A Systematic Review of Entrepreneurial Family: Perspectives and Theoretical
Keywords:
Entrepreneurship, Family Business, Business and ManagementAbstract
The research on entrepreneurial family business is increasing from the last decades with different perspectives. The entrepreneurial family researches contributed different ways of conceptualizing the entrepreneurial family business based on highly complex literature reviews. Still, this field is emerging, and potential for further research to fill the gaps in different areas. The current research presented a systematic review based on the period of 2010 to 2020 for understanding family business content and theoretical perspective comprehensively. The study findings highlighted how entrepreneurial family business pursues through different conceptualization and theoretical perspectives. A plethora of study is found on family businesses worldwide based on organizational performance, business ownership, corporate governance, business succession and organizational culture. However, few studies corroborated theories to explain the entrepreneurial family business phenomenon. The theories discussed in this review are resource based view theory, agency theory, stewardship theory, multi and meso level theory and sociological theory for describing the entrepreneurial family business. Moreover, the future direction is also given in this study to fill the potential in this field.
Downloads
References
ABDULLAH, F., SHAH, A., GOHAR, R. & IQBAL, A. 2011. The Effect of Group and
Family Ownership on Firm Performance: Empirical Evidence from Pakistan. International Review of Business Research Papers, 7.
ABIR S. AL-HARRASI, E. B. A.-Z., ZAHRAN S. AL-SALTI 2014. Factors Impacting
Entrepreneurial Intention: A Literature Review. International Journal of Social, Behavioral, Educational, Economic, Business and Industrial Engineering Vol:8, No:8, 2479-2483.
ACHIM, M.-V., BORLEA, S.-N. & MARE, C. 2016. Corporate governance and business performance: Evidence for the Romanian economy. Journal of Business Economics and Management, 17, 458-474.
AFGHAN, N. & WIQAR, T. Succession in Family Businesses of Pakistan : Kinship Culture and Islamic Inheritance Law. 2007.
AHMAD ISHTIAQ, OLÁH, J., POPP, J. & MÁTÉ, D. 2018. Does business group
affiliation matter for superior performance? Evidence from Pakistan. Sustainability, 10, 3060.
AHMAD, Z. & YASEEN, M. R. 2018. Moderating role of education on succession process in small family businesses in Pakistan. Journal of Family Business Management.
AKINYEMI, F. & OJAH, K. Sustainability factors for entrepreneurship phases in emerging economies: Nigeria and South Africa. ICIE 2018 6th International Conference on Innovation and Entrepreneurship: ICIE 2018, 2018. Academic Conferences and publishing limited, 16.
ALMEIDA, H., PARK, S. Y., SUBRAHMANYAM, M. G. & WOLFENZON, D. 2011.
The structure and formation of business groups: Evidence from Korean chaebols. Journal of Financial economics, 99, 447-475.
AMRAN, N. A. & AHMAD, A. C. 2010. Family succession and firm performance among Malaysian companies. International Journal of Business and Social Science, 1.
ANDREWS, R., BOYNE, G. A. & WALKER, R. M. 2006. Strategy content and organizational performance: An empirical analysis. Public Administration Review, 66, 52- 63.
ANWAR, B. & RAO, M. W. 2019. Impact of ownership structure and growth opportunity on risk taking behaviour in family firm: Evidence from Pakistan Al-Qalam, 24, 275-296.
ASTRACHAN, J. H. & SHANKER, M. C. 2003. Family businesses’ contribution to the US economy: A closer look. Family Business Review, 16, 211-219.
AUSTRALIA 2009. Australian Family Business Sector Statistics.
AZIZI, M., BIDGOLI, M. S. & BIDGOLI, A. S. 2017. Trust in family businesses: A more comprehensive empirical review. Cogent Business & Management, 4, 1359445.
BARNEY, J. 1991. Firm resources and sustained competitive advantage. Journal of management, 17, 99-120.
BIZRI, R. 2016. Succession in the family business: drivers and pathways. International Journal of Entrepreneurial Behavior & Research.
