»The Honorable and Wise, Our Dear Friend David Steuss« – Tracing the Career of Medieval Austria’s Most Successful Jewish Financier

This chapter illustrates how family businesses use their social capital in business networks, as a means of managing a volatile and uncertain world. By adopting a qualitative approach, we explore how the challenges of the VUCA world are perceived by family businesses and how these challenges affect the shaping of their business networks in conjunction with the use of social capital. Our results suggest that family businesses strengthen adaptability in a VUCA world through diversifying their business networks. Family businesses appear to rely less on strong ties with businesses of similar nature than the literature would suggest and display openness to use weak ties in their networks. This chapter highlights that it is the combination of strong ties among members of the family business and weak ties with partners in the business network that has the potential to enhance family businesses' effective dealing with the VUCA world.

PurposeDrawing on the resource-based view, the purpose of this paper is to investigate the link between resource capabilities and performance by incorporating two network dimensions (i.e. social and business networks), a moderator (i.e. international experience) and a mediator (i.e. marketing capabilities).Design/methodology/approachSME data were collected via surveys. A sampling frame of 3,000 exporting manufactures was developed based on a database sourced from the Korea Chamber of Commerce and Industry. The authors first contacted the managers of each firm in the sampling frame through e-mail or phone to receive permission, and then sent a paper questionnaire. The authors analyzed 392 valid cases using a path analysis.FindingsThe findings largely confirmed the hypotheses in the proposed framework based on the RBV. While social networks only enhanced marketing capabilities and did not directly lead to international performance, business networks enhanced both. Also, unlike social networks, the influence of SME business networks on international performance was weakened as international experience increased. This study found that marketing capabilities mediated the path from business networks to international performance.Research limitations/implicationsThe study explained the distinctive roles played by social and business networks in international performance, extending our knowledge of the RBV by showing how firm resources can turn into sustainable competitive advantages. More importantly, the integration of time into the discussion on networks and international performance extended the business network internationalization process model.Practical implicationsThe authors suggest that Korean SMEs focus on developing their own marketing capabilities by capitalizing on their social and business networks, which could directly enhance international performance. Governments can also offer assistance to SMEs for developing their own marketing capabilities during the initial stages of internationalization, since the benefit of business networks diminishes as international experience increases.Originality/valueBy testing the proposed link between resource capabilities and performance, this study suggested how SME networks can contribute to international performance, extending our understanding of RBV. This study further confirmed the dynamic impact of business networks on international performance, such that it changes over the course of the internationalization process.

