References:

Anderson, R. C., & Reeb, D. M. (2003). Founding-family ownership and firm performance: Evidence from the S&P 500. The Journal of Finance, 58(3), 1301–1328. https://doi.org/10.1111/1540-6261.00567
Astrachan, J. H., & Shanker, M. C. (2003). Family businesses’ contribution to the U.S. economy: A closer look. Family Business Review, 16(3), 211–219. https://doi.org/10.1111/j.1741-6248.2003.00211.x
Bain & Company. (2019). The five trademarks of agile organizations. https://www.bain.com/insights/the-five-trademarks-of-agile-organizations/
Bandiera, O., Guiso, L., Prat, A., & Sadun, R. (2018). CEO behavior and firm performance. Journal of Political Economy, 128(4), 1325–1372. https://doi.org/10.1086/705204
Bammens, Y., & Voordeckers, W. (2022). Nonfamily CEOs in family firms: Governance conditions for effective leadership. Family Business Review, 35(1), 5–27. https://doi.org/10.1177/08944865211043399
Baron, R. M., & Kenny, D. A. (1986). The moderator–mediator variable distinction in social psychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51(6), 1173–1182. https://doi.org/10.1037/0022-3514.51.6.1173
Beck, S., Janssens, M., Debruyne, M., & Lommelen, T. (2020). Interactions of exploration, exploitation, and ambidexterity: A meta-analysis on organizational antecedents and performance outcomes. Journal of Business Research, 114, 273–283. https://doi.org/10.1016/j.jbusres.2020.04.018
Bennedsen, M., Nielsen, K. M., Pérez-González, F., & Wolfenzon, D. (2007). Inside the family firm: The role of families in succession decisions and performance. Quarterly Journal of Economics, 122(2), 647–691. https://doi.org/10.1162/qjec.122.2.647
Bennedsen, M., Fan, J. P. H., Jian, M., & Yeh, Y. H. (2015). The family business map: Framework, selective survey, and evidence from Chinese family firm succession. Journal of Corporate Finance, 33, 212–226. https://doi.org/10.1016/j.jcorpfin.2015.01.002
Benner, M. J., & Tushman, M. L. (2003). Exploitation, exploration, and process management: The productivity dilemma revisited. Academy of Management Review, 28(2), 238–256. https://doi.org/10.5465/amr.2003.9416096
Berrone, P., Cruz, C., & Gómez-Mejía, L. R. (2012). Socioemotional wealth in family firms: Theoretical dimensions, assessment approaches, and agenda for future research. Family Business Review, 25(3), 258–279. https://doi.org/10.1177/0894486511435355
Bloom, N., & Van Reenen, J. (2007). Measuring and explaining management practices across firms and countries. Quarterly Journal of Economics, 122(4), 1351–1408. https://doi.org/10.1162/qjec.2007.122.4.1351
Blumentritt, T., Keyt, A., & Astrachan, J. H. (2007). Creating an environment for successful nonfamily executives in family firms. Family Business Review, 20(4), 275–286. https://doi.org/10.1111/j.1741-6248.2007.00101.x
Burkart, M., Panunzi, F., & Shleifer, A. (2003). Family firms. The Journal of Finance, 58(5), 2167–2201. https://doi.org/10.1111/1540-6261.00601
Cao, Q., Gedajlovic, E., & Zhang, H. (2009). Unpacking organizational ambidexterity: Dimensions, contingencies, and synergistic effects. Organization Science, 20(4), 781–796. https://doi.org/10.1287/orsc.1090.0426
Cennamo, C., De Massis, A., & Di Minin, A. (2023). Governance and innovation in family firms: The mediating role of ambidexterity. Journal of Management Studies, 60(2), 345–372. https://doi.org/10.1111/joms.12817
Chen, H. L., Hsu, W. T., & Huang, Y. S. (2014). Transparency and financing choices of family firms. Small Business Economics, 39(1), 143-162. https://doi.org/10.1007/s11187-013-9489-5
Chrisman, J. J., Chua, J. H., & Sharma, P. (2005). Trends and directions in the development of a strategic management theory of the family firm. Entrepreneurship Theory and Practice, 29(5), 555–576. https://doi.org/10.1111/j.1540-6520.2005.00098.x
