324
Views
53
CrossRef citations to date
0
Altmetric
Original Articles

Financial Attitudes in Family Firms: The Moderating Role of Family Commitment

Pages 114-137 | Published online: 19 Nov 2019

References

  • Aiken, L. S., and S. G. West (1991). Multiple Regression: Testing and Interpreting Interactions. Thousands Oaks, CA: Sage Publications.
  • Ajzen, I. (1991). “The Theory of Planned Behavior,” Organizational Behavior and Human Decision Processes 50(2), 179–211.
  • Ajzen, I. (2001). “Nature and Operation of Attitudes,” Annual Review of Psychology 52(1), 27–58.
  • Argote, L. (1999). Organizational Learning: Creating, Retaining, and Transferring Knowledge. Norwell, MA: Kluwer.
  • Arregle, J.‐L., M. A. Hitt, D. G. Sirmon, and P. Very (2007). “The Development of Organizational Social Capital: Attributes of Family Firms,” Journal of Management Studies 44(1), 73–95.
  • Arthurs, J., and L. Busenitz (2003). “The Boundaries and Limitations of Agency Theory and Stewardship Theory in the Venure Capitalists/Entrepreneur Relationship,” Entrepreneurship Theory and Practice 28(2), 145–162.
  • Astrachan, J. H. (2010). “Strategy in Family Business: Toward a Multidimensional Research Agenda,” Journal of Family Business Strategy 1(1), 6–14.
  • Baron, R. A., and T. B. Ward (2004). “Expanding Entrepreneurial Cognition's Toolbox: Potential Contributions from the Field of Cognitive Science,” Entrepreneurship: Theory and Practice 28(6), 553–573.
  • Barton, S. L., and P. J. Gordon (1987). “Corporate Strategy: Useful Perspective for the Study of Capital Structure?,” Academy of Management Review 12(1), 67–75.
  • Barton, S. L., and C. H. Matthews (1989). “Small Firm Financing: Implications from a Strategic Management Perspective,” Journal of Small Business Management 27(1), 1–7.
  • Basco, R., and M. J. Perez rodriguez (2009). “Studying the Family Enterprise Holistically: Evidence for Integrated Family and Business Systems,” Family Business Review 22(1), 82–95.
  • Baum, C. F., M. E. Schaffer, and S. Stillman (2002). Ivendog: Stata Module to Calculate Durbin–Wu–Hausman Endogeneity Test after Ivreg. http://ideas.repec.org/c/boc/bocode/s429401.html, retrieved October 11, 2012.
  • Baumeister, R. F., E. Bratslavsky, C. Finkenauer, and K. D. Vohs (2001). “Bad Is Stronger than Good,” Review of General Psychology 5(4), 323–370.
  • Beattie, V. A., A. Goodacre, and S. J. Thomson (2006). “Corporate Financing Decisions: UK Survey Evidence,” Journal of Business Finance and Accounting 33(9/10), 1402–1434.
  • Berghoff, H. (2006). “The End of Family Business? The Mittelstand and German Capitalism in Transition, 1949–2000,” Business History Review 80(2), 263–295.
  • Blanco‐mazagatos, V., E. de Quevedo‐puente, and L. A. Castrillo (2007). “The Trade‐Off between Financial Resources and Agency Costs in the Family Business: An Exploratory Study,” Family Business Review 20(3), 199–213.
  • Button, S. B., J. E. Mathieu, and D. M. Zajac (1996). “Goal Orientation in Organizational Research: A Conceptual and Empirical Foundation,” Organizational Behavior and Human Decision Processes 67(1), 26–48.
  • Cabrera‐suárez, K., P. De saa‐pérez, and D. Garcia‐almeída (2001). “The Succession Process from a Resource‐ and Knowledge‐Based View of the Family Firm,” Family Business Review 14(1), 37–46.
  • Carlock, R. S., and J. L. Ward (2001). Strategic Planning for the Family Business—Parallel Planning to Unify the Family and Business. Houndsmill, NY: Palgrave.
  • Carter, R., and H. E. Van auken (2008). “Capital Acquisition Attitudes: Gender and Experience,” Journal of Entrepreneurial Finance and Business Ventures 12(2), 55–73.
  • Chrisman, J. J., J. H. Chua, and R. A. Litz (2004). “Comparing the Agency Costs of Family and Non‐Family Firms: Conceptual Issues and Exploratory Evidence,” Entrepreneurship: Theory and Practice 28(4), 335–354.
