The Role of Culture in Family Business

Mario Daniele Amore
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Mario Daniele Amore: HEC Paris - Ecole des Hautes Etudes Commerciales

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Abstract: While family firms are ubiquitous, their prevalence displays wide spatial differences. Also, their performance ability varies significantly across contexts. A large literature in economics and finance has shown that institutional factors play a key role in explaining variations in the diffusion of family firms and their performance attainment. In this article, I review a young, fast-growing stream of research which focuses on culture as a source of these variations. By discussing existing theories, methods and findings, this article illustrates how focusing on cultural elements such as trust, religion, family values and collectivism provides a useful lens to answer the important questions of why family firms exist and how well they perform.

Keywords: family firms; culture; trust; social capital (search for similar items in EconPapers)
Date: 2023-12-21
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Persistent link: https://EconPapers.repec.org/RePEc:hal:wpaper:hal-04414172

DOI: 10.2139/ssrn.4402505

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