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Abstract
This paper explores the drivers of innovation in family firms. Using contingency theory as our theoretical lens, we investigate how contingency factors (“where”, “how”, and “what”) relate to the development of innovation strategies, and how family firm idiosyncrasies affect the development of these innovation strategies. Using four multi-generational family firm case studies, the data collection consisted of 21 interviews and 1,496 items of archival data. We identify five specific elements of family firm innovation strategies (vision and culture alignment, generational approaches, change strategy, future orientation, and shared decision-making). We show how innovation strategy in family firms is contingent on three factors: “Where”: willingness to innovate; “How”: structures and processes needed to innovate; and “What”: capabilities and resources needed to innovate, and that these are influenced by idiosyncratic characteristics of family firms (familiness, founder influence, and succession).
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