Origins of Family Business Research

Abstract

This chapter seeks to identify contributions that led to major research themes that are fundamental in the family business body of knowledge. We found significant influences not only from academic scholars but also practitioners, especially in the early stages of the development of the field. This chapter documents the origins of research streams that dominate family business scholarship as measured by citation count. Following our categorization of topics, we propose directions for future research that may build on the seminal works.

Appendices

Appendix 1

Most Influential

• Aldrich, H. E., & Cliff, J. E. (2003). The pervasive effects of family on entrepreneurship: Toward a family embeddedness perspective. Journal of Business Venturing, 18(5), 573–596.

• Anderson, R. C., Mansi, S. A., & Reeb, D. M. (2003). Founding family ownership and the agency cost of debt. Journal of Financial Economics, 68(2), 263–285.

• Anderson, R. C., & Reeb, D. M. (2003). Founding-family ownership and firm performance: Evidence from the S&P 500. Journal of Finance, 58(3), 1301–1328.

• Astrachan, J. H., Klein, S. B., & Smyrnios, K. X. (2002). The F-PEC scale of family influence: A proposal for solving the family business definition problem. Family Business Review, 15(1), 45–58.

• Bertrand, M., & Schoar, A. (2006). The role of family in family firms. Journal of Economic Perspectives, 20(1), 73–96.

• Burkart, M., Panunzi, F., & Shleifer, A. (2003). Family firms. The Journal of Finance, 58(5), 2167–2202.

• Chua, J. H., Chrisman, J. J., & Sharma, P. (1999). Defining the family business by behavior. Entrepreneurship Theory and Practice, 23(1), 19–39.

• Davidoff, L., & Hall, C. (2013). Family fortunes: Men and women of the English middle class 1780–1850. London: Routledge.

• Gersick, K. E. (1997). Generation to generation: Life cycles of the family business. Boston: Harvard Business Press.

• Gómez-Mejía, L. R., Haynes, K. T., Núñez-Nickel, M., Jacobson, K. J., & Moyano-Fuentes, J. (2007). Socioemotional wealth and business risks in family-controlled firms: Evidence from Spanish olive oil mills. Administrative Science Quarterly, 52(1), 106–137.

• Gomez-Mejia, L. R., Nunez-Nickel, M., & Gutierrez, I. (2001). The role of family ties in agency contracts. Academy of Management Journal, 44(1), 81–95.

• Habbershon, T. G., & Williams, M. L. (1999). A resource-based framework for assessing the strategic advantages of family firms. Family Business Review, 12(1), 1–25.

• Schulze, W. S., Lubatkin, M. H., Dino, R. N., & Buchholtz, A. K. (2001). Agency relationships in family firms: Theory and evidence. Organization Science, 12(2), 99–116.

• Sharma, P. (2004). An overview of the field of family business studies: Current status and directions for the future. Family Business Review, 17(1), 1–36.

• Sirmon, D. G., & Hitt, M. A. (2003). Managing resources: Linking unique resources, management, and wealth creation in family firms. Entrepreneurship Theory and Practice, 27(4), 339–358.

• Tagiuri, R., & Davis, J. (1996). Bivalent attributes of the family firm. Family Business Review, 9(2), 199–208.

• Thompson, C. A., Beauvais, L. L., & Lyness, K. S. (1999). When work–family benefits are not enough: The influence of work–family culture on benefit utilization, organizational attachment, and work–family conflict. Journal of Vocational Behavior, 54(3), 392–415.

• Villalonga, B., & Amit, R. (2006). How do family ownership, control and management affect firm value?. Journal of Financial Economics, 80(2), 385–417.

• Ward, J. (2016). Keeping the family business healthy: How to plan for continuing growth, profitability, and family leadership. New York: Palgrave Macmillan.

Influential

• Ali, A., Chen, T. Y., & Radhakrishnan, S. (2007). Corporate disclosures by family firms. Journal of Accounting and Economics, 44(1), 238–286.

