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In this chapter, we conduct bibliometric performance analyses and a co-citation analysis on all articles relating to family firms indexed in Scopus and Web of Science and all articles published in the Family Business Review, Journal of Family Business Management, and the Journal of Family Business Strategy. Based on the literature sample of 4,056 articles published between 1960 and 2020 by 3,600 authors in 783 journals and their 175,163 references, we identify the most productive and most cited journals, the most cited authors, and the 25 most cited articles. Our science mapping reveals the agency theory, definitions, entrepreneurship, internationalization, ownership, resources, socioemotional wealth, and succession as the predominant research themes in family firm research. Whereas entrepreneurship explicitly appears in one of the clusters, innovation does not yet. Based on our findings, we propose a research framework and point to several research gaps to be addressed by future research.
In diesem Beitrag möchten wir einen Gedanken des amerikanischen Mathematikers Paul Halmos aufgreifen und konkretisieren. Wir möchten verdeutlichen, dass ökonomisches Denken nicht abstrakt gelehrt, sondern „erfahren“ werden muss, wenn es nachhaltig und in seiner ganzen Breite gefördert werden soll. Dazu dienen kognitiv aktivierende Aufgaben. Was man darunter versteht und welche Funktionen und Qualitätsmerkmale Aufgaben in der ökonomischen Bildung besitzen, verdeutlichen wir in den Abschnitten 1 und 2. Im Praxisteil (Abschnitte 3 bis 8) werden konkrete, unterrichtlich erprobte Beispielaufgaben vorgestellt, mit denen ökonomisches Denken erfolgreich gefördert werden kann. Unser Beitrag schließt mit einer kurzen Skizze wirtschaftsdidaktischer Implikationen (Abschnitt 9).
Digitizing grocery retailing
(2021)
Multiple emerging technologies both threaten grocers and offer them attractive opportunities to enhance their value propositions, improve processes, reduce costs, and therefore generate competitive advantages. Among the variety of technological innovations and considering the scarcity of resources, it is unclear which technologies to focus on and where to implement them in the value chain. To develop the most probable technology forecast that addresses the application of emerging technologies in the grocery value chain within the current decade, we conduct a two-stage Delphi study. Our results suggest a high relevance of almost all technologies. The panel is only skeptical about three specific projections. As a consequence, grocers are advised to build up knowledge regarding the application of these technologies in the most promising areas of their value chain.
In social networks or, more specifically, online communities on tech-products, opinion leaders are important sources of advice for other consumers in the adoption and diffusion of new products. However, possibilities for potential users to exert their influence on opinion leadership are ignored. This study determines whether and how lead users may serve as opinion leaders in social networks and advise other consumers in the adoption and diffusion of new products. Our survey with 308 users in the Xiaomi and Huawei communities suggests that higher lead userness is positively and significantly associated with the likelihood of opinion giving and passing. Product-possessing innovativeness has a higher impact compared with information-possessing innovativeness. Product involvement does not enhance the effect of information-possessing innovativeness. The findings provide a better understanding of the formation of opinion leadership in social networks for an accelerated diffusion of new products.
Firms increasingly use ideas from online innovation communities to solve problems or to better address customer needs. However, in many cases the number of submitted ideas has exploded, it leads to an information overload that firms hardly can handle considering their limited cognitive resources. Therefore, we use the Elaboration Likelihood Model to distinguish between the quick and lean idea preselection process as a peripheral route of information processing and the subsequent idea review process as a central route of information processing. In our empirical study with a sample of more than 163,000 ideas collected from the Xiaomi MIUI community, we analyse influencing factors that increase the likelihood of ideas being preselected or reviewed. Results show that user status, user initiative contribution, and community recognition have a significantly positive influence on idea preselction, whereas user response contribution has no influence. Idea presentation characteristics have an inverted U-curve relationship with idea adoption. Community absorptive capacity has a moderate effect on the curvilinear relationship between idea description length and idea adoption.
Entrepreneurship education has gained widespread attention in both education practice and research over the past three decades. However, whereas research has a strong focus on its effects and many normative concepts exist, little is known about how entrepreneurship is actually taught. To address this research gap, we conduct a curriculum analysis of the 50 best programs in entrepreneurship, according to the 2018 Financial Times ranking “Top MBAs for Entrepreneurship 2018”. In particular, we examine their objectives, learning contents and teaching as well as assessment methods as four major dimensions of a graduate entrepreneurship curriculum. The results show that the programs are primarily business and management programs, with a comparatively small share of entrepreneurship itself. Entrepreneurship-specific goals are entrepreneurial attitudes and competences, such as entrepreneurial leadership, entrepreneurial mindset, entrepreneurial skills, opportunity creation, opportunity identification, and transforming uncertainty into opportunity. The learning contents also focus on business, management, and law, whereas the contents relating to entrepreneurship include entrepreneurial failure, entrepreneurial management, entrepreneurial thinking, and entrepreneurship in general. Teaching methods are mainly the ones usually found in higher education, with business plans and prototyping as additional entrepreneurial ones. Assessment methods do not differ from those in business and management education.