Aim/Purpose: This study seeks to investigate if participation in business association’s programs through the traditional and new media platforms influences family businesses in South Eastern Nigeria to diversify into similar or different businesses. Background: Before the advances in information and communication technology, businesses were carried on via the traditional media. The application of these advances has changed the way business communications and transactions are conducted globally in both family and non-family businesses. Businesses are adapting to today’s turbulent environment by opening similar or different businesses in the same or different locations that are hinged on the traditional and new media platforms. Nigerians are largely involved in social network through the traditional (face-to-face contact) and new media (e.g., Facebook, WhatsApp, Twitter, YouTube and Instagram). Moreover, in spite of the commonplaceness of family businesses in Nigeria, these businesses still experience weak diversification, bankruptcy and loss of socio-emotional wealth. Consequent upon the foregoing, this paper specifically investigates if involvement in social network via the traditional media (i.e., participation in business association’s meetings, workshops, seminars) and the new media (i.e., participation in the business association’s interactive sessions on trending business issues through the association’s online social platform like WhatsApp, Twitter), influence family businesses in South Eastern Nigeria to diversify into similar or different businesses. Methodology: The study adopted a qualitative methodology. The qualitative data were generated via interview involving 30 purposively selected businesses from South Eastern Nigeria. This comprises 15 family businesses each that have respectively adopted related and unrelated diversification strategies. Two respondents (i.e., the business owner and a top level manager) each were drawn from the selected businesses. In all, 60 respondents were interviewed. Since the unit of analysis is the family business, the interview transcriptions from all the respondents were subjected to thematic content analysis on the basis of the family businesses. Contribution: Active involvement and participation in all the meetings, discussions, workshops and seminars of the social network via the traditional and new media platforms facilitates the adoption of related or unrelated diversification in family businesses. Moreover, the adoption of similar social network platforms like WhatsApp and Twitter in all the relationships among and between employees and managers, and the transactions of the businesses is one of the key factors for achieving successful related or unrelated diversification in family businesses. Findings: In spite of the risky nature of the business environment, the adoption of related diversification strategies is significantly influenced by resources such as business consultancy services garnered through the traditional and new media platforms of the social network. Also, family businesses that are actively involved in a social network where the actors interact through the traditional and new media are influenced by the resources acquired to consider adopting unrelated diversification. These resources include: better understanding of the nature of business challenges, environments and experiences; and different lines of businesses. Thus, the traditional and new media platforms are complementary in their roles. Recommendations for Practitioners: Family business owner-managers could use the findings to develop related or unrelated strategies for diversifying into existing or new markets. This can be through the localization of manufacturing plant, improvement of product packaging, sitting of sales outlet closer to the consumers, introduction of lower prices for products/services, introduction of new and better ways of service delivery, or development of more compelling promotion strategies. Recommendation for Researchers: As a veritable guide, this study could guide future researchers in the formulation of their objectives, selection of instrument for data collection and respondents, and adoption of method of data analysis. Impact on Society: Successful diversification suggests the establishment of new or more businesses. Consequently, these new or more family businesses are expected to translate to more employment opportunities and by extension reduction in unemployment and poverty rates in the society. Future Research: Further studies should be carried out to enhance the development of family businesses, contribute to the existing literature and ensure the generalization of the findings.

International entrepreneurship (IE) is fundamentally captured in the identification and exploitation of opportunities for international exchange. Yet little is known about the methods used by entrepreneurs for opportunity recognition. Previous work on IE emphasizes the importance of social networks for identifying opportunities in foreign markets. While business network and institutional network are less studied in previous studies, this paper aims to examine the effect of social, business, and institutional network on international opportunity recognition with the moderating role of entrepreneurial orientation. By applying network based theory to the analysis of 150 Iranians SMEs, the result indicates that; social network, business network, and institutional network positively affect international opportunities recognition. Furthermore the results show that entrepreneurial orientation moderated the effect of business, and institutional network on international opportunity recognition. While the moderating role of entrepreneurial orientation in the effect of social network on international opportunity recognition, is not supported.

Introduction to the Special Issue

Programme, with his son Maitland, The Lancashire Forum, The Global Eco-Innovation Forum. He is currently sitting on an Eco-I Taskforce to challenge and recommend ways the SME Food & Drink sector in Lancashire can achieve Net Zero Carbon by 2030. In his award-winning blog, one of the Top 40 Coffee Blogs on the Planet, he writes about his Travels to Origin to source traceable coffees that develop into long-term relationships with family farms. He works in 'Speciality' coffee from farm gate to coffee cup and has built Atkinsons into a much-loved brand made up of a Shop and Roastery, four Cafés, a Wholesale B2B and online business.

