As families seek alternative forms of financial capital without putting the family business at risk, life settlements are gaining the interest of family businesses and scholars. This commentary draws upon institutional theory, real options theory, and stewardship theory to provide a foundation to better understand life settlements and to complement the work articulated by Adams (2009).
Adams, E.S. ( 2009). The role of life settlements in preserving a family business . Family Business Review, 22(4), 309-318.
2.
Barringer, B.R., & Bluedorn, A.C. (1999). The relationship between corporate entrepreneurship and strategic management. Strategic Management Journal, 20, 421-444.
3.
Brown, M.E. ( 1969). Identification and some conditions of organizational involvement. Administrative Science Quarterly, 14, 346-355.
4.
Craig, J., & Dibrell, C. ( 2008). Accession tournaments: The application of a game theory derivative to the multidimensional family business accession process. Working Paper with the Australian Centre for Family Business, Bond University, Robina, Queensland, Australia.
5.
Craig, J., & Moores, K. ( 2005). Balanced scorecards to drive the strategic planning of family firms. Family Business Review, 18(2), 105-122.
6.
Davis, J.H., Schoorman, F.D., & Donaldson, L. ( 1997). Toward a stewardship theory of management. Academy of Management Review, 22, 20-47.
7.
Davis, J.H., Schoorman, F.D., Mayer, R., & Tan, H. ( 2000). The trusted general manager and business unit performance . Strategic Management Journal, 21, 563-576.
8.
Dibrell, C., & Craig, J.B. ( 2006). The natural environment, innovation, and firm performance: A comparative study. Family Business Review, 21(4), 275-287.
9.
Dibrell, C., Craig, J., Moores, K., Johnson, A., & Davis, P.S. ( 2009). Factors critical in overcoming the liability of newness: Highlighting the role of family. Journal of Private Equity , 12(2), 38-48.
10.
DiMaggio, P.J., & Powell, W. ( 1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American Sociological Review, 48, 147-160.
11.
McGrath, R.G. ( 1999). Falling forward: Real options reasoning and entrepreneurial failure. Academy of Management Review, 24, 13-30.
12.
Miller, D., & Le Breton-Miller, I. (2006). Family governance and firm performance: Agency, stewardship, and capabilities. Family Business Review, 19(1), 73-87.
13.
Moores, K., & Barrett, M. ( 2003). Learning family business: Paradoxes and pathways. London: Ashgate.
14.
North, D. ( 1990). Institutions, institutional change, and economic performance . Cambridge, MA: Harvard University Press.
15.
Sanchez, R. ( 1993). Strategic flexibility, firm organization, and managerial work in dynamic markets: A strategic options perspective. Advances in Strategic Management, 9, 251-291.
16.
Scherpereel, C.M. ( 2008). The options-creating institution: A real options perspective on economic organization. Strategic Management Journal, 29, 455-470.
Sharma, P., Chrisman, J.J., & Chua, J.H. ( 2003). Succession planning as planned behavior: Some empirical results. Family Business Review, 16(1), 1-15.
20.
Suchman, M.C. ( 1995). Managing legitimacy: Strategic and institutional approaches . Academy of Management Review, 20, 571-610.
21.
Zahra, S., Neubaum, D., Hayton, J., Dibrell, C. & Craig, J. ( 2008). Culture of family commitment and strategic flexibility: The moderating effect of stewardship. Entrepreneurship Theory & Practice, 32, 1035-1054.
22.
Zimmerman, M.A., & Zeitz, G.J. ( 2002). Beyond survival: Achieving new venture growth by building legitimacy. Academy of Management Review, 27(3), 414-431.
