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THE EFFECT OF STRATEGIC ENTREPRENEURIAL COMPONENTS ON THE PERFORMANCE OF FAMILY FIRMS
© Shahnaz Nayebzadeh, Mahmoud Moeinadin, Hossein Erfanfar
Department of Management, Yazd Branch, Islamic Azad University, Yazd, Iran Department of Accounting, Yazd Branch, Islamic Azad University, Yazd, Iran
The purpose of this study is to evaluate the effect of strategic entrepre-neurship components on the performance of family firms. The research model is formed using variables of financial performance and market performance as the dependent variable, and entrepreneurial orientation, entrepreneurial values, investment in internal resources, knowledge-based resources, organizational learning, promoting changes, the transient changes as the independent variables. This study based on objective is applied, and in terms of method it is correlation study, which it is collected using questionnaires and survey requirements data. The population of the study is all managers of family firms located in Yazd, and it used randomly sampling, and 145 acceptable samples were collected. Data analysis was performed using descriptive statistics, frequency tables and circular and bar charts, and the data were analyzed using the software Spss18, and investigate the relationships between variables and factors by confirmatory factor analysis and structural equation techniques using software Lisrel 8.72 shows that there is relationship between the exploration factors in entrepreneurship, entrepreneurial orientation, the transient changes among the exploitation factors with performance of family firms.
Keywords: strategic entrepreneurship, family firms, exploration, exploitation, performance.
1. Introduction
The concept of strategic entrepreneurship (SE) is relatively new in the study of entrepreneurship and management. In today's evolving world, success belongs to the communities and organizations that make a significant relationship between scarce resources and entrepreneurial and management capabilities and human resources; In other words, the community and the organization can has the better chance of success in development path that its human resources is equipped with the knowledge and skills to productive entrepreneurship by creating necessary conditions, to manage and direct them using this valuable capability, other community resources and organization to create value and achieve growth and development. Today, that work and activities have taken a new shape and it is moving to the self-employer and self-employed, entrepreneurs and entrepreneurs play a key role in the economic development of different communities; the expe-
riences of countries such as Japan, South Korea, Malaysia and India has been full of outstanding activities of entrepreneurs that today they are proud of their country's development. It should be noted that entrepreneurs will not only create new job opportunities, but they do creative destruction with the structure of thinking, mobility and necessary culture to build a high foundation of prosperity and progress from the ruins of the ancient (Deljoy Shahir, 2007).
The family firms form a very large share of economic activity around the world. In this type of businesses, existence of family is an unique feature that it has distinguished them from other businesses. On the other side, the internationalization is one of the issues that is currently affecting the national economy, and economic activities of businesses have been overwhelmed by it. In this regard, family companies can play an important strategic role on the internationalization of the economy and businesses in country due to high percentages of domestic productions at their disposal.
International entrepreneurial is a process that can lead family companies to foreign markets (Zivdar, 2007). It is well understood that family firms have attracted little attention during the management extensive literature, especially in relation to the development of the theories of the firm. This inattention is a pity because as a contribution, and in particular the number, the family business has a prominent role as an economic organization around the world. So on the whole question of this study is that how influence strategic entrepreneurship components on the performance of family firms?
2. Theoretical principles and hypotheses of the study
Entrepreneur is one who is committed to manage and assume the risk of an economic activity. The word entrepreneurship long time before the general concept of entrepreneurship emerged in modern language, it was invented in French. Entrepreneurs is one who is established and managed the company to profitability and growth, and it is used to advance personal goals that its main characteristic is the innovative behavior and it uses the experience of strategic management in its activities(Ahmad Pourdariyani, 2011).
In study that was conducted in the regions of northern Europe; Katarina Pet-tersson analyzed national support of women's entrepreneurship programs based on the gender perspective in the countries of northern Europe. The findings show that all the countries of northern Europe except Iceland have a program or functional plan to support of women entrepreneurship, and the analysis also shows that national support programs called support of women's entrepreneurship tend to put women in a subsection position (function) than men, and hence they have risk of maintaining the norms of men(Katarina Pettersson, 2011).
