Risk Behavior of Family Firms: A Literature Review, Framework, and Research Agenda

Markus Kempers (), Max P. Leitterstorf () and Nadine Kammerlander ()
Additional contact information
Markus Kempers: Institute of Family Business
Max P. Leitterstorf: Institute of Family Business
Nadine Kammerlander: Institute of Family Business

Chapter 16 in The Palgrave Handbook of Heterogeneity among Family Firms, 2019, pp 431-460 from Springer

Abstract: Abstract This chapter reviews prior, so far inconclusive, research on the risk behavior of family firms. On the one hand, scholars assume risk-averse behavior of family firms based on agency theory and wealth concentration arguments. On the other hand, scholars predict that family firms are willing to take substantial financial risks to preserve their SEW. By integrating finance, management, and entrepreneurship literature, we show that different underlying definitions of “risk” are key for a better understanding of family firms’ risk behavior and subsequent strategic decisions. We provide a conceptual model, highlight gaps in the existing literature, and propose fruitful areas for further research.

Keywords: Family firms; SEW; Vulnerability risk; Variability risk (search for similar items in EconPapers)
Date: 2019
References: Add references at CitEc
Citations: View citations in EconPapers (3)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-319-77676-7_16

Ordering information: This item can be ordered from
http://www.springer.com/9783319776767

DOI: 10.1007/978-3-319-77676-7_16

Access Statistics for this chapter

More chapters in Springer Books from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().