Entrepreneurship education (EE) has attracted much scholarly attention, showing exponential growth in publication and citation numbers. The research field has become broad, complex, and fragmented, making it increasingly difficult to oversee. Our research goal is to organise and integrate the previous literature. To this end, we use bibliometric analyses, differing from prior analyses, which are outdated or have a different focus. Our results show an immense growth in publications and citations over the last decade and an almost equal involvement of business and educational research. We identify the most productive and influential journals and authors. Our co-citation analysis reveals two research clusters, one focusing on psychological constructs relating to EE, and the other on entrepreneurial behaviour and new venture creation. Based on a review of the 25 most-cited articles on an annual basis, we identify and quantify the most relevant research themes and integrate them into a research framework that we propose for future research. A major finding is that extant research centres around the outcomes of entrepreneurship education, whereas its pedagogy is still mainly a black box.
Entrepreneurship education (EE) has attracted much scholarly attention, showing exponential growth in publication and citation numbers. The research field has become broad, complex, and fragmented, making it increasingly difficult to oversee. Our research goal is to organise and integrate the previous literature. To this end, we use bibliometric analyses, differing from prior analyses, which are outdated or have a different focus. Our results show an immense growth in publications and citations over the last decade and an almost equal involvement of business and educational research. We identify the most productive and influential journals and authors. Our co-citation analysis reveals two research clusters, one focusing on psychological constructs relating to EE, and the other on entrepreneurial behaviour and new venture creation. Based on a review of the 25 most-cited articles on an annual basis, we identify and quantify the most relevant research themes and integrate them into a research framework that we propose for future research. A major finding is that extant research centres around the outcomes of entrepreneurship education, whereas its pedagogy is still mainly a black box.
Enhancing higher entrepreneurship education: insights from practitioners for curriculum improvement
(2024)
Curricula for higher entrepreneurship education should meet the requirements of both a solid theoretical foundation and a practical orientation. When these curricula are designed by education specialists, entrepreneurs are usually not consulted. To explore practitioners’ curricular recommendations, we conducted 73 semi-structured interviews with entrepreneurs with at least five years of professional experience. We collected 49 items for teaching and learning objectives, 37 for contents, 28 for teaching methods, and 17 for assessment methods. The respondents are convinced that students should acquire solid knowledge in business and management, legal issues, and entrepreneurship. For the latter, only some core aspects are provided. The entrepreneurs put greater emphasis on entrepreneurial skills and attitudes and consider experiential learning designs as most suitable, both in the secure setting of the classroom and in real life. The findings can help reflect on current entrepreneurship curriculum designs.
Family businesses strive not only for economic prosperity but also for social and environmental values and achievements. In an ever-changing business environment, dynamic capabilities are required to sustain performance across these areas. To understand these mechanisms in order to proactively manage them, it is necessary to identify their specific microfoundations and uncover how these relate to sustainability. However, research on sustainability dynamic capabilities in family businesses and their microfoundations is scarce. To address this research gap, we conducted semi-structured interviews with 11 German and Swiss family businesses from different industries of different ages and sizes. Our findings suggest that the majority of dynamic capability microfoundations relate to economic sustainability, with a specific focus on future orientation, traditional mindsets, rapid decision-making, intuition, speed, and resource slack. Further, we find the social aspects of innovative mindsets, human capital investments, and participation to be the specific microfoundations that strongly link with social and, eventually, economic sustainability. However, we did not find specific microfoundations for environmental sustainability.
The scenario technique is widely used to cope with uncertainties plan for alternate future situations. The extensive research led to a scattered literature landscape. To organize the field quantitatively, we conduct bibliometric performance analyses and a bibliographic coupling analysis. Results show an increased interest in scenario research since 2009 and clear distinctions between strategic and operational as well as methodological and applied research. Future research can be expected to further enhance the method towards robust decision making and to combine it with methods searching for most likely scenarios, such as prediction markets, crowdsourcing, and superforecasting. Additionally, cognitive and behavioral aspects of using the scenario technique might draw further attention. The scenario technique is expected to be applied across all industries and will probably play an increasing role in currently underrepresented business functions such as marketing and innovation.
Radical innovations
(2021)
The fast growing body of radical innovation research is fragmented and difficult to overlook. We provide an overview of the most cited journals, authors, and publications and conduct a bibliographic coupling to structure the literature landscape. We identified the following research clusters: management of radical innovations, organizational learning and knowledge, financial aspects of radical innovation, radical innovation adoption and diffusion, radical industry innovations as challenges for incumbents, and radical innovation in specific industries. Based on an in-depth content analysis of these clusters, we identify the following future research opportunities: A systematic compilation of all intra- and extra-organizational management aspects, moderators, and mediators, extending radical innovation research's epistemological basis by adding strategic foresight, further research in individual, group (team), organizational, and inter-organizational capabilities required for radical innovation, a managerial perspective on adoption and diffusion of radical innovations, applying portfolio theory and real options theory to radical innovation research, stronger research efforts on coping strategies for firms faced with competitors' radical innovations, and intensifying both industry-specific and cross-industry research.
