The Role of Culture in Family Business

Mario Daniele Amore and Danny Miller
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Mario Daniele Amore: HEC Paris
Danny Miller: HEC Montreal

No 1487, HEC Research Papers Series from HEC Paris

Abstract: Although family firms are ubiquitous, their prevalence displays major geographic disparities and their performance differs across regions. We review an extensive literature in economics and finance showing that formal institutional factors play a key role in explaining variations in the diffusion of family firms and their performance. We also review a more neglected but rapidly emerging stream of research focusing on culture as a source of these variations. By providing a framework for current theories, findings and methods, we demonstrate how cultural elements such as trust, religion, family values and collectivism provide useful answers to where and why family firms exist and how well they perform.

Keywords: family firms; culture; trust; social capital (search for similar items in EconPapers)
JEL-codes: G34 (search for similar items in EconPapers)
Pages: 41 pages
Date: 2023-04-17
New Economics Papers: this item is included in nep-bec, nep-cfn, nep-his, nep-sbm and nep-soc
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Persistent link: https://EconPapers.repec.org/RePEc:ebg:heccah:1487

DOI: 10.2139/ssrn.4402505

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