A Conceptual Model of Corporate Venturing in Family Firms: The Role of Generations and Governance

This paper elaborates on the process of internal corporate venturing in family businesses. While existing literature mainly focus on the static dilemma “engagement vs non-engagement of family firms in corporate venturing initiatives”, we go deeper and examine how family firms perform entrepreneurial initiatives. Relatedness between a parent firm and its ventures, and the autonomy under which these internal new ventures are managed are the two variables considered. Our conceptual model draws upon stewardship theory in order to take into account the heterogeneity of family firms (different configurations of generational involvement and governance structure). The paper offers theoretical contributions and implications for both research and practice.