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

32 Pages Posted: 17 Apr 2015

See all articles by Michael Carney

Michael Carney

Concordia University, Quebec - John Molson School of Business

Marc van Essen

University of South Carolina - Darla Moore School of Business

Eric Gedajlovic

Simon Fraser University (SFU) - Strategy and Business Economics

Pursey P.M.A.R. Heugens

Erasmus University Rotterdam (EUR) - Rotterdam School of Management (RSM)

Date Written: May 2015

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.

Suggested Citation

Carney, Michael and Essen, Marc van and Gedajlovic, Eric and Heugens, Pursey P.M.A.R., What Do We Know About Private Family Firms? A Meta‐Analytical Review (May 2015). Entrepreneurship Theory and Practice, Vol. 39, Issue 3, pp. 513-544, 2015. Available at SSRN: https://ssrn.com/abstract=2595403 or http://dx.doi.org/10.1111/etap.12054

Michael Carney (Contact Author)

Concordia University, Quebec - John Molson School of Business ( email )

1455 de Maisonneuve Blvd. W.
Montreal, Quebec H3G 1M8
Canada

Marc van Essen

University of South Carolina - Darla Moore School of Business ( email )

1705 College St
Francis M. Hipp Building
Columbia, SC 29208
United States

Eric Gedajlovic

Simon Fraser University (SFU) - Strategy and Business Economics ( email )

2053 Main Mall
Vancouver, BC V6T-1Z2
Canada

HOME PAGE: http://www.gedajlovic.com

Pursey P.M.A.R. Heugens

Erasmus University Rotterdam (EUR) - Rotterdam School of Management (RSM) ( email )

P.O. Box 1738
Room T08-21
3000 DR Rotterdam, 3000 DR
Netherlands
0031 10 408 2365 (Phone)
0031 10 408 9012 (Fax)

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