Fifth Annual General Business Conference Proceedings

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1 Sam Houston State University College of Business Administration Smith Hutson Business Building Huntsville, Texas, USA Fifth Annual General Business Conference Proceedings April 19 20, 2013 Proceedings Editor: Steve Nenninger, Ph.D. ISSN Volume IV Member of The Texas State University System

2 Table of Contents Papers are listed in the order presented. Message from the Proceedings Editor... 5 Family Business Research: An Examination of the Last 14 Years of Published Research Teresa V. Menzies, Brock University, Ontario, Canada Farrah Amikons, Brock University, Ontario, Canada Jennifer Lococo, Brock University, Ontario, Canada... 6 Connecting with Students Through Facebook: The Impact of Creating a Social Media Marketing Plan for Academic Libraries Chelsea Lorenz, Wartburg College, Iowa A Factorial Analysis of Gender and Rank on Business School Faculty s Salaries as a Gauge for Dissatisfaction Reginald L. Bell, Prairie View A&M University, Texas Robert J. Meier, Fort Hays State University, Kansas Wally Guyot, Fort Hays State University, Kansas A Comprehensive Theoretical Framework for Understanding Moral Behavior in Organizations Timothy Ewest, Wartburg College, Iowa Fiscal Deficit, Money Supply and Inflation in Nepal Nar Bahadur Bista, University of Warsaw, Poland The Future of De Novo Banks James B. Bexley, Sam Houston State University, Texas Does Hedging Reduce Risk? Garland Simmons, Stephen F. Austin State University, Texas Asynchronous Online Undergraduate Business Degree Programs in Traditional Regional Colleges: Costs and Benefits M. Keith Wright, University of Houston Downtown, Texas What s Continuous Improvement? Strategies for Developing First Do Then Learn Chynette Nealy, University of Houston Downtown, Texas International Sanctions Placed on Iran Daniel Rodriguez, Sam Houston State University, Texas Charles Moore, Sam Houston State University, Texas

3 Illicit Funds Flows from Developing Countries Mark Leipnik, Sam Houston State University, Texas James Ritter, Sam Houston State University, Texas Auditing for Usefulness: A New Concern? Carl Brewer, Sam Houston State University, Texas Alice Ketchand, Sam Houston State University, Texas Jan Taylor Morris, Sam Houston State University, Texas CPA Examination Performance of Candidates from Community College Accounting Programs Gordon Heslop, Texas A&M University Commerce, Texas Byungil Kim, Texas A&M University Commerce, Texas Reverse Convertibles Prices: Evidence from Secondary Market Trading Timothy B. Michael, University of Houston Clear Lake, Texas Stephen J. Cotton, University of Houston Clear Lake, Texas Ivelina Pavlova, University of Houston Clear Lake, Texas Jeffrey Whitworth, University of Houston Clear Lake, Texas Online Business Students: Multimedia Principles to Promote Meaningful e-learning Courtney Kernek, Texas A&M University Commerce, Texas Leslie Toombs, Texas A&M University Commerce, Texas Charlotte Larkin, Texas A&M University Commerce, Texas Is There an Ideal Group Size? : Preparing Undergraduates for Successful Entry into the Real World of Business Carol Wright, Stephen F. Austin State University, Texas C. Henry Dunn. Stephen F. Austin State University, Texas Undergraduate Students Writing About Finance: Preparation & Assessment Timothy B. Michael, University of Houston Clear Lake, Texas Melissa A. Williams, University of Houston Clear Lake, Texas New Methods to Teach Information System Development Vance Etnyre, University of Houston Clear Lake, Texas An Analysis of Business Characteristics through Geocaching Kevin Thomas Groth, Wartburg College, Iowa Personality and Perceptions of Effective Leadership - Differences between Men and Women James E. Eastham, Our Lady of the Lake University, Texas Rocio Harrelson, Our Lady of the Lake University, Texas Ben Cavazos, Our Lady of the Lake University, Texas Mark T. Green, Our Lady of the Lake University, Texas