  • Chrisman, J. J., J. H. Chua, and P. Sharma (2005a). “Trends and Directions in the Development of a Strategic Management Theory of the Family Firm,” Entrepreneurship: Theory and Practice 29(5), 555–575.
  • Chrisman, J. J., J. H. Chua, and L. Steier (2005b). “Sources and Consequences of Distinctive Familiness: An Introduction,” Entrepreneurship: Theory and Practice 29(3), 237–247.
  • Chrisman, J. J., L. P. Steier, and J. H. Chua (2008). “Toward a Theoretical Basis for Understanding the Dynamics of Strategic Performance in Family Firms,” Entrepreneurship: Theory and Practice 32(6), 935–947.
  • Coleman, S., and M. Carsky (1999). “Sources of Capital for Small Family‐Owned Businesses: Evidence from the National Survey of Small Business Finances,” Family Business Review 12(1), 73–84.
  • Dasgupta, N., and A. G. Greenwald (2001). “On the Malleability of Automatic Attitudes: Combating Automatic Prejudice with Images of Admired or Disliked Individuals,” Journal of Personality and Social Psychology 81(5), 800–814.
  • Davidson, R., and J. Mackinnon (1983). Estimation and Interference in Economics. New York: Oxford University Press.
  • Davis, J. H., M. R. Allen, and H. D. Hayes. (2010). “Is Blood Thicker than Water? A Study of Stewardship Perceptions in Family Business,” Entrepreneurship Theory & Practice 34(6), 1093–1116.
  • De houwer, J., S. Thomas, and F. Baeyens (2001). “Association Learning of Likes and Dislikes: A Review of 25 Years of Research on Human Evaluative Conditioning,” Psychological Bulletin 127(6), 853–869.
  • Debicki, B. J., C. F. Matherne, III, F. W. Kellermanns, and J. J. Chrisman (2009). “Family Business Research in the New Millennium: An Overview of the Who, the Where, the What, and the Why,” Family Business Review 22(2), 151–166.
  • Deutsch, M., and H. B. Gerard (1955). “A Study of Normative and Informational Social Influences Upon Individual Judgment,” The Journal of Abnormal and Social Psychology 51(3), 629–636.
  • Eddleston, K. A., and F. W. Kellermanns (2007). “Destructive and Productive Family Relationships: A Stewardship Theory Perspective,” Journal of Business Venturing 22(4), 545–565.
  • Ehrhardt, O., and E. Nowak (2003). “The Effect of Ipos on German Family‐Owned Firms: Governance Changes, Ownership Structure, and Performance,” Journal of Small Business Management 41(2), 222–232.
  • Faccio, M., and L. H. P. Lang (2002). “The Ultimate Ownership of Western European Corporations,” Journal of Financial Economics 65(3), 365–395.
  • Fazio, R. H., N. J. Shook, and J. R. Eiser (2004). “Attitude Formation through Exploration: Valence Asymmetries,” Journal of Personality and Social Psychology 87(3), 293–311.
  • Feltham, T. S., G. Feltham, and J. J. Barnett (2005). “The Dependence of Family Businesses on a Single Decision‐Maker,” Journal of Small Business Management 43(1), 1–15.
  • Festinger, L. (1957). A Theory of Cognitive Dissonance. Stanford, CA: Stanford University Press.
  • Fishbein, M., and S. Middlestadt (1995). “Noncognitive Effects on Attitude Formation and Change: Fact or Artifact?,” Journal of Consumer Psychology (Lawrence Erlbaum Associates) 4, 181–202.
  • Franks, J., and C. Mayer (2001). “Ownership and Control of German Corporations,” Review of Financial Studies 14(4), 943–977.
  • Gallo, M. A., J. Tapies, and K. Cappuyns (2004). “Comparison of Family and Nonfamily Business: Financial Logic and Personal Preferences,” Family Business Review 17(4), 303–318.
  • Gómez‐mejía, L. R., K. T. Haynes, M. Núñez‐nickel, K. J. L. Jacobson, and J. Moyano‐fuentes (2007). “Socioemotional Wealth and Business Risks in Family‐Controlled Firms: Evidence from Spanish Olive Oil Mills,” Administrative Science Quarterly 52(1), 106–137.
