This study investigates whether a projected family firm image can affect access to financial resources, which is key to providing broader strategic options and meeting short-term financial needs, especially for small and medium-sized enterprises (SMEs). Building on the signaling literature, we consider the family SME leaders’ perspective and conceptually and empirically examine whether they believe a projected family firm image acts as a credible signal to the lender. We also examine additional boundary conditions influencing the family SME’s projected image–access to financial resources relationship, by specifically investigating whether firm age and size alter the degree of the signaling effect. Our unique data on 289 Spanish family SMEs reveal that projected family firm image can act as an attractive signal to lenders, leading to better access to financial resources for SMEs. Furthermore, firm size reinforces the role of the projected family firm image as a positive signal. These findings address an important practical issue in terms of family firm stakeholder perceptions, offering contributions to the corporate branding, family business, and financing literature.

In this study, we examine new drivers that generate a disposition toward entrepreneurial activity in family firms and how the strategic involvement of the board of directors (SIBD) moderates the relationships between these drivers (image of the firm, willingness to change, and access to financial resources) and entrepreneurial orientation (EO). Using a sample of 230 family small and medium-sized enterprises (SMEs), our results confirm that a good family firm image and willingness to change may be powerful tools that stimulate a firm to develop entrepreneurial activities. The negative relationship between access to financial resources and EO may relate to the false belief that financial resources help firms be more creative and to maintaining family control of the firm and the socioemotional endowment. Contrary to our expectations, we also find that the SIBD negatively influences the relationship between the above drivers and EO, pointing to the need for more open boards of directors in family SMEs in order to develop and implement entrepreneurial strategies. JEL Classification: L2, M1

This study examines the effects of different intrinsic and extrinsic-to-potential successors’ factors on the willingness of potential successors of family farms to continue training in the future. Building on socioemotional wealth (SEW) theory and a knowledge-based view, we consider the potential successors’ (yet students in agricultural schools) perspectives, and conceptually and empirically examine whether they believe intrinsic factors, namely, their own personal interest and willingness to create a new business, as well as extrinsic factors, namely, confidence in farm viability and the fact that they have been instituted as successors, influence their willingness to continue training in the future. Our unique data on 156 students enrolled in agricultural schools in Catalonia (Spain) reveal that while intrinsic factors increase potential successors’ tendency toward continuous training, extrinsic ones, contrary to our expectations, do not. These findings address an important practical issue in terms of family farm successors’ perceptions, offering contributions to agriculture, family business in general, and family firm succession literature in particular.