4 Assessing Student Critical Thinking Skills for Online Quantitative Courses Annette Hebble, Trident University International, California Mina Richards, Trident University International, California Emotional Intelligence Driven Qualitative Market Research Manish Sharma, Delhi Technological University, India Pritam B. Sharma, Delhi Technological University, India Shikha N. Khera, Delhi Technological University, India Analyzing Supervisory Communication Strategies: An Application of Message Design Logics Theory Geraldine Hynes, Sam Houston State University, Texas Kathryn S. ONeill, Sam Houston State University, Texas Heather R. Wilson, Sam Houston State University, Texas The Relationship Between Adolescent Personality and Leadership Lucinda Parmer, Universtiy of Houston - Downtown, Texas How do Perceived Usefulness of E-textbook-and-homework Systems Correlate with Students Personality Traits of Introversion and Thinking? Joseph S. Mollick, Texas A&M University - Corpus Christi, Texas Robert Cutshall, Texas A&M University - Corpus Christi, Texas Job Stress and Job Performance Among Employees in Private Banking Sector in Istanbul: Examining the Moderating Role of Emotional Intelligence Uğur Yozgat, Marmara University, Turkey Elif Bilginoğlu, Marmara University, Turkey Orkun Demirbağ, Marmara University, Turkey R. Hande Serim Bahadınlı, Marmara University, Turkey Corpus Christi Estate Planning Council Faces Challenges Karen A. Loveland, Texas A&M University Corpus Christi, Texas Eugene Bland, Texas A&M University Corpus Christi, Texas

5 Message from the Proceedings Editor Welcome to the fifth issue of the Proceedings of the Sam Houston State University General Business Conference. This issue includes twenty-seven of the papers presented at this year s conference spanning a wide range of topics, including finance, leadership, communication, marketing, accounting, international business, and online teaching methods, just to name a few. I would like to thank all the authors for the high quality papers. Obviously, without you there would be no conference. I also appreciate the support for this conference from the Conference Chair, Laura Sullivan and from the Program Chair, Bala Maniam. It is a privilege for all of us at Sam Houston State to host outstanding researchers and teachers from around the globe. It has been my pleasure to serve as proceedings editor for the past four years. In this role, I have had the opportunity to read each of the papers as they are received, and I enjoy becoming more familiar with the research conducted in areas outside my specific discipline. While we each are dedicated to our areas of expertise, it s refreshing to be a part of an interdisciplinary conference. We hope you take advantage of the wide variety of topics discussed over our two days of presentations and that you will discover new ideas which you can use in a variety of ways at your home institutions. Steve Nenninger, Ph.D. Assistant Professor of Finance Proceeding Editor 5

6 FAMILY BUSINESS RESEARCH: AN EXAMINATION OF THE LAST 14 YEARS OF PUBLISHED RESEARCH Teresa V. Menzies Brock University Farrah Amikons Brock University Jennifer Lococo Brock University ABSTRACT This paper reviews, from a unique perspective, family business research published in the Family Business Review journal (the major journal in the field) over the 14 year time period The study examines methodology (conceptual, empirical, sample size) and data source, by country, and also the topics of the papers and theories utilized. Finding show that empirical papers, mostly from the US dominate but studies from 30 other countries are also found in the FBR. Succession is still the main topic studied and Agency Theory is the most commonly used. However, an additional 48 topics and 20 theories were found to be used with new theories and topics being introduced mostly over recent years. This paper provides a useful tool to assist with future research by identifying popular, emerging and underresearched topics and theories. Our condensation and analysis of many years of research is a valuable guide for researchers, a teaching tool for use with students studying family business, and also an information source for consultants and advisors to family businesses. INTRODUCTION A majority of businesses can be classified as family businesses. For example, in the US, research shows that family businesses contribute 64% of GDP and employ 62% of the workforce (Astrachan & Shanker, 2003). A broad definition of family business requires there be some family participation in the business and that the family have control over the business strategic direction (Astrachan & Shanker, 2003, pp ). The prevalence of family businesses means that for regional and national economic growth, it is important to find ways to enhance performance. Moreover, it is important for families in business, that they optimize opportunities for business growth and longevity, as well as ensuring harmonious relationships amongst family, both in and out of the business. The academic field of family business considers all these issues, with the leading topic being succession (Chua, Chrisman & Sharma, 2003). However, estimates indicate that only two-thirds of family businesses survive to the 6

