Share:


A systematic review of the literature and bibliometric analysis of governance of family firms

Abstract

Governance in family firms can profoundly influence corporate behavior and performance. Recently, family firm governance (FFG) has attracted extensive attention as increasing empirical research has been published. However, few studies have attempted to map the global research on this growing field. In this paper, a comprehensive literature review and bibliometric analysis are conducted to provide an overview of the FFG. A total of 626 relevant studies from the Web of Sciences Core Collection database between 1998 and 2020 are analyzed. First, based on a literature review by identifying the classification of FFG and topics related to family governance, an overall conceptual structure is proposed. Second, the performance and influence of journals, authors and papers are analyzed by descriptive bibliometric analysis. Finally, with assistance from the CiteSpace and VoS viewer tools, the co-authorship, co-occurrence and co-citation network are presented to display the social and intellectual structure and find the hotspots. The findings of this study help to objectively understand the evolution of FFG and to capture potential research directions.

Keyword : family firms governance, family business, family firms, bibliometric analysis, literature review, science mapping

How to Cite
Pu, Z., Xu, Z., Wang, X., & Skare, M. (2022). A systematic review of the literature and bibliometric analysis of governance of family firms. Journal of Business Economics and Management, 23(6), 1398–1424. https://doi.org/10.3846/jbem.2022.18309
Published in Issue
Dec 30, 2022
Abstract Views
959
PDF Downloads
866
Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

References

Acquaah, M. (2012). Social networking relationships, firm-specific managerial experience and firm performance in a transition economy: A comparative analysis of family owned and nonfamily firms. Strategic Management Journal, 33(10), 1215–1228. https://doi.org/10.1002/smj.1973

Alayo, M., Iturralde, T., Maseda, A., & Aparicio, G. (2021). Mapping family firm internationalization research: Bibliometric and literature review. Review of Managerial Science, 15(6), 1517–1560. https://doi.org/10.1007/s11846-020-00404-1

Aldamen, H., Duncan, K., Kelly, S., & McNamara, R. (2020). Corporate governance and family firm performance during the Global Financial Crisis. Accounting and Finance, 60(2), 1673–1701. https://doi.org/10.1111/acfi.12508

Alonso, A. D., Kok, S., & O’Brien, S. (2020). Understanding the impact of family firms through social capital theory: A South American perspective. Journal of Family and Economic Issues, 41(4), 749–761. https://doi.org/10.1007/s10834-020-09669-w

Alvarez-Betancourt, Y., & Garcia-Silvente, M. (2014). An overview of iris recognition: A bibliometric analysis of the period 2000–2012. Scientometrics, 101(3), 2003–2033. https://doi.org/10.1007/s11192-014-1336-1

Anderson, R. C., & Reeb, D. M. (2003). Founding-family ownership and firm performance: Evidence from the S&P 500. Journal of Finance, 58(3), 1301–1328. https://doi.org/10.1111/1540-6261.00567

Arteaga, R., & Menendez-Requejo, S. (2017). Family constitution and business performance: Moderating factors. Family Business Review, 30(4), 320–338. https://doi.org/10.1177/0894486517732438

Bammens, Y., Voordeckers, W., & Van Gils, A. (2008). Boards of directors in family firms: A generational perspective. Small Business Economics, 31(2), 163–180. https://doi.org/10.1007/s11187-007-9087-5

Bammens, Y., Voordeckers, W., & Van Gils, A. (2011). Boards of directors in family businesses: A literature review and research agenda. International Journal of Management Reviews, 13(2), 134–152. https://doi.org/10.1111/j.1468-2370.2010.00289.x

Bauweraerts, J., & Colot, O. (2016). Performance, corporate governance and socioemotional wealth in Belgian family firms. International Advances in Economic Research, 22(2), 243–244. https://doi.org/10.1007/s11294-016-9580-1

Berent-Braun, M. M., & Uhlaner, L. M. (2012). Family governance practices and teambuilding: Paradox of the enterprising family. Small Business Economics, 38(1), 103–119. https://doi.org/10.1007/s11187-010-9269-4

Biswas, P. K., Roberts, H., & Whiting, R. H. (2019). The impact of family vs non-family governance contingencies on CSR reporting in Bangladesh. Management Decision, 57(10), 2758–2781. https://doi.org/10.1108/MD-11-2017-1072