BODOLICA, V., SPRAGGON, M. & ZAIDI, S. 2015. Boundary management strategies for governing family firms: A UAE-based case study. Journal of business research, 68, 684-693.
BRENES, E. R., MADRIGAL, K. & REQUENA, B. 2011. Corporate governance and family business performance. Journal of business research, 64, 280-285.
CARREE, M., VAN STEL, A., THURIK, R. & WENNEKERS, S. 2002. Economic
development and business ownership: an analysis using data of 23 OECD countries in the period 1976–1996. Small Business Economics, 19, 271-290.
CHRISMAN, J. J. 2019. Stewardship theory: Realism, relevance, and family firm governance. SAGE Publications Sage CA: Los Angeles, CA.
CHRISMAN, J. J., CHUA, J. H. & STEIER, L. P. 2003. An introduction to theories of family business. Citeseer.
CHUA, J. H., CHRISMAN, J. J. & SHARMA, P. 1999. Defining the family business by behavior. Entrepreneurship theory and practice, 23, 19-39.
DAVIS, J. H., ALLEN, M. R. & HAYES, H. D. 2010. Is blood thicker than water? A study of stewardship perceptions in family business. Entrepreneurship theory and practice, 34, 1093-1116.
DAVIS, J. H., SCHOORMAN, F. D. & DONALDSON, L. 1997. Toward a stewardship
theory of management. Academy of management review, 22, 20-47.
DIAZ-MORIANA, V., HOGAN, T., CLINTON, E. & BROPHY, M. 2019. Defining
family business: A closer look at definitional heterogeneity. The Palgrave handbook of heterogeneity among family firms. Springer.
DINH, T. Q. & CALABRÒ, A. 2019. Asian family firms through corporate governance and institutions: A systematic review of the literature and agenda for future research. International Journal of Management Reviews, 21, 50-75.
EISENHARDT, K. M. 1989. Agency theory: An assessment and review. Academy of management review, 14, 57-74.
FLETCHER, D. 2014. Family business inquiry as a critical social science. The SAGE Handbook of Family Business, 19.
FLETCHER, D., MELIN, L. & GIMENO, A. 2012. Culture and values in family business—A review and suggestions for future research. Journal of Family Business Strategy, 3, 127-131.
GARTNER, W. B. 2001. Is there an elephant in entrepreneurship? Blind assumptions in theory development. Entrepreneurship theory and practice, 25, 27-39.
GEDAJLOVIC, E., CARNEY, M., CHRISMAN, J. J. & KELLERMANNS, F. W. 2012.
The adolescence of family firm research: Taking stock and planning for the future. Journal of management, 38, 1010-1037.
GELHARD, C. & VON DELFT, S. 2016. The role of organizational capabilities in achieving superior sustainability performance. Journal of business research, 69, 4632- 4642.
GULZAR, M. A. & WANG, Z. 2010. Corporate governance and non-listed family owned businesses: an evidence from Pakistan. International Journal of Innovation, Management and Technology, 1, 124.
HABBERSHON, T. G., WILLIAMS, M. & MACMILLAN, I. C. 2003. A unified systems
perspective of family firm performance. Journal of business venturing, 18, 451-465.
HANSSON, P. 2015. Resource based theory and the family business. Theoretical perspectives on family businesses. Edward Elgar Publishing.
HERNÁNDEZ-LINARES, R., SARKAR, S. & COBO, M. J. 2018. Inspecting the Achilles
heel: a quantitative analysis of 50 years of family business definitions. Scientometrics, 115, 929-951.
HO, L. A. 2008. What affects organizational performance? Industrial Management & Data Systems.
HUNT, D. L. & MCKIBBON, K. A. 1997. Locating and appraising systematic reviews.
Annals of internal medicine, 126, 532-538.
HUSSAIN, S. & SAFDAR, N. 2018. Tunneling: Evidence from Family Business Groups of Pakistan. Business and Economic Review, 10, 97-121.
