Prepared Exclusively for FFI Members
Early Release: December 2024 Issue of FBR
November 01, 2024
W
e are pleased to provide you with an advance look at the December 2024 issue of Family Business Review (FBR).
As an FFI member, you have access to the complete library of FBR articles at no charge.
To access back issues of FBR, follow these instructions:
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A refereed journal published by SAGE, FBR has a 2-year impact factor of 9.9, with a ranking of 11 out of 302 journals in Business. Source: Journal Citation Report® (Source Clarivate, 2023).
Why and How Do Family Firms Go Public? A Socioemotional Wealth Perspective of IPO
Emmadonata Carbone, Giovanna Campopiano, Alessandro Cirillo, Donata Mussolino
Emmadonata Carbone, Giovanna Campopiano, Alessandro Cirillo, Donata Mussolino
Research Questions
- Why do family firms go public?
- How do family firms go public?
- How does socioemotional wealth shape family influence on IPO and its outcomes?
- How does socioemotional wealth preservation lead to resources and constraints in terms of emotional endowment, directly impacting IPOs?

Emmadonata Carbone
University of Naples Federico II

Giovanna Campopiano
University of Bergamo

Alessandro Cirillo
University of Naples Federico II

Donata Mussolino
University of Naples Federico II
Implications for Practice
Potential non-family shareholders can benefit from this research, as it shows that family firms go public to increase visibility and reputation internationally, not just to obtain funds. Therefore, shareholders should leverage their networks in addition to their funds to appeal to family firms.
A crucial point regards the long-term orientation of family firms: since IPOs cannot be considered only a short-term objective in family firm decision-making processes, non-family shareholders must cope with the family’s long-term orientation, even after an IPO.
This study recommends policymakers implement induction programs focused on family-specific topics and provide formal and informal opportunities to connect with international investors and buyers, aiming to increase family firms’ presence in capital markets.
A crucial point regards the long-term orientation of family firms: since IPOs cannot be considered only a short-term objective in family firm decision-making processes, non-family shareholders must cope with the family’s long-term orientation, even after an IPO.
This study recommends policymakers implement induction programs focused on family-specific topics and provide formal and informal opportunities to connect with international investors and buyers, aiming to increase family firms’ presence in capital markets.
About the Authors
Emmadonata Carbone is an assistant professor in accounting at the University of Naples Federico II, where she earned her PhD in management and is a member of the Family Business Lab on Accounting and Governance (FLAG). She was a postdoctoral researcher at FABULA (University LIUC-Cattaneo) and completed a visiting period at the Centre for Family Entrepreneurship and Ownership at Jönköping University. Her research interests include accounting, governance, and strategy in family businesses.
Giovanna Campopiano is associate professor of strategic management and entrepreneurship at the Department of Management, Information and Production Engineering at the University of Bergamo. She is member of the Center for Young and Family Enterprise (CYFE) and serves as associate editor for the Journal of Family Business Strategy and as consulting editor for the International Journal of Management Reviews. She researches strategic and behavioral aspects of enterprising family and family businesses and their effect on succession, growth, and corporate entrepreneurship.
Alessandro Cirillo is associate professor of business administration at the University of Naples Federico II. He co-founded the Family Business Lab on Accounting and Governance (FLAG), which he currently co-directs. He is an affiliated researcher at the Centre for Family Entrepreneurship and Ownership (CeFEO) at Jönköping University, and he serves as associate editor of the Journal of Family Business Strategy. He was named a 2024 Family Business Review Excellent Reviewer for his 2023 reviews. His research focuses on governance, finance, business valuation, and IPOs, particularly in family businesses.
Donata Mussolino is an associate professor of business administration and co-director and co-founder of the Family Business Lab on Accounting and Governance (FLAG) at the University of Naples Federico II, where she earned her PhD. She holds a counseling diploma from Accademia Ildegarda. She has been a visiting scholar at ESADE, Concordia University, BI Norwegian School of Management, and IESE. Her research interests focus on governance and accounting, particularly in family-owned and family-managed business.
Giovanna Campopiano is associate professor of strategic management and entrepreneurship at the Department of Management, Information and Production Engineering at the University of Bergamo. She is member of the Center for Young and Family Enterprise (CYFE) and serves as associate editor for the Journal of Family Business Strategy and as consulting editor for the International Journal of Management Reviews. She researches strategic and behavioral aspects of enterprising family and family businesses and their effect on succession, growth, and corporate entrepreneurship.
Alessandro Cirillo is associate professor of business administration at the University of Naples Federico II. He co-founded the Family Business Lab on Accounting and Governance (FLAG), which he currently co-directs. He is an affiliated researcher at the Centre for Family Entrepreneurship and Ownership (CeFEO) at Jönköping University, and he serves as associate editor of the Journal of Family Business Strategy. He was named a 2024 Family Business Review Excellent Reviewer for his 2023 reviews. His research focuses on governance, finance, business valuation, and IPOs, particularly in family businesses.
Donata Mussolino is an associate professor of business administration and co-director and co-founder of the Family Business Lab on Accounting and Governance (FLAG) at the University of Naples Federico II, where she earned her PhD. She holds a counseling diploma from Accademia Ildegarda. She has been a visiting scholar at ESADE, Concordia University, BI Norwegian School of Management, and IESE. Her research interests focus on governance and accounting, particularly in family-owned and family-managed business.
Consumer Responses to CSR News of Family Business Brands: An Experimental Approach
Philipp Jaufenthaler, Roland Schroll, Dhruv Grewal
Philipp Jaufenthaler, Roland Schroll, Dhruv Grewal
Research Questions
- How do consumers integrate CSR behavior and family ownership signals when forming their responses to a company’s brand?
- To what extent does the source of CSR news (self-reported vs. external) affect the effectiveness of family firm branding?

