TRATAMIENTO FISCAL

The synthesis of secondary research knowledge is a fundamental part of systematic literature review process given that essential outcomes related to the subject-matter are revealed (Coenen et al., 2012; Crossan & Apaydin, 2010; Fatters, 2016; Frels &

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Onwuegbuzie, 2013; Popay et al., 1998; Tranfield et al., 2003). Despite of the gaps and inconsistencies of previous research that requires further and thorough wine- specific knowledge (Brown, 2011; Chirico, 2007; Fuentes-Lombardo et al., 2011; Georgiou & Vrontis, 2013a; Gillinsky et al., 2008; Heinrichs, 2014; Pavel, 2013; Rossi et al., 2012; Santiago-Brown et al., 2014; Thach & Kidwell, 2009; Woodfield, 2010), the researcher identified a number of frequent process and context factors that are believed critical to effective family business succession. The latter factors and other comparable information are all considered as important elements for the synthesis and development of a Prelimininary Conceptual Framework towards Succession Effectiveness in Family Businesses (version one).

To the extent of developing a pertinent conceptual framework, the researcher draws at a great extent on the relevant knowledge emerged from the literature review by using narrative synthesis (Cook et al., 1997; Creswell, 2009; Diefenbach, 2009; Evans & Pearson, 2001; Garcia & Gluesing, 2013; Maggetti et al., 2013; Maxwell, 2016). The narrative unification of secondary research data permitted to the researcher to provide a comprehensive coverage of existing knowledge and present the fundamental nature of the research area (Fatters, 2016; Greenhalgh, 1997; Marshall et al., 2013; Suri, 2011). Evidently, the following texts and relevant figural representations, seek to provide the reader a conceptual direction of what existing literature clearly says in the area of family business succession and its factors of effectiveness (Acero & Alcalde, 2016; Garcia-Ramos et al., 2017; Hammond et al., 2016; Huber et al., 2015; Miller & Le-Breton-Miller, 2014; Rautamaki & Romer-Paakkanen, 2016).

Accordingly, the researcher has exposed that over the last 40-years of extensive research effort, a foremost quantitative attention has been given to the issue of executive business succession as a basic challenge that family and even public firms frequently face (Acero & Alcalde, 2016; Aronnoff & Ward, 2010; Garcia-Ramos et al., 2017; Pavel, 2013; Rautamaki & Romer-Paakkanen, 2016; Sten, 2007). Systematically, going through the supportive but fragmented literature on the topic, the researcher has accepted the research wisdom from various studies directed toward different succession factors and variables that are potentially important to the process effectiveness. In this regard, figure 2.4 illustrates relevant fundamentals emerged from the literature review that are connected to the socio-political context of succession

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(Carr et al., 2016; Heinrichs, 2014; Jaskiewic et al., 2015; Klein & Bell, 2007; Lumpkin & Brigham, 2011; Maco et al., 2016; Miller & Le-Breton-Miller, 2014). The researcher has discovered three fundamental family business succession elements that are embedded in the socio-political context as follows: (a) the Dynamics of the owning Family, (b) the Board of Directors, and (c) the Pre-contractual Expectations of the Incumbent and Successor. A large proportion of the studies reviewed were focused on how family businesses manage commercial and family logics in succession under the influence of the incumbent, controlling family owners and existing directors (Acero & Alcalde, 2016; Garcia-Ramos, 2017; Jaskiewicz et al., 2015; Heinrichs, 2014; Hoy, 2007; Klein & Bell, 2007; Pavel, 2013; Ward & Zsolnay, 2017). Substantial research put the interest focus on the dynamics of the owning family in moderating decisions relevant to successor selection through participation in the ownership structure and the board of directors (Alcalde, 2016; Garcia-Ramos, 2017; Huber et al., 2015; Pitcher et al., 2000; Rautamaki & Romer-Paakkanen, 2016; Ward & Zsolnay, 2017).

Figure 2.4: The Socio-Political Context of Succession

Similarly, the researcher has identified that the challenge between contentment and dissatisfaction of expectations is an elemental socio-political concern in the context of family business succession (Aronnoff & Ward, 2010; Carr et al., 2016; Klein & Bell, 2007; Maco et al., 2016; Miller & Le-Breton-Miller, 2014). Consequently, the harmonious joint working of the incumbent and successor conveys small wins daily, bigger accomplishments during the transition period, and thus, it was believed decisive for the building of trust, mutual satisfaction and promising succession process (Amadieu, 2013; Barbera et al., 2015; Benavides-Velasco et al., 2013;

Incumbent-Successor Pre-contractual Expectations SUCCESSION SOCIO-POLITICAL CONTEXT Board of Directors Family Dynamics

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Heinrichs, 2014; Jaskiewicz et al., 2015; Rautamaki & Romer-Paakkanen, 2016). Furthermore, findings and theoretical argumentation on the outcomes of family business succession have linked together organizational performance and successor choice (Amadieu, 2013; Anderson & Reeb, 2003; Benavides-Velasco et al., 2013; Brown, 2011; Datta & Rajagopalan, 1998; Heinrichs, 2014; Huber et al., 2015; Jaskiewicz et al., 2015; Pavel, 2013; Rautamaki & Romer-Paakkanen, 2016).

Various scholars established statistically significant associations that coupled the selection of top level executives with the eventual transfer of capital, organizational characteristics and abilities to handle sudden organizational externalities (Acero & Alcalde, 2016; Benavides-Velasco et al., 2013; Garcia-Ramos et al., 2017; Hambrick & Fukutomi, 1991; Le Breton-Miller et al., 2004; Smith & White, 1987; Ward & Zsolnay, 2017; Wright & Kellermanss, 2011). Figure 2.5 illustrates the factors emerged from the literature review that are connected to the business-managerial context of succession (Aronnoff & Ward, 2010; Jaskiewicz et al., 2015; Lumpkin & Brigham, 2011; Maco et al., 2016; Miller & Le-Breton-Miller, 2014). The researcher has discovered that business-managerial context of succession comprises four major elements: (a) the Organizational Performance, (b) the Transfer of Capital, (c) the Organizational Size, and (d) the Organizational Age.

Figure 2.5: The Business-Managerial Context of Succession

In the light of the secondary information revealed from the systematic literature review, the researcher has been aspired to develop a Preliminary Conceptual Framework along with the relevant secondary hypotheses. This challenging task is expected to provide a comprehensive understanding on how the entire process evolves towards effective family business succession, and thus, to provide prospects of further contribution to existing knowledge with new theoretical developments.

SUCCESSION