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Family Business Review
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Family Firms and Entrepreneurial Orientation in Publicly Traded Firms

A Comparative Analysis of the S&P 500

Jeremy C. Short

Texas Tech University, jeremy.short{at}ttu.edu

G. Tyge Payne

Texas Tech University

Keith H. Brigham

Texas Tech University

G.T. Lumpkin

Texas Tech University

J. Christian Broberg

Wichita State University

There is considerable disagreement about whether family firm characteristics hinder or support entrepreneurial activities. This article highlights the existence of an entrepreneurial orientation in family firms, and it examines differences between family and nonfamily firms on the entrepreneurial orientation dimensions of autonomy, competitive aggressiveness, innovativeness, proactiveness, and risk taking, using content analysis of shareholder letters from S&P 500 firms. As such, family firms exhibit language consistent with an entrepreneurial orientation for all dimensions but use less language than that of nonfamily firms in relation to autonomy, proactiveness, and risk taking.

Key Words: entrepreneurial orientation • family firms • content analysis

Family Business Review, Vol. 22, No. 1, 9-24 (2009)
DOI: 10.1177/0894486508327823
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[Abstract] [PDF]