7 second generation, and far fewer advance to the third generation and beyond (Poza & Daugherty, 2014). The importance of assisting families in business to deal with the particular issues relating to the overlap of family and business is commonly recognized as an important field of study. However, the field is still in the early stages of development as shown by the large number of reviews that have been published over the last almost two decades. For example, Dyer and Sanchez (1998) looked at the evolution of the family business field from 1988 to Bird, Welsch, Astrachan, and Pistrui (2002) examined the foundations of the field in the 1980s and trends in the late 90s to Sharma (2004) conducted a comprehensive review of family business research and derived a four part categorization (individual, group, organization and society). Zahra and Sharma (2004) and Casillas and Acedo (2007) used past research to predict future trends in family business research. Debicki, Matherne, Kellermanns, and Chrisman (2009) examined 30 management journals to determine family business topics and trends. Chrisman, Kellermanns, Chan and Liano (2010) reviewed by analyzing the top 25 family business published papers. Furthermore, during 2012 several reviews were published in the Family Business Review Journal summarizing 25 years of research accomplishments since the journal s creation. This paper builds on the work of previous reviews of family business. The objectives of this study are to (1) examine the methodology (conceptual, empirical, sample size etc.) and source (by country) of a major portion of family business research (almost 1.5 decades of FBR publications); and (2) to determine the topics, and theories used in the papers. Our study is the most comprehensive review to date of family business publications. The rationale is to provide a useful research tool to assist with future research by identifying popular, emerging and under-researched topics and theories. Our condensation and analysis of many years of research is a valuable guide for researchers, a teaching tool for use with students studying family business, and also an information source for consultants and advisors to family businesses. This paper represents a work-in-progress, from a unique perspective, looking at family business research over a considerable time period ( ), via an analysis of published papers in the major journal in the field, the Family Business Review. BACKGROUND The Family Business Review Journal (FBR), launched in 1988, is the main journal in Family Business and thus reviews of the field often examine this journal. However, recently a second journal has been launched in 2010, the Journal of Family Business Strategy, and since then the Journal of Family Business Management. In addition, Family Business papers are published in a wide range of other academic, peer reviewed journals. Chrisman et al. (2010) examined the intellectual foundations of current research in family business by identifying, and then reviewing, the 25 most influential articles, based on frequency of citation, over a six year period. The journals they examined were Entrepreneurship Theory and Practice (ETP) ( ), Family Business Review (FBR) ( ), Journal of Business Venturing (JBV) ( ) and Journal of Small Business Management (JSBM) ( ). The 25 papers 7

8 were found in a much broader range of journals. These included Academy of Management Journal (2 papers), Journal of Finance (2 papers), Journal of Financial Economics (2 papers), Journal of Law and Economics (1 paper), Journal of Management (1 paper), Organizational Dynamics (1 paper), and Organization Science (1 paper), as well as Entrepreneurship Theory and Practice (6 papers), Family Business Review (6 papers), and Journal of Business Venturing (3 papers). Debicki et al. (2009) reviewed journals and authors of family business papers and derived a list of 30 journals which had published 291 articles on family business over the period 2001 to They determined that 47% had been published in the Family Business Review Journal with the runner up being ETP with 15%. Growth in Popularity The popularity and the quality of family business research is increasing, evidenced by the increasing number of academic journals and the increasing citation impact factor. The topic is of extreme relevance to assisting families in business. However, the teaching of family business courses has tended to lag behind. However, textbooks have been published on the specific topic which facilitates the teaching of the subject (e.g. Poza & Daugherty, 2014 [4 th Ed.]). This heralds that a field has become sufficiently popular at universities to attract standalone courses. For example, a 2009 Canadian country-wide survey of courses offered in Faculties of Business found that Family Business was taught as a separate course in only 26% of undergraduate programs (Menzies, 2009). Dyer and Sánchez (1998), is often quoted as an early and influential review that examined publications to date in the FBR. They looked at 186 papers in the FBR from 1988 to 1997, examining three areas: (1) paper topic(s) (2) authorship (e.g. academics, consultants), and (3) implications for future research. Not unexpectedly they found that essays, commentaries and practical applications accounted for about a third of papers. Family business management predominated as the main topic of papers, authored mainly by academics. They labeled the FBR research they reviewed as similar to a murky swamp (p. 295). (Karl Popper [1968] describes science and associated theories as being built above a swamp [p.111]). Dyer and Sánchez urged that Now is the time to begin adding the bricks and the mortar as we construct our field of family business building (p. 295). An FBR review that considered a longer time span (1988 to 2005) set out to identify whether family business research was developing as a distinct field within the general management literature (Casillas & Acedo, 2007). Dyer and Sánchez (1998) as well as Casillas and Acedo (2007) use Kuhn s (1970) term paradigm in the sense that family business needs to develop a distinctiveness if it is to be recognized as a separate academic area of study. Casillas and Acedo s (2007) review concluded that the FBR papers were fragmented and lacked consensus, but that family business research was developing at the frontier by enlarging the number of approaches used for understanding (p.141). Bird et al. (2002); looked at family business research in the 1980s to study emergence of the discipline and the 1997 to 2001 papers to gauge maturity of the discipline over that 8