Afreen Huq and et al in a study entitled «Improving the employment of graduates through practical learning in social entrepreneurship» investigate the possible benefits of a practical learning model (WBL) in social entrepreneurship to
improve employment of graduates and appreciation of responsible entrepreneur-ship. The results strongly confirm the acceptance of educational content WBL for social entrepreneurship in improving the employment graduates and increased opportunities for responsible entrepreneurship education(Afreen Huq and et al). Research results of Jinhwan Hong and et al are aimed at examining the relationship between the strategic trends and the success of new products with the introduction of the assumed model that investigates the role of market orientation (MO) and entrepreneurship orientation (EO) in the performance of the new product and they trying to understand the roles of intermediary, product characteristics and process, this shows that MO and EO have a positive impact on the performance of the new product. MO's main impact is through skill of the new product development, and the main impact of EO is through skill of mental property management, and novelty of product (Jinhwan Hong, 2013). Deshpande Rohit and et al demonstrated that American and Japanese founders of entrepreneurship firms are similiar to each other greater than previously thought. This study first finds that both in America and in Japan, there is a positive relationship between motivation to achieve a positive and customer-oriented and cost trends, while it is not related with the technical trends. The second finding is that customer orientation acceptance has positive relationship with profitability of entrepreneurial firms in America and Japan, although its impact is stronger in America. Finally, it was found that admission of cost trends has no impact on profitability of these firms ( Deshpande Rohit and et al, 2013).
3. Research method
The purpose of this study was applied, in terms of method is descriptive of survey type, and in terms of relationship between variables is correlation, and in terms of time is sectional. The studied population in this research is all senior managers of family firms in 1392. The number of samples in this research were 145. Data collection method is library and field. For this purpose, the books published in the field of entrepreneurship and strategic management, as well as articles related to the topic of strategic entrepreneurship in current magazines and Web sites have been studied Data collecting by field method using a standard questionnaire to assess strategic entrepreneurship with regard to the conditions governing family firms in the form of 46 questions have been raised. Demographic data describing the research was carried out using descriptive statistics, frequency tables and circular, bar charts, and the data will be analyzed using software Spss18, and examine the relationships between variables and factors by confirmatory factor analysis and structural equation techniques conducts using software Lisrel 8.72 that is one of the most famous software for the implementation of such models, in order to test hypotheses to assess the spontaneous, and direct or indirect relationship between variables.
4. Research findings Comparison of research variables with intermediate measure
A sample t test to compare the observed variables of research with theoretical mean of measure has shown that due to the significant level of less than 0.05, the average of all variables is significantly different from the theoretical mean, and according to the average of variables that all of them are larger than 3, so, average of all variables was significantly higher than average.
Table 1
A sample t-test for research variables
Comparison of the mean observed with constant 3
Average Level Degree T-statistics Average Variable
difference of significance of freedom
0.4756 0.000 144 8.553 3.4716 Entrepreneurship orientation
0.26207 0.001 144 3.343 3.2621 Entrepreneurship values
0.34345 0.000 144 4.449 3.3434 Knowledge-based resources
0.22069 0.002 144 3.141 3.2207 Investment in internal resources
0.36207 0.000 144 5.361 3.3621 Organizational Learning
0.37586 0.000 144 5.462 3.3759 Advancing changes
0.26379 0.000 144 4.474 3.2638 Transient changes
0.64828 0.000 144 9.633 3.6483 Market performance
0.57471 0.000 144 7.828 3.5747 Financial performance
Exploratory factor analysis of variables
At first, confirmatory factor analysis test for the exploration variables, utilization and performance is investigated. Confirmatory analysis output for each of these variables suggests that suitability of model is good. In the standard estimate is possible to compare observed variables explanatory of latent variable. Measurement equation is provided to the number of observed variables. Each equation includes path coefficient between observed and latent variables, measurement error of observed variable with its significance test based on the characteristic t and the value of R2, namely coefficient of determination, or the proportion of variance explained by a latent variable. In this analysis, for all exploration variables, utilization and performance, the t-statistic of questions was greater than 1.96 and therefore it is significant. The results obtained also show that the absolute value of t-statistics for all relations was above 1.96, and the amount of explained variance of each variable is acceptable amount by latent variable therefore models have acceptable suitability.