Chrisman, J. J., Chua, J. H., De Massis, A., Frattini, F., & Wright, M. (2012). The ability and willingness paradox in family firm innovation. Journal of Product Innovation Management, 32(3), 310–318. https://doi.org/10.1111/jpim.12207
Chrisman, J. J., & Patel, P. C. (2012). Variations in R&D investments of family and nonfamily firms: Behavioral agency and myopic loss aversion perspectives. Academy of Management Journal, 55(4), 976–997. https://doi.org/10.5465/amj.2011.0211
Chrisman, J. J., Chua, J. H., Pearson, A., & Barnett, T. (2012). Family involvement, family influence, and family-centeredness in family firms: New perspectives on CEO heterogeneity and governance. Entrepreneurship Theory and Practice, 36(6), 1235–1258. https://doi.org/10.1111/j.1540-6520.2012.00535.x
Christofi, M., Hadjielias, E., Mahto, R. V., Tarba, S., & Dhir, A. (2024). Owner-manager emotions and strategic responses of small family businesses to the COVID-19 pandemic. Journal of Small Business Management, 62(4), 2016-2057. https://doi.org/10.1080/00472778.2023.2193230
Chua, J. H., Chrisman, J. J., & Sharma, P. (1999). Defining the family business by behavior. Entrepreneurship Theory and Practice, 23(4), 19–39. https://doi.org/10.1177/104225879902300402
Classen, N., Carree, M., Van Gils, A., & Peters, B. (2014). Innovation in family and non-family SMEs: An exploratory analysis. Small Business Economics, 42(3), 595–609. https://doi.org/10.1007/s11187-013-9490-z
Davis, J. H., Schoorman, F. D., & Donaldson, L. (1997). Toward a stewardship theory of management. Academy of Management Review, 22(1), 20–47. https://doi.org/10.5465/amr.1997.9707180258
De Massis, A., Frattini, F., Kotlar, J., Petruzzelli, A. M., & Wright, M. (2013). Innovation through tradition: Lessons from innovative family businesses and directions for future research. Academy of Management Perspectives, 27(3), 270–289. https://doi.org/10.5465/amp.2012.0029
De Massis, A., Kotlar, J., Chua, J. H., & Chrisman, J. J. (2015). Ability and willingness as sufficiency conditions for family-oriented particularistic behavior: Implications for theory and empirical studies. Journal of Small Business Management, 53(4), 917–933. https://doi.org/10.1111/jsbm.12114
De Massis, A., Kotlar, J., Wright, M., & Frattini, F. (2018). Family firms in the global economy: Toward a deeper understanding of internationalization determinants, processes, and outcomes. Global Strategy Journal, 8(1), 3–21. https://doi.org/10.1002/gsj.1199
De Massis, A., Rondi, E., & Kotlar, J. (2021). The future of family business research: A review and agenda. Journal of Management, 47(1), 1–25. https://doi.org/10.1177/0149206320976459
Deloitte. (2021). Driving organizational ambidexterity: Balancing innovation and efficiency. Deloitte Insights. https://www2.deloitte.com/insights
Deloitte. (2018). Ambidextrous leadership: Key CEO traits in the digital era. Deloitte Insights. https://www.deloitte.com/us/en/insights/topics/leadership/ambidextrous-leadership-ceo-traits-in-digital-era.html
Donaldson, L. (2001). The contingency theory of organizations. Sage Publications. https://books.google.ca/books?id=hXroN8btsN8C&printsec=frontcover&hl=de&source=gbs_ge_summary_r&cad=0#v=onepage&q&f=false
Dutta, Shantanu, Om Narasimhan, and Surendra Rajiv (1999), “Success in High-Technology Markets: Is Marketing Capability Critical? Marketing Science, 18 (4), 547-568. https://doi.org/10.1287/mksc.18.4.547
Finkelstein, S., Hambrick, D. C., & Cannella, A. A. (2009). Strategic leadership: Theory and research on executives, top management teams, and boards. Oxford University Press. https://books.google.ca/books?id=8w1s60UhaU4C&printsec=frontcover&source=gbs_ge_summary_r&cad=0#v=onepage&q&f=false