Brenes, E. R., Madrigal, K., & Requena, B. (2011). Corporate governance and family business performance. Journal of Business Research, 64(3), 280–285. https://doi.org/10.1016/j.jbusres.2009.11.013

Carney, M. (2005). Corporate governance and competitive advantage in family-controlled firms. Entrepreneurship Theory and Practice, 29(3), 249–265. https://doi.org/10.1111/j.1540-6520.2005.00081.x

Chang, S.-J., & Shim, J. (2015). When does transitioning from family to professional management improve firm performance? Strategic Management Journal, 36(9), 1297–1316. https://doi.org/10.1002/smj.2289

Chen, C. M. (2006). CiteSpace II: Detecting and visualizing emerging trends and transient patterns in scientific literature. Journal of the American Society for Information Science and Technology, 57(3), 359–377. https://doi.org/10.1002/asi.20317

Chen, G., Chittoor, R., & Vissa, B. (2021). Does nepotism run in the family? CEO pay and pay-performance sensitivity in Indian family firms. Strategic Management Journal, 42(7), 1326–1343. https://doi.org/10.1002/smj.3263

Chiner, A. (2011). The need of correct family governance in family business. Universia Business Review, 32, 102–110.

Chrisman, J. J., Chua, J. H., Le Breton-Miller, I., Miller, D., & Steier, L. P. (2018). Governance Mechanisms and Family Firms. Entrepreneurship Theory and Practice, 42(2), 171–186. https://doi.org/10.1177/1042258717748650

Cobo, M. J., Lopez-Herrera, A. G., Herrera-Viedma, E., & Herrera, F. (2011). Science mapping software tools: Review, analysis, and cooperative study among tools. Journal of the American Society for Information Science and Technology, 62(7), 1382–1402. https://doi.org/10.1002/asi.21525

Cortes, D. L., & Botero, I. C. (2016). Corporate governance in family businesses from Latin America, Spain and Portugal: A review of the literature. Academia Revista Latinoamericana De Administracion, 29(3), 231–254. https://doi.org/10.1108/ARLA-03-2016-0064

Cucculelli, M., & Micucci, G. (2008). Family succession and firm performance: Evidence from Italian family firms. Journal of Corporate Finance, 14(1), 17–31. https://doi.org/10.1016/j.jcorpfin.2007.11.001

Dabic, M., Maley, J., Dana, L.-P., Novak, I., Pellegrini, M. M., & Caputo, A. (2020). Pathways of SME internationalization: A bibliometric and systematic review. Small Business Economics, 55(3), 705–725. https://doi.org/10.1007/s11187-019-00181-6

Daspit, J. J., Chrisman, J. J., Sharma, P., Pearson, A. W., & Mahto, R. V. (2018). Governance as a source of family firm heterogeneity. Journal of Business Research, 84, 293–300. https://doi.org/10.1016/j.jbusres.2017.12.041

Deephouse, D. L., & Jaskiewicz, P. (2013). Do family firms have better reputations Than Non-Family Firms? An Integration of Socioemotional Wealth and Social Identity Theories. Journal of Management Studies, 50(3), 337–360. https://doi.org/10.1111/joms.12015

Dinh, T. Q., & Calabro, A. (2019). Asian family firms through corporate governance and institutions: A systematic review of the literature and agenda for future research. International Journal of Management Reviews, 21(1), 50–75. https://doi.org/10.1111/ijmr.12176

Eddleston, K. A., Kellermanns, F. W., & Kidwell, R. E. (2018). Managing family members: How monitoring and collaboration affect extra-role behavior in family firms. Human Resource Management, 57(5), 957–977. https://doi.org/10.1002/hrm.21825

Evert, R. E., Sears, J. B., Martin, J. A., & Payne, G. T. (2018). Family ownership and family involvement as antecedents of strategic action: A longitudinal study of initial international entry. Journal of Business Research, 84, 301–311. https://doi.org/10.1016/j.jbusres.2017.07.019

Fahed-Sreih, J., & Djoundourian, S. (2006). Determinants of longevity and success in Lebanese family businesses: An exploratory study. Family Business Review, 19(3), 225–234. https://doi.org/10.1111/j.1741-6248.2006.00071.x

