timothy Kiessling, Justin Craig
New Venture Growing Pains: When Being Acquired Is An Appropriate Remedy, Timothy Kiessling, Justin Craig
Justin B. Craig
Our empirical research explores acquisitions of small entrepreneurial firms with a focus on the entrepreneurial management team (EMT) of the target firm. Utilizing the theoretical foundations of Resource Based View and Contract Theory we explore the dynamics of post acquisition performance of the target firm and the retention of the EMT. While controlling for firm size, type of purchase, ownership of target firm and industry dynamics, our results of a questionnaire survey of acquiring firms' top managers suggest that transfer or development of the implicit contract with the target firms' EMT positively affect both retention and performance.
Entrepreneurship Education: Towards A Discipline-Based Framework, Debra Johnson, Justin Craig, Ryan Hildebrand
Entrepreneurship Education: Towards A Discipline-Based Framework, Debra Johnson, Justin Craig, Ryan Hildebrand
Justin B. Craig
Purpose – The purpose of this exploratory research was to investigate whether: entrepreneurship in the higher education context can be distinguished by disciplined-based needs; and curricula can be developed around these needs. Design/methodology/approach – The authors reviewed the literature related to the development of professions in order to establish a sound theoretical base to distinguish disciplines that require stringent criteria, and which potentially would challenge the introduction of a more flexible curriculum that includes contemporary concepts such as entrepreneurship. The research then focused on two other groups of disciplines which lead to entrepreneurial opportunities with distinct needs in (principally) people …