Web 2.0 technologies have become effective tools in recent years, being used by people everywhere for everything. One of the most effective types of Web 2.0 technology is online social networks. Social networks, like Facebook and Twitter, are being used in communication and for building social capital between people. However, they have become important tools in the business world, and business people have realized that social networks are applicable tools in their daily business tasks. There is a belief that social networking and social media are going to transform peoples live styles, change their cultures, revolutionize communication, and reform the existing business models. From this standpoint, this research investigates and attempts to understand the adoption of social networks in business. This research raises three main questions: 1) What is the impact of utilizing social networks in business?, 2) How does business increase opportunities by adopting social networks?, and 3) What are the obstacles that discourage certain organizations from utilizing social networks in their business? The main theoretical objectives of this research are to investigate and explore the opportunities and reasons behind adopting social networks in business, to investigate the impacts of social networks on business and what the consequences are for individual businesses, and to discover the reasons which are preventing certain businesses from adopting social networks. In order to achieve the researchs objectives about 130 questionnaires were distributed to different private organizations in Oman. Some of the initial findings of this exploratory study are that the majority of organizations that participated fall into the services category; 57% of the respondents have face-to-face meetings as well as online/email to communicate with their customers, and 81% of these organizations allow their employees to access/browse the Internet during working hours; 31% of the organizations said that the main gain from utilizing social networking is to encourage and empower employees to discuss ideas, post news, ask questions, and share links; 62% of the organizations agreed that one of the obstacles preventing them from adopting social networking is the lack of quantifiable business benefits. This study is expected to help businesses that are trying to gain competitive advantage by deploying these new technologies and ideas for the enhancement of their operations.

This study examines the effects of personal and business networks on fundraising successes through fundraising opportunities and analyze the differences in the effects of personal and business networks vary depending on the firm’s age groups. The first finding of this study is that both the startup founder's personal and business networks increase the funding opportunities for startups. Second, the number of successful investments increases as the number of fundraising opportunities from business networks increases. Third, the total effect of business networks is greater than the total effect of personal networks. Fourth, the difference in the effect of a founder's business and personal network on investment success in an old or mature startup firm is greater than the difference in effect in a new and nascent startup firm. This result means that young start-ups that do not yet have sufficiently developed business networks rely on private networks to attract investment, and that the two types of networks have similar effects on investment attraction success in the early stages of the startup business. This study contributes to the literature by showing that the effectiveness of fundraising through business networks is greater than those of personal networks and the impacts of social networks on fundraising successes vary depending on the age or growth stage of startups.

Purpose– The purpose of this paper is to provide empirical insights to understanding trust as a relational form of social capital, and its effects on entrepreneurial processes, in small- and medium-sized family businesses.Design/methodology/approach– This paper adopts a qualitative case-study approach, with data from fieldwork interviews, observations, and secondary sources analysed by using interpretative methods.Findings– Although multiple types of trust exist concurrently in small- and medium-sized Chinese family businesses, it is interpersonal trust on the basis of goodwill and competence that prevails, while contractual trust is weak and marginal. Three patterns of trusting relationships are identified, each of which has both positive and negative effects on entrepreneurship and innovation in family businesses. There is a potential “dark side” of trust, which incurs extra cost and commitment to small- and medium-sized family businesses in their entrepreneurial processes.Research limitations/implications– Future research with larger sample sizes is suggested to generalise the insights, by using both qualitative and quantitative methods. More empirical work is needed to further clarify the antecedents of trust as a social capital and the potential “dark side” of trust in small- and medium-sized family businesses, particularly across generations.Practical implications– Family business owner-managers should try to avoid relying on a single type of trust, which may incur extra costs to the entrepreneurial processes. They need to better understand why they trust certain actors in their business and social networks before assigning resources to specific business activities. Policy makers are suggested to recognise the “benefits” of the traditionally family-oriented values and that kinship-based trust is also a relational form of social capital and can produce entrepreneurial outcomes.Originality/value– The paper critically reviews existing literature on social capital, trust, entrepreneurship, and family business at their point of intersection and identifies gaps and oversights. Drawing on case studies from China, the paper explores different patterns in which trust develops in second-generation small- and medium-sized Chinese family businesses and their varying effects on entrepreneurship.

Family, social and business connections create implicit benefits between borrowers and lenders. We model how these benefits influence credit allocation, cost, and renegotiation between the borrower and the lender in case of delinquency. The optimal solution illustrates that financing with implicit benefits achieves lower financing costs, higher managerial effort, and better economic outcomes for both the borrower and the lender in a competitive market or in a monopoly market where the lender maximises profit. The results reconcile the empirical evidence that financing through family, social and business networks is prevalent and often associated with good economic results even though it can be destructive in some scenarios. The model also demonstrates that, since a non-contractual, non-legal-based environment can trigger ex-post non-pecuniary costs on the borrower and lender, only politically connected (or other powerful) players survive when these costs are large. Finally, informational and financial disadvantage due to the growing size and complexity of projects, and the breakdown of relationships in modern society may explain the decline of financing in social networks despite the advantages arising from implicit benefits.

