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Entrepreneurial Orientation, Risk Taking, and Performance in Family Firms

Lucia Naldi

Jönköping International Business School, PO Box 1026, SE-551 11, Jönköping, Sweden, lucia.naldi{at}ihh.hj.se

Mattias Nordqvist

Center for Family Enterprise and Ownership (CeFEO) at Jönköping International Business School, mattias.nordqvist{at}ihh.hj.se, Arthur M. Blank Center for Entrepreneurship, Babson Park, MA, USA

Karin Sjöberg

Jönköping International Business School; PO Box 1026, SE-551 11, Jönköping, Sweden, karin.hellerstedt{at}ihh.hj.se

Johan Wiklund

Jönköping International Business School; PO Box 1026, SE-551 11, Jönköping, Sweden, johan.wiklund{at}ihh.hj.se

This article focuses on risk taking as one important dimension of entrepreneurial orientation and its impact in family firms. Drawing on a sample of Swedish SMEs, we find that risk taking is a distinct dimension of entrepreneurial orientation in family firms and that it is positively associated with proactiveness and innovation. We also find that even if family firms do take risks while engaged in entrepreneurial activities, they take risk to a lesser extent than nonfamily firms. Moreover, and most importantly for our understanding of entrepreneurial orientation in family firms, we find that risk taking in family firms is negatively related to performance. Both theoretical and practical implications of our findings are provided.

Family Business Review, Vol. 20, No. 1, 33-47 (2007)
DOI: 10.1111/j.1741-6248.2007.00082.x
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