You are here

Catalan family companies with high growth during the crisis period

Journal Name:

Publication Year:

DOI: 
http://dx.doi.org/10.3926/ic.828
Abstract (2. Language): 
Purpose: This study aims to analyze the financial and economic health of the Catalan family companies with high growth during the crisis period (2008-2013), as an engine of job creation and economic development of the territory, identifying the economic and financial characteristics. Design/methodology: The data used comes from the financial statements of the high growth Catalan companies during the crisis period of 2008-2013, in particular it collects a sample of the 140 high growth Catalan companies where a 70% of them are family businesses, there is a financial and economic analysis using descriptive statistics of these family businesses with a regression model to achieve results and conclusions. Findings: During the 2008-2013 crisis, Catalan family companies with high growth that are mostly small businesses have a good economic and financial health, with moderate innovation and a great potential for survival. Research limitations/implications: It would be convenient to make the same study in similar territories where most of the companies are family businesses, in order to compare the financial and economic analysis, valuing the impact of these companies in the business. Practical implications: It allows valuing the projection of these kinds of family companies, mostly in Catalonia, in a financial and economic level, identifying if they have a proper financial strategy.Social implications: The results show that these companies have great financial and economic health and have a better response during a crisis period. Originality/value: The study shows that family businesses have moderate indebtedness and acceptable rendibility in the crisis period, although, since they are small businesses the lack of innovation and patents can lead to future problems.

JEL Codes:

REFERENCES

References: 