• Almeida, H. V., & Wolfenzon, D. (2006). A theory of pyramidal ownership and family business groups. The Journal of Finance, 61(6), 2637–2680.

• Anderson, R. C., & Reeb, D. M. (2004). Board composition: Balancing family influence in S&P 500 firms. Administrative Science Quarterly, 49(2), 209–237.

• Arregle, J. L., Hitt, M. A., Sirmon, D. G., & Very, P. (2007). The development of organizational social capital: Attributes of family firms. Journal of Management Studies, 44(1), 73–95.

• Astrachan, J. H., & Shanker, M. C. (2003). Family businesses’ contribution to the US economy: A closer look. Family Business Review, 16(3), 211–219.

• Bennedsen, M., Nielsen, K. M., Pérez-González, F., & Wolfenzon, D. (2006). Inside the family firm: The role of families in succession decisions and performance (No. w12356). National Bureau of Economic Research.

• Bertrand, M., & Schoar, A. (2006). The role of family in family firms. The Journal of Economic Perspectives, 20(2), 73–96.

• Carney, M. (2005). Corporate governance and competitive advantage in family-controlled firms. Entrepreneurship Theory and Practice, 29(3), 249–265.

• Chrisman, J. J., Chua, J. H., & Litz, R. A. (2004). Comparing the agency costs of family and non-family firms: Conceptual issues and exploratory evidence. Entrepreneurship Theory and Practice, 28(4), 335–354.

• Chrisman, J. J., Chua, J. H., & Sharma, P. (2005). Trends and directions in the development of a strategic management theory of the family firm. Entrepreneurship Theory and Practice, 29(5), 555–576.

• Daily, C. M., & Dollinger, M. J. (1992). An empirical examination of ownership structure in family and professionally managed firms. Family Business Review, 5(2), 117–136.

• Habbershon, T. G., Williams, M., & MacMillan, I. C. (2003). A unified systems perspective of family firm performance. Journal of Business Venturing, 18(4), 451–465.

• Handler, W. C., & Kram, K. E. (1988). Succession in family firms: The problem of resistance. Family Business Review, 1(4), 361–381.

• James, H. S. (1999). Owner as manager, extended horizons and the family firm. International Journal of the Economics of Business, 6(1), 41–55.

• Maury, B. (2006). Family ownership and firm performance: Empirical evidence from Western European corporations. Journal of Corporate Finance, 12(2), 321–341.

• Morck, R., & Yeung, B. (2003). Agency problems in large family business groups. Entrepreneurship Theory and Practice, 27(4), 367–382.

• Neubauer, F., & Lank, A. G. (2016). The family business: Its governance for sustainability. Springer.

• Schulze, W. S., Lubatkin, M. H., & Dino, R. N. (2003a). Toward a theory of agency and altruism in family firms. Journal of Business Venturing, 18(4), 473–490.

• Schulze, W. S., Lubatkin, M. H., & Dino, R. N. (2003b). Exploring the agency consequences of ownership dispersion among the directors of private family firms. Academy of Management Journal, 46(2), 179–194.

• Sharma, P., Chrisman, J. J., & Chua, J. H. (1997). Strategic management of the family business: Past research and future challenges. Family Business Review, 10(1), 1–35.

Somewhat Influential

• Anderson, R. C., & Reeb, D. M. (2003). Founding-family ownership, corporate diversification, and firm leverage. Journal of Law and Economics, 46(2), 653–684.

• Barontini, R., & Caprio, L. (2006). The effect of family control on firm value and performance: Evidence from continental Europe. European Financial Management, 12(5), 689–723.

• Berrone, P., Cruz, C., & Gomez-Mejia, L. R. (2012). Socioemotional wealth in family firms: Theoretical dimensions, assessment approaches, and agenda for future research. Family Business Review, 25(3), 258–279.

