Abstract
Existing theory describes how family firms utilize a unique socioemotional reference point to frame strategic decision making, but scholars have not fully considered family-level strategy or changes in reference points. We theorize that as business-owning families are socialized with actors who provide new information, their collective knowledge structures are altered and, thus, the nature of reference points used in strategic decision making is impacted. Specifically, we link the socialization of next-generation family members to the temporal focus of reference points (i.e., backward or forward looking) and socialization into the capitalist class to the spatial focus of reference points (i.e., internally or externally oriented). Further, we theorize that the use of nonfamily professional advisors accelerates reference point shift. Our theory reveals the decisive role of social capital in reference point change and sheds light on how business-owning families may break free from old strategic frames. In doing so our framework provides a route to explore the sociocognitive processes underlying reference points’ development and use, as well as sensemaking and interpretation more generally.
REFERENCES
- 2002. Social capital: Prospects for a new concept. Academy of Management Review, 27: 17–40.Link , Google Scholar
- 1977. Temporal comparison theory. Psychological Review, 84: 485–503. Google Scholar
- 1981. Differentiation within the U.S. capitalist class. American Sociological Review, 57: 59–72. Google Scholar
- 2003. The pervasive effects of family on entrepreneurship: Toward a family embeddedness perspective. Journal of Business Venturing, 18: 573–596. Google Scholar
- 2014. Financial performance of family firms. In L. Melin, M. Nordqvist., & P. Sharma (Eds.), Sage handbook of family business: 157–178. Thousand Oaks, CA: Sage. Google Scholar
- 2017. Organizational learning in target setting. Academy of Management Journal, 60: 1189–1211.Link , Google Scholar
- 2007. The development of organizational social capital: Attributes of family firms. Journal of Management Studies, 44: 73–95. Google Scholar
- 2008. Identification in organizations: An examination of four fundamental questions. Journal of Management, 34: 325–374. Google Scholar
- 2000. The paradox of success: An archival and a laboratory study of strategic persistence following radical environmental change. Academy of Management Journal, 43: 837–853.Link , Google Scholar
- 2014. Social cognition: An integrated introduction. Thousand Oaks, CA: Sage. Google Scholar
- 2005. Creating something from nothing: Resource construction through entrepreneurial bricolage. Administrative Science Quarterly, 50: 329–366. Google Scholar
- 1996. The role of strategic reference points in explaining the nature and consequences of human resource strategy. Academy of Management Review, 21: 926–958.Link , Google Scholar
- 2017. The impact of technical consultants on the quality of their clients’ products: Evidence from the Bordeaux wine industry. Strategic Management Journal, 38: 1174–1190. Google Scholar
- 1987. First-order, second-order, and third-order change and organization development interventions: A cognitive approach. Journal of Applied Behavioral Science, 23: 483–500. Google Scholar
- 2004. Inherited wealth. Princeton, NJ: Princeton University Press. Google Scholar
- 2012. Socioemotional wealth in family firms: Theoretical dimensions, assessment approaches, and agenda for future research. Family Business Review, 25: 258–279. Google Scholar
- 2010. Socioemotional wealth and corporate responses to institutional pressures: Do family-controlled firms pollute less? Administrative Science Quarterly, 55: 82–113. Google Scholar
- 2015. Adaptive aspirations and performance heterogeneity: Attention allocation among multiple reference points. Strategic Management Journal, 36: 987–1005. Google Scholar
- 2012. R&D investments in family and founder firms: An agency perspective. Journal of Business Venturing, 27: 248–265. Google Scholar
- 2002. The human organization of time: Temporal realities and experience. Palo Alto, CA: Stanford University Press. Google Scholar
- 1984. Distinction: A social critique of the judgement of taste. Cambridge, MA: Harvard University Press. Google Scholar
- 1991. Language and symbolic power. Cambridge, MA: Harvard University Press. Google Scholar
- 1996. On the family as a realized category. Theory, Culture & Society, 13: 19–26. Google Scholar
- 2006. Social class sentiments in formation: Influence of class socialization, college socialization, and class aspirations. Sociological Quarterly, 47: 471–495. Google Scholar
