Successor Competencies for Promoting Corporate Entrepreneurship in Family Firms

What is it about?

By studying five successful companies, this paper suggests the competencies which help the successors of a family business to promote corporate entrepreneurship in the firm.

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Why is it important?

Previous studies suggest that corporate entrepreneurship (CE) can be a critical factor in the long-run survival, profitability, and growth of family firms . Corporate entrepreneurship involves innovation, corporate venturing, and strategic renewal. Despite the positive effect of CE on the viability of family firms, a few studies suggest that entrepreneurial orientation tends to diminish in family firms through the subsequent generations. Therefore, Identifying the competencies that help a successor to promote CE in family firms would be important.