SOCIAL IMPACT STRATEGIES IN FAMILY-OWNED VENTURES: PATH TO SUSTAINABLE ENTREPRENEURSHIP
DOI:
https://doi.org/10.24071/icebmr.v2i1.228Keywords:
Social Impact, Strategies, Family-Owned Ventures, Sustainable Entrepreneurship, Path, Social Responsibility, Impactful Entrepreneurship, Family Business, Sustainable PracticesAbstract
Social entrepreneurship is a promising approach to addressing social and environmental challenges. Family-owned ventures have emerged as one of the most important forms of entrepreneurship in the last few decades. In the framework of family-owned businesses, this paper examines the significance of social impact strategies and how they contribute to the development of sustainable entrepreneurship. The study collects data through in-depth interviews using a qualitative research methodology. The goal of the study is to close some of the gaps in the literature that it focuses on. An overview of the body of literature is provided at the end of the article, which can be used as a starting point for comprehending the concepts and theoretical underpinnings of social ventures.
Downloads
References
Soto-Acosta, P., Cismaru, D., Vătămănescu, E., & Ciochina, R. (2016). Sustainable entrepreneurship in SMES: a business performance perspective Sustainability, 8(4), 342. https://doi.org/10.3390/su8040342
Bhowmick, S. (2011). Social cause venturing is a distinct domain. Journal of Social Entrepreneurship, 2(1), 99–111. https://doi.org/10.1080/19420676.2011.560390
Chang, E., Memili, E., Chrisman, J., Kellermanns, F., & Chua, J. (2009). Family social capital, venture preparedness, and start-up decisions Family Business Review, 22(3), 279–292. https://doi.org/10.1177/0894486509332327
Desa, G., and Basu, S. (2013). Optimization or bricolage? overcoming resource constraints in global social entrepreneurship. Strategic Entrepreneurship Journal, 7(1), 26–49. https://doi.org/10.1002/sej.1150
Ijiwole, A. (2019). Employment generation and poverty alleviation in Nigeria: the role of social entrepreneurship Asian Journal of Education and Social Studies, 1–8. https://doi.org/10.9734/ajess/2019/v4i430128
Jamaludin, N., Senik, Z., Hamid, H., & Muhamad, N. (2020). Opportunity recognition in immigrant entrepreneurship through social capital and geographical proximity: a conceptual framework Malaysian
Journal of Society and Space, 16(3), https://doi.org/10.17576/geo-2020-1603-08
Kazmi, S., and Nábrádi, A. (2017). New venture creation: the influence of entrepreneurship education on students’ behavior (a literature review-based study) Applied Studies in Agribusiness and Commerce, 11(1-2), 147–153. https://doi.org/10.19041/apstract/2017/1-2/18
Kellermanns, F., and Eddleston, K. (2006). Corporate entrepreneurship in family firms: a family perspective Entrepreneurship Theory and Practice, 30(6), 809–830. https://doi.org/10.1111/j.1540-6520.2006.00153.x
Kolaković, M., Turuk, M., & Turčić, I. (2018). Social entrepreneurship: strategic development in Croatia Zagreb International Review of Economics and Business, 21(2), 129–143. https://doi.org/10.2478/zireb-2018-0018
Logan, J. (2014). An exploration of the challenges facing women starting businesses, fifty International Journal of Gender and Entrepreneurship, 6(1), 83–96. https://doi.org/10.1108/ijge-03-2013-0019
MK, A., and Selma, N. (2022). Disruptive thinking in social entrepreneurship: challenges and effectiveness African Journal of Business Management, 16(4), 82–89. https://doi.org/10.5897/ajbm2021.9251
