The present study contends that an inverted U-shaped relationship exists between generational involvement — i.e., the number of family generations simultaneously involved in the family-firm top management team (TMT) — and entrepreneurial orientation (EO). Drawing on the upper echelons...

Previous literature on corporate entrepreneurship (CE) in family business (FB) focusses on the determinants of CE and presents conflicting results on its effects on firm-level performance. We argue that previous studies have overlooked the idea of FBs being complex social systems comprising...

This article addresses the issue of training next-generation family members once they have joined the management team in their family firm. The qualitative analysis of strategic planning processes of 18 Italian family firms shows that involving next-generation family members in the planning...

Using proprietary market microstructure data of Milan Stock Exchange and strategic plan presentations of Italian firms as disclosure events we explore the distributional effects of voluntary disclosure. We document systematic trading patterns around our disclosure events that on average generate...

In this paper we argue and empirically find that factual rather than “cosmetic” independence has a differential impact on board effectiveness with reference to the quality of financial reporting. We first shed light on past conflicting findings by showing a curvilinear relation between two...

Using a sample of 264 strategic plan presentations by Milan Stock Exchange firms during 2001-2012, we present evidence of both security price reactions and increases in the accuracy of analysts' earnings forecasts pursuant to plan disclosure. In the cross-section, the information content of the...

This paper examines the relationship between the institutional environment and sustained corporate illegality. We find that cognitive assumptions generate expectations that can, under specific circumstances, induce organizations to amplify illegal actions and that serve to lessen regulatory...

Exploring the intricacies of heterogeneity in tax avoidance practices within family firms, a growing trend acknowledges the significant role of chief executive officers (CEOs) in setting the ethical tone and shaping corporate tax strategies. However, these studies often overlook the influence of...

The speed of change in competitive environments has prompted firms to develop processes directed at enabling organizational adaptation. This is captured by the concept of dynamic capabilities. We focus on a particular form of business organization, that is, the family firm. Specifically, we...