Gibson, C. B., & Birkinshaw, J. (2004). The antecedents, consequences, and mediating role of organizational ambidexterity. Academy of Management Journal, 47(2), 209–226. https://doi.org/10.2307/20159573
Gómez-Mejía, L. R., Haynes, K. T., Núñez-Nickel, M., Jacobson, K. J. L., & Moyano-Fuentes, J. (2007). Socioemotional wealth and business risks in family-controlled firms: Evidence from Spanish olive oil mills. Administrative Science Quarterly, 52(1), 106–137. https://doi.org/10.2189/asqu.52.1.106
Gupta, A. K., Smith, K. G., & Shalley, C. E. (2006). The interplay between exploration and exploitation. Academy of Management Journal, 49(4), 693–706. https://doi.org/10.5465/amj.2006.22083026
Hambrick, D. C., & Mason, P. A. (1984). Upper echelons: The organization as a reflection of its top managers. Academy of Management Review, 9(2), 193–206. https://doi.org/10.5465/amr.1984.4277628
Hambrick, D. C., & Finkelstein, S. (1987). Managerial discretion: A bridge between polar views of organizational outcomes. In L. L. Cummings & B. M. Staw (Eds.), Research in organizational behavior (Vol. 9, pp. 369–406). JAI Press. https://www.semanticscholar.org/paper/Managerial-discretion:-A-bridge-between-polar-views-Hambrick-Finkelstein/e0e2d6da2b170ef7da390c4979079cc4b32b090b
Hambrick, D. C. (2007). Upper echelons theory: An update. Academy of Management Review, 32(2), 334–343. https://doi.org/10.5465/amr.2007.24345254
Hayes, A. F. (2013). Introduction to mediation, moderation, and conditional process analysis: A regression-based approach. Guilford Press. https://www.guilford.com/books/Introduction-to-Mediation-Moderation-and-Conditional-Process-Analysis/Andrew-Hayes/9781462549030/prior-editions
He, Z. L., & Wong, P. K. (2004). Exploration vs. exploitation: An empirical test of the ambidexterity hypothesis. Organization Science, 15(4), 481–494. https://doi.org/10.1287/orsc.1040.0078
Hillman, A. J., & Dalziel, T. (2003). Boards of directors and firm performance: Integrating agency and resource dependence perspectives. Academy of Management Review, 28(3), 383–396. https://doi.org/10.5465/amr.2003.10196729
Investor Responsibility Research Center Institute. (2018). Microcap Board Governance. Board Governance Research LLC. https://bpb-us w2.wpmucdn.com/sites.udel.edu/dist/8/12944/files/2022/07/FINAL-MicroCap-Governance-Study-Aug-1-2018.pdf
Jansen, J. J. P., Van Den Bosch, F. A. J., & Volberda, H. W. (2006). Exploratory innovation, exploitative innovation, and performance: Effects of organizational antecedents and environmental moderators. Management Science, 52(11), 1661–1674. https://doi.org/10.1287/mnsc.1060.0576
Jansen, J. J. P., Van den Bosch, F. A. J., & Volberda, H. W. (2009). Organizational antecedents of managerial ambidexterity: A meta-analysis. Strategic Organization, 7(1), 71–94. https://doi.org/10.1177/1476127008100134
Jaskiewicz, P., & Dyer, W. G. (2017). Addressing the elephant in the room: Disentangling family heterogeneity to advance family business research. Family Business Review, 30(2), 111–118. https://doi.org/10.1177/0894486517700469
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Junni, P., Sarala, R. M., Tarba, S. Y., & Weber, Y. (2013). The role of strategic agility in acquisitions. British Journal of Management, 24(4), 588–605. https://doi.org/10.1111/j.1467-8551.2012.00815.x
Kammerlander, N., Dessi, C., Bird, M., Floris, M., & Murru, L. (2020). Organizational ambidexterity in family-managed firms: The role of family involvement in top management. Family Business Review, 33(4), 393–416. https://doi.org/10.1177/0894486520928357
Kassotaki, O. (2022). Review of organizational ambidexterity research. SAGE Open, 12(1), 1–18. https://doi.org/10.1177/21582440221082127