- 2013. Strategic cognition and issue salience: Toward an explanation of firm responsiveness to stakeholder concerns. Academy of Management Review, 38: 352–376.Link , Google Scholar
- 2018. Beyond constraining and enabling: Toward new microfoundations for institutional theory. Academy of Management Review, 43: 132–155.Link , Google Scholar
- 1986. An approach for relating social structure to cognitive structure. Journal of Mathematical Sociology, 12: 137–189. Google Scholar
- 2005. Corporate governance and competitive advantage in family‐controlled firms. Entrepreneurship Theory and Practice, 29: 249–265. Google Scholar
- 2002. The co-evolution of institutional environments and organizational strategies: The rise of family business groups in the ASEAN region. Organization Studies, 23: 1–29. Google Scholar
- 2014. Dead money: Inheritance law and the longevity of family firms. Entrepreneurship Theory and Practice, 38: 1261–1283. Google Scholar
- 2018. Family business and the 1%. Business & Society, 57: 1191–1215. Google Scholar
- 2012. Socioemotional wealth and proactive stakeholder engagement: Why family‐controlled firms care more about their stakeholders. Entrepreneurship Theory and Practice, 36: 1153–1173. Google Scholar
- 2001. Organizational actions in response to threats and opportunities. Academy of Management Journal, 44: 937–955.Link , Google Scholar
- 2012. Variations in R&D investments of family and nonfamily firms: Behavioral agency and myopic loss aversion perspectives. Academy of Management Journal, 55: 976–997.Link , Google Scholar
- 2015. A closer look at socioemotional wealth: Its flows, stocks, and prospects for moving forward. Entrepreneurship Theory and Practice, 39: 173–182. Google Scholar
- 2011. How social class shapes thoughts and actions in organizations. Research in Organizational Behavior, 31: 43–71. Google Scholar
- 2016. Productivity growth in private‐equity–backed family firms. Entrepreneurship Theory and Practice, 40: 657–683. Google Scholar
- 2014. Are family firms really more socially responsible? Entrepreneurship Theory and Practice, 38: 1295–1316. Google Scholar
- 2010. Perceptions of benevolence and the design of agency contracts: CEO-TMT relationships in family firms. Academy of Management Journal, 53: 69–89.Link , Google Scholar
- 1984. Toward a model of organizations as interpretation systems. Academy of Management Review, 9: 284–295.Link , Google Scholar
- 1987. Strategic planning and individual temporal orientation. Strategic Management Journal, 8: 203–209. Google Scholar
- 2002. Innovating against European rigidities: Institutional environment and dynamic capabilities. Journal of High Technology Management Research, 13: 19–43. Google Scholar
- 2008. Factors preventing intra-family succession. Family Business Review, 21: 183–199. Google Scholar
- 2016. Innovation through tradition: Lessons from innovative family businesses and directions for future research. Academy of Management Perspectives, 30: 93–116.Link , Google Scholar
- 2013. Exit strategies in family firms: How socioemotional wealth drives the threshold of performance. Entrepreneurship Theory and Practice, 37: 1297–1318. Google Scholar
- 1980. The family office as a coordinating mechanism within the ruling class. Insurgent Sociologist, 9: 8–23. Google Scholar
EY. 2016. EY family office guide: Pathway to successful family and wealth management. Available at https://www.ey.com/Publication/vwLUAssets/ey-family-office-guide/$FILE/1006031-family-office-guide-hr.pdf. Google Scholar- 1975. Bilateral kinship: Centripetal and centrifugal types of organization. Journal of Marriage and the Family, 37: 871–888. Google Scholar
- 2009. Entrepreneurs as theorists: On the origins of collective beliefs and novel strategies. Strategic Entrepreneurship Journal, 3: 127–146. Google Scholar
- 1996. Strategic reference point theory. Strategic Management Journal, 17: 219–235. Google Scholar
- 1991. Social cognition. New York: McGraw-Hill. Google Scholar
- 2006. Oligarchic family control, social economic outcomes, and the quality of government. Journal of International Business Studies, 37: 603–622. Google Scholar
- 2019. Perceived parental behaviors and next-generation engagement in family firms: A social cognitive perspective. Entrepreneurship Theory and Practice, 43: 224–243. Google Scholar
- 2012. PERSPECTIVE—Toward a behavioral theory of strategy. Organization Science, 23: 267–285. Google Scholar