Falagas, M. E., Pitsouni, E. I., Malietzis, G. A., & Pappas, G. (2008). Comparison of PubMed, Scopus, Web of Science, and Google Scholar: Strengths and weaknesses. FASEB Journal, 22(2), 338–342. https://doi.org/10.1096/fj.07-9492LSF

Gallo, M. A., & Kenyon-Rouvinez, D. (2005). The importance of family and business governance. In D. Kenyon-Rouvinez & J. L. Ward, Family business: Key issues (pp. 45–57). Palgrave Macmillan. https://doi.org/10.1057/9780230287730_4

Gao, W., Huang, Z., & Yang, P. (2019). Political connections, corporate governance and M&A performance: Evidence from Chinese family firms. Research in International Business and Finance, 50, 38–53. https://doi.org/10.1016/j.ribaf.2019.04.007

Gnan, L., Montemerlo, D., & Huse, M. (2015). Governance systems in family SMEs: The substitution effects between family councils and corporate governance mechanisms. Journal of Small Business Management, 53(2), 355–381. https://doi.org/10.1111/jsbm.12070

Gomez-Mejia, L. R., Cruz, C., Berrone, P., & De Castro, J. (2011). The bind that ties: Socioemotional wealth preservation in family firms. Academy of Management Annals, 5(1), 653–707. https://doi.org/10.1080/19416520.2011.593320

Gonzalez-Cruz, T., Antonio Clemente-Almendros, J., & Puig-Denia, A. (2020). Family governance systems: the complementary role of constitutions and councils. Economic Research-Ekonomska Istrazivanja. https://doi.org/10.1080/1331677X.2020.1867603

Han, R., Zhou, B., Huang, Y., Lu, X., Li, S., & Li, N. (2020). Bibliometric overview of research trends on heavy metal health risks and impacts in 1989–2018. Journal of Cleaner Production, 276, 123249. https://doi.org/10.1016/j.jclepro.2020.123249

Haw, I. M., Ho, S. S. M., Hu, B., & Wu, D. (2010). Concentrated control, institutions, and banking sector: An international study. Journal of Banking & Finance, 34(3), 485–497. https://doi.org/10.1016/j.jbankfin.2009.08.013

Ibrahim, H., & Samad, F. A. (2011). Agency costs, corporate governance mechanisms and performance of public listed family firms in Malaysia. South African Journal of Business Management, 42(3), 17–25. https://doi.org/10.4102/sajbm.v42i3.496

Jaskiewicz, P., & Klein, S. (2007). The. impact of goal alignment on board composition and board size in family businesses. Journal of Business Research, 60(10), 1080–1089. https://doi.org/10.1016/j.jbusres.2006.12.015

Jebran, K., & Chen, S. (2021). Can we learn lessons from the past? COVID-19 crisis and corporate governance responses. International Journal of Finance & Economics. https://doi.org/10.1002/ijfe.2428

Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X

Jiang, Y., & Peng, M. W. (2011). Are family ownership and control in large firms good, bad, or irrelevant? Asia Pacific Journal of Management, 28(1), 15–39. https://doi.org/10.1007/s10490-010-9228-2

Jo, H., & Harjoto, M. A. (2011). Corporate governance and firm value: The impact of corporate social responsibility. Journal of Business Ethics, 103(3), 351–383. https://doi.org/10.1007/s10551-011-0869-y

Kamdem, J. P., Duarte, A. E., Rodrigues Lima, K. R., Teixeira Rocha, J. B., Hassan, W., Barros, L. M., Roeder, T., & Tsopmo, A. (2019). Research trends in food chemistry: A bibliometric review of its 40 years anniversary (1976–2016). Food Chemistry, 294, 448–457. https://doi.org/10.1016/j.foodchem.2019.05.021

Kellermanns, F. W., & Eddleston, K. A. (2006). Corporate entrepreneurship in family firms: A family perspective. Entrepreneurship Theory and Practice, 30(6), 809–830. https://doi.org/10.1111/j.1540-6520.2006.00153.x

Kraus, S., Filser, M., O’Dwyer, M., & Shaw, E. (2014). Social Entrepreneurship: An exploratory citation analysis. Review of Managerial Science, 8(2), 275–292. https://doi.org/10.1007/s11846-013-0104-6

