Abstract
ABSTRACT This study aims to investigate the relationship between Family firms and innovation. This paper will examine how innovation capacity is affected by family involvement and other characteristics of a family firm. We will analyze 100 U.S. Family firms, from America's largest 100 family firms out of the Family business magazine, winter issue 2011. We will observe family Involvement, size, and age of the firm along with other TMT demographics. To understand innovation in family-owned businesses, we will focus on the capacity to innovate as well as innovative activities such as research and development, number of patents, and new product development. The purpose of this study is to examine how family business characteristics, specifically Top Management Teams (TMTs) and innovation are related. Specifically, this research will investigate the significance of the innovative capacity and how it is influenced by family involvement, difference of age, long term orientation and other TMT characteristics of family firms. We hope to contribute to the field by developing a better understanding of innovation and sustainable competitive advantage within the Family Business. This paper will advance the research on strategic innovation in a family firm as well as shed light on the failure of innovation management literature to recognize, embrace and deliberately integrate family firms into the literature.
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