- 2006. Cognitive underpinnings of institutional persistence and change: A framing perspective. Academy of Management Review, 31: 347–365.Link , Google Scholar
- 1991. Champions of change and strategic shifts: The role of internal and external change advocates. Journal of Management Studies, 28: 173–190. Google Scholar
- 1985. Linking cognition and behavior: A script processing interpretation of vicarious learning. Academy of Management Review, 10: 527–539.Link , Google Scholar
- 2014. Socioemotional wealth as a mixed gamble: Revisiting family firm R&D investments with the behavioral agency model. Entrepreneurship Theory and Practice, 38: 1351–1374. Google Scholar
- 2011. The bind that ties: Socioemotional wealth preservation in family firms. Academy of Management Annals, 5: 653–707.Link , Google Scholar
- 2007. Socioemotional wealth and business risks in family-controlled firms: Evidence from Spanish olive oil mills. Administrative Science Quarterly, 52: 106–137. Google Scholar
- 2003. The determinants of executive compensation in family-controlled public corporations. Academy of Management Journal, 46: 226–237.Link , Google Scholar
- 2010. Diversification decisions in family controlled firms. Journal of Management Studies, 47: 223–253. Google Scholar
- 2019. CEO risk-taking and socioemotional wealth: The behavioral agency model, family control, and CEO option wealth. Journal of Management, 45: 1713–1738. Google Scholar
- 2010. Family wars: Stories and insights from famous family business feuds. London: Kogan Page. Google Scholar
- 2013. Falls from grace and the hazards of high status: The 2009 British MP expense scandal and its impact on parliamentary elites. Administrative Science Quarterly, 58: 313–345. Google Scholar
- 1992. Problems of explanation in economic sociology. In N. NohriaR. Eccles (Eds.), Networks and organizations: Structure, form and action: 25–56. Boston: Harvard Business School Press. Google Scholar
- 2013. Encountering social class differences at work: How “class work” perpetuates inequality. Academy of Management Review, 38: 670–699.Link , Google Scholar
- 2008. A behavioral theory of firm growth: Sequential attention to size and performance goals. Academy of Management Journal, 51: 476–494.Link , Google Scholar
- 2018. Goal selection internally and externally: A behavioral theory of institutionalization. International Journal of Management Reviews, 20: S19–S38. Google Scholar
- 2010. Client relationships and family dynamics: Competencies and services necessary for truly integrated wealth management. Journal of Wealth Management, 13: 16–31. Google Scholar
- 2002. Enterprising families domain: Family-influenced ownership groups in pursuit of transgenerational wealth. Family Business Review, 15: 223–237. Google Scholar
- 1999. A resource‐based framework for assessing the strategic advantages of family firms. Family Business Review, 12: 1–25. Google Scholar
- 2005. Top managerial cognitions, past performance, and strategic change: A theoretical framework. Strategy Process, 22: 63–91. Google Scholar
- 2016. Trusts and financialization. Socio-Economic Review, 14: 1–34. Google Scholar
- 2008. Cognition in organizations. Annual Review of Psychology, 59: 387–417. Google Scholar
- 2000. Where we stand: Class matters. New York: Routledge. Google Scholar
- 1993. Understanding and predicting organizational change. In G. P. HuberW. H. Glick (Eds.), Organizational change and redesign: Ideas and insights for improving performance: 215–265. New York: Oxford University Press. Google Scholar
- 2004. Liquidity constraints, household wealth, and entrepreneurship. Journal of Political Economy, 112: 319–347. Google Scholar
- 1990. Evolving interpretations as a change unfolds: How managers construe key organizational events. Academy of Management Journal, 33: 7–41.Link , Google Scholar
- 2015. Entrepreneurial legacy: Toward a theory of how some family firms nurture transgenerational entrepreneurship. Journal of Business Venturing, 30: 29–49. Google Scholar
- 2017. Introducing the family: A review of family science with implications for management research. Academy of Management Annals, 11: 309–341.Link , Google Scholar
- 2017. Addressing the elephant in the room: Disentangling family heterogeneity to advance family business research. Family Business Review, 30: 111–118. Google Scholar
- 1993. Family capitalism. Business History, 35: 1–16. Google Scholar
- 2012. Self-enhancement and learning from performance feedback. Academy of Management Review, 37: 211–231.Link , Google Scholar