  • Granovetter, M. (1985). “Economic Action and Social Structure: The Problem of Embeddedness,” American Journal of Sociology 91(3), 481–510.
  • Grant, R. M. (1996). “Toward a Knowledge‐Based Theory of the Firm,” Strategic Management Journal 17(Winter Special Issue), 109–122.
  • Gudmundson, D., C. B. Tower, and E. A. Hartman (2001). Strategic Implications of Data Gathering Activities: A Comparison between Family and Nonfamily Firms. Paper presented at the Annual Meeting of the United States Association of Small Business and Entrepreneurship, Orlando, FL.
  • Habbershon, T. G., M. Williams, and I. C. Macmillan (2003). “A Unified Systems Perspective of Family Firm Performance,” Journal of Business Venturing 18(4), 451–465.
  • Hair, J. F., R. E. Anderson, R. L. Tatham, and W. C. Black (1998). Multivariate Data Analysis with Readings. 5th Aufl. Englewood Cliffs, NJ: Prentice‐Hall.
  • Hamilton, B. H., and J. A. Nickerson (2003). “Correcting for Endogeneity in Strategic Management Research,” Strategic Organization 1(1), 51–78.
  • Haynes, G., R. Walker, B. Rowe, and G.‐S. Hong (1999). “The Intermingling of Business and Family Finances in Family‐Owned Businesses,” Family Business Review 12(3), 225–239.
  • Haynie, M., and D. A. Shepherd (2009). “A Measure of Adaptive Cognition for Entrepreneurship Research,” Entrepreneurship: Theory and Practice 33(3), 695–714.
  • Heck, R. K. Z. (2004). “A Commentary on ‘Entrepreneurship in Family vs. Non‐Family Firms: A Resource‐Based Analysis of the Effect of Organizational Culture’,” Entrepreneurship: Theory and Practice 28(4), 383–389.
  • Heider, F. (1958). The Psychology of Interpersonal Relations. New York: Wiley.
  • Hoetker, G. (2007). “The Use of Logit and Probit Models in Strategic Management Research: Critical Issues,” Strategic Management Journal 28(4), 331–343.
  • Hoffman, J., M. Hoelscher, and R. Sorenson (2006). “Achieving Sustained Competitive Advantage: A Family Capital Theory,” Family Business Review 19(2), 135–145.
  • Jensen, M. C., and W. H. Meckling (1976). “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure,” Journal of Financial Economics 3(4), 305–360.
  • Jensen, M. C., and W. H. Meckling (1992). “Specific and General Knowledge, and Organizational Structure,” in Contract Economics. Eds. L. Werin and H. Wijkander. Malden, MA: Blackwell, 251–274.
  • Jensen, M. C., and W. H. Meckling (1994). “The Nature of Man,” The Journal of Applied Corporate Finance 7(2), 4–19.
  • Johnson, E. (1988). “Expertise and Decision under Uncertainty,” in The Nature of Expertise. Eds. M. Chi, R. Glaser, and M. Farr. Hillsdale, NJ: Psychology Press, 209–228.
  • Kanuk, L., and C. Berenson (1975). “Mail Surveys and Response Rate: A Literature Review,” Journal of Marketing Research 22(4), 440–453.
  • Kardes, F. R., J. Kim, and J.‐S. Lim (1994). “Moderating Effects of Prior Knowledge on the Perceived Diagnosticity of Beliefs Derived from Implicit Versus Explicit Product Claims,” Journal of Business Research 29(3), 219–224.
  • Kelman, H. C. (1958). “Compliance, Identification, and Internalization: Three Processes of Attitude Change,” Journal of Conflict Resolution 2(1), 51–60.
  • Kerlinger, F. N. (1986). Foundations of Behavioral Research. New York: Harcourt Brace Jovanovich College Publishers.
  • Klein, S. B. (2000). “Family Business in Germany: Significance and Structure,” Family Business Review 13(3), 157–181.
  • Klein, S. B., J. H. Astrachan, and K. X. Smyrnios (2005). “The F‐Pec Scale of Family Influence: Construction, Validation, and Further Implication for Theory,” Entrepreneurship: Theory and Practice 29(3), 321–339.
  • La porta, R., F. Lopez‐de‐silanes, and A. Shleifer (1999). “Corporate Ownership around the World,” Journal of Finance 54(2), 471–517.