• Breton-Miller, I. L., Miller, D., & Steier, L. P. (2004). Toward an integrative model of effective FOB succession. Entrepreneurship Theory and Practice, 28(4), 305–328.

• Broderick, C. B. (1993). Understanding family process: Basics of family systems theory. Sage.

• Cabrera-Suárez, K., De Saá-Pérez, P., & García-Almeida, D. (2001). The succession process from a resource-and knowledge-based view of the family firm. Family Business Review, 14(1), 37–46.

• Chen, S., Chen, X., Cheng, Q., & Shevlin, T. (2010). Are family firms more tax aggressive than non-family firms? Journal of Financial Economics, 95(1), 41–61.

• Churchill, N. C., & Hatten, K. J. (1997). Non-market-based transfers of wealth and power: A research framework for family business. Family Business Review, 10(1), 53–67.

• Corbetta, G., & Salvato, C. (2004). Self-serving or self-actualizing? Models of man and agency costs in different types of family firms: A commentary on “comparing the agency costs of family and non-family firms: Conceptual issues and exploratory evidence”. Entrepreneurship Theory and Practice, 28(4), 355–362.

• Donckels, R., & Fröhlich, E. (1991). Are family businesses really different? European experiences from STRATOS. Family Business Review, 4(2), 149–160.

• Dyer, W. G. (2003). The family: The missing variable in organizational research. Entrepreneurship Theory and Practice, 27(4), 401–416.

• Dyer, W. G. (2006). Examining the “family effect” on firm performance. Family Business Review, 19(4), 253–273.

• Gomez-Mejia, L. R., Larraza-Kintana, M., & Makri, M. (2003). The determinants of executive compensation in family-controlled public corporations. Academy of Management Journal, 46(2), 226–237.

• Handler, W. C. (1989). Methodological issues and considerations in studying family businesses. Family Business Review, 2(3), 257–276.

• Handler, W. C. (1994). Succession in family business: A review of the research. Family Business Review, 7(2), 133–157.

• Klein, S. B., Astrachan, J. H., & Smyrnios, K. X. (2005). The F-PEC scale of family influence: Construction, validation, and further implication for theory. Entrepreneurship Theory and Practice, 29(3), 321–339.

• Lansberg, I. (1988). The succession conspiracy. Family Business Review, 1(2), 119–143.

• Levinson, H. (1971). Conflicts that plague family businesses. Harvard Business Review, 49(2), 90–98.

• Litz, R. A. (1995). The family business: Toward definitional clarity. Family Business Review, 8(2), 71–81.

• McConaughy, D. L., Matthews, C. H., & Fialko, A. S. (2001). Founding family controlled firms: Performance, risk, and value. Journal of Small Business Management, 39(1), 31–49.

• Miller, D., & Breton-Miller, L. (2006). Family governance and firm performance: Agency, stewardship, and capabilities. Family Business Review, 19(1), 73–87.

• Miller, D., & Le Breton-Miller, I. (2005). Managing for the long run: Lessons in competitive advantage from great family businesses. Boston: Harvard Business Press.

• Miller, D., Steier, L., & Le Breton-Miller, I. (2003). Lost in time: Intergenerational succession, change, and failure in family business. Journal of Business Venturing, 18(4), 513–531.

• Miller, D., Le Breton-Miller, I., Lester, R. H., & Cannella, A. A. (2007). Are family firms really superior performers? Journal of Corporate Finance, 13(5), 829–858.

• Miller, D., Breton-Miller, L., & Scholnick, B. (2008). Stewardship vs. stagnation: An empirical comparison of small family and non-family businesses. Journal of Management Studies, 45(1), 51–78.

• Morck, R., & Yeung, B. (2004). Family control and the rent-seeking society. Entrepreneurship Theory and Practice, 28(4), 391–409.

• Morris, M. H., Williams, R. O., Allen, J. A., & Avila, R. A. (1997). Correlates of success in family business transitions. Journal of Business Venturing, 12(5), 385–401.

