Strategic Management in the Family Businesses

Veland Ramadani, Erick P. C. Chang, Ramo Palalić and Esra Memili
Additional contact information
Veland Ramadani: South East European University
Erick P. C. Chang: Arkansas State University
Ramo Palalić: Sultan Qaboos University
Esra Memili: University of North Carolina at Greensboro

Chapter 4 in Entrepreneurial Family Businesses, 2024, pp 79-95 from Springer

Abstract: Abstract This chapter provides an overview of the strategic management in family firms, family firm-specific resources, capabilities, and competitive advantages. Strategic management encompasses decisions and actions to achieve strategic competitiveness and maximize returns on investments. In today’s global competitive landscape, effective strategic management is the sine qua non for all types of firms. The distinct types of family involvement in the business lead to differences in family firm strategies. Also, the family firms’ risk-taking facilitate or limit the implementation of strategies such as innovation, internationalization, and branding.

Keywords: Strategic management; Resources; Competitive position; Risk-taking; Internal organization; Capabilities; Competitive advantages; Strategy implementation; Familiness; Human capital; Social capital; Patient capital; Survivability capital (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-3-031-59261-4_4

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DOI: 10.1007/978-3-031-59261-4_4

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