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This article provides commentary from well-known family business researchers on what they have learnt about the family business field and tips for the future.

Well-known family business management researchers were contacted in order to provide their feedback on the field of family business management. Their responses were then curated into an article that can help others learn from their advice.

The family business management researchers provided suggestions on how to succeed in the field of family business management and advice for current and future researchers. Thereby helping to advance the field and provide new novel research ideas that can help science as well as practice.

This article is amongst the first to provide verbatim advice from the leading family business management scholars. Thus, providing original and innovative ideas about what is needed in the field of family business management.

This study aims to demonstrate the importance of organizational networks in organizational performance is relatively rich; less understood are processes in organizational networking that entrepreneurs and organizations use in making sense of rapidly changing contexts for organizational performance.

This study conducts an exploratory organizational-level narrative analysis into firms’ experiences in two major emerging markets (EMs), namely, Russia and India – to identify organizational networking processes in the midst of institutional upheavals. The study is based on in-depth case studies of firms in EMs sourced from interview data from senior management and consolidated with secondary data.

The authors find that initially firms rely on informal networks (including blat/svyazi and jaan-pehchaan/jan-pehchan) and later formal (in the form of bureaucratic followed by proprietary) networks to make sense of the changes and uncertainties in turbulent environments. The authors also demonstrate the cyclical nature of strategic sensemaking in the process of developing organizational networks for performance.

The study has a number of theoretical and practical contributions. First, it extends the well-established business networking construct to a more inclusive organizational networking construct. Second, it demonstrates that sensemaking is dependent on interorganizational networking from the outset and throughout the growth of an organization in turbulent markets – from informal to formal bureaucratic and proprietary networks. Finally, this study is unique in documenting the entire process of sensemaking from scanning to performance as well as successfully demonstrating the cyclical nature of sensemaking.

This study aims to examine the association between apprenticeship training and self-employment and how gender moderates the association.

Secondary data from the World Bank’s Skills Towards Employment and Productivity (STEP) survey on Ghana were analysed using a binary choice (logit regression) model. The STEP survey drew its nationally representative sample from the working-age population (15–64 years) in urban areas.

After controlling for several factors identified in the literature as determinants of self-employment, the results indicate that completing apprenticeship training increases the likelihood of being self-employed. However, women who have completed apprenticeship training are more likely to be self-employed than men.

By examining the moderating effect of gender on the association between apprenticeship training and self-employment, this study has offered new evidence that policymakers can use to promote self-employment, especially among women, to reduce the entrepreneurial gap between men and women.

This study aims to use institutional and upper echelons theories to comprehensively investigate the intricate interplay between TMT legal expertise and firms' adaptive strategies in legal contexts, notably within emerging economies. It explores how upper echelons experiences shape opportunistic compliance strategies, impacting value and risk perceptions. Drawing on upper echelons theory, the research probes how TMT legal expertise molds firms’ involvement in significant lawsuits, accounting for influential roles. It scrutinizes TMT’s impact on legal strategies, positing that managerial discretion emerges from environmental factors, organizational attributes and executive traits. The study underscores TMT’s internal incentives and external factors’ interplay, molding strategic legal engagement.

To validate this framework, statistical analysis is performed on data from 2,584 Chinese-listed firms. The data set spans 2010–2015, with 5,713 material lawsuits. Chosen due to reliable institutional-level incentives data from the China Market Index Database, years 2016–2019 are excluded for methodological disparities. Moreover, 2007–2009 is omitted to mitigate the potential financial crisis impact. This study’s 11,272 observations ensure robust empirical exploration, offering insights into the interplay of TMT legal expertise, institutional factors and firms’ legal strategies.

The study reveals that firms led by executives with legal expertise are more prone to engage in significant lawsuits, indicating strategic use of legal skills. TMT age moderates this, with older teams less likely to engage. TMT tenure’s effect remains unclear due to tenure-risk preference complexity. Institutional factors matter; less legally mature regions reduce managers’ legal risk intention. Results confirm hypotheses and highlight executive human capital’s impact on firms’ legal strategies.