Laengle, S., Lobos, V., Merigo, J. M., Herrera-Viedma, E., Cobo, M. J., & De Baets, B. (2021). Forty years of Fuzzy Sets and systems: A bibliometric analysis. Fuzzy Sets and Systems, 402, 155–183. https://doi.org/10.1016/j.fss.2020.03.012

Li, B., & Xu, Z. S. (2022). A comprehensive bibliometric analysis of financial innovation. Economic Research-Ekonomska Istrazivanja, 35(1), 367–390. https://doi.org/10.1080/1331677X.2021.1893203

Li, D. (2015). Corporate social responsibility and family firms. In M. Wang (Ed.), Proceedings of the 2015 International Conference on Management Science and Management Innovation (Vol. 6, pp. 239–244). https://doi.org/10.2991/msmi-15.2015.45

Li, X., Ma, E., & Qu, H. (2017). Knowledge mapping of hospitality research – A visual analysis using CiteSpace. International Journal of Hospitality Management, 60, 77–93. https://doi.org/10.1016/j.ijhm.2016.10.006

Lin, W.-T., & Wang, L. C. (2021). Family firms, R&D, and internationalization: The stewardship and socio-emotional wealth perspectives. Asia Pacific Journal of Management, 38(1), 91–119. https://doi.org/10.1007/s10490-018-9636-2

Lopez-Gonzalez, E., Martinez-Ferrero, J., & Garcia-Meca, E. (2019). Corporate social responsibility in family firms: A contingency approach. Journal of Cleaner Production, 211, 1044–1064. https://doi.org/10.1016/j.jclepro.2018.11.251

Lubinski, C. (2011). Path dependency and governance in German family firms. Business History Review, 85(4), 699–724. https://doi.org/10.1017/S0007680511001164

Lungeanu, R., & Ward, J. L. (2012). A governance-based typology of family foundations: The effect of generation stage and governance structure on family philanthropic activities. Family Business Review, 25(4), 409–424. https://doi.org/10.1177/0894486512444603

Magretta, J. (1998). Governing the family-owned enterprise: An interview with Finland’s Krister Ahlstrom. Harvard Business Review, 76(1), 112–123.

Mao, X., Chen, C., Wang, B., Hou, J., & Xiang, C. (2020). A global bibliometric and visualized analysis in the status and trends of subchondral bone research. Medicine, 99(22), e20406. https://doi.org/10.1097/MD.0000000000020406

Martinez-Sanchis, P., Aragon-Amonarriz, C., & Iturrioz-Landart, C. (2019). How does the territory impact on entrepreneurial family embeddedness? Journal of Enterprising Communities-People and Places in the Global Economy. https://doi.org/10.1108/JEC-09-2019-0087

Mazzelli, A., Kotlar, J., & De Massis, A. (2018). Blending in while standing out: Selective conformity and new product introduction in family firms. Entrepreneurship Theory and Practice, 42(2), 206–230. https://doi.org/10.1177/1042258717748651

Merigo, J. M., Pedrycz, W., Weber, R., & de la Sotta, C. (2018). Fifty years of Information Sciences: A bibliometric overview. Information Sciences, 432, 245–268. https://doi.org/10.1016/j.ins.2017.11.054

Michiels, A., Voordeckers, W., Lybaert, N., & Steijvers, T. (2015). Dividends and family governance practices in private family firms. Small Business Economics, 44(2), 299–314. https://doi.org/10.1007/s11187-014-9594-0

Miller, D., Le Breton-Miller, I., & Lester, R. H. (2013). Family firm governance, strategic conformity, and performance: Institutional vs. strategic perspectives. Organization Science, 24(1), 189–209. https://doi.org/10.1287/orsc.1110.0728

Modak, N. M., Sinha, S., Raj, A., Panda, S., Merigo, J. M., & Jabbour, A. B. L. d. S. (2020). Corporate social responsibility and supply chain management: Framing and pushing forward the debate. Journal of Cleaner Production, 273, 122981. https://doi.org/10.1016/j.jclepro.2020.122981