• Naldi, L., Nordqvist, M., Sjöberg, K., & Wiklund, J. (2007). Entrepreneurial orientation, risk taking, and performance in family firms. Family Business Review, 20(1), 33–47.

• Romano, C. A., Tanewski, G. A., & Smyrnios, K. X. (2001). Capital structure decision making: A model for family business. Journal of Business Venturing, 16(3), 285–310.

• Shanker, M. C., & Astrachan, J. H. (1996). Myths and realities: Family businesses’ contribution to the US economy—A framework for assessing family business statistics. Family Business Review, 9(2), 107–123.

• Wang, D. (2006). Founding family ownership and earnings quality. Journal of Accounting Research, 44(3), 619–656.

• Ward, J. L. (1997). Growing the family business: Special challenges and best practices. Family Business Review, 10(4), 323–337.

• Westhead, P., & Cowling, M. (1998). Family firm research: The need for a methodological rethink. Entrepreneurship Theory and Practice, 23(1), 31–33.

• Zahra, S. A. (2003). International expansion of US manufacturing family businesses: The effect of ownership and involvement. Journal of Business Venturing, 18(4), 495–512.

• Zahra, S. A. (2005). Entrepreneurial risk taking in family firms. Family Business Review, 18(1), 23–40.

• Zahra, S. A., Hayton, J. C., & Salvato, C. (2004). Entrepreneurship in family vs. non-family firms: A resource-based analysis of the effect of organizational culture. Entrepreneurship Theory and Practice, 28(4), 363–381.

Appendix 2

Theme	Subtheme	Theme total	Subtheme count
Governance		43
	Family ownership		9
	Governance structure		8
	Decision-making		6
	Board of Directors		5
	Family control		5
	Family business philosophy		4
	Role of outsiders		4
	Family council		2
Roles in family business		40
	Family involvement in business		18
	Family members attitude toward family business		9
	CEO relationship to family business		6
	Nonfamily members attitude toward family business		5
	Role of spouse/coentrepreneur		2
Financial dimensions		38
	Financial performance		16
	Company valuation		7
	Wealth management		6
	Estate planning		5
	Going public		2
	Ownership transfer		2
Succession		26
	Succession process		11
	Succession plans		9
	Transition events		3
	Business outlasting		1
	Compensation		1
	Inheritance		1
Strategy		25
	Strategies for family firms		9
	Strategic planning		6
	Survival and growth		4
	Internationalization		3
	Investments and finance strategy		3
Management professionalization		22
	Organizational performance		14
	Transition to professional management		5
	Human resources management		3
Psychological issues		18
	Values in family business		6
	Trust and family business		3
	Coping with intergenerational transfer		2
	Emotions		2
	Family business therapy		2
	Health in the household		2
	Substance abuse		1
Change and conflict management		17
	Family business conflicts		8
	Life-cycle changes		5
	Managing change		3
	Family feuds		1
Family dynamics		17
	Family business characteristics		9
	Sibling relationship		4
	Family and business balance		2
	Commitment		1
	Satisfaction		1
Social impact		17
	Family firms and economic development		8
	National impact of family firms		4
	Business, faith and the family		2
	Social innovation and family firms		2
	Regulatory and business environment		1
Management		13
	Managing the family business		8
	Operations in the family business		4
	Identity		1
The younger generation		13
	NxGen entry		4
	Perspective of the senior generation		3
	Perspective or the junior generation		3
	Raising the NxGen		3
Theoretical perspectives		11
	Family business research		4
	Psychology		2
	Anthropology		1
	Business history		1
	Economy		1
	Family science		1
	Sociology		1
Entrepreneurship in family firms		10
	Enterprising families		5
	Corporate entrepreneurship		4
	Portfolio entrepreneurship		1
Women in family business		9
	Women leadership		3
	Role of female family members		2
	Women and brothers		2
	Father-daughter relationship		1
	Widows taking charge		1
Family business consulting		4
	Consulting to the business		2
	Consulting to the family		2