Family business insights: an overview of the literature
Abstract
Purpose
The purpose of this paper is to investigate how the family business literature has evolved, and to examine the factors influencing family-owned and managed businesses. The paper discusses important patterns in the present literature and new directions for future study.
Design/methodology/approach
The research identifies key research topics and methodical approaches to understand family businesses. Insights into the reasoning behind the historic changes and the current direction and trends of the family business literature are also identified.
Findings
The findings of this research argues that the main cause of the challenges in running a family business stem from the management of the interrelationship between family concerns and business concerns. Strong leadership and building a culture that accepts continuous change are key success factors.
Research limitations/implications
Due to the specific nature of the family business dynamics and decision-making conflict, which can hardly be captured by quantitative studies alone, a promotion of qualitative studies is advisable.
Practical implications
This study suggests that understanding the culture surrounding decision making in family business has great value. Characteristics such as aggressiveness, fearlessness and competition are key areas for investigation.
Social implications
Overlooking the potential of non-family members for family business leadership can produce sub-optimal choices of successors. Further, the aspiration to change society’s and government’s view of family businesses warrants attention.
Originality/value
This review of previous research offers researchers a broader and comprehensive view of the family business, which is inclusive of the challenges, decision making and solutions within the family business structure. Researchers, educators and practitioners will benefit from this paper.
Keywords
Citation
Pounder, P. (2015), "Family business insights: an overview of the literature", Journal of Family Business Management, Vol. 5 No. 1, pp. 116-127. https://doi.org/10.1108/JFBM-10-2014-0023
Publisher
:Emerald Group Publishing Limited
Copyright © 2015, Emerald Group Publishing Limited