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The objective of this study is to understand the linkages among executive compensation, corporate governance and performance of the Indian family and non-family firms. Further, the study also analyzes the level of shareholding pattern of the Indian family firms on their performance and the executive compensation.

The authors have collected panel data of the companies listed on the National Stock Exchange of India Limited. The data set consists of 284 companies (both family and non-family) for the period 2005–2014. The authors have made use of a dynamic panel data model with generalized method of moments (GMM) estimation to formulate the hypotheses and used fixed-effects regression model to check the robustness of our findings.

The authors find support for the agency theory, stewardship theory and resource dependence theory in the paper. Specifically, variables related to executive compensation, corporate governance (board size, proportion of independent directors on board, chief executive officers duality and other directorships held by the executive directors outside the company), firm performance (Tobin’s Q), leverage and shareholding pattern of the family are significant in this study.

The study has practical implications for all stakeholders of the family and non-family firms, especially in the emerging market economies. It can be used as a reference guide by various other stakeholders of the family firms, viz., customers, educators, tax authorities, government and society.

The authors confirm that their research is original and provides valuable insights on the Indian family firms. The authors study cross-holding of directorships, inter alia, in the Indian family business groups. As most of the previous studies in the Indian context ignored this important aspect, this study is unique in nature.

The purpose of this paper is to examine how the familiar character of the firm affects its size and performance. Specifically, if the confluence of business and family dimensions affects their chances of survival.

With data from 581 family, small to medium‐sized enterprises (SMEs), the possible negative relationship between family, on the one hand, and size and performance, on the other hand is analyzed. First, the authors made a cluster analysis which distinguishes four groups attending the source of management, family next to external, and the generation, first against the rest. In addition, the authors contrast the existence of non‐linear adjustment through quadratic regressions.

Cluster analysis shows that the firms with family management in first generation are the ones with smaller size and worse performance. Regression analysis contrasts the negative relationship, but exclusively linear in nature. For all companies, regardless of the familiar character, the study confirms a negative relation of quadratic character. This paper clarifies the theories about the life cycle, so that they may be applicable to the family business. The companies must overcome the early stages, where the entrepreneurial impulse is key, to give way to more professionalized structures.

There are two fundamental contributions of this study. The first relates to the use of quadratic functions to model the relationship between family management and size and performance. The second relates to the life cycle of the family business and the role played by the family management; for that end the authors compare companies of family management in first generation with other companies to see to what extent the decision to retain a smaller size to preserve the family character is intentional.

The purpose of this paper is to highlight the differences in terms of economic and financial performance, between family firms (FFs) and non-family firms (NFFs) in the wine sector in Italy and France, where this sector is one of the most representative national economic activities.

This study is based on a sample of Italian and France companies operating in the wine sector. The sample, including medium and large firms, includes 288 FFs and 302 NFFs, for a total of 590 firms. Amadeus database represents the data source. According to Astrachan and Kolenko (1994), a firm is classified as a FF if family had to own over 50 per cent of the business in a private company or more than 10 per cent of a public company.

This study confirms that the family variable is relevant to achieve good economic and financial performance, and endow firms with different features. In terms of economic performance, FFs both in Italy and France outperform in. terms of return on equity and return on assets, though only Italian NFFs outperform in earnings before interest and taxes. In terms of financial performance, both in Italy and France NFFs outperform FFs in current ratio and liquidity ratio, while FFs outperform in solvency ratio.

Limitations of the study concern the method adopted, as it could be integrated with some econometrical models. The implications of the paper are relevant for families and regulatory bodies because it helps them to better understand the effects of governance on economic and financial performance. Moreover, the findings of the study can influence the decision-making process of investors in order to identify the long-term outperformers listed on a stock exchange.

This study contributes to the literature on family businesses phenomenon on wine sector, which represents one of the most representative of the economy of several countries and in which family businesses are widespread.

The purpose of this paper is to evaluate the effect of internationalization on performance in family firms, as well as the potential impact of moderators on this relationship.

This paper is a meta-analysis of the impact of internationalization on performance in family firms, as well as the role of several moderators shaping this relationship, based on 29 studies.

The findings indicate a significant positive effect of internationalization on family firm performance. This relationship was stronger in family firms with lower family ownership. Several methodological moderators were significant, such as the means of measuring performance and internationalization. The results also point to several cultural moderators, such as individualism, masculinity, low uncertainty avoidance and short-term orientation, which positively influence the main effect.

The authors provide discussions of the results, their practical and theoretical implications, as well as avenues for future research.

This study aims to investigate the relationship between organizational systems, market orientation, family culture and the long-term business performance of family businesses in the wine sector in three countries.

A survey by questionnaire was undertaken with 123 wineries in Australia, Germany and Italy. Multiple-item measurement scales and multiple regression models were used to investigate mediation effects.

The findings indicate a marked influence of organizational systems and family culture on financial performance. Market orientation fully mediates the effect of family culture and partially mediates the effect of organizational systems on financial performance.

From a managerial perspective, this research indicates the central role of family culture when evaluating a firm’s capabilities and potential in the long term. The findings and their implications are of immediate concern for family firms in the wine sector.

For the first time, the antecedents of market orientation are investigated through simultaneous application of two key frameworks from marketing research and family business research in a single joint analysis.

