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WP 1.- The microeconomics of family business

Autores: Eduardo Giménez (Universidad de Vigo) y José Antonio Novo (Universidad de A Coruña)

The purpose of this paper is to integrate and systematize within a common analytical framework the formal contributions of th theoretical literature on family business. To this end, we study the family firm decisions by means of the standard microeconomic tools to articulate the dominant problems and conflicts in family business. In our opinion the systematic approach presented here can be useful to characterize the particular features of family business with respecto non-family business, as well as to show some directions of future research in the microeconimic approach. Some of the most important of these particular features of family business are (i) a single family displays a high degree of ownership of the firm; (ii) one member (or very few members) of the family in involved in the managerial activities of the firm: the owner-manager; (iii) the owner (the family) or to the manager (the owner-manager) of the firm exhibit a degree of altruism towards the family`s children, that is, in formal terms at the time of taking decisions concerning the firm it is considered the family children`s present and future wellbeing; (iv) the family firm provides amenity benefits to the owner or to the manager, whether in terms of social acknowledge or to provide a job for the family children; (v) a family business displays a higher productivity than a non-family firm, caeteris paribus --i.e. the same level of inputs--, and, (vi) a family firm is financially constrained to obtain to esternal funds because it precludes outside investors from the firm


WP 2.- The singularities of social capital in family business: An overview

Autores: Atilano Pena, José Manuel Sánchez y José Antonio Novo (Universidad de A Coruña)

Entrepreneurial networks, family values, altruism, personal attitudes, family commitment, interpersonal dynamics, knowledge transfer, corporate culture or emotional costs are only some of the topics to which the family business literature has paid particular attention in recent years trying to catch the source of the competitive advantage behind this kind of firm. A common feature of these issues is that they can be analyzed as components of the social, a concept that refers to the institutions, nomrs and networks that promote cooperation and enable collective action the aim of this paper is twofold. Firstly, to assess the special interaction among the three components of social capiital in a family firm. Secondly, to clarify the complementary role of family social capital and organizational social capital. the relevance of this approach based on the theory of social capital is clear because, among other things, it makes it possible to shed light on two fundamental questions: firstly, how the specific feedback between the social capital of families and family companies may be at the root of the fact that these have higher provisions of social capital than non-family business. Secondly, taking into account the differentiation between positive and negative social capital along with specific elements of the components of the social capital in the cse of the family business, to what extent it may be concludesd that this is a competitive advantage for this kind of business.