Philipp Jaufenthaler
University of Innsbruck

Roland Schroll
University of Innsbruck

Dhruv Grewal
Babson College
Implications for Practice
Family-owned businesses should emphasize their ownership status when self-reporting CSR activities. Highlighting their family ownership enhances the credibility of their claims and positively influences consumer responses. As such, family firm branding is particularly beneficial in environments where greenwashing is a concern.
When family firms successfully have their positive CSR activities covered by credible, external sources, they may not need to highlight their family ownership status, as external validation already enhances their reputational benefits.
About the Authors
Philipp Jaufenthaler is a postdoctoral marketing researcher at the University of Innsbruck, specializing in family firm branding. His work employs a versatile methodological approach, ranging from quantitative experimental studies to qualitative and mixed-method analyses. He received the 2024 FFI Best Doctoral Dissertation Award. Beyond academia, he contributes his expertise as a strategy consultant, enhancing the practical applications of his research findings in the business world.
Roland Schroll is an assistant professor at the Department of Management and Marketing at the University of Innsbruck in Austria. His research has appeared in leading journals, including the Journal of Consumer Research, Research Policy, and the Journal of Consumer Psychology. His research focuses on the causes and consequences of (de)humanizing individuals, products, and brands.
Dhruv Grewal is the Toyota Chair in Commerce and Electronic Business and a professor of marketing at Babson College. He is a fellow of AMA and AMS, and he earned his PhD at Virginia Tech. He was a co-editor of Journal of Retailing and he has coauthored the textbooks Marketing Research, Marketing, and M Series: Marketing and Retailing Management. His research and teaching interests focus on AI, technology, retailing, pricing, and services.
Roland Schroll is an assistant professor at the Department of Management and Marketing at the University of Innsbruck in Austria. His research has appeared in leading journals, including the Journal of Consumer Research, Research Policy, and the Journal of Consumer Psychology. His research focuses on the causes and consequences of (de)humanizing individuals, products, and brands.
Dhruv Grewal is the Toyota Chair in Commerce and Electronic Business and a professor of marketing at Babson College. He is a fellow of AMA and AMS, and he earned his PhD at Virginia Tech. He was a co-editor of Journal of Retailing and he has coauthored the textbooks Marketing Research, Marketing, and M Series: Marketing and Retailing Management. His research and teaching interests focus on AI, technology, retailing, pricing, and services.
Family Involvement and Firm Performance: A Worldwide Study Unveiling Some Key Mechanisms
Ivan Miroshnychenko, Rui Torres de Oliveira, Alfredo De Massis, Ruth Überbacher
Ivan Miroshnychenko, Rui Torres de Oliveira, Alfredo De Massis, Ruth Überbacher
Research Questions
- What drives innovation and strategic decisions in family firms?
- What is the impact of innovation in explaining the performance of family businesses?
- Why do some family-owned firms perform better in certain environments while others struggle?

