Pramodita Sharma, Philipp Sieger, Robert S. Nason, Ana Cristina Gonzalez L., Kavil Ramachandran (Editors): Exploring transgenerational entrepreneurship: The role of resources and capabilities Cheltenham, UK, Edward Elgar Publishing, 2014, 219 pp., GBP 70.00The editors of Exploring Transgenerational Entrepreneurship present a variety of articles on entrepreneurship in family firms focussing on the role of resources and capabilities. Published as first volume in The Successful Transgenerational Entrepreneurship Practices (STEP) Series this book attracts not only scholars from the field of family business research but also practitioners and scholars from other management areas.In the first of ten chapters the editors introduce Transgenerational Entrepreneurship (TE) and the role of intangible resources by first giving a literature review. They define TE according to Habbershon, Nordqvist, and Zellweger (2010) as the process where resources and capabilities are used by an enterprising family to create entrepreneurial, financial and socio-emotional value across generations. Intangible resources were chosen as the primary concern of this book as they gain increasing importance in a knowledge-driven economy. It is further explored how the family represents an idiosyncratic context in which imperfecdy imitable resources can be created (Barney, 1991). The authors explain this resource inimitability with unique historical conditions, causal ambiguity and social complexity of family firms. The eight different contributions are summarized at the end of this chapter and an overview is provided (Table 1.1) listing the nature of the resources, the number of investigated family firms and the countries of origin of each article. Differentiating between the internal and external nature of intangible resources provides the basis for structuring the book. The first five articles look at internal intangible resources followed by three chapters focussing more on the external perspective.The first study on eight Colombian family firms investigates the ways how internal virtues manifest themselves through generations. As part of the STEP project 66 interviews were conducted with the purpose of identifying the importance of different virtues for family members. Courage, wisdom, temperance and humanity scored high whereas the two latter virtues changed over time and the others did not. In order to preserve transgenerational potential the authors recommend family firms to cultivate these virtues.The second case study explores professionalization processes undertaken by a nearly 200 years old Spanish family business. Outlined as a teaching case, in-depth interviews with eight family and non-family members were conducted and lead to results that confirm earlier studies (e.g. Sharma, 2004). Gimeno and Parada observed that founders and experienced leaders rely more on intuitive decisions, whereas later generations tend to use analytical tools. The authors stress the need for family businesses to balance their decision-making process.The next single case study from Hong Kong portrays the development of entrepreneurial learning as a main intangible resource. The authors propose a model where entrepreneurial learning moderates the relationship between entrepreneurial orientation and firm performance. Finally they suggest a situated learning perspective when investigating TE in future research.In the following two articles from Northern America the internal intangible resources are discussed in terms of their relevance regarding succession. The first case from the United States presents a long-lived family firm in which implicit or tacit knowledge was leveraged to achieve longevity. The detailed investigation starts in the year 1998 looking at tacit knowledge influences on the current stock and influx of new knowledge. The conclusion was drawn that tacit knowledge from outside and inside the family firm should be appropriately leveraged to achieve longevity. …