Acs, Z.J, & Mueller, P. (2008). Employment effects of business dynamics: Mice, gazelles and elephants.
Small Business Economics, 30, 85-100. http://dx.doi.org/10.1007/s11187-007-9052-3 Adams, J., Taschian, A., & Shore, T. (1996). Ethics in family and non-family owned firms: An
exploratory study. Family Business Review, 9(2). 157-170. http://dx.doi.org/10.1111/j.1741-6248.1996.00157.x
Amat, J.A. (1998). La continuidad de la empresa familiar. Barcelona Ediciones Gestión 2000, S.A.
Amat, O., Fontrodona, J., Hernandez, J.M., & Stoyanova, A. (2010). Les empreses d’alt creixemnt i les gaseles
a Catalunya. Generalitat de Catalunya. Departament d’Innovació, Universitats i Empresa.
Amat, O., & Perramon,J. (2012). High-growth cooperatives: Financial profile and key factors for
competitiveness. CIREC-España, revista de economía pública, social y cooperativa, 73, 81-98.
Ardichvili, A., Cardozo, R., & Ray, S. (2003). A Theory of Entrepreneurial Opportunity Identification
and Development. Journal of Business Venturing, 18(1), 105-123. http://dx.doi.org/10.1016/S0883-
9026(01)00068-4
Audretsch, D.B., Coad, A., & Segarra, A. (2014). Firm growth and innovation. Small Business Economics,
43(4), 743-749. http://dx.doi.org/10.1007/s11187-014-9560-x
Bravo-Biosca, A., Criscuolo, C., & Menon, C. (2013). What drives the dynamics of business growth?
OECD Science, Technology and Industry Policy Papers, 1. OECD Publishing.
http://dx.doi.org/10.1787/5k486qtttq46-en
Capasso, M., Treibich, T., & Verspagen, B. (2015). The medium-term effect of R&D on firm growth,
Small Business Economics, 45(1), 39-62. http://dx.doi.org/10.1007/s11187-015-9640-6
Chan, Y. E., Bhargava, N., & Street, C.T. (2006). Having Arrived: The Homogeneity of High-Growth
Small Firms. Journal of Small Business Management, 44(3), 426-440. http://dx.doi.org/10.1111/j.1540-
627X.2006.00180.x
Cho, H.-J., & Pucik, V. (2005). Relationship between Innovativeness, Quality, Growth, Profitability, and
Market Value. Strategic Management Journal, 26(6), 555-575. http://dx.doi.org/10.1002/smj.461
Claver, E., Rienda, L., & Quer, D. (2009). Family firms´ international commitment: The influence of
family-related factors. Family Business Review, 22(2), 125-135. http://dx.doi.org/10.1177/0894486508330054
Coad, A., Daunfeldt, S., Hölzl, W., Johansson, D., & Nightingale, P. (2014). High-growth firms:
Introduction to the special section. Industrial and Corporate Change, 23 (1), 91-112.
http://dx.doi.org/10.1093/icc/dtt052
Daily, C.M., & Dollinger, M.J. (1991). Family Firms Are Different. Review of Business, 12(1-2), 3-5.
De Aguilar, E. (1998). Beneficios fiscales en la Empresa Familiar: Patrimonio y sucesiones. Servicio de
Estudios de la Caixa, 13, Barcelona.Delgado-Gómez, J.M., Ramírez, M., & Espitia, M.A. (2004). Intangible resources as a key factor in the
internationalisation of Spanish firms. Journal of Economic Behaviour & Organization, 53(4), 477-494.
http://dx.doi.org/10.1016/j.jebo.2002.11.001
De Visscher, F.M., Aronoff, C.F., & Ward, J.L. (1995). Financing transitions: Managing capital and liquidity in
the family business. Family Business Leadership. Series. Marietta, GA: Business Owner Resources.
Dreux, D.R. (1990). Financing family business: Alternatives to selling out or going public. Family
Business Review, 3(3), 225-243. http://dx.doi.org/10.1111/j.1741-6248.1990.00225.x
Duman, R. (1992). Family firms are different. Entrepreneurship Theory and Practice, 17, 13-21.
European Commission (2010). Europe 2020: A Strategy for Smart, Sustainable and Inclusive Growth:
Communication From the Commission. European Commission Publications Office: Brussels, Belgium.
Fernández, Z., & Nieto, M.J. (2005). Internationalization strategy of small and medium-sized family
businesses: Some influential factors. Family Business Review, 18(1), 77-89. http://dx.doi.org/10.1111/j.1741-
6248.2005.00031.x
Fuentes-Lombardo, G., Fernández-Ortiz, R., & Cano-Rubio, M. (2011). Intangibles en la
internacionalización de las bodegas españolas: Percepción directiva y comparada entre empresas
familiares y no familiares. Intangible Capital, 7(2), 428-473.
Gallo, M.A. (2006). Why do 100 year-old family businesses get so old?. Family Business Advisor, XV(7), 4.
Graves, C., & Thomas, J. (2006). Internationalization of Australian family businesses: A managerial
capabilities perspective. Family Business Review, 19(3), 207-224. http://dx.doi.org/10.1111/j.1741-
6248.2006.00066.x
