 Family business, community embeddedness, and civic wealth creationG.T. Lumpkin and Sophie Bacq Journal of Family Business Strategy, 2022, vol. 13, issue 2 Abstract: Family businesses exhibit a strong commitment to address societal challenges and social ills with direct consequences for the neighborhoods, cities, and regions where the businesses are located. In this article, we link these community-minded activities to the idea of civic wealth creation (CWC), a term that captures the local flavor of many positive social change efforts being launched to improve and empower communities. Because of their high degree of community embeddedness (CE), that is, the extent to which an organization is associated with, relies on, and perceives a commitment to its community, we argue that family businesses are especially effective civic wealth creators. To illustrate, we present two examples of the CE–CWC relationship—Bush Brothers & Company in the U.S., and a cluster of Mittelstand companies in Attendorn, Germany. We discuss the practical implications of CE for family businesses and address several future research avenues for investigating CE and the CWC of family firms. Keywords: Community; Community embeddedness; Civic wealth creation; Family business (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:fambus:v:13:y:2022:i:2:s1877858521000504 Ordering information: This journal article can be ordered from DOI: 10.1016/j.jfbs.2021.100469 Access Statistics for this article Journal of Family Business Strategy is currently edited by J.H. Astrachan More articles in Journal of Family Business Strategy from Elsevier |
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