Maalaoui, A., Loarne-Lemaire, S., & Razgallah, M. (2020). Does knowledge management explain the poor growth of social enterprises? key insights from a systematic literature review on knowledge management and social entrepreneurship. Journal of Knowledge Management, 24(7), 1513–1532. https://doi.org/10.1108/jkm-11-2019-0603
Mallon, M., Lanivich, S., & Klinger, R. (2017). Resource configurations for new family venture growth. International Journal of Entrepreneurial Behavior and Research, 24(2), 521–537. https://doi.org/10.1108/ijebr-06-2017-0184
Minola, T., Brumana, M., Campopiano, G., Garrett, R., & Cassia, L. (2016). Corporate venturing in family business: a developmental approach of the enterprising family Strategic Entrepreneurship Journal, 10(4), 395–412. https://doi.org/10.1002/sej.1236
Popov, E., Veretennikova, A., & Kozinskaya, K. (2018). Formal institutional environments influence social entrepreneurship in developed countries. Montenegrin Journal of Economics, 14(4), 45–56. https://doi.org/10.14254/1800-5845/2018.14-4.3
Pasillas, M., Lundberg, H., & Nordqvist, M. (2020). Next-generation external venturing practices in family-owned businesses Journal of Management Studies, 58(1), 63–103. https://doi.org/10.1111/joms.12566
Wang, W. (2022). Toward economic growth and value creation through social entrepreneurship: modeling the mediating role of innovation Frontiers in Psychology, 13. https://doi.org/10.3389/fpsyg.2022.914700
Grassi, E., and Toschi, L. (2021). A systematic literature review of technology and social ventures: state of the art and directions for future research at the micro-, meso-, and macro-levels, Journal of Social Entrepreneurship, 1-33. https://doi.org/10.1080/19420676.2021.2004556
Kim, J., Lee, J., & Lee, T. (2021). The sustainable success and growth of social ventures: their internal and external factors Sustainability, 13(9), 5005. https://doi.org/10.3390/su13095005
Margiono, A., Zolin, R., & Chang, A. (2017). A typology of social venture business model configurations International Journal of Entrepreneurial Behavior and Research, 24(3), 626–650 https://doi.org/10.1108/ijebr-09-2016-0316
Minola, T., Brumana, M., Campopiano, G., Garrett, R., & Cassia, L. (2016). Corporate venturing in family business: a developmental approach of the enterprising family Strategic Entrepreneurship Journal, 10(4), 395–412. https://doi.org/10.1002/sej.1236
Murphy, P., Kornetskyy, A., & Nixon, J. (2021). Delineating novel aspects of social enterprise theory Social Enterprise Journal, 18(2), 364–382. https://doi.org/10.1108/sej-04-2021-0036
Stamm, I., and DeWitt, R. (2018). The development of an entrepreneurial legacy: exploring the role of anticipated futures in transgenerational entrepreneurship Family Business Review, 31(3), 352–378. https://doi.org/10.1177/0894486518780795
Adom, K., Asare-Yeboa, I., Quaye, D., & Ampomah, A. (2017). A critical assessment of the work and family lives of female entrepreneurs in sub-Saharan Africa, Journal of Small Business and Enterprise Development, 25(3), 405–427. https://doi.org/10.1108/jsbed-02-2017-0063
Anderson-Cook, C. (2005). Experimental and quasi-experimental designs for generalized causal inference Journal of the American Statistical Association, 100 (470), 708–708. https://doi.org/10.1198/jasa.2005.s22
Anggadwita, G., Profityo, W., Alamanda, D., & Permatasari, A. (2019). Cultural values and their implications to family business succession Journal of Family Business Management, 10(4), 281-292 https://doi.org/10.1108/jfbm-03-2019-0017
Lewis, S. (2015). Qualitative inquiry and research design: choosing among five approaches Health Promotion Practice, 16(4), 473–475. https://doi.org/10.1177/1524839915580941
