Handbook of Research on Family Business

During the previous decade, the multi-disciplinary field of family business has advanced significantly in terms of advances in theory, development of sophisticated empirical instruments, systematic measurement of family business activity, use of alternative research methodologies and deployment of robust tools of analysis. This second edition of the Handbook of Research on Family Business presents important research and conceptual developments across a broad range of topics. The contributors – notable researchers in the field – explore the frontiers of knowledge in family business entrepreneurship and stimulate critical thinking, enriching the repository of theoretical frameworks and methodologies

Evaluating Flexibility in Small Firm Financing

The choice of financing source is particularly difficult for a small firm due to the high uncertainty about future liquidity requirements. We show that the techniques of continuous time arbitrage and stochastic control theory may be used not only to value such firms but also to determine the optimal financing policies. In particular, we investigate the choice between liquid, but more expensive, forms of financing and restrictive, but cheaper, sources of capital. In addition to developing an optimal financing policy for a typical firm, we estimate the value of flexibility in a financing arrangement. This, in turn, provides a rational explanation for the otherwise surprisingly high levels of flexible financing used by small firms. Beyond small firm management, our findings have important implications for financial institutions and regulators

City-zen 'Nicosia' Roadshow - Site Specific EVENT

The City-zen Roadshow's are 'site specific performance based' interactive events that bring together experts and city stakeholders 'onsite' to co-creatively design a future sustainable vision for their city. There would be nine European Roadshows over a four year period, the duration of a Roadshow being typically between 3 to 8 days. The City-zen Roadshow travels with a team of internationally recognized experts, in the field of energy planning and design to help develop a sustainable agenda for cities and their neighbourhoods. The overall aim of the Roadshow team was to work closely with people from the hosting city, whether they be city leaders, energy planners, local architect, professionals, academics, students and citizens. In Nicosia, the Roadshow spent 8 days delivering energy and urban design fun-shops to local stakeholders from both sides of the political and geographical divide in order to encourage 'Bicommunal' city and island participation and peace. Outcomes would allow the cities resources, both people and energy, to be directed effectively, by highlighting the energy challenges and potentials to be found in their neighbourhoods, and to finally present a sustainable ‘City Vision’

The views of UK family business owners on flotation

This empirical research paper draws evidence from a database of UK independent private companies (n=250) and reports on the financial aspirations of owner-managers of family firms with respect to the flotation route. Following a brief review of the literature, the paper proceeds with an introduction of the UK survey into the financial development of private SMEs. Then evidence is presented on the perceived factors that influence the decision of owner/directors of family companies to consider the flotation option. Phase A employs univariate statistical analysis to contrast financial philosophies of the owner-managing directors (OMDs) of family firms against those of their mainstream private counterparts. Phase B employs cluster analysis to categorise sample family companies into four generic groups that evidently highlight that the PLC route is not always tailored to financial issues. The empirical results demonstrate that the financial strategies of family companies are more or less in line with the behavioural issues shaping all private companies irrespective of family control. Finally, the paper concludes with a set of tentative policy implications. To encourage the public equity development of smaller privately held companies, particularly family firms, there is scope for more policy initiatives that are tuned to the "socio-behavioural-cultural" ethos of private-OMDs as they master their corporate and entrepreneurial odyssey

Family business background, perceptions of barriers, and entrepreneurial intentions in Cyprus

This paper investigates the influence of family business background, contextual barriers, and socio-demographic variables on career decisions, such as starting a new business or joining the family firm. A survey of 167 respondents was used embracing the two main communities of Cyprus, Greek and Turkish Cypriots. There is a low, but statistically significant, correlation between a family business background and the intention to start a new business. Entrepreneurial education is not correlated, while entrepreneurial self-efficacy has a positive correlation with the intention to start a new business. Factor analysis of perceived barriers to entrepreneurship identified six major underlying factors and correlated factor scores with the decision to start a new business or join the family business. Factor scores were not found to be significantly correlated with these decisions. Gender and entrepreneurial self-efficacy are not correlated with the decision to join the family business