Built upon the mixed gamble perspective, we used a recent survey on Chinese family firms (FFs) and found that increased family influence lowers Chinese FF environmental proactiveness, as they show a peculiar tendency to take a financial view rather than a socioemotional wealth view. Moreover, we found that increased resource endowment attenuates this tendency, whereas provincial marketization strengthens it. However, entrepreneur reputation does not have a significant moderating effect. Overall, the study enriches an understanding of environmental proactiveness for FFs, organizational heterogeneity, and institutional differences. It also introduces new elements into the mixed gamble framework.

Built upon the mixed gamble perspective, we used a recent survey on Chinese family firms (FFs) and found that increased family influence lowers Chinese FF environmental proactiveness, as they show a peculiar tendency to take a financial view rather than a socioemotional wealth view. Moreover, we found that increased resource endowment attenuates this tendency, whereas provincial marketization strengthens it. However, entrepreneur reputation does not have a significant moderating effect. Overall, the study enriches an understanding of environmental proactiveness for FFs, organizational heterogeneity, and institutional differences. It also introduces new elements into the mixed gamble framework.

Family foundations are prevalent, but seldom have researchers examined its function and influence as an ownership vehicle for family businesses. This paper advances an institutionalized reference-point theory to explain family foundation’s role on perpetuating family business. The theory posits that these foundations cultivate family members long-term commitment to corporate responsibility which enhances the identification and socio-economic wealth creation of business families. In a longitundinal study of public-listed family businesses (1996-2016) in Taiwan using survival analysis, the presence of family foundation not only itself promotes, but also, as a moderator, heightens the positive effect of family ownership on longevity of family firms. Qualitative evidence from interviewing professional accountants affirmed that family foundations strengthened the identification of members to the family businesses. Further, while their purpose was for charity and not control of the business, establishing the foundation shifted family members’ orientation for the long-term, which resulted in longer survival.

Family foundations are prevalent, but seldom have researchers examined its function and influence as an ownership vehicle for family businesses. This paper advances an institutionalized reference-point theory to explain family foundation’s role on perpetuating family business. The theory posits that these foundations cultivate family members long-term commitment to corporate responsibility which enhances the identification and socio-economic wealth creation of business families. In a longitundinal study of public-listed family businesses (1996-2016) in Taiwan using survival analysis, the presence of family foundation not only itself promotes, but also, as a moderator, heightens the positive effect of family ownership on longevity of family firms. Qualitative evidence from interviewing professional accountants affirmed that family foundations strengthened the identification of members to the family businesses. Further, while their purpose was for charity and not control of the business, establishing the foundation shifted family members’ orientation for the long-term, which resulted in longer survival.

This chapter introduces the STEP Project Global Consortium Casebook and its various benefits, for students, family firm owners, managers, and consultants. Particularly, it emphasises on the need for family firms to learn from the challenges and disruptions they faced and the responses of other family firms to them. It introduces learnings from the experiences of other family leaders who already faced unexpected crises and offers a unique opportunity to reflect, learn, and react. The cases in this Casebook are concise, real, relevant, timely, peer-reviewed, diverse, and global. The cases were written by global scholars who followed an applied research approach to convert the tacit knowledge that family firms have gained into explicit knowledge that can be transmitted across generations and family firms. They come with a handy learning note that can facilitate the discussions in their own settings.

Ronald Chan was the third-generation heir apparent of a 70-year-old industry leader in Hong Kong. He joined the family-owned cycling business at its toughest time, and witnessed its sales tumble of nearly 50% due to different global crises. Before the COVID-19 pandemic hit, Ronald realized from the prior crises that their reliance on external supply of bicycles made them less responsive in the ongoing waves of disruptions. Hence, he suggested that the family create their own home-grown premium bicycle brand. The pandemic however suppressed the premium brand market, and Ronald needed to make a decision of whether he should detour to build a low-tier brand to meet the current demand, or continue with his plan for a high-end brand for long-term growth.

The collective journey initiated with STEP Project affiliates, collaborators, and business families a few years ago helps us reflect on how business families react to disruptions and how they develop resilient models to survive across generations. Five lessons were learned from resilient families. First, business families see a disruptive event as an event in the sequence of events that are part of the story of their families. Second, business families use previous experience to overcome the present disruption. Third, hopes of family businesses motivate the common goals of finding constructive solutions to the current disruption. Fourth, family businesses are willing to receive advice and recommendations to overcome difficult times. Finally, the collaborative process of resilience starts from family history and family values. There is no one universal way to overcome the disruption but as many ways as there are business families and cultures in which they dwell.

This chapter proposes a way of analyzing and learning from family business cases, from the perspectives of families, advisors, and scholars. It shares how to "fish" knowledge that will maximize learnings from well-crafted cases, what the case learning approach is about and how to read a case in general. Moreover, it discusses how to analyze a family business case, paying specific attention to factors unique to family firms. Finally, it explains how families, advisors, and scholars can best utilize the materials in this Casebook.