The original model
It is necessary before entering the stage of hypothesis testing ensure the accuracy of the measurement model. In this study, a confirmatory factor analysis was conducted using path analysis to test the significance of the agents. The analysis was conducted by using structural equation model and statistical software LI-SREL. In the study each of the models, before confirming the structural relations
must be to ensure suitability and good fitness of measurement model. that for this purpose statistics %2 and other suitability measures of model should be studied. So that the model is appropriate that has the following optimal conditions. The amount of %2 to degrees of freedom must be less than 3, and the less the better, because it shows the difference test between data and model. Index RMSEA, matter how be close to 0.05 and smaller than 08/0 (be closer to zero) shows a more fitting of model, and if the measures of model do not provide an appropriate fitted model, reforms must be carried out in the model using the output from the modified model, and then survey questions, and hypotheses in the model using a modified model.
The study of measurement models with t-test statistic, the standard coefficient and the amount of error in various factors
Measurement equation is provided on the number of observed variables. Each equation includes the path coefficient between observed and latent variables, measurement error of observed variable with its significant test based on the characteristic t and the value of R2 namely coefficient of determination, or the proportion of variance explained by a latent variable.
Explore
Table 2
Analysis of t value and coefficients for exploration index
Standard coefficient
Error The coefficient of determination T-test statistics Items
0.05 0.74 12.23 0.86 EO Entrepreneurship orientation
0.07 0.67 11.43 0.82 EV The values of Entrepreneurship
Exploit
Table 3
Analysis of t coefficients and value for the index exploitation
Standard coefficient
Error The coefficient of determination T-test statistics Items
0.07 0.51 9.61 0.72 KRR Knowledge-based resources
0.06 0.71 12.23 0.84 I Investment
0.06 0.70 12.04 0.84 OL Organizational Learning
0.06 0.54 10.00 0.74 DCH Advancing changes
0.05 0.54 10.03 0.74 TCH Transient changes
Performance
Table 4
Analysis of t coefficients and values for the performance indicators
Error The coefficient of determination T-test statistics Standard coefficient Items
- 0.66 - 0.81 MP Market performance
0.08 0.69 9.64 0.83 FP Financial performance
All of the variables had T-statistic greater than 96.1, also their amount of determine coefficient was appropriate so, none of the items are not removed from the model, then working with all items (questions) continued, and study the model.
Fig. 1. Model in the form of significant numbers (t-value)
Numbers on the paths are also indicative of the t-value for each path. If this value is not meaningful is shown in red in the output of software. In this analysis, the t-statistic is greater than 1.96 for a path, and therefore is significant, and for a path is not significant.
Fig. 2. The model in a state of the standard coefficients
The figure above shows the general model in a state of the standard estimate. Only in a state of standard estimate there is the possibility of comparison between
the observed variables explain latent variable, and model in a state of the standard suggests that how much of the variance of the latent variable by observed variable is explained.
Confirm the model
Table 5
The study of suitability
The reported amount Indexes
26.17 Chi-square
24 Degree of freedom
1.09 Chi-square to degrees of freedom
0.025 RMSEA
0.96 GFI
0.93 AGFI
0.98 NFI
1.00 NNFI
1.00 IFI
1.00 CFI
As you can see amount of %2 to degrees of freedom is 1.09 and less than 3 that it is good value. The low rate of the this indicator shows the little difference between conceptual model of study with observed data of research. The RMSEA value is equal to 0/025 and less than 08/0, in addition to %2, whatever amount of index RMSEA is lower, model has a better suitability, and indices (NFI - NNFI -IFI - CFI) are greater than 0.9, and index GFI is greater than 8.0, then model showed good suitability and it is confirmed.