9 period. An interesting finding was that no publications with less than a sample size of 100 respondents (so we can assume many qualitative studies) appeared in either ETP or JBV, whereas 90% of the <100 sample size appeared in the FBR and 10% in JSBM. For sample sizes >100, 75% of the studies were published in FBR, 11% in JSBM, 9% in ETP and 4% in JBV. They inferred from this that sample size matters when it comes to publication in quality journals. Zahra and Sharma (2004) looked at six trends in Family Business Research and provided suggestions to step outside these trends to further advance the field. Sharma, (2004) conducted an in-depth analysis of journal articles published in the Family Business Review using four levels: individual, interpersonal/group, organizational, and societal/environmental. Regarding type of paper, Empirical or Conceptual, Chrisman et al. (2010) in their review of the 25 most cited family business academic articles in journals between 2003 and 2008 found that 11 (44%) were empirical, while 14 (56%) were conceptual (including literature reviews and definition discussions). Thus the increasing popularity of the academic domain of family business has been well documented. Topics With the aim of encouraging researchers to focus more on theoretical perspectives,yu, Lumpkin, Sorenson, and Brigham (2012), developed a taxonomy of dependent variables based on those found in 257 empirical family business studies from They developed a listing of 34 topics (dependent variables) and then went on to carefully group them into clusters, as follows: Governance (7 of 34 topics, 21%, ) Family business roles (6, 18%), Family dynamics (5, 15%), Strategy (5, 15%), Succession (5, 15%), Social and economic impact (4, 12%), and Performance (2, 6%). These authors go on to subdivide these topics into short or long term and then into business or family topics, and as one would expect there is overlap. (The frequency refers to categorization by topic, not by frequency of the topic being published in papers.) Regarding family business research by topic, Litz, Pearson and Litchfield s (2012) survey of over 80 family business scholars opinions regarding the current situation in family business research, showed that currently the main topics were succession and governance, and as one person said succession issues have been studied to death (p. 11). Regarding future directions it was urged that there be a less positivist bent and a call for understanding success factors, also for a focus on family influence, greater cross-cultural studies, and so on. Much of the Family Business domain revolves around issues of planning and executing ownership succession/transition. This topic is of immense interest to most families in business (Chua, Chrisman & Sharma, 2003; Danco, 1982; Davis, 1968; Davis & Harveston, 1998). Succession issues, in many instances are complex and often remain unplanned, and when attempted are often unsuccessful. Gersick, Lansberg, Desjardines & Dunn (1999) state that understanding the structure of transitions (p. 287), is the most salient interjection for academics and advisors to assist families with ownership succession issues. It seems that over the last decade research has been following the advice of Gersick et al. 9

10 Theoretical Approaches The utilization of theories is an obligatory base for any paradigm or emergent body of knowledge. Thus the extent and range of theoretical perspectives is another way in which we can study the development and distinctiveness of a field of inquiry. With regards to theories, Systems Theory is perhaps the most commonly associated with family business theory building. The three-circle diagram (Gersick, Davis, McCollom Hampton, & Landsberg, 1997), is a useful way in which to visualize the linkages between Family, Management and Ownership, and the overlap that exists often between some or all of these stakeholders. Similarly, life-cycle, or systems theory has been adopted to investigate succession in family business (Dunn, 1999; Gersick et al., 1997). Agency Theory is very commonly used in discussing families in business. This theory has been used to explore many aspects relating to the survival of family firms (Mustakallio, Autio & Zahra, 2002; Tsai, Hung, Kuo & Kuo, 2006; Vilaseca, 2002; Zahra, 2005). The Resource-Based view of the firm is used to examine the competitive advantages inherent to family businesses (Cabrera-Suarez, Saá-Perez & Garcia-Almeida, 2001; Habbershon & Williams, 1999). The Stewardship Perspective, whereby the business is seen as an extension of self is an important way to view family businesses according to Poza and Daugherty (2014). Agency Theory and Resource Based View of the firm (RBV) were the two main theories found by Chrisman et al. (2010) when they reviewed the 25 most cited family business academic articles in journals between 2003 and Of the empirical papers, eight (73%), and four (29%) of the conceptual papers utilized Agency Theory, with an additional conceptual paper using both Agency (so 36%) and RBV. None of the empirical papers within the 25 sample, used RBV, but five (36%) of the conceptual were RBV and that becomes 43% if we include the paper that used both Agency and RBV theoretical frameworks. Additional theories/perspectives in the survey of 25 papers include the Theory of the Firm, Strategic Management, Sociology, and Organizational Theory. James, Jennings and Breitkreuz (2012) analyzed theoretical approaches in family business publications between 1985 and 2010 and found that there is a dominance of business related theories (Agency Theory and RBV), and that family science theories (structural functionalism and symbolic interactionism) are being overlooked. Sharma, Chrisman, and Gersick (2012) concur that the two main theories are Agency and RBC, but also state that other theoretical perspectives are finding their way into family business papers, e.g. Contingency Theory, Transaction Cost Economics, Stewardship Theory, Prospect Theory, Stakeholder Theory and Institutional Theory (P. 11). Litz et al., (2012) surveyed over 80 family business scholars regarding where the field was currently and where it should be headed. Findings showed that currently the field has developed to include more theory-based research, using Agency, Stewardship and RBV, but that there needs to be new theoretical frameworks utilized in the future, for example, family therapy and social psychology theories. 10

