What Do We Know About Private Family Firms? A Meta-Analytical Review

Michael Carney, Marc van Essen (), Eric R. Gedajlovic and Pursey P. M. A. R. Heugens ()
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Michael Carney: Concordia University = Université Concordia [Montreal]
Marc van Essen: University of South Carolina [Columbia]
Eric R. Gedajlovic: SFU.ca - Simon Fraser University = Université Simon Fraser
Pursey P. M. A. R. Heugens: Erasmus University Rotterdam (The Netherlands, Rotterdam) - EUR

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Abstract: The universe of family firms is heterogeneous, and findings gleaned from publicly listed firms may not apply to the ubiquitous, but less frequently studied, privately held family firm (PFF). As PFFs are insulated from capital market pressures, owner-managers have greater latitude in setting strategic goals, which may result in different strategic choices and performance outcomes. By employing meta-analytical techniques on 48 studies conducted in nine countries, we synthesize prior PFF research. We show that PFFs prefer more conservative strategies, but contrary to received wisdom, this risk aversion does not hurt their performance. We conclude with an agenda for future research.

Keywords: Family firms; Privately held family firm (PFF); meta-analytize (search for similar items in EconPapers)
Date: 2015-05-01
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Published in Entrepreneurship Theory and Practice, 2015, 39 (3), pp.513 - 544. ⟨10.1111/etap.12054⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05664429

DOI: 10.1111/etap.12054

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