Impact of informal institutions on the prevalence, strategy, and performance of family firms: A meta-analysis

Pascual Berrone, Luis Gómez-Mejía, Patricio Duran, Pursey P M a R Heugens, Tatiana Kostova and Marc van Essen ()
Additional contact information
Pascual Berrone: IESE Business School (Spain, Barcelona) - IESE
Luis Gómez-Mejía: ASU - Arizona State University [Tempe]
Patricio Duran: SLU - Saint Louis University
Pursey P M a R Heugens: Erasmus University Rotterdam (The Netherlands, Rotterdam) - EUR
Tatiana Kostova: University of South Carolina [Columbia]
Marc van Essen: University of South Carolina [Columbia]

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Abstract: Family-controlled firms (FCFs)' prevalence, strategies, and performance differ across countries. We explain these differences through the lens of informal institutions, suggesting that different countries have different levels of appreciation for family business. To capture this effect, we introduce the construct of family business legitimacy (FBL) and an associated index (FBLI). We empirically measure FBLI scores for 83 countries spanning both developed and emerging economies. By combining meta-analytic and archival data, we show that FCFs prevail, follow unique strategies, and outperform non-FCFs in countries with high FBLI scores. As a new contingency variable, FBL advances the literature on the informal institutional embeddedness of organizations and family business.

Keywords: family-controlled firms; family firm prevalence; firm performance; informal institutions; meta-analysis; strategic decisions (search for similar items in EconPapers)
Date: 2022-08-01
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Published in Journal of International Business Studies, 2022, 53 (6), pp.1153 - 1177. ⟨10.1057/s41267-020-00362-6⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05656776

DOI: 10.1057/s41267-020-00362-6

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