- 2015. Disentangling risk and change: Internal and external social comparison in the mutual fund industry. Administrative Science Quarterly, 60: 228–262. Google Scholar
- 2004. Roles of trust in consulting to financial families. Family Business Review, 17: 151–163. Google Scholar
- 2007. Business groups in emerging markets: Paragons or parasites? Journal of Economic Literature, 45: 331–372. Google Scholar
- 2015. All aspirations are not created equal: The differential effects of historical and social aspirations on acquisition behavior. Academy of Management Journal, 58: 1361–1388.Link , Google Scholar
- 1997. Family type and conflict: The impact of conversation orientation and conformity orientation on conflict in the family. Communication Studies, 48: 59–75. Google Scholar
- 2002. Toward a theory of family communication. Communication Theory, 12: 70–91. Google Scholar
- 2013. The family innovator’s dilemma: How family influence affects the adoption of discontinuous technologies by incumbent firms. Academy of Management Review, 38: 418–441.Link , Google Scholar
- 2013. Goal setting in family firms: Goal diversity, social interactions, and collective commitment to family‐centered goals. Entrepreneurship Theory and Practice, 37: 1263–1288. Google Scholar
- 2014. Strategic reference points in family firms. Small Business Economics, 43: 597–619. Google Scholar
- 2013. Technology acquisition in family and nonfamily firms: A longitudinal analysis of Spanish manufacturing firms. Journal of Product Innovation Management, 30: 1073–1088. Google Scholar
- 2018. Financial wealth, socioemotional wealth and IPO underpricing in family firms: A two-stage gamble model. Academy of Management Journal, 61: 1073–1099.Link , Google Scholar
- 2000. A grounded model of organizational schema change during empowerment. Organization Science, 11: 235–257. Google Scholar
- 1992. Exploring the need for a shared cognitive map. Journal of Management Studies, 29: 349–368. Google Scholar
- 1987. Learning from strategic success and failure. Journal of Business Research, 15: 503–517. Google Scholar
- 1999. The quality of government. Journal of Law, Economics, and Organization, 15: 222–279. Google Scholar
- 1977. The rise of professionalism: A sociological analysis. Berkeley: University of California Press. Google Scholar
- 1996. Economic “short-termism”: The debate, the unresolved issues, and the implications for management practice and research. Academy of Management Review, 21: 825–860.Link , Google Scholar
- 2006. Why do some family businesses out‐compete? Governance, long‐term orientations, and sustainable capability. Entrepreneurship Theory and Practice, 30: 731–746. Google Scholar
- 2018. Beyond the firm: Business families as entrepreneurs. Entrepreneurship Theory and Practice, 42: 527–536. Google Scholar
- 2006. Interorganizational familiness: How family firms use interlocking directorates to build community‐level social capital. Entrepreneurship Theory and Practice, 30: 755–775. Google Scholar
- 1988. Organizational learning. Annual Review of Sociology, 14: 319–338. Google Scholar
- 1947. Frontiers in group dynamics: Concept, method and reality in social science; social equilibria and social change. Human Relations, 1: 5–41. Google Scholar
- 2011. Long‐term orientation and intertemporal choice in family firms. Entrepreneurship Theory and Practice, 35: 1149–1169. Google Scholar
- 1992. Top management, strategy and organizational knowledge structures. Journal of Management Studies, 29: 155–174. Google Scholar
- 2005. The social processes of organizational sensemaking. Academy of Management Journal, 48: 21–49.Link , Google Scholar
- 1980. Law in the development of dynastic families among American business elites: The domestication of capital and the capitalization of family. Law and Society Review, 14: 859–903. Google Scholar
- 1992. Lives in trust: The fortunes of dynastic families in late 20th century America. Boulder, CO: Westview Press. Google Scholar
- 2011. Family business groups around the world: Financing advantages, control motivations, and organizational choices. Review of Financial Studies, 24: 3556–3600. Google Scholar
- 2018. Blending in while standing out: Selective conformity and new product introduction in family firms. Entrepreneurship Theory and Practice, 42: 206–230. Google Scholar
- 1977. Making sense with nonsense: Helping frames of reference clash. In P. C. Nystrom & W. H. Starbuck (Eds.), Prescriptive models of organizations: 111–123. Amsterdam: North-Holland. Google Scholar
- 2009. The meritocracy myth. New York: Rowman & Littlefield. Google Scholar .
