Why Can’t a Family Business Be More Like a Nonfamily Business? Modes of Professionalization in Family Firms

The authors survey arguments that family firms should behave more like nonfamily firms and “professionalize.” Despite the apparent advantages of this transition, many family firms fail to do so or do so only partially. The authors reflect on why this might be so, and the range of possible modes of professionalization. They derive six ideal types: (a) minimally professional family firms; (b) wealth dispensing, private family firms; (c) entrepreneurially operated family firms; (d) entrepreneurial family business groups; (e) pseudoprofessional, public family firms; and (f) hybrid professional family firms. The authors conclude with suggestions for further research that is attentive to such variation

The Yin and Yang of Kinship and Business: Complementary or Contradictory Forces?

Are the social domains of kinship and business on balance complementary or contradictory? Do ventures that invest heavily in both – conventionally referred to as “family firms” – bear a net gain or net loss? We are scarcely the first to raise these questions. How then will we try to contribute to an answer? We try this in five ways, all of them based on previous literature. First, we develop the dichotomy of kinship and business by taking seriously the metaphor of yin and yang, merging it with the anthropological constructs of structural domains such as “domestic” and “public.” This metaphor proves to shed light on the relevant literature. Second, we provide a qualitative survey of the costs and benefits of kinship in business. Third, we summarize the empirical work that addresses the performance outcomes from family involvement. Fourth, we consider the practitioner implications of these studies. Finally, we ask if scholars are as yet in a position to answer these questions

Globalization of Legal Practice in the Internet Age

The Internet\u27s global reach has had a significant impact on the legal profession. This essay explains a few of the key developments in this area, including: competition fueled by outsourcing legal work to lower-wage earning lawyers around the world, virtual work changing client interaction and attorney work schedules, law firm reputation as a result of information availability on the Internet, work-product monitoring and the commoditization of legal services, and work force diversity spurred by the influence of international clients. Globalization of The Legal Profession, Symposium. Indiana University School of Law-Bloomington, April 6, 200

Rivals’ Reactions to Mergers and Acquisitions

Mergers and acquisitions research has principally focused on attributes of the acquiring firm and post-acquisition outcomes. To extend our knowledge, we focus on external factors, in particular rival responses, and explore when and how rivals respond to their competitor’s acquisitions. Leveraging the awareness–motivation–capability framework, we predict and find evidence that a rival’s dependence on markets in common with the acquirer, resource similarity between rival and acquirer, and a rival’s organizational slack increase the volume and, in some cases, also the complexity of a rival’s competitive actions following an acquisition. Furthermore, the type of acquisition positively moderates some of these relationships. The results extend our understanding of the influence of mergers and acquisitions on competitive dynamics in the marketplace

Altruistic CEOs can be as risky as greedy ones

The most successful leaders exhibit moderate self-interest, argue Katalin Takacs-Haynes, Matthew Josefy and Michael A. Hit

Strategic Competitiveness in the 1990s: Challenges and Opportunities for U.S. Executives

U.S. firms face a major global competitiveness challenge. Although the problems relate, in part, to differences in the economic structure, history and cultural differences between the U.S. and foreign rivals, these factors may not explain as much of the variance in competitiveness as they did in the past. Competitiveness problems are also linked to a number of strategic factors under the control of managers. Among them are the absorption of managerial energy in mergers and acquisitions, increasing levels of debt, increasing firm size, greater firm diversification, lack of investment in human capital and inappropriate corporate culture. In response to these problems, many firms are restructuring. When executed properly, restructuring can help managers regain strategic control and improve the competitiveness of their companies. However, restructuring efforts must be accompanied by a renewed emphasis on competitive strengths, improvements in human resource development programs, a refocus on innovation and quality, promotion of an entrepreneurial culture and a global, long-term strategy

Space Launch System Spacecraft and Payload Elements: Making Progress Toward First Launch

Significant and substantial progress continues to be accomplished in the design, development, and testing of the Space Launch System (SLS), the most powerful human-rated launch vehicle the United States has ever undertaken. Designed to support human missions into deep space, SLS is one of three programs being managed by the National Aeronautics and Space Administration's (NASA's) Exploration Systems Development directorate. The Orion spacecraft program is developing a new crew vehicle that will support human missions beyond low Earth orbit, and the Ground Systems Development and Operations (GSDO) program is transforming Kennedy Space Center (KSC) into next-generation spaceport capable of supporting not only SLS but also multiple commercial users. Together, these systems will support human exploration missions into the proving ground of cislunar space and ultimately to Mars. SLS will deliver a near-term heavy-lift capability for the nation with its 70 metric ton Block 1 configuration, and will then evolve to an ultimate capability of 130 metric tons. The SLS program marked a major milestone with the successful completion of the Critical Design Review in which detailed designs were reviewed and subsequently approved for proceeding with full-scale production. This marks the first time an exploration class vehicle has passed that major milestone since the Saturn V vehicle launched astronauts in the 1960s during the Apollo program. Each element of the vehicle now has flight hardware in production in support of the initial flight of the SLS - Exploration Mission-1 (EM-1), an uncrewed mission to orbit the moon and return, and progress in on track to meet the initial targeted launch date in 2018. In Utah and Mississippi, booster and engine testing are verifying upgrades made to proven shuttle hardware. At Michoud Assembly Facility (MAF) in Louisiana, the world's largest spacecraft welding tool is producing tanks for the SLS core stage. This paper will particularly focus on work taking place at Marshall Space Flight Center (MSFC) and United Launch Alliance (ULA) in Alabama, where upper stage and adapter elements of the vehicle are being constructed and tested. Providing the Orion crew capsule/launch vehicle interface and in-space propulsion via a cryogenic upper stage, the Spacecraft/Payload Integration and Evolution (SPIE) Element serves a key role in achieving SLS goals and objectives. The SPIE element marked a major milestone in 2014 with the first flight of original SLS hardware, the Orion Stage Adapter (OSA) which was used on Exploration Flight Test-1 with a design that will be used again on EM-1. Construction is already underway on the EM-1 Interim Cryogenic Propulsion Stage (ICPS), an in-space stage derived from the Delta Cryogenic Second Stage. Manufacture of the Orion Stage Adapter and the Launch Vehicle Stage Adapter is set to begin at the Friction Stir Facility located at MSFC while structural test articles are either completed (OSA) or nearing completion (Launch Vehicle Stage Adapter). An overview is provided of the launch vehicle capabilities, with a specific focus on SPIE Element qualification/testing progress, as well as efforts to provide access to deep space regions currently not available to the science community through a secondary payload capability utilizing CubeSat-class satellites

Effects of Acquisitions on R&D Inputs and Outputs

Making acquisitions, although a popular strategy, may not always lead to positive firm performance. Researchers have offered several explanations for this relationship. One is that acquisitions lead to lower investments in R&D and curtail the championing process whereby organization members internally promote new products and processes in firms. The current research found that acquisitions had negative effects on R&D intensity and patent intensity