This study acknowledges contributions while highlighting limitations, including the need for detailed distinctions in lawsuit roles and exploration of heterogeneous TMT power dynamics. Further research is proposed for nuanced power dynamics and comprehensive TMT legal background data. The study advances upper echelons theory by introducing TMT legal expertise as a factor influencing strategic lawsuit behavior. It challenges institutional theory by showing the adaptable legal context, beyond fixed constraints. Moderating factors – group risk attitude and external knowledge – deepen understanding of upper echelons’ impact. Enhanced data collection is encouraged to address limitations and refine findings.

This study’s implications extend to managerial practices. Firms should acknowledge the dynamic legal system, using TMT legal expertise for strategic legal challenges. Executives should pragmatically approach regulations. While legal professionals enhance compliance, caution is needed in selecting TMT members with legal expertise due to the risk of misusing it for unnecessary litigation, potentially misaligned with financial performance goals.

This study combines institutional and upper echelons theories to explore TMT legal expertise’s impact on firms’ adaptive strategies in emerging economies. It challenges the idea of a universally constraining legal environment and highlights how TMT legal expertise enhances firms’ management of complex legal risks. The research introduces TMT legal expertise as an influencing factor in strategic lawsuits, revealing nuanced relationships between legal contexts and strategic decisions. The findings enrich upper echelons theory, challenge conventional institutional views and identify moderating factors that deepen the understanding of upper echelons’ influence in legal landscapes.

The principal objective of this study is to identify and recommend auspicious research directions within the field of family business research, with a specific focus on the wealth creator. In conjunction with these research trajectories, the paper also aims to elucidate the potential implications of cultivating these lines of inquiry on the existing family business literature.

This perspective paper adopts a comprehensive approach to examine the multifaceted role of the wealth creator in the context of family businesses. It reviews the last decades of research that resulted in the identification of this role within family business and proposes future research avenues to further address their characterization and importance.

Investigating the wealth creator's attributes can provide insights into their role, the importance of timely identification and its preparatory elements. Furthermore, this exploration can shed light on the dynamics of inter-family relationships within family businesses and enrich the literature on power transition and continuity in family enterprises. Additionally, the maturation of the wealth creator concept may significantly impact the management of wealth portfolios, facilitating smoother wealth transfer, strategic portfolio management and the preservation of multi-generational wealth.

This research offers a diverse understanding of the role of the wealth creator in family businesses. The findings also enhance the comprehension of family business dynamics, enriching the literature on succession. Lastly, the offered research avenues contribute to addressing the challenges of sustaining family wealth and ensuring the continuity of family businesses across generations.

While extant research has increasingly examined minority entrepreneurs, less attention has been paid to Eastern European immigrant entrepreneurs and the role that marketing agility and risk propensity play in their resilience and survival in Nordic countries. This paper aims to highlight the importance of these factors for Eastern European immigrant entrepreneurs in the developed Nordic economy of Denmark.

This paper adopts the dynamic capabilities view as a theoretical framework and uses a qualitative research approach with interviews as the main data collection method. The empirical sample comprises 12 entrepreneurs originating from Hungary, Slovakia, Latvia, Lithuania and Romania, who operate in Denmark.

The findings show that contrary to prior studies that have highlighted a reliance among the migrant entrepreneurial community on ethnic networks as their dominant target market, Eastern European immigrant entrepreneurs located in Denmark, in contrast, focused on attracting Danish consumers as their target market audience. Leveraging multiple networks was therefore found to be critical to the survival of these immigrant ventures. Additionally, the entrepreneurs' marketing agility, underpinned by their optimistic approach, growth ambitions and passion for entrepreneurship, was found to play a pivotal role in their survival. Finally, despite the stable institutional environment in Denmark and the ease of doing business (both of which are influential factors in shaping the risk propensity and risk perception of entrepreneurs), the authors found immigrant entrepreneurs' risk propensity to be rather low, which was contrary to the expectations.