- 2007. The reflexive dynamics of institutionalization: The case of the family business. Strategic Organization, 5: 321–333. Google Scholar
- 2006. World society and the proliferation of formal organization. In G. S. DroriJ. W. MeyerH. Hwang (Eds.), Globalization and organization: World society and organizational change: 25–49. New York: Oxford University Press. Google Scholar
- 2011. Concealing or revealing the family? Corporate brand identity strategies in family firms. Family Business Review, 24: 197–216. Google Scholar
- 1993. The architecture of simplicity. Academy of Management Review, 18: 116–138.Link , Google Scholar
- 1994. Sources and consequences of competitive inertia: A study of the U.S. airline industry. Administrative Science Quarterly, 39: 1–23. Google Scholar
- 2005. Managing for the long run: Lessons in competitive advantage from great family businesses. Cambridge, MA: Harvard Business Press. Google Scholar
- 2014. Deconstructing socioemotional wealth. Entrepreneurship Theory and Practice, 38: 713–720. Google Scholar
- 2013. Family firm governance, strategic conformity, and performance: Institutional vs. strategic perspectives. Organization Science, 24: 189–209. Google Scholar
- 2014. Bridging yesterday, today, and tomorrow: CEO temporal focus, environmental dynamism, and rate of new product introduction. Academy of Management Journal, 57: 1810–1833.Link , Google Scholar
- 1998. Social capital, intellectual capital, and the organizational advantage. Academy of Management Review, 23: 242–266.Link , Google Scholar
- 2011. The cognitive perspective in strategy: An integrative review. Journal of Management, 37: 305–351. Google Scholar
- 2018. A behavioral theory of social performance: Social identity and stakeholder expectations. Academy of Management Review, 43: 259–283.Link , Google Scholar
- 2015. Category signaling and reputation. Organization Science, 26: 584–600. Google Scholar
- 2001. Challengers, elites, and owning families: A social class theory of corporate acquisitions in the 1960s. Administrative Science Quarterly, 46: 87–120. Google Scholar
- 2011. Knowledge combination and the potential advantages of family firms in searching for opportunities. Entrepreneurship Theory and Practice, 35: 1179–1197. Google Scholar
- 2008. Toward a theory of familiness: A social capital perspective. Entrepreneurship Theory and Practice, 32: 949–969. Google Scholar
- 2013. The endurance of family businesses: A global overview. Cambridge: Cambridge University Press. Google Scholar
- 2001. Middle-status conformity: Theoretical restatement and empirical demonstration in two markets. American Journal of Sociology, 107: 379–429. Google Scholar
- 2014. Capital in the 21st century. Cambridge, MA: Harvard University Press. Google Scholar
- 1993. Embeddedness and immigration: Notes on the social determinants of economic action. American Journal of Sociology, 98: 1320–1350. Google Scholar
- 2000. Classifying managerial responses to multiple organizational identities. Academy of Management Review, 25: 18–42.Link , Google Scholar
- 2012. Class rules, status dynamics, and “gateway” interactions. In S. T. FiskeH. R. Markus (Eds.), Facing social class: How societal rank influences interaction: 131–151. New York: Russell Sage Foundation. Google Scholar
- 2002. Social identity complexity. Personality and Social Psychology Review, 6: 88–106. Google Scholar
- 1975. Cognitive reference points. Cognitive Psychology, 7: 532–547. Google Scholar
- 1995. Ethics and organizational reflection: The Rockefeller Foundation and postwar “moral deficits,” 1942–1954. Academy of Management Review, 20: 438–461.Link , Google Scholar
- 2011. Family ownership and control, the presence of other large shareholders, and firm performance: Further evidence. Family Business Review, 24: 71–93. Google Scholar
- 2013. Transitional leadership of advisors as a facilitator of successors’ leadership construction. Family Business Review, 26: 235–255. Google Scholar
- 2015. Social class in the 21st century. London: Penguin. Google Scholar
- 2015. Reifying socioemotional wealth. Entrepreneurship Theory and Practice, 39: 447–459. Google Scholar
- 2001. Agency relationships in family firms: Theory and evidence. Organization Science, 12: 99–116. Google Scholar
- 2014. Identity switching and transnational professionals. International Political Sociology, 8: 335–337. Google Scholar
- 2015. Can ratings have indirect effects? Evidence from the organizational response to peers’ environmental ratings. American Sociological Review, 80: 63–91. Google Scholar
- 1997. Professional as agent: Knowledge asymmetry in agency exchange. Academy of Management Review, 22: 758–798.Link , Google Scholar
- 2007. The formation of opportunity beliefs: Overcoming ignorance and reducing doubt. Strategic Entrepreneurship Journal, 1: 75–95. Google Scholar