Sub-model 1
The study of the measurement models with statistics T, the standard coefficient and the value of error in various factors Entrepreneurship orientation (EO)
Table 6
The analysis of coefficients and the value of t for the index of entrepreneurship orientation
Error The coefficient of determination T-test statistics Standard coefficient Items
0.09 0.46 8.63 0.68 Q1
0.09 0.20 5.21 0.44 Q2
0.08 0.30 6.71 0.55 Q3
0.09 0.31 6.76 0.55 Q4
0.08 0.36 7.46 0.60 Q5
0.09 0.41 8.10 0.64 Q6
0.09 0.30 6.66 0.55 Q7
0.08 0.17 4.87 0.42 Q8
The values of entrepreneurship (EV)
Table 7
Analysis of the T coefficients and values for index of entrepreneurship values
Error The coefficient of determination T statistics Standard coefficient Items
0.08 0.60 10.54 0.78 Q9
0.08 0.61 10.63 0.78 Q10
0.09 0.62 10.76 0.79 Q11
0.09 0.48 9.06 0.70 Q12
Performance
Table 8
The coefficients and values of t for performance indicator
Error The coefficient of determination T statistics Standard coefficient Items
- 0.63 - 0.80 MP Market performance
0.11 0.59 6.08 0.77 FP Financial performance
All the variables had t-test statistic larger than 96/1, also their coefficient of determination was appropriate, then none of the items is not removed from the model, so, work with all the items (variables) continued and we assess the models.
Fig. 3. Model in the state of significant numbers (t- value)
Numbers on the paths are also indicative of the t-value for each path. In this analysis, the t-statistic is greater than 1.96 for a path, and therefore it is significant, and for another path, it is not significant.
Fig. 4. Model in a state of the standard coefficients
The figure above shows the general model in the state of standard estimate. Results of estimation (the bottom of figure) indicates suitability of model. Only in a state of standard estimate there is the possibility of comparison between the observed variables explain latent variable, and model in a state of the standard suggests that how much of the variance of the latent variable is explained by observed variable.
Due to the LISREL output value of %2 to degrees of freedom is 1.09 and less than 3 that it is a good value. low rate of this indicator shows small differences between the conceptual model and observed data of research. Also output shows RMSEA=0.026 for the model which is smaller than 0.08. In addition to %2, whatever index RMSEA is lower, model has a better suitability.
Confirm the model
Table 9
Suitability check
The reported amount Indexes
81.00 Chi-square
74 Degree of freedom
1.09 Chi-square to the degrees of freedom
0.026 RMSEA
0.76 GFI
0.71 AGFI
0.91 NFI
0.97 NNFI
0.97 IFI
0.97 CFI
As you can see chi2 value to the degree of freedom is less than 3. Also value of RMSEA is equal to 0.026 and less than 08/0, and indexes (NFI - NNFI IFI -CFI) are all larger than 0.90, and index (GFI) is close to the value of 8.0, so, model showed a good suitability and it is confirmed.