Institutional entrepreneurship comprises the activities of agents who disrupt existing social institutions or create new ones, often to enable diffusion, especially of radical innovations, in a market. The increased interest in institutional entrepreneurship has produced a large number of scholarly publications, especially in the last five years. As a consequence, the literature landscape is somewhat complex and scattered. We aim to compile a quantitative overview of the field within business and management research by conducting bibliometric performance analyses and science mappings. We identified the most productive and influential journals, authors, and articles with the highest impact. We found that institutional entrepreneurship has stronger ties to organization studies than to entrepreneurship research. Additionally, a large body of literature at the intersection of institutions and entrepreneurship does not refer to institutional entrepreneurship theory. The science mappings revealed a distinction between theoretical and conceptual research on one hand and applied and empirical research on the other hand. Research clusters reflect the structure–agency problem by focusing on the change agent’s goals and interests, strategies, and specific implementation mechanisms, as well as the relevance of public agents for existing institutions, and a more abstract process rather than agency view.
Institutional entrepreneurship comprises the activities of agents who disrupt existing social institutions or create new ones, often to enable diffusion, especially of radical innovations, in a market. The increased interest in institutional entrepreneurship has produced a large number of scholarly publications, especially in the last five years. As a consequence, the literature landscape is somewhat complex and scattered. We aim to compile a quantitative overview of the field within business and management research by conducting bibliometric performance analyses and science mappings. We identified the most productive and influential journals, authors, and articles with the highest impact. We found that institutional entrepreneurship has stronger ties to organization studies than to entrepreneurship research. Additionally, a large body of literature at the intersection of institutions and entrepreneurship does not refer to institutional entrepreneurship theory. The science mappings revealed a distinction between theoretical and conceptual research on one hand and applied and empirical research on the other hand. Research clusters reflect the structure–agency problem by focusing on the change agent’s goals and interests, strategies, and specific implementation mechanisms, as well as the relevance of public agents for existing institutions, and a more abstract process rather than agency view.
In this study, we analyze the forecast accuracy and profitability of buy recommendations published in five major German financial magazines for private households based on fundamental analysis. The results show a high average forecast accuracy but with a very high standard deviation, which indicates poor forecast accuracy with regard to individual stocks. The recommendation profitability slightly exceeds the performance of the MSCI World index. Considering the involved risk, which is represented by a high standard deviation, the excess returns appear to be insufficient.
In this study, we analyze the forecast accuracy and profitability of buy recommendations published in five major German financial magazines for private households based on fundamental analysis. The results show a high average forecast accuracy but with a very high standard deviation, which indicates poor forecast accuracy with regard to individual stocks. The recommendation profitability slightly exceeds the performance of the MSCI World index. Considering the involved risk, which is represented by a high standard deviation, the excess returns appear to be insufficient.
Executive education (EE) has been an established means for management education. However, due to the ever-changing business environment, progress in education technology, and new competitors, EE has been continuously evolving and can be expected to further change. Employing a three-stage international Delphi study, we identify a plausible scenario for the further development of EE over the next decade. The results suggest major changes for management training. The panel expects major shifts in teaching methods and curricula construction. Business schools are expected to increase content customization, to adapt delivery formats, and to enhance coverage of topical issues to better respond to leaders' needs.
Equity crowdfunding
(2021)
In this study, we explore the development of equity crowdfunding (ECF) over the next 5 to 10 years by conducting an international Delphi study. Our results indicate that the ECF market is expected to grow significantly. However, it is unlikely to disrupt other forms of financing and will not cover all SME financing needs. ECF will remain a funding technique for SMEs and small investors; it is unlikely to attract large corporations or institutional investors. Platforms will impose stricter requirements for capital raisers, expand their services, and innovate their business models. National governments will probably partly liberalize the ECF market.
Robo advisors represent a digital financial advice solution challenging traditional wealth and asset management, investment advice, retirement planning, and tax-loss harvesting. Based on algorithms, big data analysis, machine learning, and other technologies, these services minimize the necessity for human intervention. Based on an international three-stage Delphi study, we provide a plausible forecast of the development of the robo advisor industry, with regards to market development, competition, drivers of growth, customer segments, challenges, services, technologies, and societal change. The results suggest that the financial advice market will experience a further increase in the number of robo advisor services available. Existing and traditional financial advice players will be forced to adjust to the changing environment of the market. Due to low fees and ease of use, robo advisors will be made available to a broad cross section of society, and will cause significant market losses for traditional investment advice companies. Ten years from now, the predominant investment class will remain Exchange Traded Funds (ETFs). Even though degrees of human intervention are expected to vary considering the complexity of advice, automation will increase in significance when it comes to the development of robo advisors.
The growing global demand for meat is being thwarted by shrinking agricultural areas, and opposes efforts to mitigate methane emissions and to improve public health. Cultured meat could contribute to solve these problems, but will such meat be marketable, competitive, and accepted? Using the Delphi method, this study explored the potential development of cultured meat by 2027. Despite the acknowledged urgency to develop sustainable meat alternatives, participants doubt that challenges regarding mass production, production costs, and consumer acceptance will be overcome by 2027. Considering the noticeable impacts of global warming, further research and development as well as a change in consumer perceptions is inevitable.