- 2017. Is that an opportunity? An attention model of top managers’ opportunity beliefs for strategic action. Strategic Management Journal, 38: 626–644. Google Scholar
- 2012. Organizational aspirations, reference points, and goals: Building on the past and aiming for the future. Journal of Management, 38: 415–455. Google Scholar
- 2009. Conceptualization and measurement of temporal focus: The subjective experience of the past, present, and future. Organizational Behavior and Human Decision Processes, 110: 1–22. Google Scholar
- 2003. Organizational performance referents: An empirical examination of their content and influences. Organizational Behavior and Human Decision Processes, 90: 209–224. Google Scholar
- 1947. Administrative behavior. New York: Macmillan. Google Scholar
- 2003. Managing resources: Linking unique resources, management, and wealth creation in family firms. Entrepreneurship Theory and Practice, 27: 339–358. Google Scholar
- 2004. Class, self, culture. New York: Routledge. Google Scholar
- 2001. The transnational capitalist class. Oxford: Wiley-Blackwell. Google Scholar
- 2018. The intersection of family firms and institutional contexts: A review and agenda for future research. Family Business Review, 31: 32–53. Google Scholar
- 1976. Organizations and their environments. In M. D. Dunnette (Ed.), Handbook of industrial and organizational psychology: 1069–1123. Chicago: Rand McNally. Google Scholar
- 2015. Governance challenges in family businesses and business families. Entrepreneurship Theory and Practice, 39: 1265–1280. Google Scholar
- 2012. Advising the family firm: Review the past to build the future. Family Business Review, 25: 156–177. Google Scholar
- 2013. The most trusted advisor and the subtle advice process in family firms. Family Business Review, 26: 293–313. Google Scholar
- 2015. A socioemotional wealth approach to CEO career horizons in family firms. Journal of Management Studies, 52: 555–583. Google Scholar
- 2016. Mediated sensemaking. Academy of Management Journal, 59: 880–905.Link , Google Scholar
- 2006. Contemporary European cognitive social theory. In G. Delanty (Ed.), Handbook of contemporary European social theory: 218–229. New York: Psychology Press. Google Scholar
- 2006. When do scientists become entrepreneurs? The social structural antecedents of commercial activity in the academic life sciences. American Journal of Sociology, 112: 97–144. Google Scholar
- 1999. Shared cognition in organizations: The management of knowledge. Mahwah, NJ: Lawrence Erlbaum Associates. Google Scholar
- 1981. The framing of decisions and the psychology of choice. Science, 211: 453–458. Google Scholar
- 1982. Classwide rationality in the politics of managers and directors of large corporations in the United States and Great Britain. Administrative Science Quarterly, 27: 199–226. Google Scholar
- 1995. Managerial and organizational cognition: Notes from a trip down memory lane. Organization Science, 6: 280–321. Google Scholar
- 1991. Organizational memory. Academy of Management Review, 16: 57–91.Link , Google Scholar
- 1927. General economic history. (Translated by F. Knight.) Glencoe, IL: Free Press. Google Scholar
- 1993. The collapse of sensemaking in organizations: The Mann Gulch disaster. Administrative Science Quarterly, 38: 628–652. Google Scholar
- 1999. Organizational change and development. Annual Review of Psychology, 50: 361–386. Google Scholar
- 1993. Collective mind in organizations: Heedful interrelating on flight decks. Administrative Science Quarterly, 38: 357–381. Google Scholar
- 1998. A behavioral agency model of managerial risk taking. Academy of Management Review, 23: 133–153.Link , Google Scholar
- 2014. Household wealth trends in the United States, 1962–2013: What happened over the Great Recession? Cambridge, MA: National Bureau of Economic Research. Google Scholar
- 1998. Social capital and economic development: Toward a theoretical synthesis and policy framework. Theory and Society, 72: 151–208. Google Scholar
- 1974. Corporate ownership and control: The large corporation and the capitalist class. American Journal of Sociology, 79: 1073–1119. Google Scholar
- 2012. Family control and family firm valuation by family CEOs: The importance of intentions for transgenerational control. Organization Science, 23: 851–868. Google Scholar
- 2012. From longevity of firms to transgenerational entrepreneurship of families: Introducing family entrepreneurial orientation. Family Business Review, 25: 136–155. Google Scholar
- 1999. Putting time in perspective: A valid, reliable individual-differences metric. Journal of Personality and Social Psychology, 77: 1271–1288. Google Scholar
- 2004. Introduction: The challenge of working class studies. In M. Zweig (Ed.), What’s class got to do with it? American society in the twenty-first century: 1–18. Ithaca, NY: Cornell University Press. Google Scholar