Module description
What is the module about?
Family firms are the dominant organisational form worldwide, yet a distinctive field of study due to the potential tensions and synergies between family and business systems. This module will explore these tensions and synergies, which are manifested in the resources, governance, succession planning, and most important the entrepreneurial orientation and transgenerational value creation potential of family businesses. While research has found consensus on some general trends and characteristics of family firms, there are some surprising outcomes that challenge existing theories. As you will likely ponder whether to work for a family firm as the next generation or an employee, or possibly consider founding your own, understanding the benefits and challenges of the family firm environment will enable you to approach them in a more informed way, and with an entrepreneurial mindset.
This module will help you to:
- Analyse family firms based on their constituting elements, including the family/ownership, the business in the marketplace, management and governance.
- Apply theories from sociology, economics and strategy to key questions in family firms.
- Identify and explain the critical role of entrepreneurship in the founding of family firms and innovation in their sustainability.
- Critically evaluate succession processes and connect them to different types of family-business-interactions.
Who should do this module?
- Students who are from a family firm background.
- Students who wish to set up their own firm, either with family or with support from family.
- Students who wish to learn more about the world of family firms.
Key text or background reading
- Managing the Family Business, Zellweger (2017), Edward Elgar Publishing
- Up to 2 additional journal articles per week.
This module requires students to critically evaluate a large amount of reading during the semester. The module also requires students to individually develop a case study of a real family firm, using the theories discussed in the module, in addition to group coursework based on tutorial activities. This module would not suit students who prefer a non-theoretical approach, or who prefer a light reading list.
Provisional Lecture Outline
Lecture 1: Module introduction: The nature and significance of family firms.
Lecture 2: The family influence on business
Lecture 3: Entrepreneurial orientation in family firms
Lecture 4: Managing tradition and innovation in family firms
Lecture 5: The agency and stewardship perspectives in family firms
Lecture 6: The resource-based perspective in family firms
Lecture 7: Governance in family firms
Lecture 8: Succession planning in family firms
Lecture 9: Managing change in family firms
Lecture 10: Coursework revision
Assessment details
75% Coursework
25% Group Assessment
Teaching pattern
Weekly Lecture
Weekly Tutorial
Suggested reading list
Key text or background reading
- Managing the Family Business, Zellweger (2017), Edward Elgar Publishing
- Up to 2 additional journal articles per week.
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