Ivan Miroshnychenko
IMD

Rui Torres de Oliveira
Queensland University of Technology

Alfredo De Massis
Free University of Bozen-Bolzano
Lancaster University
IMD
Lancaster University
IMD

Ruth Überbacher
Multiversum GmbH
Free University of Bozen-Bolzano
Free University of Bozen-Bolzano
Implications for Practice
Family firms should prioritize R&D investment. Family involvement in both ownership and management can negatively affect firm performance, particularly by reducing R&D intensity. To mitigate this, family-run businesses should actively invest in innovation and R&D to remain competitive and improve financial outcomes.
Institutional quality matters for family firms. The negative impact of family ownership on financial performance is less severe in countries with strong institutional frameworks. Policymakers and business leaders should advocate for and support institutional improvements to create environments where family businesses can thrive.
Investors should consider the local context of family firms. When assessing investment opportunities in family-owned firms, investors need to take into account the institutional quality of the country. In markets with weaker institutions, family-run firms may underperform, making it crucial to evaluate the business environment alongside financial metrics.
Institutional quality matters for family firms. The negative impact of family ownership on financial performance is less severe in countries with strong institutional frameworks. Policymakers and business leaders should advocate for and support institutional improvements to create environments where family businesses can thrive.
Investors should consider the local context of family firms. When assessing investment opportunities in family-owned firms, investors need to take into account the institutional quality of the country. In markets with weaker institutions, family-run firms may underperform, making it crucial to evaluate the business environment alongside financial metrics.
About the Authors
Ivan Miroshnychenko holds a PhD in management from the Sant’Anna School of Advanced Studies. He is currently a research fellow and term research professor of family business and sustainability at IMD and affiliate researcher at Sant’Αnna. He is also an associate editor of European Management Journal and a member of the editorial board of the Journal of Family Business Strategy. He was a co-recipient of the 2022 Honorable Mention for FFI Best Unpublished Research Paper.
Rui Torres de Oliveira spent nearly two decades in industry where he worked for multinational companies in various international settings. He holds a degree in civil engineering, an MBA from Catholic University of Portugal, and a DBA from Manchester Business School in the UK. His research focuses on strategy, entrepreneurship, innovation, and international business and their connections to multinationals, SMEs, and family businesses. He has been published in the Journal of World Business, Global Strategy Journal, Strategic Entrepreneurship Journal, Industrial Marketing Management, and Small Business Economics.
Alfredo De Massis is a professor of entrepreneurship and family business who serves as advisor to family enterprises and policy makers. He is an editor of Entrepreneurship Theory & Practice and an associate editor of Family Business Review, and he serves on the boards of public and private organizations internationally. He teaches at the D’Annunzio University of Chieti-Pescara and provides intellectual contributions to the International Institute for Management Development by working on collaboration and scientific advisory activities at the Wild Group Chair in Family Business. His FFI awards include the 2023 Barbara Hollander Award, co-recipient of the 2022 Best Unpublished Research Paper Award, and co-recipient of the 2024 Honorable Mention for Best FBR Article Award.
Ruth Überbacher is a senior consultant specializing in digital transformation, strategy, and project management in Munich. She has extensive experience leading post-merger integrations, developing sustainability initiatives, and implementing innovative tools in corporate business models. Ruth holds a PhD from the Free University of Bozen-Bolzano in economics and management with a focus on digital transformation in family businesses, and she has presented research globally. She was a co-recipient of the 2023 Honorable Mention for Best FBR Article Award.
Rui Torres de Oliveira spent nearly two decades in industry where he worked for multinational companies in various international settings. He holds a degree in civil engineering, an MBA from Catholic University of Portugal, and a DBA from Manchester Business School in the UK. His research focuses on strategy, entrepreneurship, innovation, and international business and their connections to multinationals, SMEs, and family businesses. He has been published in the Journal of World Business, Global Strategy Journal, Strategic Entrepreneurship Journal, Industrial Marketing Management, and Small Business Economics.
Alfredo De Massis is a professor of entrepreneurship and family business who serves as advisor to family enterprises and policy makers. He is an editor of Entrepreneurship Theory & Practice and an associate editor of Family Business Review, and he serves on the boards of public and private organizations internationally. He teaches at the D’Annunzio University of Chieti-Pescara and provides intellectual contributions to the International Institute for Management Development by working on collaboration and scientific advisory activities at the Wild Group Chair in Family Business. His FFI awards include the 2023 Barbara Hollander Award, co-recipient of the 2022 Best Unpublished Research Paper Award, and co-recipient of the 2024 Honorable Mention for Best FBR Article Award.
Ruth Überbacher is a senior consultant specializing in digital transformation, strategy, and project management in Munich. She has extensive experience leading post-merger integrations, developing sustainability initiatives, and implementing innovative tools in corporate business models. Ruth holds a PhD from the Free University of Bozen-Bolzano in economics and management with a focus on digital transformation in family businesses, and she has presented research globally. She was a co-recipient of the 2023 Honorable Mention for Best FBR Article Award.
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