  • Lang, J., R. Calantone, and D. Gudmundson (1997). “Small Firm Information Seeking as a Response to Environmental Threats and Opportunities,” Journal of Small Business Management 35(1), 11–23.
  • López‐gracia, J., and S. Sánchez‐andújar (2007). “Financial Structure of the Family Business: Evidence from a Group of Small Spanish Firms,” Family Business Review 20(4), 269–287.
  • Lumpkin, G. T., W. Martin, and M. Vaughn (2008). “Family Orientation: Individual‐Level Influences on Family Firm Outcomes,” Family Business Review 21(2), 127–138.
  • Mahérault, L. (2004). “Is There Any Specific Equity Route for Small and Medium‐Sized Family Businesses? The French Experience,” Family Business Review 17(3), 221–235.
  • Matthews, C. H., D. P. Vasudevan, S. L. Barton, and R. Apana (1994). “Capital Structure Decision Making in Privately Held Firms: Beyond the Finance Paradigm,” Family Business Review 7(4), 349–367.
  • Mcconaughy, D. L., C. H. Matthews, and A. S. Fialko (2001). “Founding Family Controlled Firms: Performance, Risk, and Value,” Journal of Small Business Management 39(1), 31–49.
  • Michaelas, N., F. Chittenden, and P. Poutziouris (1998). “A Model of Capital Structure Decision Making in Small Firms,” Journal of Small Business and Enterprise Development 5(3), 246–260.
  • Mishra, C. S., and D. L. Mcconaughy (1999). “Founding Family Control and Capital Structure: The Risk of Loss of Control and the Aversion to Debt,” Entrepreneurship: Theory and Practice 23(4), 53–64.
  • Modigliani, F., and M. H. Miller (1958). “The Cost of Capital, Corporation Finance and the Theory of Investment,” American Economic Review 48(3), 261–297.
  • Modigliani, F., and M. H. Miller (1963). “Corporate Income Taxes and the Cost of Capital: A Correction,” American Economic Review 53(3), 433–443.
  • Moorman, C., K. Diehl, D. Brinberg, and B. Kidwell (2004). “Subjective Knowledge, Search Locations, and Consumer Choice,” Journal of Consumer Research 31(3), 673–680.
  • Morck, R., and B. Yeung (2004). “Family Control and the Rent‐Seeking Society,” Entrepreneurship: Theory and Practice 28(4), 391–409.
  • Myers, S. C., and N. S. Majluf (1984). “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have,” Journal of Financial Economics 13(2), 187–221.
  • Newcomb, T. M. (1943). Personality and Social Change: Attitude Formation in a Student Community. New York: Dryden.
  • Olson, M. A., and R. H. Fazio (2001). “Implicit Attitude Formation through Classical Conditioning,” Psychological Science (Wiley‐Blackwell) 12(5), 413–417.
  • Oppenheim, A. N. (1966). Questionnaire Design and Attitude Measurement. New York: Free Press.
  • Ouellette, J. A., and W. Wood (1998). “Habit and Intention in Everyday Life: The Multiple Processes by Which Past Behavior Predicts Future Behavior,” Psychological Bulletin 124(1), 54–74.
  • Park, C. W., D. L. Mothersbaugh, and L. Feick (1994). “Consumer Knowledge Assessment,” Journal of Consumer Research 21(1), 71–82.
  • Pieper, T. M., S. B. Klein, and P. Jaskiewicz (2008). “The Impact of Goal Alignment on Board Existence and Top Management Team Composition: Evidence from Family‐Influenced Businesses,” Journal of Small Business Management 46(3), 372–394.
  • Podsakoff, P. M., and D. W. Organ (1986). “Self‐Reports in Organizational Research: Problems and Prospects,” Journal of Management 12(4), 531–544.
  • Quinones, M. A., J. K. Ford, and M. S. Teachout (1995). “The Relationship between Work Experience and Job Performance: A Conceptual and Meta‐Analytic Review,” Personnel Psychology 48(4), 887–910.
  • Romano, C. A., G. A. Tanewski, and K. X. Smyrnios (2001). “Capital Structure Decision Making: A Model for Family Business,” Journal of Business Venturing 16(3), 285–310.
  • Rutherford, M. W., D. F. Kuratko, and D. T. Holt (2008). “Examining the Link between ‘Familiness’ and Performance: Can the F‐Pec Untangle the Family Business Theory Jungle?,” Entrepreneurship: Theory and Practice 32(6), 1089–1109.