La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (1999). Corporate ownership around the world. The Journal of Finance, 54(2), 471–517. https://doi.org/10.1111/0022-1082.00115
Le Breton-Miller, I., & Miller, D. (2006). Why do some family businesses out-compete? Governance, long-term orientations, and sustainable capability. Entrepreneurship Theory and Practice, 30(6), 731–746. https://doi.org/10.1111/j.1540-6520.2006.00147.x
Le Breton-Miller, I., Miller, D., & Steier, L. P. (2004). Toward an integrative model of effective FOB succession. Entrepreneurship Theory and Practice, 28(4), 305–328. https://doi.org/10.1111/j.1540-6520.2004.00047.x
Lefebvre, V. (2023). Human resources slack and profitability: SMEs, large firms, and the role of business group affiliation. Eurasian Business Review, 13, 1–27. https://doi.org/10.1007/s40821-023-00240-9
Levinthal, D. A., & March, J. G. (1993). The myopia of learning. Strategic Management Journal, 14(S2), 95–112. https://doi.org/10.1002/smj.4250141009
Lubatkin, M. H., Simsek, Z., Ling, Y., & Veiga, J. F. (2006). Ambidexterity and performance in small-to-medium-sized firms: The pivotal role of top management team behavioral integration. Journal of Management, 32(5), 646–672. https://doi.org/10.1177/0149206306290712
March, J. G. (1991). Exploration and exploitation in organizational learning. Organization Science, 2(1), 71–87. https://doi.org/10.1287/orsc.2.1.71
Marques, L. D., Borba, V. R., & Leitão, J. (2014). Institutional context and corporate governance systems: A comparative analysis. Corporate Governance: The International Journal of Business in Society, 14(2), 212–230. https://doi.org/10.1108/CG-11-2013-0123
Marques, P., Presas, P., & Simon, A. (2014). The heterogeneity of family firms in CSR engagement: The role of values. Family Business Review, 27(3), 206–227. https://doi.org/10.1177/0894486514539004
Mazzelli, A., Kotlar, J., & De Massis, A. (2023). Capturing family firm heterogeneity in research on organizational goals: A review and research agenda. Journal of Management, 49(1), 44–78. https://doi.org/10.1177/01492063221093714
McKinsey & Company. (2026). CEO succession at family-owned businesses: Passing the baton. https://www.mckinsey.com/industries/private-capital/our-insights/passing-the-baton-creating-value-through-ceo-succession-at-family-businesses
McKinsey & Company. (2020). The CEO’s guide to organizational agility. https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/the-ceos-guide-to-organizational-agility
Miller, D., Steier, L., & Le Breton-Miller, I. (2003). Lost in time: Intergenerational succession, change, and failure in family business. Journal of Business Venturing, 18(4), 513–531. https://doi.org/10.1016/S0883-9026(03)00058-2
Miller, D., & Le Breton-Miller, I. (2005). Managing for the long run: Lessons in competitive advantage from great family businesses. Harvard Business School Press. https://openlibrary.org/books/OL8854570M/Managing_For_The_Long_Run
Miller, D., & Le Breton-Miller, I. (2006). Family governance and firm performance: Agency, stewardship, and capabilities. Family Business Review, 19(1), 73–87. https://doi.org/10.1111/j.1741-6248.2006.00063.x
Miller, D., Le Breton-Miller, I., Lester, R. H., & Cannella, A. A. (2007). Are family firms really superior performers? Journal of Corporate Finance, 13(5), 829–858. https://doi.org/10.1016/j.jcorpfin.2007.03.004
Miller, D., Le Breton-Miller, I., & Scholnick, B. (2008). Stewardship vs. stagnation: An empirical comparison of small family and non-family businesses. Journal of Management Studies, 45(1), 51–78. https://doi.org/10.1111/j.1467-6486.2007.00718.x
Miller, D., Minichilli, A., & Corbetta, G. (2014). Is family leadership always beneficial? Strategic change as a function of CEO tenure in family firms. Strategic Management Journal, 35(7), 1073–1089. https://doi.org/10.1002/smj.2145