A growing volume of family firm literature has argued that the preservation of family socioemotional wealth takes precedence over the pursuit of financial goals. The purpose of this paper is to develop a conceptual framework that builds knowledge regarding the two-way relationship between socioemotional and financial forms of wealth, to develop a more complete theory of wealth concerns that may inform family firm decision-making.

The authors conceptually examine contingencies affecting the relationship between financial and socioemotional wealth (in both causal directions).

The authors predict when one form of wealth (socioemotional/financial) is likely to dominate the other (financial/socioemotional) in the family firm’s strategic decisions.

The paper advances knowledge on the two-way relationship between socioemotional and financial forms of wealth providing a platform for further development in the nascent field of family business research, including our understanding of family firm decisions regarding control and influence over the family business, environmental policy, altruism toward family members, R&D, accounting choices and corporate diversification.

This paper aims to investigate the relationship between family and institutional ownerships and corporate performance.

Using a panel data of 139 nonfinancial companies listed on the Indonesian Stock Exchange from 2009 to 2013, this study used generalized least square model.

The results show that family ownership has a significant and positive impact on corporate performance, while institutional ownership has significantly and negatively influenced corporate performance. These results imply that family ownership leads to better corporate performance, while institutional ownership leads to lower corporate performance.

Future research would extend to examine different ownership variables, e.g. domestic, foreign and black shareholders ownerships with different performance measures such as profit margin and return on investments (ROI). Then, their results could be compared to the result of this paper.

For shareholders and managers, the result of this study provides a base for shareholder on the importance to have the same understanding as management to improve return of capital invested by them (family capital) through firm’s long- and short-term business decision-making. It is possible for management for doing so because their interest is same. Therefore, this can be an interesting incentive for management. This result of this study also provides practical implication for investors (including international investors) with respect to their funds in the firm with family ownership share. By doing so, they will get better and stable ROI compared to nonfamily-owned business.

This study is original as studies on institutional and family ownerships and corporate performance are limited in the Indonesian context. The use of nonlinearity effect of family ownership and corporate performance in Indonesian case is the first attempt. Therefore, this study contributes to corporate governance literatures by investigating the relationship between family and institutional ownerships and market performance in Indonesian context using the improved methodology.

The purpose of this study is to examine the impact of firm size on performance (measured as profits, growth, efficiency and liquidity) differences between family and non‐family small‐ to medium‐sized enterprises (SMEs).

The samples of 441 family and 473 non‐family firms were divided into four size groups and performance differences analysed for each size group using MANOVA.

The findings indicate that family SMEs perform at least as well as non‐family SMEs. Although the two types of firms shared several similar performance characteristics at the small level, certain differences were evident. Performance differences between family and non‐family SMEs became prominent at the critical growth phase (20‐49 employees), reached an optimum at 50‐99 employees and narrowed again thereafter. For family firms, the benefits of higher gross margins and efficient use of assets began to wane after 100 plus employees but the disadvantages of lower employee performance continued.

The study could be improved by a longitudinal examination of the same firms across various growth stages. Further, the findings may be industry‐specific and not generally applicable.

The findings show that greater resources do not necessary lead to better performance and that non‐family firms could benefit from more efficient use of resources. The findings also confirm that the benefits of the informal system are not sustainable at larger firm sizes and that larger family firms would benefit from improved management of employee performance.

The pattern of performance differences observed between family and non‐family SMEs is unique to the paper. The paper shows that differences in performance between the two types of firms noted in the literature do no hold at all firm sizes.

The purpose of this paper is to examine the impact of family ownership on firm performance. In particular the authors investigate whether family firms outperform non-family firms and whether first generation family firms perform better than second generation family firms in an emerging economy using Bangladesh as a case.

This study uses a data set of 141 listed Bangladeshi non-financial companies for the period 2005-2009. The methodology is based on multivariate regression analysis.

The result shows that family firms perform better than their non-family counterparts. The authors also find that family ownership has a positive impact on firm performance. The analysis further reveals intergenerational differences where family firms and performance are associated positively only when founder members act as CEOs or chairmen. However, when descendents serve as CEOs or chairmen family firms are associated with poorer firm performance.

The authors extend the findings of previous studies that investigate the family ownership and firm performance relationship in developed economy settings, but neglected emerging economies. The study also informs the literature about the intergenerational impact of family firms on performance in an emerging market.

The purpose of this study is to explore the drivers for proactive workplace social performance in family firms through a configurational approach. Comparative research on family versus non-family firms and workplace social performance has produced mixed results. Consequently, several calls have been made to account for family business heterogeneity to understand better how family involvement in the business affects the workplace social performance. The authors respond to these calls by exploring the governance antecedents that can catalyze family firms’ workplace social performance.

Using qualitative comparative analysis, the authors analyze 131 family firms from the STEP survey data.

The authors find two governance configurations that lead to better family business workplace social performance. The first configuration is the combination of 100% family ownership, high family involvement in management and a mix of outside directors and family members on the board. The second configuration is the combination of less than 100% family ownership and low family involvement in management.

The study builds on and extends the nascent work suggesting the integration of agency and stewardship theories. The authors show that these two theoretical approaches are able to not only coexist, but that they can also be complementary in helping to understand the unique workplace social behaviors of family firms.