Habbershon, T.G., & Williams, M.L. (1999). A resource- based framework for assessing the strategic
advantages of family firms. Family Business Review, 13(1), 1-25. http://dx.doi.org/10.1111/j.1741-
6248.1999.00001.x
Hart, S., & Banbury, C. (1994). How strategy-making processes can make a difference. Strategic
Management, 15(4), 251-269. http://dx.doi.org/10.1002/smj.4250150402
Hitt, M.A., & Ireland, R.D. (1985). Corporate, distinctive competence, strategy, industry and
performance. Strategic Managament Journal, 6, 273-293. http://dx.doi.org/10.1002/smj.4250060307
Hoy, F., & Verser, T. (1994). Emerging business, emerging field: entrepreneurship and the family firm.
Entrepreneurship Theory and Practice, 19(1), 9-23.Kets De Vries, M.F. (1993). The dynamics of family controlled firms: The good and the bad news.
Organizational Dynamics, 21(3), 59-71. http://dx.doi.org/10.1016/0090-2616(93)90071-8
Koiranen, M. (2001). Barómetros de empresas familiares. Iniciativa Emprendedora y Empresa Familiar, 29,
16-22.
Mccann, J.E., Leon-Guerrero, A.Y. & Haley, J.D. Jr. (2001). Strategic Goals and Practices of Innovative
Family Businesses. Journal of Small Business Management, 39(1), 50-59. http://dx.doi.org/10.1111/0447-
2778.00005
Miller, D., & Le Breton-Miller, I. (2005). Managing for the Long Run: Lessons in Competitive Advantage from
Great Family Businesses. Boston, MA: Harvard Business School Press.
Naldi, L., Nordqvist, M., Sjöberg, K., & Wiklund, J. (2007). Entrepreneurial Orientation, Risk Taking,
and Performance in Family Firms. Family Business Review, 20(1), 33-58. http://dx.doi.org/10.1111/j.1741-
6248.2007.00082.x
Nightingale, P., & Coad, A.(2014). Muppets and gazelles: Political and methodological biases in
entrepreneurship research. Industrial and Corporate Change, 23(1), 113-143.
http://dx.doi.org/10.1093/icc/dtt057
Puhakka, V. (2007). Effects of Opportunity Discovery Strategies of Entrepreneurs on Performance of
New Ventures. Journal of Entrepreneurship, 16(1), 19-51. http://dx.doi.org/10.1177/097135570601600102
Rogoff, E.G., & Heck, R.K.Z. (2003). Evolving Research in Entrepreneurship and Family Business:
Recognizing Family as the Oxygen that Feeds the Fire of Entrepreneurship. Journal of Business
Venturing, 18(5), 559-566. http://dx.doi.org/10.1016/S0883-9026(03)00009-0
Shane, S.A., & Venkataram, S. (2000). The Promise of Entrepreneurship as a Field of Research.
Academy of Management Journal, 25(1), 217-226. http://dx.doi.org/10.5465/amr.2000.2791611
Sirmon, D., & Hitt, M. (2003). Managing resources: Linking unique resources, management, and wealth
creation in family firms. Entrepreneurship Theory and Practice, 27(4), 339-358.
http://dx.doi.org/10.1111/1540-8520.t01-1-00013
Stenholm, P. (2011). Innovative Behavior as a Moderator of Growth Intentions. Journal of Small Business
Management, 49(2), 233-251. http://dx.doi.org/10.1111/j.1540-627X.2011.00323.x
Subramanian, A., & Nilakanta, S. (1996). Organizational Innovativeness: Exploring the Relationship
between Organizational Determinants of Innovation, Types of Innovations, and Measures of Organizational Performance. International Journal of Management Science, 24(6), 631-647.
http://dx.doi.org/10.1016/s0305-0483(96)00031-x
Swierczek, F.W., & Tha, T.T. (2003). Entrepreneurial Orientation, Uncertainty Avoidance and Firm
Performance. International Journal of Entrepreneurship and Innovation, 4(1), 46-58.
http://dx.doi.org/10.5367/000000003101299393
Tagiuri, R, & Davis, J.A. (1996). Bivalent attributes of the family firm. Family Business Review, 9(2),
199-208. http://dx.doi.org/10.1111/j.1741-6248.1996.00199.x
Venkataram, S. (1997). The Distinctive Domain of Entrepreneurship Research. In J.A. Katz (Eds.),
Advances in Entrepreneurship, Firm Emergences and Growth (pp 119-138). Greenwich, CT: Jai Press.
Ward, J.L. (1987). Keeping the Family Business Healthy: How to Plan for Continuous Growth, Profitability and
Family Leadership. San Francisco, CA: Jossey Bass.
Ward, J.L. (1997). Growing the family business: Special challenges and best practices. Family Business
Review, 10(4), 323-337. http://dx.doi.org/10.1111/j.1741-6248.1997.00323.x
Zahra, S.A. (2003). International expansion of U.S. manufacturing family businesses: The effect of
ownership and involvement. Journal of Business Venturing, 18(4), 495-512.
http://dx.doi.org/10.1016/S0883-9026(03)00057-0

Thank you for copying data from http://www.arastirmax.com