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The institutional context in which family firms operate influences their behaviour and performance, yet literature reviews seldom analyse family firms on a regional basis. To fill this gap, this review aims to present research on family entrepreneurship in the transition economies of the Visegrád countries (V4). In this particular group of European economies, the current formal institutions have largely evolved along Western European lines. However, the transformation of informal institutions appears to be still in its infancy.

In order to identify the most representative authors, the methodologies used, the main research topics and to establish a future research agenda, the authors selected, through a systematic process, 112 papers from the Web of Science up to the year 2022. The authors performed a bibliographic analysis using clustering algorithms, complemented by a traditional literature review.

The performance of family firms in transition economies has been the subject of very little research. The results allowed the authors to identify four main areas of research: governance, innovation, sustainability, competitive advantage and considering the influence of the region's characteristics on family business behaviour.

Studies from transition economies can contribute to a broader understanding of family firms in terms of the impact of the institutional environment (especially the influence of sociological changes and specific historical experiences of family members) on their long-term planning, socioemotional wealth (SEW) protection and ethics. In light of recent events, research from the region may also contribute to the understanding of how and to what extent “familiness” influences crisis management or socially responsible behaviour in family firms.

Based on stakeholder theory, this study aims to examine the impact of family firm succession on corporate philanthropy while considering the potential role of the clan cultural context, industry context, and the stage of succession.

Data were based on a sample of 7,502 firm-year observations from listed family firms in China’s A-share markets between 2007 and 2018. Several Tobit models are used for analysing the data. Difference-in-difference regression method and propensity score matching method are used for robustness tests.

Family firms undergoing succession tend to spend more on corporate philanthropy compared to non-succession counterparts. This effect is more pronounced among polluting industry firms and weaker in regions with strong clan cultures and after the process of succession is complete.

This study sheds new light on the relationship between inter-generational succession and corporate philanthropy. By considering the moderating effect of the clan cultural context, industry context, and the stage of succession, this study further advances the understanding of the role of corporate philanthropy in managing family firm succession.

The study empirically explores the influence of re-organization on entrepreneurial intentions and family business generational transfers among small and medium enterprises (SMEs).

Using multi-group analysis and partial least square structural equation models, data from 252 family-owned businesses were analyzed.

The results reveal that re-organization partially mediates the relationship between entrepreneurial intentions and family business generational transfers among SMEs.

The study used a cross-sectional survey approach and focused on Kampala business district. If required and funding permits, a longitudinal study in this field may be conducted.

Family business owners ought to involve their family members in the management of the business from an early age, including them in the decision-making process, and use social exchange to strike a balance between their personal goals and the objectives of the business. In order to protect the business's goals, the business founder should mentor the next generation through quality family social interactions.

Integrating entrepreneurial intentions and re-organization is likely to improve the survival rate of family business generational transfers among SMEs in Uganda using social exchange theory.

The aim of this study was to obtain evidence of the practical significance of the generational involvement (GI) of top management teams (TMT) on the nexus between entrepreneurial orientation (EO) and business performance (BP) in small family businesses (SFBs).

This study employed a questionnaire survey of 112 Malaysian SFBs. The data was analyzed using descriptive analysis, hierarchical multiple regression analysis and a two-way interaction model.

The results indicate that SFBs have a positive EO–BP nexus. However, the study found that TMT-GI has a negative effect on EO and reduces the positive nexus between EO and BP. Specifically, higher levels of GI were associated with lower levels of EO and weaker BP.

The study raises the necessity for SFBs to seek out a management mechanism and structure to balance the entrepreneurial boundary between the family-level and the business-level when there is increased GI. Additionally to the current, incorporating family TMT-related human ecology aspect of GI with the family business field could lead to a new research value stream.

The results of this study will enable family business decision makers and TMT to better understand the importance of considering family factors in their management strategies.

This analysis highlights the spatial relation of family-level logic in dominating EO–BP nexus at intervals in SFBs, where family factor of TMT-GI will be a key moderator.

Despite the rapid advancement of blockchain technology across various sectors, scholarly research on its application within family businesses remains significantly underdeveloped. This study aims to address this gap by examining the application of blockchain technology within family businesses to identify key application domains, benefits and implementation challenges.

The study employs a conceptual approach, drawing on existing literature on family businesses and blockchain technology. This review aimed to identify the unique characteristics of family businesses, their challenges and the distinctive features of blockchain technology that can potentially be mapped to each other. Based on the literature review, we develop a conceptual framework exploring blockchain technology applications in family businesses. Real-world case studies of family businesses that have implemented blockchain technology were identified to provide practical insights and implementation challenges.

Blockchain technology possesses transformative potential for family businesses across several critical domains. It includes enhancing trust and transparency in operations, improving governance and decision-making and facilitating succession planning and intergenerational wealth management. Case study evidence illustrates the tangible benefits of blockchain, including enhanced supply chain transparency, optimized business processes, increased customer trust and resultant business sustainability. Blockchain technology implementation challenges include data privacy concerns, integration with legacy systems, regulatory uncertainty and change management issues.

This study is limited by its reliance on existing literature and case studies. It may not capture the full spectrum of challenges and opportunities associated with blockchain applications in family businesses. Future research should focus on longitudinal and empirical research to provide a deeper understanding of the impact of blockchain technology application in family businesses.