The current paper is one of the first studies that explicitly analyzes the roles of marketing agility and risk propensity in the resilience and survival of the ventures of relatively skilled immigrant entrepreneurs from Eastern Europe in a developed Nordic economy (Denmark). The paper's findings also challenge the notion associated with immigrant entrepreneurial ventures being primarily focused on ethnic customers or enclaves. The paper also specifies the peculiarities of marketing agility in immigrant entrepreneurial contexts and solidifies the importance of diverse networks in immigrant business survival and development.

This study aims to study the moderating effects of private ownership and government support on the relationship between outsourcing and product innovation in entrepreneurial ventures in a transition economy.

The data of 10,296 Vietnamese entrepreneurial ventures from the four rounds of the survey conducted by the General Statistics Office (GSO) of Vietnam to investigate the moderating effects of private ownership and government support on the association between outsourcing and entrepreneurial ventures’ product innovation performance. The Probit regression model is employed to estimate such associations.

Our research uncovered that the impact of outsourcing on the likelihood of product innovation is more significant for entrepreneurial operations characterized by a substantial degree of private ownership and government backing as opposed to those without.

The results of our research indicated that the resource-based perspective and extended resource-based view (ERBV) are essential in examining the impact of gaining resources or skills from external sources on the growth of entrepreneurial enterprises. These ideas have significance and importance not just in industrialized economies but also in countries undergoing transition. Our findings suggest that entrepreneurial enterprises should have the ability to manage a wide range of resources and make decisions about which activities should be handled internally and which should be delegated to other parties.

Our findings also imply that entrepreneurial ventures should be able to control many resources and choose which tasks should be performed in-house and which should be outsourced to third parties.

By adopting and leveraging the resource-based view (RBV) and extended resource-based views (ERBV), our study developed a theoretical model about private ownership and government support for moderate outsourcing’s impact on entrepreneurial innovation in a transition economy.

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.

The purpose of this paper is to consider one test of a well-functioning housing system – its impact on wellbeing. Exploring one indicator of this, this study aims to track changes in mental and general health across a mix of tenure transitions and financial transactions in three jurisdictions: Australia, the UK and the USA.

Using matched variables from three national panel surveys (Household, Income and Labour Dynamics in Australia, British Household Panel Survey/Understanding Society and Panel Study of Income Dynamics) over 17 years (2000–2017) to capture the sweep of the most recent housing cycle, this study adopts a difference-in-difference random-effects model specification to estimate the mental and general health effects of tenure change and borrowing behaviours.

There is an enduring health premium associated with unmortgaged owner-occupation. Mortgage debt detracts from this, as does the prospect of dropping out of ownership and into renting. A previously observed post-exit recovery in mental health – a debt-relief effect – is not present in the longer run. In fact, in some circumstances, both mental and general health deficits are amplified, even among those who eventually regain homeownership. Though there are cross-country differences, the similarities across these financialised housing systems are more striking.

The well-being premium traditionally associated with owner occupation is under threat at the edges of the sector in all three jurisdictions. In this, there is cross-national convergence. There may therefore be scope to introduce policies to better support households at the edges of ownership that work across the board for debt-funded ownership-centred housing systems.

This paper extends the duration of a previous analysis of the impact of tenure transitions and financial transactions on well-being at the edges of ownership in the UK and Australia. The authors now track households over nearly two decades from the start of the millennium into a lengthy (post-global financial crisis) era of declining housing affordability. This study adds to the reach of the earlier study by adding a general health variable and a third jurisdiction, the USA.

Homeownership for younger generations is exacerbated by the deterioration in affordability worldwide. As a result, the role of parental support in facilitating homeownership requires attention. This study aims to assess the influence of parental wealth and housing tenure as support mechanisms to facilitate homeownership for their children.

This study uses data from a representative survey of the New Zealand population.

Parents who are homeowners tend to offer more financial support to their children than those who rent. Additionally, the financial support increases when parents have investment housing as well. The results further reveal differences in financial support when considering one-child and multi-child families. The intergenerational transmission of wealth inequality appears to be more noticeable in multi-child families, where parental housing tenure plays a dominant role in determining the level of financial support provided to offspring.

The insights gained serve as a basis for refining housing policies to better account for these family transfers and promote equitable access to homeownership.