11 METHODOLOGY Our study investigates a 14 year period of published papers in the FBR journal. We will shortly complete our data analysis for the year 2012 and include this additional data in our final paper, which will be a 15 year analysis. This study began in 2008 with a literature review, conducted online through the ABI online database which provided access to all copies of the FBR for the ten-year period 1998 to the last issue of The co-authors of this study include a senior student researcher (Jennifer Lococo) who worked on stage 1 of this project. A paper summarizing stage one was presented by the first author at the Small Business Institute Conference in Florida in Subsequently, to complete the analysis of the 2008 to 2011 FBR articles (stage 2), a senior student researcher (Farrah Amikons) joined our team. For stage two of the study, the online database, SAGE Journals was used to access articles from the FBR for the four-year period of 2008 to (Both student researchers had completed and excelled in an undergraduate course in family business taught by the first author.) For both stage one and two of this study, the first step was to identify whether the paper was empirical or conceptual, as illustrated in Figure 1. In the case of an empirical paper, the country from where the data was collected and the sample size were recorded. The next step was to identify the major topic(s) of the paper and ancillary topic(s), as well as the major theory(s) and ancillary perspective(s)/topic(s). For the conceptual papers, the major topic(s), major theory(s) and ancillary perspective(s)/topic(s) were also recorded. Once the data for the four years was recorded, major topics and theories were analyzed to identify any synergies that existed. (Ancillary topics, theories and synergies are not reported in this paper.) Each article included in the FBR journal, over the period 1998 to 2011 was examined for the following information: research method/type, sample size, research sample country, time lag between research and publication date (subsequently not analyzed as the information was missing in most studies), major and subsidiary topic(s), and theory(s). Each paper was analyzed in detail, not just the abstracts of the study. Book reviews, commentaries and interviews were not included. An empirical paper is defined as an article that has collected primary or secondary data for the purpose of analyzing and reporting results. A conceptual paper is defined as a paper that has the purpose of presenting an in-depth analysis of a topic or theory, not to present a study. Each article included in the FBR journal, over the period 1998 to 2011 was examined for the following information: research method/type, sample size, research sample country, time lag between research and publication date (subsequently not analyzed as the information was missing in most studies), major and subsidiary topic(s), and theory(s). Each paper was analyzed in detail, not just the abstracts of the study. Book reviews, commentaries and interviews were not included. An empirical paper is defined as an article that has collected primary or secondary data for the purpose of analyzing and reporting results. A conceptual paper is defined as a paper that has the purpose of presenting an in-depth analysis of a topic or theory, not to present a study 11

12 An excel spreadsheet was utilized for recording of data and analysis of results. Categories were agreed upon by the first author and one of the student researchers. Inter-rater reliability of analyzed papers was observed. Figure 1: Methodology Used to Analyze Articles Published in the FBR RESULTS Articles in the FBR between the beginning of 1998 and end of 2011 were included in our study. Over this time period, a total of 278 papers were published within the FBR, 208 (75%) were empirical papers and the remaining 70 (25%) papers were conceptual. Country of Origin for Data Table 1 demonstrates the range of countries where empirical data from the 208 studies was derived. Information about family businesses in the United States is the most common source of data for FBR articles. Unfortunately, 36 data sets did not label the source country. There are 8 papers where the data sets were conducted over two countries and 4 papers collected data on a global scale. Sample Size The range of the sample size, which varies greatly, can be seen in Table 2. The sample size ranged from 1 to 10,000, due to qualitative as opposed to quantitative methodologies. The majority, 78 (38%) of the 208, of the empirical articles used a sample size that ranged from , followed by a data set of less than 10, which 50 (24%) empirical papers used. The majority of papers that used a sample size of less than 10 performed longitudinal case studies of firms. A total of 37 (18%) papers used a sample size between 11 and 99. There were 25 (12%) papers that used a data set of and 16 (8%) that used a sample size more than Of the 208, only two empirical papers used secondary data to complete their paper, which are not included in the table. 12

