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Management International Review

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01.12.2009 | Research Article

International Strategy Configurations of the World’s Top Family Firms

Another Factor Affecting Performance

verfasst von: Prof. Chris Carr, Suzanne Bateman

Erschienen in: Management International Review | Ausgabe 6/2009

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Abstract

Many variables have been studied, rather inconclusively, to determine behavioural differences of family firms and any impact on performance. This article focuses on just one under-researched variable: their international strategic choices or rather ‘configurations’. We compare 65 of the world’s top family firms with those of a matched sample of non-family firms.
Results suggest that family firms’ ‘international ‘configurations’ were just as worldwide and profitable as those pursued by non-family firms. In the case of such large companies, researchers must consider this international dimension alongside other more acknowledged variables, if they are to advance understanding in this important emerging new field.

Vorheriger Artikel How Firm Performance Affects Internationalization

Nächster Artikel Brand Positioning and Anti-counterfeiting Effectiveness

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Strictly speaking the RBV focuses on four aspects of resources and capabilities: their value (V), rarity (R), imitability (I), and organizational (O), known as the VRIO framework (Barney 2002 pp. 157–174); but literature applying RBV to family businesses has tended to see facing the competitive threat from imitability as a more all-embracing challenge. Clearly the other three elements also potentially contribute to addressing this challenge.

Indeed social capital theory (Coleman 1988, Baker 1990, Burt 1992 and 1997, Uzzi 1996, Portes 1998, Steier 2001, Adler/Kwon 2002, Sharma 2004, Agndal et al. 2008) is itself almost a testament to advantages from being part of some notional ‘extended family’ (Sanders/Nee 1996, Steier 2001, Sharma 2004).

Fukiyama’s position here is ultimately not dissimilar to Chandler (1977, 1990). Interestingly the recent Credit Crunch may now profoundly undermine trust relationships in even in countries previously viewed as ‘high trust’. Fukiyama would predict this as likely to lead to far greater government intervention, reducing these countries’ competitiveness. This in turn would reduce some of the advantages he sees for corporate vs. family firms.

For further supporting evidence see also Khanna, Palepu and Sinha (2005) and Khanna (2007) highlighting the effects of ‘institutional voids’. Lin and Zhang (2005) and Zain and Ng (2006) highlight SME network effects exploited by family firms respectively in Taiwan and Malaysia. Zhao and Hsu (2007) show the effect on their foreign market entry strategies.

We should note, as highlighted by Miller et al. 2007, that ‘familiness’ is not necessarily the same thing as the level of family ownership and control, though in practice Sirmon et al. (2008) utilise the latter for their empirical measures.

Arthur Andersen/MassMutual (1997)’s survey found that 69.4% of American family businesses reported not having written a strategic plan. Ward (1997) argued that the rejection of planning in family firms was due to a culture restricting information flow which, in turn, was likely to restrict growth. Harris et al. (1994) found little difference in family firms’ strategic management processes with regard to internationalising, as compared with non-family firms. However, family firms which do use formal strategic planning appear to benefit developmentally (Mazzola/Marchisio/Astrachan 2008) and to internationalise more actively (Rienda et al. 2005).

Ding et al. (2008) also found that Chinese family firms performed significantly better than state-owned companies on five financial ratios between 1999 and 2004.

Reported in The Economist (U.S), Dec 2, 2000, p. 7.

Though export/sales ratios proved similar comparing just medium and large sized companies.

‘Mixed industries’ are defined as industries which, whilst not exceptionally globalised, nevertheless display considerable internationalisation in terms of firm strategies.

The Rich List is a good place to start the process of identifying family companies. Many of the world’s richest people are founders or descendants of family businesses. For example, at the top of the Forbes list are all the members of the Walton family who are heirs to the retail giant, Wal-Mart.

Presentation given by Michael E Porter, ‘Competitive Strategy for Profitable growth.’ Given Thursday 10th Feb 2005, Edinburgh International Conference Centre.

Miller et al. (2007) report that there findings were ‘indeed highly sensitive both to the way that family businesses were defined and to the nature of the sample’, thus advancing the case for their advocated new variables. However, such sensitivity might equally merely reflect the instability inherent in their statistical model and chosen performance parameters. Robustness tests might be required over successive time periods to establish this.

Appendix D contains pie charts for each category of ownership and shows the percentage of companies found in each Calori strategy type. The main difference is that fully private family companies seemed to have moved beyond opportunistic international challenger and continental leader configurations and to have been most worldwide, as quasi-global transnational restructurers and global shaper players.

Appendix E also compares averaged 5 year sales growth figures for all types over the same period. Family firm types displaying relatively faster sales growth, as compared with non-family firms, were continental leaders and worldwide specialists and, most especially, opportunistic international challengers. There was no consistent trend of internationalisation in general benefiting sales growth. Non-family firms were growing relatively faster in country centred and transnational restructurer types.

This is re-assuring. Our two samples contained the same proportions of US firms. Had this not been the case there would otherwise have been a danger of our results having been skewed by this country performance effect. No statistically significant effect was noted for family firms. There is some residual danger that some differences in the proportions of European vs. Asian companies could slightly skew our results, but these statistical results suggest there should be no systematic skewing.

Using Rugman (2005)’s four alternative categorisations of global, bi-regional, host-regional and home regional, family firms emerged as even more global, but as expected this alternative classification approach yielded less statistically reliable results. The majority of both family and non-family firms would all be classified by Rugman as simply home-regional, affording little discrimination in terms of different types of international strategies.

Cohen and Lindberg (1974)’s sample comprised in fact entirely smaller firms.

These being global shapers, worldwide specialists and global luxury niche players. Other configurations all being on par with each other: country centred, geographical niche, continental leaders, and (in terms of more worldwide players) quasi-global and transnational restructurers.

Wrigley ranked top on RoCE averages over the last 10 years (at 31%) in our sample of 56 family firms, analysed by CIMacro, and Walmart 9th. Anderson and Reeb (2003) likewise noted Wrigley’s superior long-term RoCE figures, as compared with its key rival Hershey Foods and US averages.

These winning family influenced firm types are: Brand Builders (e.g. Estée Lauder, Levi Strauss, Hallmark); Craftsmen (e.g. Coors, Timken, Nordstrom); Operators (e.g., Cargill, Ikea, Walmart); Innovators (e.g. Corning, Michelin, Motorola); Deal Makers (e.g., Bechtel, Bombardier, J.P. Morgan).

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Titel: International Strategy Configurations of the World’s Top Family Firms
Another Factor Affecting Performance
verfasst von: Prof. Chris Carr
Suzanne Bateman
Publikationsdatum: 01.12.2009
Verlag: SP Gabler Verlag
Erschienen in: Management International Review / Ausgabe 6/2009
Print ISSN: 0938-8249
Elektronische ISSN: 1861-8901
DOI: https://doi.org/10.1007/s11575-009-0018-3

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