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Book cover: Advances in Strategic Management

Advances in Strategic Management

ISSN: 0742-3322
Series editor(s): Professor Brian Silverman

Subject Area: Strategy

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The Best of Both Worlds: Exploitation and Exploration in Successful Family Businesses


Document Information:
Title:The Best of Both Worlds: Exploitation and Exploration in Successful Family Businesses
Author(s):Danny Miller, Isabelle Le Breton-Miller
Volume:23 Editor(s): Joel A.C. Baum, Stanislav D. Dobrev, Arjen Van Witteloostuijn ISBN: 978-0-76231-338-9 eISBN: 978-1-84950-435-5
Citation:Danny Miller, Isabelle Le Breton-Miller (2006), The Best of Both Worlds: Exploitation and Exploration in Successful Family Businesses, in Joel A.C. Baum, Stanislav D. Dobrev, Arjen Van Witteloostuijn (ed.) Ecology and Strategy (Advances in Strategic Management, Volume 23), Emerald Group Publishing Limited, pp.215-240
DOI:10.1016/S0742-3322(06)23007-9 (Permanent URL)
Publisher:Emerald Group Publishing Limited
Article type:Chapter Item
Abstract:Family controlled businesses (FCBs) have been found to out-survive and out-earn non-FCBs, and their market valuations reflect that. This edge may be attributed in part to the agency- and stewardship-related consequences of ownership – consequences that via organization governance and design allow many family businesses not only to reap advantages of continuity and focus (“exploitation”), but also to reorient themselves when needed (“exploration”). These capacities rest on qualities such as owners’ discretion, knowledge and incentives, and their stewardship over the mission, core capabilities, people, and external relationships of the firm. We suggest a research agenda to investigate these issues.

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