Leadership of the firm by multiple family members has become common practice in the context of family business transfer from one generation to another (Cater and Justis, 2010). This new trend in the family business can be linked to the general trend of entrepreneurship to become a collective phenomenon. Several research studies have suggested that firms directed by teams are on average more profitable than firms directed by a single individual (Vyakarnam, 2005; Clarkin, J. and Rosa, 2005 ; Ucbasaran and al., 2003 ; Lechler, 2001). Firms directed by teams are gaining momentum in the increasingly dynamic and complex global environment (Slevin and Covin, 1992), and they have a significantly greater propensity to survive (Westhead and al., 1995). The growing research into entrepreneurial teams has highlighted its positive impact on the firm performance (Cooper and Daily, 1997; Birley and Stockley, 2000; Teal and Hofer, 2003).
Cisneros-Martinez, Luis-Felipe; Cherchem, Naïma; and Deschamps, Bérangère
"THE ROLE OF FAMILY SUCCESSION TEAMS IN THE RENEWAL OF THE FIRM’S ENTREPRENEURIAL ORIENTATION (SUMMARY),"
Frontiers of Entrepreneurship Research: Vol. 34
, Article 6.
Available at: http://digitalknowledge.babson.edu/fer/vol34/iss16/6