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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 …
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.