13 Table 1 EMPIRICAL STUDIES BY COUNTRY (IF REPORTED) AS PUBLISHED IN THE FAMILY BUSINESS REVIEW JOURNAL BETWEEN Sample derived from the following Countries No. by country United States 71 Spain 19 Canada 14 Australia, China, 10 Belgium 7 China, Finland, Sweden 6 United Kingdom 5 Germany, India, Italy, 4 Chile, Taiwan 3 Austria, Brazil, France, Lebanon, Netherlands, Norway, Philippines, 2 Africa, Argentina, Brussels, Denmark, Ireland, Lithuania, Portugal, 1 Scotland, Switzerland Table 2 SAMPLE SIZE, IF REPORTED, OF EMPIRICAL STUDIES PUBLISHED IN FAMILY BUSINESS REVIEW JOURNAL BETWEEN (N=150) < > (24%) 37 (18%) 78 (38%) 25 (12%) 16 (8%) Major Topics The incidence of topics contained within the published papers in FBR over the period 1998 to 2011, are shown in Table 3. The most popular topic is succession, which appeared in a total of 63 articles. Of these, 47 (75%) were empirical and 16 (25%) conceptual. The next most popular topic is Governance with 21 papers, Commitment with 16 papers, Finance with 14 papers, Culture, and Women with 13 papers each. These represent the studied at the top of the frequency table. However, there are a further 43 topics that are the major topic area of research contained within from nine studies to just one or two. Table 3 FBR ARTICLES BY TOPIC , CONCEPTUAL OR EMPIRICAL BY INCIDENCE Topic/Theory Total Empirical Conceptual Succession Governance Commitment Finance

14 Culture Women Ownership Theory Building Relationships Consulting Control Family Business Field Power Firm Performance Market Orientation Accounting Estate Planning New Venture Creation Auditing Entrepreneurial Orientation Family Branding Internationalization Mergers and Acquisitions Values Work-Family Balance 2-2 Board Of Directors Business Strategy Cycle of Trust 1-1 Downsizing Earnings Management Entrepreneurial Behavior Ethical Intensity Ethnicity 1-1 Evolutionary Psychology 1-1 F-PEC Scale 1 1 Family Orientation 1-1 Growth Incidence 1 1 Journal Review 1-1 Leadership Life Insurance

15 Non-Family Managers 1-1 Possession Attachment 1-1 Professionalism Public Policy 1-1 Role Salience Identification & Salience 1-1 Trust 1-1 Valuation 1-1 Major Theories The incidence of theories contained within the published papers in FBR over the period 1998 to 2011, is shown in Table 4. The most commonly discussed theories are Agency Theory which was the major theory or topic in a total of 39 articles. Of these, 31 (79%) were empirical and 8 (11%) conceptual. Family Capital Theory which includes human, social and financial capital, was the principal or sole theory in 17 studies, and almost equally split between empirical and conceptual studies. RBV was contained in 13 studies, 70% empirical and only 30% conceptual whereas systems theory was found in 10 studies, half empirical and half conceptual. Stewardship Theory, was present in 8 studies, 88% empirical and only one study conceptual. These five main theoretical areas were found in 87 studies published in the FBR between 1998 and The remaining 16 theories were found in 19 studies. Table 4 FBR ARTICLES BY THEORY , CONCEPTUAL OR EMPIRICAL BY INCIDENCE Topic/Theory Total Empirical Conceptual Agency Theory Family Capital Theory Resource-Based Theory Systems Theory Stewardship Theory Grounded Theory Social Identity Theory Behavioral Theory Bibliometric Theory Corporate Identity Theory Cultural Theory Evolutionary Theory 1-1 Holistic Systems Theory Institutionalization Theory