Olteanu, A., Castillo, C., Dı́az, F., & Kıcıman, E. (2019). Social data: biases, methodological pitfalls, and ethical boundaries Frontiers in Big Data, 2. https://doi.org/10.3389/fdata.2019.00013
Ramadani, V., Hisrich, R., Anggadwita, G., & Alamanda, D. (2017). Gender and succession planning: opportunities for females to lead Indonesian family businesses International Journal of Gender and Entrepreneurship, 9(3), 229–251. https://doi.org/10.1108/ijge-02-2017-0012
Bento, N., Gianfrate, G., & Thoni, M. (2019). Crowdfunding for sustainability ventures Journal of Cleaner Production, 237, 1117751 https://doi.org/10.1016/j.jclepro.2019.117751
Carr, J., and Sequeira, J. (2007). Prior family business exposure as intergenerational influence and entrepreneurial intent: a theory of planned behavior approach Journal of Business Research, 60(10), 1090–1098. https://doi.org/10.1016/j.jbusres.2006.12.016
Cruz, A., Hamilton, E., & Jack, S. (2012). Understanding entrepreneurial cultures in family businesses: a study of family entrepreneurial teams Honduras Journal of Family Business Strategy, 3(3), 147–161. https://doi.org/10.1016/j.jfbs.2012.05.002
Galpin, T., and Hebard, J. (2015). Sustainability in start-up ventures: what founders say versus what they do World Journal of Entrepreneurship Management and Sustainable Development, 11(4), 246-255. https://doi.org/10.1108/wjemsd-05-2015-0025
Habbershon, T. (2006). Commentary: A framework for managing the familial and agency advantages in family firms, Entrepreneurship Theory and Practice, 30(6), 879–886. https://doi.org/10.1111/j.1540-6520.2006.00158.x
Johnson, M., and Hoerisch, J. (2021). Reinforcing or counterproductive behaviors for sustainable entrepreneurship: the influence of causation and effectuation on sustainability orientation Business Strategy and the Environment, 31(3), 908–920. https://doi.org/10.1002/bse.2925
Khokhawala, S., and Iyer, R. (2022). Sustainable entrepreneurship in India: a comparative case study of social, economic, and environmental outcomes South Asian Journal of Business and Management Cases, 11(1), 10-26. https://doi.org/10.1177/22779779221082766
Kibler, E., Fink, M., Lang, R., & Muñoz, P. (2015). Place attachment and social legitimacy: revisiting the sustainable entrepreneurship journey Journal of Business Education Insights, 3, 24-29. https://doi.org/10.1016/j.jbvi.2015.04.001
Kickul, J., Gundry, L., Mitra, P., & Berçot, L. (2018). Designing with purpose: advocating innovation, impact, sustainability, and scale in social entrepreneurship education Entrepreneurship Education and Pedagogy, 1(2), 205-221. https://doi.org/10.1177/2515127418772177
Kontinen, T., and Ojala, A. (2010). The internationalization of family businesses: a review of existing research Journal of Family Business Strategy, 1(2), 97–107. https://doi.org/10.1016/j.jfbs.2010.04.001
Lee, M., and Jay, J. (2015). Strategic responses to hybrid social ventures California Management Review, 57(3), 126–147. https://doi.org/10.1525/cmr.2015.57.3.126
Mallon, M., Lanivich, S., & Klinger, R. (2017). Resource configurations for new family venture growth. International Journal of Entrepreneurial Behavior and Research, 24(2), 521–537. https://doi.org/10.1108/ijebr-06-2017-0184
Minola, T., Brumana, M., Campopiano, G., Garrett, R., & Cassia, L. (2016). Corporate venturing in family business: a developmental approach to the enterprising family Strategic Entrepreneurship Journal, 10(4), 395–412. https://doi.org/10.1002/sej.1236
