The power of people in family firms

James M. Vardaman, Benjamin D. McLarty, Esra Memili, Josip Kotlar and Eric Liguori

Journal of Small Business Management, 2025, vol. 63, issue 5, 2117-2130

Abstract: Family business scholars have long sought a comprehensive theory on the family firm. A nascent but still-developing aspect of this theory involves understanding the unique challenges of the people who constitute these firms. Our introduction to the Theories of Family Enterprise special collection discusses the literature on human capital and related issues in family firms and then reviews, integrates, and extends the contributions of the five articles in this special collection. These five papers contribute to a better understanding of the indelible social dynamics that are associated with managing family firms and the uniqueness of the people who inhabit them. By bringing a clearer focus on the people who constitute family businesses, these articles collectively contribute to a more comprehensive theory of the family firm and offer several directions for future research.

Date: 2025
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DOI: 10.1080/00472778.2024.2418863

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