Person: Cruz, Cristina
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Cristina
Last Name
Cruz
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IE University
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IE Business School
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Entrepreneurship
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Publication Innovation in family firms: The relative effects of wealth concentration versus family-centered goals(SAGE, 2020-12-01) Becerra, Manuel; Graves, Chris; Cruz, Cristina; https://ror.org/02jjdwm75Drawing on agency and behavioral perspectives, we disentangle two critical determinants of innovation strategies among family firms, namely, the family's wealth concentration in its business (WC) and the family's emphasis on family-centered goals. Our results from a survey of Australian family firms show opposite and completely independent effects of WC and family-centered non-economic goals (FCG-NE) on family firms' innovation strategies. While higher WC is negatively associated with firm innovation, a greater emphasis placed on FCG-NE has a positive impact, which seems to be the key determinant of innovation strategies in family firms.Publication It’s a Family Affair: A Case for Consistency in Family Foundation Giving and Family Firm Community CSR Activity(Springer Science and Business Media B.V., 2024) Cruz, Cristina; Milanov, Hana; Klein, Judit; Cruz, Cristina; https://ror.org/02jjdwm75Although most business-owning families (BOFs) that operate large family firms practice community social engagement both in private via family foundations and in the business domain via community corporate social responsibility (CSR) programs,the relationship between their activities in the two domains remains unclear. Prior literature speculates that BOFs will deprioritize firms’ community CSR when they have family foundations as more efficient vehicles to achieve socioemotional wealth (SEW),which would imply that such BOFs are less ethical in operating their firms. We contrast these speculations by enriching the socioemotional wealth (SEW) approach with instrumental stakeholder theory and cue consistency arguments and theorize that BOFs seek to ensure consistency between their activities in the two domains. Using data from 2008 to 2018 on the 95 largest US public family firms whose BOFs also operate private foundations,we show a positive relationship between family foundation giving and firm community CSR activity. Furthermore,we provide evidence for the boundary conditions of this relationship,showing that it is weaker for firms that do not share the family’s name and stronger for those firms with family leaders who also lead their families’ foundations.Publication Socioemotional wealth in volatile,uncertain, complex and ambiguous contexts: The case of family firms in Latin America and the Caribbean(Elsevier Ltd, 2024) Gómez Mejía, Luis ; Mendoza López, Anabel; Duran, Patricio; Aguinis, Herman; Cruz, Cristina; https://ror.org/02jjdwm75The paradoxical nature of Latin America and the Caribbean (LAC) provides unique opportunities to advance management theory. Focusing on a dominant theoretical framework,Socioemotional Wealth (SEW),we argue that contextual features of LAC,namely the concept of extended family and the volatile,uncertain,complex,and ambiguous (VUCA) environment,make family businesses “SEW intensive” (i.e.,high degree of preservation and enhancement of various aspects of SEW) and “SEW sensitive” (i.e.,high degree of firm responsiveness to external factors that are SEW-relevant). In turn,these SEW features influence decision making and approaches to dealing with performance hazards and venturing risks. While we use LAC as a specific context,our theorizing and 12 propositions are also relevant to guide future research on other regions of the world,such as parts of Africa,Asia,and the Middle East,where the concept of extended family is widespread and a VUCA environment is also predominant. Overall,we use the characteristics of the LAC context to challenge existing assumptions,advance theory,and guide future empirical research on family businesses. © 2023 The AuthorsPublication Accumulating Knowledge Over Time Introduction to the Fourth FBR Review Issue(SAGE Journals, 2022-03) Cruz, Cristina; Brigham, Keith ; Kammerlander, Nadine; Kotlar, Josip; https://ror.org/02jjdwm75-Publication Engaging in a New Field: Business-Owning Families’ Differential Approach to Impact Investing(Instituto de la empresa familiar, 2021-06-02) Cruz, Cristina; Justo, Rachida; Roche, Jeanne; https://ror.org/02jjdwm75We develop a theoretical framework explaining why and how business-owning families (BOF) engage in impact investing. Despite its exponential growth, the burgeoning field of impact investing is still subject to competing interpretations and varying practices. Building on the framework proposed by Nason et al. (2019b), we argue that a businessowning family’s frame of reference (backward vs. forward-looking and internally vs. externally oriented) constitutes a relevant heterogeneity that triggers a unique driver for engaging in impact investing and a distinct set of practices to do so.Publication Perfiles de filantropía personal en España(IE University, 2021-01-10) Justo, Rachida; Cruz, Cristina; CaixaBank ; https://ror.org/02jjdwm75Estudio basado en un análisis cualitativo de más de 50 horas de entrevistas con filántropos relevantes del país, expertos y gestores en fundaciones con el objetivo de acercar la figura del gran donante a la sociedad en general y poner en relieve su contribución. En colaboración con Caixabank Banca Privada