Ramirez-Pasillas, M., Lundberg, H., & Nordqvist, M. (2020). Next-generation external venturing practices in family-owned businesses Journal of Management Studies, 58(1), 63–103. https://doi.org/10.1111/joms.12566
Thompson, N., and Eijkemans, R. (2018): Why do sustainable ventures fail to attract management talent? Sustainability, 10(11), 4319. https://doi.org/10.3390/su10114319
Awaysheh, A., and Bonfiglio, D. (2017). Leveraging experiential learning to incorporate social entrepreneurship in MBA programs: a case study The International Journal of Management Education, 15(2), 332–349. https://doi.org/10.1016/j.ijme.2017.04.001
Geldres-Weiss, V., Gambetta, N., Massa, N., & Geldres-Weiss, S. (2021). Utilizing a materiality matrix to align and identify a company's sustainable business model archetype and the impact of its triple bottom line on stakeholders Sustainability, 13(3), 1065. https://doi.org/10.3390/su13031065
Lall, S., and Park, J. (2020). How social ventures grow: understanding the role of philanthropic grants in scaling social entrepreneurship Business & Society, 61(1), 3-44. https://doi.org/10.1177/0007650320973434
Margiono, A., Zolin, R., & Chang, A. (2017). A typology of social venture business model configurations International Journal of Entrepreneurial Behavior and Research, 24(3), 626–650 https://doi.org/10.1108/ijebr-09-2016-0316
Müller, L., Kneipp, J., Rodrigues, J., & Favarin, R. (2022). Innovation impacts business models. Journal on Innovation and Sustainability, Risus, 13(2), 59–72. https://doi.org/10.23925/2179-3565.2022v13i2p59-72
Vial, V. (2016). A business model canvas for social enterprises Sains Humanika, 8(1-2). https://doi.org/10.11113/sh.v8n1-2.825
Ahmad, S., Siddiqui, K., & AboAlsamh, H. (2020). Family members’ survival: the role of the owner, family, and corporate social responsibility Journal of Small Business and Enterprise Development, 27(2), 281-297. https://doi.org/10.1108/jsbed-12-2019-0406
Chundu, M., Njobo, J., & Kurebwa, J. (2021). Sustainability of family-owned businesses in the Willowvale industrial area of Harare, Zimbabwe American Journal of Industrial and Business Management, 11(05), 461-480. https://doi.org/10.4236/ajibm.2021.115029
Hynes, B. (2009). Growing the social enterprise: issues and challenges Social Enterprise Journal, 5(2), 114–125. https://doi.org/10.1108/17508610910981707
Jenner, P. (2016) Social enterprise sustainability revisited: an international perspective Social Enterprise Journal, 12(1), 42–60. https://doi.org/10.1108/sej-12-2014-0042
Lindsey, T. (2011). Sustainable principles: common values for achieving sustainability Journal of Cleaner Production, 19(5), 561–565. https://doi.org/10.1016/j.jclepro.2010.10.014
Miller, D., Lee, J., Chang, S., & Breton-Miller, I. (2009). Filling the institutional void: the social behavior and performance of family vs. non-family technology firms in emerging markets Journal of International Business Studies, 40(5), 802–817 https://doi.org/10.1057/jibs.2009.11
Miller, D., Minichilli, A., & Corbetta, G. (2012) Is family leadership always beneficial? Strategic Management Journal, 34(5), 553-571. https://doi.org/10.1002/smj.2024
Tagiuri, R., and Davis, J. (1996). Bivalent attributes of the family firm, Family Business Review, 9(2), 199–208. https://doi.org/10.1111/j.1741-6248.1996.00199.x
Bettinelli, C., Sciascia, S., Randerson, K., & Fayolle, A. (2017). Researching entrepreneurship in family firms. Journal of Small Business Management, 55(4), 506–529 https://doi.org/10.1111/jsbm.12347 Farivar, F., Cameron, R., & Yaghoubi, M. (2016).