JENSEN, M. C. & MECKLING, W. H. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial economics, 3, 305-360.
KALLMUENZER, A. 2015. Agency theory and the family business. Theoretical perspectives on family businesses. Edward Elgar Publishing.
KEAY, A. 2017. Stewardship theory: is board accountability necessary? International Journal of Law and Management.
KIONG, T. C. 2005. Feuds and legacies: Conflict and inheritance in Chinese family businesses. International Sociology, 20, 45-70.
KLEIN, K. J., TOSI, H. & CANNELLA JR, A. A. 1999. Multilevel theory building: Benefits, barriers, and new developments. Academy of management review, 24, 248-253.
KLEIN, S. B. 2000. Family businesses in Germany: Significance and structure. Family Business Review, 13, 157-182.
KOIRANEN, M. 2002. Over 100 years of age but still entrepreneurially active in business: Exploring the values and family characteristics of old Finnish family firms. Family Business Review, 15, 175-187.
KOUTRA, C., ALI, K., SULEIMAN, A. & SHAMMOUT, A. 2018. Environmental
influences on the exercise of leadership in a family textiles business in Pakistan. Journal of Hotel and Business Management, 7, 2169-0286.
KUSHINS, E. R. & BEHOUNEK, E. 2020. Using sociological theory to problematize family business research. Journal of Family Business Strategy, 11, 100337.
LE BRETON–MILLER, I. & MILLER, D. 2015. Article commentary: the arts and family business: linking family business resources and performance to industry characteristics. Entrepreneurship theory and practice, 39, 1349-1370.
LITZ, R. A., PEARSON, A. W. & LITCHFIELD, S. 2012. Charting the future of family business research: Perspectives from the field. Family Business Review, 25, 16-32.
MAAS, G. & VAN DER MERVE, S. 2005. Family businesses in South Africa: a practical governance guide, GEB Consultants.
MARTIN, C., MARTIN, L. & MABBETT, A. 2002. SME ownership succession: Business support and policy implications, Citeseer.
MARTÍNEZ, J. I., STÖHR, B. S. & QUIROGA, B. F. 2007. Family ownership and firm performance: Evidence from public companies in Chile. Family Business Review, 20, 83- 94.
MAZZI, C. 2011. Family business and financial performance: Current state of knowledge and future research challenges. Journal of Family Business Strategy, 2, 166-181.
MERTON, R. K. & MERTON, R. C. 1968. Social theory and social structure, Simon and Schuster.
MEŠKO ŠTOK, Z., MARKIČ, M., BERTONCELJ, A. & MEŠKO, M. 2010. Elements of
organizational culture leading to business excellence. Zbornik radova Ekonomskog fakulteta u Rijeci: časopis za ekonomsku teoriju i praksu, 28, 303-318.
MISCHA WILLIS-SHATTUCK, P. B., STEVE THOMAS, LAURA WYNESS, 2008.
Motivation and retention of health workers in developing countries:a systematic review.
BMC Health Services Research.
NEERGAARD, H., SHAW, E. & CARTER, S. 2005. The impact of gender, social capital and networks on business ownership: a research agenda. International Journal of Entrepreneurial Behavior & Research.
POUNDER, P. 2015. Family business insights: an overview of the literature. Journal of Family Business Management.
POZA, E. J. 2010. Family Business 3e.
QURESHI, J. A., QURESHI, M. S. & QURESHI, M. A. 2018. Mitigating risk of failure by expanding family entrepreneurship and learning from international franchising experiences of johnny rockets: a case study in Pakistan. International Journal of Experiential Learning & Case Studies, 3, 110-127.
RICHARD, P. J., DEVINNEY, T. M., YIP, G. S. & JOHNSON, G. 2009. Measuring
organizational performance: Towards methodological best practice. Journal of management, 35, 718-804.
ROUSSEAU, D. M. & HOUSE, R. J. 1994. Meso organizational behavior: Avoiding three fundamental biases. Journal of Organizational Behavior (1986-1998), 13.