  • Scarpello, V., and S. M. Carraher (2008). “Are Pay Satisfaction and Pay Fairness the Same Construct? A Cross‐Country Examination among the Self‐Employed in Latvia, Germany, the UK, and the USA,” Baltic Journal of Management 3(1), 23–39.
  • Schulze, W. S., M. H. Lubatkin, and R. N. Dino (2003). “Exploring the Agency Consequences of Ownership Dispersion among the Directors of Private Family Firms,” Academy of Management Journal 46(2), 179–194.
  • Shepherd, D. A., A. Zacharakis, and R. A. Baron (2003). “Vcs' Decision Processes: Evidence Suggesting More Experience May Not Always Be Better,” Journal of Business Venturing 18(3), 381–401.
  • Short, J. C., G. T. Payne, K. H. Brigham, G. T. Lumpkin, and J. C. Broberg (2009). “Family Firms and Entrepreneurial Orientation in Publicly Traded Firms: A Comparative Analysis of the S&P 500,” Family Business Review 22(1), 9–24.
  • Simon, H. (2009). Hidden Champions of the Twenty‐First Century: The Success Strategies of Unknown World Market Leaders. New York: Springer.
  • Smyrnios, K., G. Tanewski, and C. Romano (1998). “Development of a Measure of the Characteristics of Family Business,” Family Business Review 11(1), 49–60.
  • Spender, J. C. (1996). “Making Knowledge the Basis of a Dynamic Theory of the Firm,” Strategic Management Journal 17(Winter Special Issue), 45–62.
  • Tabachnick, B. G., and L. S. Fidell (1996). Using Multivariate Statistics. New York: HarperCollins College Publishers.
  • Tagiuri, R., and J. Davis (1996). “Bivalent Attributes of the Family Firm,” Family Business Review 9(2), 199–208.
  • Tversky, A., and D. Kahneman (1974). “Judgment under Uncertainty: Heuristics and Biases,” Science 185(4157), 1124–1131.
  • Van auken, H. E. (2001). “Financing Small Technology‐Based Companies: The Relationship between Familiarity with Capital and Ability to Price and Negotiate Investment,” Journal of Small Business Management 39(3), 240–258.
  • Van auken, H. E. (2005). “A Model of Small Firm Capital Acquisition Decisions,” International Entrepreneurship and Management Journal 1(3), 335–352.
  • Van auken, H. E., J. Kaufmann, and P. Herrmann (2009). “An Empirical Analysis of the Relationship between Capital Acquisition and Bankruptcy Laws,” Journal of Small Business Management 47(1), 23–37.
  • Van auken, H. E., and J. Werbel (2006). “Family Dynamic and Family Business Financial Performance: Spousal Commitment,” Family Business Review 19(1), 49–63.
  • Welter, F. (2011). “Contextualizing Entrepreneurship‐Conceptual Challenges and Ways Forward,” Entrepreneurship: Theory and Practice 35(1), 165–184.
  • Winkielman, P., N. Schwarz, T. A. Fazendeiro, and R. Reber (2003). “The Hedonic Marking of Processing Fluency: Implications for Evaluative Judgment,” in The Psychology of Evaluation: Affective Processes in Cognition and Emotion. Eds. J. Musch and K. C. Klauer. Mahwah, NJ: Psychology Press, 189–217.
  • Wittenbrink, B., C. M. Judd, and B. Park (2001). “Spontaneous Prejudice in Context: Variability in Automatically Activated Attitudes,” Journal of Personality and Social Psychology 81(5), 815–827.
  • Wood, W. (2000). “Attitude Change: Persuasion and Social Influence,” Annual Review of Psychology 51(1), 539–570.
  • Zahra, S. A., J. C. Hayton, D. O. Neubaum, C. Dibrell, and J. Craig (2008). “Culture of Family Commitment and Strategic Flexibility: The Moderating Effect of Stewardship,” Entrepreneurship: Theory and Practice 32(6), 1035–1054.
  • Zahra, S. A., D. O. Neubaum, and B. Larraneta (2007). “Knowledge Sharing and Technological Capabilities: The Moderating Role of Family Involvement,” Journal of Business Research 60(10), 1070–1079.
  • Zellweger, T. (2007). “Time Horizon, Costs of Equity Capital, and Generic Investment Strategies of Firms,” Family Business Review 20(1), 1–15.

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.