Miller, D., & Le Breton-Miller, I. (2021). Family firm governance and succession: A review and research agenda. Academy of Management Perspectives, 35(3), 435–454. https://doi.org/10.5465/amp.2019.0075
Minichilli, A., Corbetta, G., & MacMillan, I. C. (2010). Top management teams in family-controlled companies: ‘Familiness’, ‘faultlines’, and their impact on financial performance. Journal of Management Studies, 47(2), 205–222. https://doi.org/10.1111/j.1467-6486.2009.00888.x
O’Reilly, C. A., & Tushman, M. L. (2013). Organizational ambidexterity: Past, present, and future. Academy of Management Perspectives, 27(4), 324–338. https://doi.org/10.5465/amp.2013.0025
Patel, P. C., & Chrisman, J. J. (2014). Risk abatement as a strategy for R&D investments in family firms. Journal of Product Innovation Management, 31(5), 881–897. https://doi.org/10.1111/jpim.12130
Patel, P. C., & Cooper, D. (2014). The harder they fall, the faster they rise: Approach and avoidance focus in family and non-family firms. Journal of Business Research, 67(10), 1981–1988. https://doi.org/10.1016/j.jbusres.2013.10.007
Patel, P. C., & Cooper, D. (2014). Structural power equality between family and non-family TMT members and the performance of family firms. Academy of Management Journal, 57(6), 1627–1649. https://doi.org/10.5465/amj.2012.0681
Pérez-González, F. (2006). Inherited control and firm performance. American Economic Review, 96(5), 1559–1588. https://doi.org/10.1257/aer.96.5.1559
Petersen, M. A. (2009). Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches. Review of Financial Studies, 22(1). https://ssrn.com/abstract=1320561
Preacher, K. J., & Hayes, A. F. (2008). Asymptotic and resampling strategies for assessing and comparing indirect effects in multiple mediator models. Behavior Research Methods, 40(3), 879–891. https://doi.org/10.3758/BRM.40.3.879
PwC. (2022). Achieving sustainable growth through governance and strategic balance. https://www.pwc.com/
PwC. (2021). Family Business Survey: U.S. findings. PricewaterhouseCoopers LLP. https://www.pwc.com/us/en/industries/private-company-services/family-business-survey.html
Quigley, T. J., & Graffin, S. D. (2017). Reaffirming the CEO’s role in corporate social responsibility: Review and recommendations. Journal of Management, 43(2), 554–582. https://doi.org/10.1177/0149206315587542
Raisch, S., & Birkinshaw, J. (2008). Organizational ambidexterity: Antecedents, outcomes, and moderators. Journal of Management, 34(3), 375–409. https://doi.org/10.1177/0149206308316058
Raisch, S., Birkinshaw, J., Probst, G., & Tushman, M. L. (2009). Organizational ambidexterity: Balancing exploitation and exploration for sustained performance. Organization Science, 20(4), 685–695. https://doi.org/10.1287/orsc.1090.0428
Raisch, S., & Zimmermann, A. (2020). Ambidexterity: The emergence of a new paradigm of strategic management? Organization Science, 31(3), 547–564. https://doi.org/10.1287/orsc.2020.1345
Rondi, E., De Massis, A., & Kotlar, J. (2021). Unlocking innovation potential: A typology of family firms’ innovation strategies. California Management Review, 63(1), 20–43. https://doi.org/10.1177/0008125620955791
S&P Dow Jones Indices. (2026). S&P SmallCap 600® [Factsheet]. https://www.spglobal.com/spdji/en/indices/equity/sp-600/
Sadun, R. (2023). The behavior of CEOs: Time allocation and performance. Harvard Business School Working Paper Series. https://www.hbs.edu/faculty/Pages/item.aspx?num=58289
Sharma, P., Chrisman, J. J., & Chua, J. H. (2001). Predictors of satisfaction with the succession process in family firms. Family Business Review, 14(3), 235–254. https://doi.org/10.1111/j.1741-6248.2001.00235.x