SÁNCHEZ-MARÍN, G., DANVILA-DEL VALLE, I. & SASTRE-CASTILLO, A. 2015.
Entrepreneurship and family business: does the organization culture affect to firm performance? New challenges in entrepreneurship and finance. Springer.
SCHEIN, E. H. 1985. Defining organizational culture. Classics of organization theory, 3, 490-502.
SHAPIRO, S. P. 2005. Agency theory. Annual review of sociology, 31.
SHEPHERD, D. A. 2009. Grief recovery from the loss of a family business: A multi-and meso-level theory. Journal of business venturing, 24, 81-97.
SOLÍS, E. R. R., MONROY, V. I. B. & ACEVES, L. R. 2017. Family Business in Latin
America: The Case of Mexico. KellermannsF. W. HoyF.(Eds.), The Routledge Companion to Family Business. Routledge.
SONFIELD, M. C., LUSSIER, R. N. & FAHED-SREIH, J. 2015. Planning for succession in family businesses: a comparison of Arab/Islamic and US practices. International Journal of Business and Globalisation, 15, 313-330.
SUGUNDAN, N., S, R. & JEGANATHAN, G. S. 2018. Nepotism and Family Owned Business. 2227-524X, 764-765.
SUŁKOWSKI, Ł. 2012. Elements of organizational culture: Theoretical and methodological problems. Management (Zielona Góra), 16.
SZCZEPAŃSKA-WOSZCZYNA, K. The importance of organizational culture for innovation in the company. Forum scientiae oeconomia, 2014. 27-39.
TURNER, J. H. & TURNER, P. R. 1978. The structure of sociological theory, Dorsey Press Homewood, IL.
UK 2018. The UK Family Business Sector 2018-19. In: ECONOMICS, A. I. R. F. R. P. B.
O. (ed.).
USMANI, Z. & ZAFAR, F. 2014a. Impact of corporate governance in solving the challenges faced by family business transitions: case study of Pakistan. Innovative Journal of Business and Management, 3.
USMANI, Z. & ZAFAR, F. 2014b. Impact of Corporate Governance in Solving the Challenges Faced by Family Business Transitions: Case Study of Pakistan. Open Journal of Business and Management, 3.
VILLALONGA, B. & AMIT, R. 2006. How do family ownership, control and management affect firm value? Journal of Financial economics, 80, 385-417.
VIVES, X. 2000. Corporate governance. Cambridge University Press.
WARD, J. & DOLAN, C. 1998. Defining and describing family business ownership configurations. Family Business Review, 11, 305-310.
YASSER, Q. R. 2011. Corporate governance and performance: An Analysis of Pakistani listed firms. Global Journal of Management and Business Research, 11.
YU, A., LUMPKIN, G., SORENSON, R. L. & BRIGHAM, K. H. 2012. The landscape of
family business outcomes: A summary and numerical taxonomy of dependent variables.
Family Business Review, 25, 33-57.
ZAHRA, S. A. 2016. Developing theory-grounded family business research: Some suggestions. Journal of Family Business Strategy, 7, 3-7.
ZAIDI, R. & ASLAM, A. 2006. Managerial efficiency in family owned firms in Pakistan: an examination of listed firms, Center for Management and Economic Research, Lahore University of Management.
Downloads
Published
How to Cite
Issue
Section
License
You are free to:
- Share — copy and redistribute the material in any medium or format for any purpose, even commercially.
- Adapt — remix, transform, and build upon the material for any purpose, even commercially.
- The licensor cannot revoke these freedoms as long as you follow the license terms.
Under the following terms:
- Attribution — You must give appropriate credit , provide a link to the license, and indicate if changes were made . You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
- No additional restrictions — You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.
Notices:
You do not have to comply with the license for elements of the material in the public domain or where your use is permitted by an applicable exception or limitation .
No warranties are given. The license may not give you all of the permissions necessary for your intended use. For example, other rights such as publicity, privacy, or moral rights may limit how you use the material.
