Strength in Stability: A Meta-Analysis of Family Firm Performance Moderated by Institutional Stability and Regime Type

Todor S. Lohwasser, Felix Hoch and Franz Kellermanns

Entrepreneurship Theory and Practice, 2022, vol. 46, issue 1, 117-158

Abstract: This meta-analysis of 142 studies from 36 countries examines how the institutional environment moderates the relationship between family involvement and firm performance. Specifically, we investigate performance differences between family and nonfamily firms while using property rights protection, institutional stability, and a country’s regime type as moderators. Our analysis shows that institutional stability serves as a decisive moderator of the relationship between family involvement and firm performance and that family firms outperform nonfamily firms in democracies and autocracies but not in anocracies. Based on these findings, we provide and discuss both practical recommendations for family firms and theoretical implications for institutional theory.

Keywords: family firms; institutional stability; property rights; regime types; meta-analysis; JEL Classification: O17; L26 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:entthe:v:46:y:2022:i:1:p:117-158

DOI: 10.1177/10422587211026863

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