Sharma, P., Chrisman, J. J., & Chua, J. H. (2003). Succession planning as planned behavior: Some empirical results. Family Business Review, 16(1), 1–15. https://doi.org/10.1111/j.1741-6248.2003.00001.x
Sharma, P., & Manikutty, S. (2005). Strategic divestments in family firms: Role of family structure and community culture. Entrepreneurship Theory and Practice, 29(3), 293–311. https://doi.org/10.1111/j.1540-6520.2005.00084.x
Skorodziyevskiy, V., Markin, E., Reuber, A. R., & Autio, E. (2024). The family business CEO: A review of insights and research opportunities. Journal of Family Business Management, 14(4), 642–671. https://doi.org/10.1080/00472778.2023.2284912
Smith, A., Johnson, B., & Lee, C. (2023). Dynamic capabilities and ambidexterity in family firms: Navigating disruption and renewal. Journal of Family Business Strategy, 14(2), 100456. https://doi.org/10.1016/j.jfbs.2023.100456
Spencer Stuart. (2024). 2024 CEO Transitions: The measure of the market. Spencer Stuart Board & CEO Transitions Report. https://www.spencerstuart.com/research-and-insight/2024-ceo-transitions
Spencer Stuart. (2024). S&P 1500 CEO transitions and trends. https://www.spencerstuart.com/research-and-insight
Teece, D. J. (2007). Explicating dynamic capabilities: The nature and microfoundations of (sustainable) enterprise performance. Strategic Management Journal, 28(13), 1319–1350. https://doi.org/10.1002/smj.640
Tri-Council Policy Statement. (2022). Ethical conduct for research involving humans (TCPS2). Government of Canada. https://ethics.gc.ca/eng/policy-politique_tcps2-eptc2_2022.html
Uotila, J., Maula, M., Keil, T., & Zahra, S. A. (2009). Exploration, exploitation, and financial performance: Analysis of S&P 500 firms. Organization Science, 20(6), 1055–1074. https://doi.org/10.1287/orsc.1090.0424
Van Essen, M., Carney, M., Gedajlovic, E. R., & Heugens, P. P. M. A. R. (2015). How does family control influence firm strategy and performance? A meta-analysis of US publicly listed firms. Corporate Governance: An International Review, 23(1), 3–24. https://doi.org/10.1111/corg.12080
Venkatraman, N., Lee, C. H., & Iyer, B. (2006). Ambidexterity and performance in software firms: Evidence from product and service innovations. Academy of Management Proceedings, 2006(1), 1–6. https://doi.org/10.5465/ambpp.2006.22898604
Villalonga, B., & Amit, R. (2006). How do family ownership, control and management affect firm value? Journal of Financial Economics, 80(2), 385–417. https://doi.org/10.1016/j.jfineco.2004.12.005
Wenzel, M., Stanske, S., & Lieberman, M. B. (2021). Strategic responses to crisis. Strategic Management Journal, 42(2), O16–O27. https://doi.org/10.1002/smj.3161
Wooldridge, J. M. (2010). Econometric analysis of cross section and panel data (2nd ed.). MIT Press. https://books.google.com/books?id=cdBPOJUP4VsC
Yoshikawa, T., & Rasheed, A. A. (2010). Family control and ownership monitoring in family-controlled firms in Japan. Journal of Management Studies, 47(2), 274–295. https://doi.org/10.1111/j.1467-6486.2009.00891.x
Zahra, S. A. (2005). Entrepreneurial risk taking in family firms. Family Business Review, 18(1), 23–40. https://doi.org/10.1111/j.1741-6248.2005.00028.x
Zellweger, T. (2017). Managing the family business: Theory and practice. Cheltenham, UK: Edward Elgar Publishing, 527 pp. https://www.scribd.com/document/583264407/Managing-the-Family-Business-Theory-and-Practice-Zellweger-Thomas-M-2017
Zellweger, T. M., & Nason, R. S. (2008). A stakeholder perspective on family firm performance. Family Business Review, 21(3), 203–216. https://doi.org/10.1177/08944865080210030203
Zhao, M., & Lee, D. (2024). Leadership identity and strategic ambidexterity: A longitudinal analysis of small-cap public firms. Strategic Management Journal, 45(3), 421–445. https://doi.org/10.1002/smj.3567