sub-model 2
The study of measurement models with T test statistic, the standard coefficient and the amount of error in various factors Knowledge-based resources (KRR)
Table 10
The study of coefficients and value of t for index of knowledge based sources
Error The coefficient of determination T statistics Standard coefficient Items
0.13 0.04 2.46 0.21 Q13
0.087 0.46 8.94 0.68 Q14
0.10 0.29 6.82 0.54 Q15
0.075 0.34 7.47 0.59 Q16
0.081 0.32 7.21 0.57 Q17
Investment
Table 11
The study of coefficients and the amount of t for investment index
Error The coefficient of determination t-test statistics Standard coefficient Items
0.092 0.35 7.48 0.60 Q18
0.083 0.55 9.91 0.74 Q19
0.081 0.54 9.80 0.74 Q20
0.092 0.35 7.36 0.59 Q21
Organizational Learning (OL)
Table 12
The study of coefficients and the value of t for organizational learning index
Error The coefficient of determination t-test statistics Standard coefficient Items
0.079 0.57 10.07 0.75 Q22
0.071 0.47 8.97 0.69 Q23
0.089 0.41 8.13 0.64 Q24
0.081 0.49 9.08 0.70 Q25
Developing changes (DCH)
Table 13
The study of coefficients and the value of t for d changes index
Error The coefficient of determination t-test statistics Standard coefficient Items
0.091 0.41 8.06 0.64 Q26
0.082 0.52 9.45 0.72 Q27
0.075 0.61 10.40 0.78 Q28
0.080 0.43 8.25 0.65 Q29
Transient changes (TCH)
Table 14
The study of coefficients and the value of t for transient changes index
Error The coefficient of determination t-test statistics Standard coefficient Items
0.17 0.09 3.44 0.29 Q30
0.093 0.25 6.07 0.50 Q31
0.075 0.31 6.97 0.56 Q32
0.077 0.52 9.60 0.72 Q33
0.084 0.42 8.33 0.64 Q34
0.078 0.47 9.00 0.68 Q35
0.075 0.42 8.39 0.65 Q36
0.073 0.42 8.33 0.64 Q37
0.079 0.52 9.73 0.72 Q38
0.076 0.32 8.00 0.62 Q39
0.090 0.38 7.77 0.61 Q40
0.092 0.35 7.47 0.59 Q41
Performance (P)
Table 15
The study of coefficients and the amount of t for performance indicator
Error The coefficient of determination t-test statistics Standard coefficient Items
- 0.62 - 0.79 MP Market performance
0.094 0.60 7.34 0.78 FP Financial performance
Fig. 5. Model in the state of significant numbers (t-value)
All variables had the t-statistic greater than 1.96, also the coefficient of determination was appropriate, so none of the items is not removed from the model then work with all the items (variables) continued, and we assess the model.
Numbers on the paths are also indicative of the amount of t-value for each path. In this analysis. The amount of t-statistic was greater than 1.96 for a path, and therefore it is significant, and for four path is not significant.
Fig. 6. Model in a state of the standard coefficients
The figure above shows the general model in a state of the standard estimate. Results (the bottom of figure) indicates suitability model. Only in the modes of standard estimation it is possible to compare the observed variables latent explain variables.
Confirm the model
Table 16
Suitability check
The amount of reported Indexes
654.04 Chi-square
414 Degree of freedom
1.58 Chi-square to the degrees of freedom
0.063 RMSEA
0.77 GFI
0.73 AGFI
0.91 NFI
0.96 NNFI
0.96 IFI
0.96 CFI
As you can see amount of %2to the degree of freedom is equal to 1.58 and less than 3 that it is a good value. Low rate of this indicator shows small differences between the conceptual model with observed data from the research study. Also the amount of RMSEA is equal to 0.063 and less than 08/0, In addition to X2, whatever index RMSEA is lower, model has a better suitability, and indexes (NFI - NNFI - IFI - CFI) are greater than 0.9, and index GFI is close to the amount of 0.8 so, model showed good suitability and it is confirmed. Now, we assess the effect of independent variables on the dependent variable according to the model using the t-test and the standard coefficient.
Testing research hypotheses
After examined and approved of the model, hypotheses of the model have been evaluated, and in this part hypotheses related to each question are testing.
Hypothesis (1): the exploration factor has a direct impact on the family company's performance.
H0: the exploration factor has no significant impact on the performance of family firms.
H1: the exploration factor has significant impact on the performance of family firms.
If the absolute amount of t-statistic is less than the amount of table 1.96, the result is the null hypothesis, and and if the absolute value of t-statistic is larger than the table 1.96, null hypothesis is rejected.
Table 17
t-statistic for the hypothesis (1)
The value of effectiveness Conclusion The amount of table t-statistic
0.68 It has effect 1.96 2.34
Because the absolute amount of t-statistic is 2.34 and greater than amount of table 1.96, so, null hypothesis is rejected, it means that exploration factor has a significant impact on the family company's performance, and the the value of effectiveness is 0.68 and positive (direct).