Work-family balance and cultural dimensions: from a developing nation perspective Personnel Review, 45(2), 315–333. https://doi.org/10.1108/pr-09-2014-0196
Habbershon, T., and Pistrui, J. (2002) Enterprising families domain: family-influenced ownership groups in pursuit of transgenerational wealth Family Business Review, 15(3), 223-237. https://doi.org/10.1111/j.1741-6248.2002.00223.x
Ramirez-Pasillas, M., Lundberg, H., & Nordqvist, M. (2020). Next-generation external venturing practices in family-owned businesses Journal of Management Studies, 58(1), 63–103. https://doi.org/10.1111/joms.12566
Wieszt, A. (2017). Application of family therapy in family businesses: a case study of research on family business consulting, Society and Economy, 39(2), 213-231. https://doi.org/10.1556/204.2017.39.2.3
Yu, A., Lumpkin, G., Sorenson, R., & Brigham, K. (2011). The landscape of family business outcomes Family Business Review, 25(1), 33–57. https://doi.org/10.1177/0894486511430329
Haski-Leventhal, D., and Mehra, A. (2016). Impact measurement in social enterprises: Australia and India Social Enterprise Journal, 12(1), 78–103. https://doi.org/10.1108/sej-05-2015-0012
Hervieux, C., and Voltan, A. (2019). Toward a systems approach to social impact assessment Social Enterprise Journal, 15(2), 264–286. https://doi.org/10.1108/sej-09-2018-0060
Thompson, N., and Eijkemans, R. (2018). Why do sustainable ventures fail to attract management talent? Sustainability, 10(11), 4319. https://doi.org/10.3390/su10114319
Arena, M., Bengo, I., Calderini, M., & Chiodo, V. (2018) Unlocking finance for social tech start-ups: is there a new opportunity space? Technological Forecasting and Social Change, 127, 154–165. https://doi.org/10.1016/j.techfore.2017.05.035
Bocken, N. (2015). Sustainable venture capital: a catalyst for sustainable start-up success? Journal of Cleaner Production, 108, 647–658. https://doi.org/10.1016/j.jclepro.2015.05.079
Kammerlander, N., Dessì, C., Bir (2002), Floris, M., & Murru, A. (2015). The impact of shared stories on family firm innovation Family Business Review, 28(4), 332–354. https://doi.org/10.1177/0894486515607777
Ramirez-Pasillas, M., Lundberg, H., & Nordqvist, M. (2020). Next-generation external venturing practices in family-owned businesses Journal of Management Studies, 58(1), 63–103. https://doi.org/10.1111/joms.12566
Schaltegger, S., and Wagner, M. (2011) Sustainable entrepreneurship and sustainability innovation: categories and interactions Business Strategy and the Environment, 20(4), 222-237. https://doi.org/10.1002/bse.682
Swab, R., Sherlock, C., Markin, E., & Dibrell, C. (2020). "Sew," what do we know, and where do we go? a review of socioemotional wealth and a way forward. Family Business Review, 33(4), 424–445. https://doi.org/10.1177/0894486520961938
Basly, S., and Hammouda, A. (2020). Family businesses and digital entrepreneurship adoption: a conceptual model The Journal of Entrepreneurship, 29(2), 326-364. https://doi.org/10.1177/0971355720930573
Eze, N., Nordqvist, M., Samara, G., & Parada, M. (2020). Different strokes for different folks: the roles of religion and tradition for transgenerational entrepreneurship in family businesses Entrepreneurship Theory and Practice, 45(4), 792–837. https://doi.org/10.1177/1042258720964428
Kansikas, J., Laakkonen, A., Sarpo, V., & Kontinen, T. (2012). Entrepreneurial leadership and familiarity are resources for strategic entrepreneurship. International Journal of Entrepreneurial Behavior and Research, 18(2), 141–158. https://doi.org/10.1108/13552551211204193
Ko, E., Wiklund, J., & Pollack, J. (2020). Entrepreneurial team diversity and productivity: the role of family relationships in nascent ventures Entrepreneurship Theory and Practice, 45(2), 386-417. https://doi.org/10.1177/1042258720902058
Monticelli, J., Bernardon, R., Trez, G., & Sabrito, C. (2019). Transgenerational entrepreneurship in the family business: is it in the blood or not? . RRegepe,Revista De Empreendedorismo E Gestão De Pequenas Empresas, 8(2), 223. https://doi.org/10.14211/regepe.v8i2.1139
Welter, F. (2011). Contextualizing entrepreneurship—conceptual challenges and ways forward Entrepreneurship Theory and Practice, 35(1), 165–184. https://doi.org/10.1111/j.1540-6520.2010.00427.x
Wong, Y., Chang, S., & Chen, L. (2010). Does a family-controlled firm perform better in corporate ventures? Corporate Governance: An International Review, 18(3), 175–192. https://doi.org/10.1111/j.1467-8683.2010.00792.x
Downloads
Published
Issue
Section
License
Copyright (c) 2023 Shibli Jamal Shariff Asad (Author)
This work is licensed under a Creative Commons Attribution 4.0 International License.
