Leadership succession and transgenerational entrepreneurship in family firms: an evolutionary perspective of familiness

Abstract

This article analyses how familiness influences the evolution of entrepreneurial ac- tions undertaken by new-generation family leaders. Despite the recognised importance of familiness in family firms’ entrepreneurship, the mechanism by which it influences transgen- erational entrepreneurship during leadership succession remains largely unexplored. Through qualitative analysis of the entrepreneurial processes carried out by five multigenerational family firms, we identify how resources associated with familiness shape strategic renewal and their evolution across the transgenerational entrepreneurship process. Our results shed light on the critical role of leaders’ managerial capabilities in orchestrating the resources of family firms and engaging key stakeholders to support entrepreneurial ventures and growth opportunities. Among the practical contributions, the article offers a set of strategies for assisting new leaders of family firms in their entrepreneurial pursuits.