16 Organizational Life Cycle Theory Personality Theory Self-Efficacy Theory Stage Model Theory Stakeholder Theory 1-1 Transactional Cost Theory 1-1 Transformational Leadership Theory CONCLUSION This comprehensive review of studies in the FBR, over a 14 year period, shows that the field is advancing in scope and rigor. Findings show that empirical articles dominate and use a variety of research methods. The majority of articles are written by academics in the United States and concern US firms. However, a good indication of growth in Family Business research is the increasing number of countries where data is taken from. It is important to continue to study new regions for a better understanding of the field. Agency theory continues to dominate as the most popular theory. Family capital theory is the second most discussed theory followed closely by RBV, Systems, and Stewardship Theory. There are, however, a broad range of theories that are finding their way into the FBR papers. Through the analysis of theories, shown in Table 4, there are 14 theories that appear once in the journal. These theories tend to be from more recent papers. This trend shows that authors are starting to find new theories to bring into the field that have not previously been discussed, therefore, further advancing the field. In terms of topics the succession process is the most popular but interest has been broadened to include many more business and family related issues. In terms of the advancement of the field, the incidence of Succession in articles is not a good sign. In order for the field to progress, other topics need to be focused on and developed. Through the analysis of topics, shown in Table 3, there are 24 topics that appear once in the journal. These topics are from more recent papers, which could be seen as a good sign. This trend, just as with new theories, shows that authors are starting to find new topics to bring into the field that have not previously been discussed, therefore, also advancing the field. There is an increasing emphasis on theory building in all areas of family business. This growing emphasis on theory building is a significant achievement in the field of family business, which began with case study approaches. If we consider conceptual papers, they are very commonly about succession topics, while the theories in conceptual papers tend to talk about Agency, Family Capital, Systems and RBV. If we examine the balance between scholars conceptualizing about a topic(s) or theory(s) or topics and theories, we can see some interesting trends. Further analysis will be required to determine whether the conceptualizations precede, or follow the papers, that investigate the topic or utilize the theory. However, it appears that conceptualization papers are clustered in 16

17 large numbers alongside the empirical papers by topic and theory. Scholars need to encourage greater diversity in topic by developing conceptualizations that can then lead to good empirical studies in new topic areas, utilizing new theoretical frameworks. In conclusion, one of the most important trends observed is that the topics and theories are being brought from other fields into Family Business. Another important trend is the focus on family aspects of business rather than business interactions. Our findings are a useful tool for determining future research questions, theoretical frameworks and associated methodology. Also, we provide useful information for researchers, students and family business advisors. Overall, this research has importance for summarizing past research and indicating future directions. REFERENCES Astrachan, J.H. (2008). Editorial notes, Family Business Review, 21(4), 5. Astrachan, J.H., & Shanker, M. C. (2003). Family businesses contribution to the U.S. economy: A closer look. Family Business Review, 16(3), Bird, B., Welsch, H., Astrachan, J.H., & Pistrui, D. (2002). Family Business Research: The evolution of an academic field. Family Business Review, 15(4), Bourdieu, P. (1986). The Forms of Capital, in The Handbook of Theory and Research for the Sociology of Education. Ed. J. G. Richardson. New York: Greenwood Press, Cabrera-Suarez, K., Saá-Pérez, P. & Garcia-Almeida, D. (2001). The succession process from a resource- and knowledge-based view of the family firm. Family Business Review, 14(1), Casillas, J. & Acedo, F. (2007). Evolution of the intellectual structure of family business literature: A bibliometric study of FBR. Family Business Review, 20(2), Chrisman, J.J., Chua, J.S. & Sharma, P. (1998). Important attributes of successors in family business. Family Business Review, 11(1), Chrisman, J.J., Kellermanns, F.W., Chan, K.C., & Liano, K. (2010). Intellectual foundations of current research in family business: An identification and review of 25 influential articles. Family Business Review, 23(1), Chua, J.H., Chrisman, J.J. & Sharma, P. (2003). Succession and nonsuccesion concerns of family firms and agency relationship with nonfamily managers. Family Business Review, 16(2), Coleman, J.S. (1988). Social capital in the creation of human capital, American Journal of Sociology, 94, Danco, L. (1982). Beyond survival. Cleveland: The University Press, Inc. Davis, P.S. & Harveston, P.D. (1998). The influence of family on the family business succession process: A multi-generational perspective. Entrepreneurship Theory and Practice, 22(3), Davis, S. (1968). Entrepreneurial succession. Administrative Science Quarterly, 13,

