Knowledge, Renewal and Flexibility: Exploratory Research in Family Firms

Knowledge, Renewal and Flexibility: Exploratory Research in Family Firms

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This study aims to explore how family firms pursue strategies that promote strategic flexibility and knowledge-management (KM) practices to respond to strategic-renewal kenda k372 goals.Specifically, based on a knowledge-based view of the firm, the following research question is proposed: Are there heterogeneous groups of family firms in terms of knowledge management, strategic flexibility and strategic renewal goals? To answer this question, an exploratory study using a two-step cluster analysis is developed.It reveals natural groupings from a sample of 288 small and medium-sized Spanish family enterprises (SMEs).The results obtained identified three distinctive clusters of family firms, namely proactive family firms, transitional or adaptive family firms, and rigid family firms.

After two-step cluster analysis, we also conducted analysis of variance (ANOVA) to confirm that significant differences amongst the three clusters exist.After heterogeneity been confirmed, a further profile of the cluster solution was provided by using CEO and board characteristics, as well umpqua u series hooks as the generational stage of the company.The findings offer some counterbalance for those studies that tend to study family businesses as a homogeneous entity, thus permitting researchers to access more information, providing rich explanations for renewal managerial decision-making purposes in family firm contexts.