This study contributes to the literature by exploring the intersection of family businesses and blockchain technology, an area that has received limited academic attention. It identifies potential application domains of blockchain technology in family businesses and develops a conceptual framework based on existing literature. Through case studies, the research provides practical insights and valuable lessons for family businesses considering blockchain implementation. It also addresses key considerations and challenges, providing a clear roadmap for blockchain technology integration in family businesses. The study lays the groundwork for further research and exploration in blockchain technology and family businesses.

The Golden Nugget is a family business that serves authentic Chinese cuisine in Gothenburg, Sweden. It was founded by a couple from Hong Kong, China, Alan Chan and Sandra Ng in 1957. This case is based on the succession issue facing Brian, the second-generation owner-manager of The Golden Nugget. Despite Brian's efforts to expose his children, niece and nephew to the business, he realised that none of the third generations showed an interest in taking over the family business. Upon discussion, Brian found three reasons (1) own goals and desires vs family conflict, (2) fear of sacrificing their freedom and (3) lack of work–life balance.

The purpose of this paper is to explore board functions and their location in family firms.

Through structured induction in a four-case study of medium-sized Swedish family firms, the authors demonstrate that board functions can be located in other arenas than in the common board and suggest propositions that explain their distribution.

(1) The board is but one of several arenas where board functions are performed. (2) The functions performed by the board vary in type and emphasis. (3) The non-family directors in a family firm serve the owners, even sometimes governing them, in what the authors term “bidirectional governance”. (4) The kin strategy of the family influences their governance. (5) The utilization of a board for governance stems from the family (together with its constitution, kin strategy and governance strategy), the board composition and the business conditions of the firm.

Being a case study the findings are restricted to concepts and theoretical propositions. Using structured induction, the study is not solely inductive but still contains the subjectivity of induction.

Governance agents should have an instrumental view on the board, considering it one possible governance arena among others, thereby economizing on governance.

The institutional pressure toward active boards could paradoxically reduce the importance of the board in family firms.

The board of a family company differs in its emphasis of board functions and these functions are performed with varying emphases in different governance arenas. The authors propose the concept of kin strategy, which refers to the governance importance of the structure of the owner and observations on bi-directional governance, indicating that the board can govern the owners.

Family businesses are essential to the global economy but often grapple with family-related issues, especially during succession. This study explores how governance tools like the family protocol (FP) mitigate conflicts by setting standards for family firm management and continuity. Pioneering the use of game theory and adverse selection setups in family business governance, this research uncovers FP determinants.

This research employs game theory and adverse selection setups to delve into the strategic decision-making processes of stakeholders in family firms. The authors break new ground by applying principal–agent theory (PAT) to family business governance structures. This innovative approach uncovers the determinants of the FP, enhancing the authors’ understanding of family firm dynamics.

The authors emphasize the importance of custom governance structures, such as the FP, in managing complex family-business interactions. These structures mitigate conflicts and promote smoother transitions during succession, ensuring family firm continuity. This study identifies key determinants, and these results will aid founders, families and practitioners in achieving smoother transitions, ensuring family firm continuity.

This research pioneers game theory and PAT applications in family business governance, shedding light on the effectiveness of customized governance mechanisms. By identifying FP determinants, the authors contribute to a deeper understanding of family firm dynamics. The findings have practical implications for founders, families, practitioners and consultants, promoting the long-term success and harmony of family firms in the global economy.

The increasing relevance of environmental, social and governance (ESG) engagement has attracted interest in its drivers and effects on business outcomes under different organizational settings. By focusing on family firms (FFs), we deepen both the role of business ethics as a predictor of enhanced ESG engagement and the link with improved corporate financial performance (CFP). In this way, we aim to provide new insights into the impact of business ethics and ESG engagement on FFs competitiveness.

Based on a worldwide panel of 335 FFs covering the 2002–2020 time horizon, this study adopts a two-stage Heckman model (1979) to empirically address two research questions: (RQ1) Do business ethics predict greater ESG engagement in FFs? (RQ2) Does ESG engagement positively affect the corporate financial performance (CFP) of FFs?

The results of the current study are twofold. First, we demonstrate that an ethical approach to business drives greater ESG engagement. Second, we show that higher levels of ESG engagement lead to improved financial performance in FFs.

Our study contributes to filling the knowledge gaps regarding the drivers and effects of ESG engagement in FFs. On the one hand, we demonstrate the positive connection between dimensions that have their own identity, such as business ethics and ESG constructs. On the other hand, by shedding light on the impact of ESG engagement on improved CFP, we contribute to solving the trade-off between economic and noneconomic FF goals.

This study aims to identify various factors that have driven the knowledge transfer process for succession purposes in family business since the 1920s and discuss their implications for advancing effective succession planning in this business sector for the next 100 years.

The paper reviews and synthesizes current research on knowledge transfer drivers in family business from 1923 to 2023 and draws out future perspectives on what will influence the knowledge-transferring process in the next 100 years.

Trust, organizational culture and environmental factors such as the need to create competitive advantages, technological advancement and new sources of knowledge have been identified as the most prominent drivers of knowledge transfer for effective succession in family business throughout the 1920–2020s. In the future, the ability to create value, the internationalization process and business innovations will play an essential role in knowledge-sharing among family and non-family members during succession.

The paper provides a review of past development and a future perspective on factors enhancing the effectiveness of knowledge transfer for succession in family firms.