18 Debicki, B.J., Matherne, C F. III, Kellermanns, F.W., & Chrisman, J.J. (2009). Family business research in the new millennium: An overview of the who, the where, the what, and the why. Family Business Review, 22(2), Dunn, B. (1999). The family factor: The impact of family relationship dynamics on business-owning families during transitions. Family Business Review, 12(1), Dyer Jr, W.G., & Sanchez, M. (1998). Current state of family business theory and practice as reflected in family business review Family Business Review, 11(4), Field, J. (2003). Social Capital, London: Routledge. Gersick, K.E., Davis, J.A., McCollom Hampton, M. & Landsberg, I. (1997). Generation to generation: Life cycles of the family business. Boston: Harvard Business School Press. Gersick, K.E., Landsberg, I., Desjardins, M. & Dunn, B. (1999). Stages and transitions: Managing change in the family business. Family Business Review, XII(4), Habbershon, T.G. & Williams, M.L. (1999). A resource-based framework for assessing the strategic advantages of family firms. Family Business Review, XII(1), James, A.E., & Jennings, J.E. & Breitkreuz, R.S. (2012). Worlds Apart?: Rebridging the Distance Between Family Science and Family Business Research. Family Business Review 25(1), Kuhn, T. (1970). The Structure of Scientific Revolutions. Cambridge, M.I.T. Press Litz, R.A., Pearson, A.W. & Litchfield, S. (2012). Charting the future of family business research: perspectives from the field. Family Business Review, 25(1), Menzies, T.V. (2009, August). Entrepreneurship and the Canadian Universities: Report of a National Study of Entrepreneurship Education 2009, St. Catharines, ON: Brock University, 94pp. (ISBN ) Mustakallio, M., Autio, E. & Zahra, S.A. (2002). Relationed and contractual governance in family firms: Effects on strategic decision making. Family Business Review, 15(3), Poza, E.J. & Daugherty, M.S. (2014). Family Business, (4 th Edn.). Mason, Ohio: South-Western, Cengage. Putnam, R. D. (1995). Bowling Alone: America s declining social capital, Journal of Democracy, 6, Sharma, P. (2004). An overview of the field of family business studies: Current status and directions for the future. Family Business Review, 17(1), Sharma, P., Chrisman, J.J., & Gersick, K. E. (2012). 25 years of family business review: reflections on the past and perspectives for the future. Family Business Review, 25(1), Tsai, W.H., Hung, J., Kuo, Y. & Kuo, L. (2006). CEO tenure in taiwanese family and nonfamily firms: an agency theory perspective. Family Business Review, 19(1), Vilaseca, A. (2002). The shareholder role in the family business: conflict of interests and objectives between nonemployed shareholders and top management team. Family Business Review, 15(4),

19 Woolcock, M. (1998). Social capital and economic development: toward a theoretical synthesis and policy framework. Theory and Society, 27, Woolcock, M. (2001). The place of social capital in understanding social and economic outcomes. Canadian Journal of Policy Research, 2(1), Yu, A., Lumpkin, G.T., Sorenson, R.L. & Brigham, K.H. (2012). The landscape of family business outcomes: a summary and numerical taxonomy of dependent variables. Family Business Review, 25(1), Zahra, S. A., & Sharma, P. (2004). Family business research: a strategic reflection. Family Business Review, 17(4), Zahra, S.A. (2005). Entrepreneurial risk taking in family firms. Family Business Review, 18(1),

20 CONNECTING WITH STUDENTS THROUGH FACEBOOK: THE IMPACT OF CREATING A SOCIAL MEDIA MARKETING PLAN FOR ACADEMIC LIBRARIES Chelsea Lorenz Wartburg College ABSTRACT The expansion of technology in academic libraries and the decrease in physical items needed or available reveals the movement toward service-based organizations, where marketing and reaching out to users through social media may be useful in order to stay relevant for college students. This analysis examines the impact of integrating a marketing plan focused on social media in academic libraries, and explores the idea of marketing and outreach becoming more of a necessity as academic libraries transition to service-based organizations. Examining the current library trends indicates an opportunity for academic libraries to better cater to the needs and wants of users through developing marketing plans. Although marketing plans are generally associated with for-profit businesses, the basic components can be applied to non-profit organizations, and specifically academic libraries. Social media, and especially Facebook, may act as a promotional and communication tool to connect with students. After reviewing the benefits of using Facebook in an academic library setting including communication, cost effectiveness, and brand awareness, as well as the negative aspects including negative attitudes, time, and communication challenges, it is evident that integrating Facebook into a marketing plan within an academic library is an achievable goal. Success is dependent on several key factors including training staff to effectively use Facebook, making sure enough time is given to develop the page, and continually finding ways to best connect with students in a reliable, convenient way. Flexibility and adaptation are also necessary in staying current with college students, as social media is constantly changing and improving. INTRODUCTION AND BACKGROUND As technology changes and develops, academic libraries face decisions regarding marketing and outreach to students (ACRL, 2012). Today s library is about more than just physical books and items available. Many items such as journal articles, newspapers, and statistics are now available online through databases and may be accessed with minimal effort. Search engines such as Google provide access to almost unlimited amounts of information. Libraries, and the information available to its users, have changed significantly over history (ACRL, 2012). The expansion of technology in academic libraries and the decrease in physical items needed or available reveals the movement toward service-based organizations, where marketing and reaching out to users through social media may be useful in order to stay 20

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