Hypothesis 2: the exploitation factor has direct impact on performance of family firms.
H0: the exploitation factor has no significant impact on performance of family firms.
H1: the exploitation factor has significant impact on performance of family firms.
Table 18
t-statistic for the hypothesis (2)
The amount of effectiveness Conclusion The amount of table t-test statistics
0.16 It has no effect 1.96 0.56
Because the absolute amount of t-statistic is 0.56 and less than amount of table 1.96, so, null hypothesis is not rejected, it means that exploration factor has no significant impact on the family company's performance. After examined and approved sub-model 1, hypotheses of sub-model 2 examined, and in this section, hypotheses test with respect to the model.
Hypothesis (3) entrepreneurship orientation of explore factor has a direct impact on the performance of family firms.
H0: entrepreneurship orientation of explore factor has no impact on the performance of family firms.
H1: entrepreneurship orientation of explore factor has significant impact on the performance of family firms.
Table 19
t-statistic for the hypothesis (3)
The value of effectiveness Conclusion The amount of table t-statistic
0.84 It has effect 1.96 2.69
Because the absolute amount of t-statistic is 2.69 and greater than amount of table 1.96, so, null hypothesis is rejected, it means that entrepreneurship orientation tendency of explore factor has significant impact on the family company's performance, and the the value of effectiveness is 0.84 and positive (direct).
Hypothesis (4): Entrepreneurship values tendency of exploration factor has a direct impact on the family firms performance.
H0: Entrepreneurship values tendency of exploration factor has no significant impact on the family firms performance.
H1: Entrepreneurship values tendency of exploration factor has significant impact on the family firms performance.
Table 20
t-statistic for the hypothesis (4)
The value of effectiveness Conclusion The amount of table t-statistic
-0.23 It has no effect 1.96 -0.77
Because the absolute amount of t-statistic is 0.77 and less than amount of table 1.96, so, null hypothesis is not rejected, it means that entrepreneurship values tendency of explore factor has no significant impact on the family company's performance.
After examined and approved sub-models 2, hypotheses of sub-model 2 are examined, and hypotheses according to the model tested in this section.
Hypothesis (5): knowledge-based sources of the exploitation factor has a direct impact on the family company's performance.
H0: Knowledge-based sources of the exploitation factor has no significant impact on the family company's performance.
H1 : Knowledge-based sources of the exploitation factor has significant impact on the family company's performance.
Table 21
t-test for hypothesis (5)
The value of effectiveness Conclusion The amount of table t-test
-0.34 It has no effect 1.96 -0.37
Because the absolute amount of t-statistic is 0.37 and less than amount of table 1.96, so, null hypothesis is not rejected, it means that Knowledge-based sources of the exploitation factor has no significant impact on the family company's performance.
Hypothesis (6): Investment of exploitation factor has a direct impact on performance of family firms.
H0: Investment of exploitation factor has no significant impact on performance of family firms.
H1: Investment of exploitation factor has significant impact on performance of family firms.
Table 22
t-test for hypothesis (6)
The value of effectiveness Conclusion The amount of table t-test
-0.10 It has no effect 1.96 -0.14
Because the absolute amount of t-statistic is 0.14 and less than amount of table 1.96, so, null hypothesis is not rejected, it means that Investment of exploitation factor has no significant impact on the family company's performance.
Hypothesis (7): Organizational learning of exploitation factor has direct impact on performance of family firms.
H0: Organizational learning of exploitation factor has no significant impact on performance of family firms.
H1: Organizational learning of exploitation factor has significant impact on performance of family firms.
Table 23
t-test for hypothesis (7)
The value of effectiveness Conclusion The amount of table t-test
0.41 It has no effect 1.96 1.15
Because the absolute amount of t-statistic is 1.15 and less than amount of table 1.96, so, null hypothesis is not rejected, it means that Organizational learning of exploitation factor has no significant impact on the family company's performance.
