The Centennial Family Firm: Some Thoughts on Its Survival

DOI: https://doi.org/10.18543/bee.2741
Keywords: Family firm, entrepreneurship, firm survival

Abstract

Not many family businesses have managed to overcome a century of activity through the transmission of tangible and intangible resources, which passes from hand to hand for more than four or five generations in a family. In the absence of a theory of family firms that can explain why some companies survive forever while others perish along the way, this paper provides a partial reflection on the role that entrepreneurship plays in contributing to the strategic renewal of the original family business, and therefore, to the extension of its longevity.

Received: 28 April 2023
Accepted: 28 June 2023

Author Biographies

Jung English, Universidad Católica del Uruguay

PhD in Economics and Business Management from the University of Deusto. Professor Emeritus of the Catholic University of Uruguay. He has been Full Professor and Director of the Department of Economics at the Catholic University of Uruguay until 2019. His research areas are entrepreneurship, innovation and economic development. He has published in renowned journals such as Entrepreneurship and Regional Development or Business Research Quarterly, among others. Throughout his professional career, he has worked mainly on business and regional strategy, competitiveness analysis and industrial policy. He has been a consultant to international organisations and companies, was Economic Advisor to the Chamber of Industries of Uruguay, and worked for the Inter-American Development Bank. In the public sector, he was advisor to the Ministry of Industry, Energy and Mining and Vice-President of the Central Bank of Uruguay.

Iñaki Peña-Legazkue, Universidad de Deusto

PhD and Professor of the Department of Economics and Finance at Deusto Business School (DBS), University of Deusto. He has published numerous books, book chapters and articles in scientific journals on topics related to entrepreneurship and regional development. He is the principal investigator of the Research Team “Innovation, Knowledge, Entrepreneurship and Sustainability”, distinguished as a Recognised Group in category “A” by the Basque Government. He coordinates the PhD programme “Business and Territorial Competitiveness, Innovation and Sustainability”. Until 2020, he has been responsible for the Technical Management in Spain of the international project GEM (Global Entrepreneurship Monitor) and the national chapter of the international project PSED (Panel Study of Entrepreneurial Dynamics). She has participated as a member of the Board of Directors of the “Observatorio Nacional del Emprendimiento” and of the Advisory Board of the Inclusive Entrepreneurship Project sponsored by the OECD and the European Commission (2011-2014). During his time at the Basque Institute of Competitiveness, he set up the “CRECER+” business angel network.

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Published
2024-03-22
How to Cite
English, Jung, and Iñaki Peña-Legazkue. 2024. “The Centennial Family Firm: Some Thoughts on Its Survival”. Bulletin of Economic Studies 78 (234), 77-91. https://doi.org/10.18543/bee.2741.
Issue
Vol. 78 No. 234 (2023): Entrepreneurship and Family Business: A natural symbiosis
Section
Articles

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