Advantages of Family CEO- and CFO-led Firms in Exploring Opportunities and in Responding to Challenges
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3rd Workshop on Top Management Teams & Business Strategy Research
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This article seeks to shed light on the CEO¬?CFO relation in family businesses and the influence of family CEO and CFO in exploring opportunities and responding to challenges by formulating and implementing adequate strategies. Based on the debate on top management teams in family business, the theoretical insights from strategic management and the results of a longitudinal single-case study it is shown how their actions and interactions may lead to competitive advantage. It is proposed that opposing orientations of family CEO and family CFO may lead to superior firm performance due to familiness, behavioural integration and the ability to meet apparently conflicting requirements in order to survive in a complex and dynamic environment.