State regulation of business in social networks provides for the protection of personal data, intellectual property rights and ensuring the confidentiality of information of legal entities and individuals. The purpose of the academic paper is to analyse the international experience of state regulation of business in social networks and to determine the approach to the model of its implementation. Features of the development of digital technologies make it possible to improve the selection of methods for carrying out the research, which will be based on the use of expert evaluation. The research methodology consists in conducting a comprehensive study of the modern environment of social networks and identifying key areas for state intervention and defining the legal framework for conducting business in social networks. In the course of analysing the state regulation of business in social networks, the search method, induction and deduction, and the empirical method were used. With the help of the latter, an analysis of the level of state presence in the activities of the corporate sector and the implementation of characteristic principles was carried out. The results of the academic paper characterize the trends of strengthening the influence of the state on the regulation of business activities in social networks, the need to introduce reporting and the existing system of user data protection. Thus, the academic paper provides a comprehensive analysis of state regulation of business in social networks.

State regulation of business in social networks protects personal data and intellectual property rights andensures the confidentiality of information of legal entities and individuals. The purpose of the academic paper is to analyze the international experience of state regulation of business in social networks and to determine the approach to the model of its implementation. Features of the development of digital technologies make it possible to improve the selection of methods for carrying out the research, which will be based on expert evaluation. The research methodology consists in conducting a comprehensive study of the modern environment of social networks and identifying key areas for state intervention, and defining the legal framework for conducting business in social networks. In the course of analyzing the state regulation of business in social networks, the search method, induction and deduction, and the empirical method were used. With the latter’s help, an analysis of the level of state presence in the activities of the corporate sector and the implementation of characteristic principles were carried out. The results of the academic paper characterize the trends of strengthening the influence of the state on the regulation of business activities in social networks, the need to introduce reporting, and the existing system of user data protection. Thus, the academic paper provides a comprehensive analysis of state regulation of business in social networks.

Current research on networks in family businesses has approached the topic from a mono-rational perspective where the family, business and social networks are each considered in relative isolation. This paper argues that multi-rational approaches, which accept that the three groups of networks interact and overlap, offer a useful alternative perspective. In proposing the case for multiple rationalities as a framework within which family business networking can be viewed – and in putting forward an initial model – the paper allows the interaction of the different networks within the family business to be more fully acknowledged. Evidence from the literature is presented as a basis for further exploration using empirical approaches and it is emphasised that further and empirical approaches are required.

The remarkable economic performance of the Southeast Asian region has provoked debates among social scientists. One key area of contention is whether there is a particular form of capitalism to account for the East Asian phenomenon. Most of the studies conducted, however, have focused either on national industrial policies and market forces or on a broad cultural explanatory view, such as recourse to Confucianism or Asian values. This article, building on work done by these scholars, seeks to look at not only the effectiveness of business networks in the expansion of businesses, but more importantly, and an area that has been largely unexplored, the drawbacks of Asian business networking. Some questions that the article sets out to answer include: Are there any issues of conflict and inheritance that are exclusive to Chinese family business? If yes, what are they and why are these issues unique to Chinese family business? Is there a particular way that Chinese businesses deal with these issues? Most studies on Chinese family firms and business networks have focused on ‘success’. This article seeks to study business failures, focusing on issues of conflict and inheritance. In a sense, it looks at the ‘dark side’ or dysfunctions of family business, filling an important gap in the current research literature. Using extensive case study interviews conducted in Singapore and Malaysia, as well as fieldwork in China, the article examines the intricate processes in running a family enterprise as well as the nature and management of conflicts.

An exploratory study of international opportunity identification among family firms