Hypothesis (8): Developing changes in the exploitation factor has a direct impact on the family company's performance.
H0: Developing changes in the exploitation factor has no significant impact on the family company's performance.
H1: Developing changes in the exploitation factor has significant impact on the family company's performance.
Table 24
t-test for hypothesis (8)
The value of effectiveness Conclusion The amount of table t-test
0.35 It has no effect 1.96 1.31
Because the absolute amount of t-statistic is 1.31 and less than amount of table 1.96, so, null hypothesis is not rejected, it means that developing changes in the exploitation factor has no significant impact on the family company's performance.
Hypothesis (9): transient changes in the exploitation factor has a direct impact on family company's performance.
H0: transient changes in the exploitation factor has no significant impact on family company's performance.
H1 : transient changes in the exploitation factor has a significant impact on family company's performance.
Table 25
t-test for hypothesis (9)
The value of effectiveness Conclusion The amount of table t-test
0.49 it is effective 1.96 2.46
Because the absolute amount of t-statistic is 2.46 and less than amount of table 1.96, so, null hypothesis is rejected, it means that transient changes in the ex-
ploitation factor has significant impact on the family company's performance, and the the value of effectiveness is 0.49 and positive (direct).
Discussion and Conclusion
The first hypothesis about relationship between exploitation factor in entre-preneurship and performance of the family firms was discussed and tested. The results of the analysis of the hypothesis were followed direct relationship between the exploration factor and performance of family firms. The result of this hypothesis also corresponded with the results of Mazaheri (2012). The second hypothesis about the relationship between the exploitation factor on the performance of family firms was discussed and tested. The results of the analysis of the hypothesis show that the exploitation factor does not have a significant effect on the performance of the family company. The result of this hypothesis is also corresponded with the studies of Deshpente Rohit and et al (2013). The third hypothesis about the relationship between entrepreneurship orientation of exploration factor on the performance of family firms was discussed and tested. The results of the analysis of this hypothesis was followed direct relationship between entrepre-neurship orientation of exploration factor and performance of family firms. The result of this hypothesis also does not match with the results of Abbas-Zadeh et al's studies (2011), but it is corresponded with the research results of Jinhwan Hong and et al. The fourth hypothesis about the relationship between entrepre-neurship values of exploration factor on the performance of family firms was discussed and tested. The results of this hypothesis analysis show that entrepreneur-ship values of exploration factor have no significant effect on the family company's performance. The result of this hypothesis is also not match with the results of Nowruzi (2012). Fifth hypothesis about the relationship between knowledge-based resource of exploitation of factor on the performance of family firms was discussed and tested. The results of this hypothesis analysis show that knowledge based resources on the exploitation factor has no significant effect on performance of the family company. The result of this hypothesis also does not match with the results of Arefi and colleagues (2005). Sixth hypothesis about the relationship between investment in internal resources of the exploitation factor on the performance of family firms was discussed and tested. The results of this hypothesis analysis show that Investment in internal resources of exploitation factor has no significant effect on the family company's performance. The result of this hypothesis also does not match with the results of Maria Abreu and et al's research (2012). Seven hypotheses about the relationship between organizational learning of exploitation factor on performance of the family firms was discussed and tested. The results of this hypothesis analysis show that organizational learning of exploitation factor has no significant effect on the performance of the family firms. The result of this hypothesis also does not match with the results of stu-
dies of mazaheri (2012) as well as Marco Kehtamki (2011) and Afarin Hook and others (2013). Eight hypotheses about the relationship between developing changes of exploitation factor on the performance of family firms was discussed and tested. The results of this hypothesis analysis show that developing changes in the exploitation factor has no significant effect on the performance of the family firms. Nine hypotheses about the relationship between transient changes in the exploitation factor on the performance of the family firms was discussed and tested. The results of the analysis of this hypothesis was followed by direct relationship between the transient changes and performance of family firms. Since the ninth and tenth hypothesis has not been a similar study, therefore these hypotheses can not be compared.
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