Müller, A. M., Maher, C. A., Vandelanotte, C., Hingle, M., Middelweerd, A., Lopez, M. L., DeSmet, A., Short, C. E., Nathan, A., Hutchesson, M. J., Poppe, L., woods, C. B., Williams, S. L., & Wark, P. A. (2018). Physical activity, sedentary behavior, and diet-related ehealth and mhealth research: Bibliometric analysis. Journal of Medical Internet Research, 20(4), e122. https://doi.org/10.2196/jmir.8954

Nordqvist, M., Sharma, P., & Chirico, F. (2014). Family firm heterogeneity and governance: A configuration approach. Journal of Small Business Management, 52(2), 192–209. https://doi.org/10.1111/jsbm.12096

Noyons, E. C. M., Moed, H. F., & Van Raan, A. F. J. (1999). Integrating research performance analysis and science mapping. Scientometrics, 46(3), 591–604. https://doi.org/10.1007/BF02459614

Osareh, F. (1996). Bibliometrics, citation analysis and co-citation analysis: A review of literature II. Libri, 46(4), 217–225. https://doi.org/10.1515/libr.1996.46.4.217

Pan, X., Yan, E., Cui, M., & Hua, W. (2018). Examining the usage, citation, and diffusion patterns of bibliometric mapping software: A comparative study of three tools. Journal of Informetrics, 12(2), 481–493. https://doi.org/10.1016/j.joi.2018.03.005

Park, S. Y., & Shin, H.-H. (2016). Family control, product market competition and firm performance. Seoul Journal of Economics, 29(3), 269–303.

Pindado, J., & Requejo, I. (2015). Family business performance from a governance perspective: A review of empirical research. International Journal of Management Reviews, 17(3), 279–311. https://doi.org/10.1111/ijmr.12040

Qin, Y., Xu, Z. S., Wang, X. X., & Skare, M. (2021). Are family firms in the eyes of economic policy? International Entrepreneurship and Management Journal, 17(3), 1233–1259. https://doi.org/10.1007/s11365-020-00699-2

Rialti, R., Marzi, G., Ciappei, C., & Busso, D. (2019). Big data and dynamic capabilities: A bibliometric analysis and systematic literature review. Management Decision, 57(8), 2052–2068. https://doi.org/10.1108/MD-07-2018-0821

Rodriguez-Garcia, P., & Menendez-Requejo, S. (2020). Family constitution to manage family firms’ agency conflicts. Brq-Business Research Quarterly. https://doi.org/10.1177/2340944420980444

Sanchez-Marin, G., Merono-Cerdan, A. L., & Carrasco-Hernandez, A. J. (2019). Formalized HR practices and firm performance: An empirical comparison of family and non-family firms. International Journal of Human Resource Management, 30(7), 1084–1110. https://doi.org/10.1080/09585192.2017.1289547

Schulze, W. S., Lubatkin, M. H., Dino, R. N., & Buchholtz, A. K. (2001). Agency relationships in family firms: Theory and evidence. Organization Science, 12(2), 99–116. https://doi.org/10.1287/orsc.12.2.99.10114

Sievinen, H. M., Ikaheimonen, T., & Pihkala, T. (2020). Owners’ rule-based decision-making in family firm strategic renewal. Scandinavian Journal of Management, 36(3), 101119. https://doi.org/10.1016/j.scaman.2020.101119

Singal, M., & Gerde, V. W. (2015). Is diversity management related to financial performance in family firms? Family Business Review, 28(3), 243–259. https://doi.org/10.1177/0894486514566012

Small, H. (1999). Visualizing science by citation mapping. Journal of the American Society for Information Science, 50(9), 799–813. https://doi.org/10.1002/(SICI)1097-4571(1999)50:9<799::AID-ASI9>3.0.CO;2-G

Srivastava, A., & Bhatia, S. (2020). Influence of family ownership and governance on performance: Evidence from India. Global Business Review, 23(5), 1135–1153. https://doi.org/10.1177/0972150919880711

Su, W., & Lee, C.-Y. (2013). Effects of corporate governance on risk taking in Taiwanese family firms during institutional reform. Asia Pacific Journal of Management, 30(3), 809–828. https://doi.org/10.1007/s10490-012-9292-x

Suess, J. (2014). Family governance – Literature review and the development of a conceptual model. Journal of Family Business Strategy, 5(2), 138–155. https://doi.org/10.1016/j.jfbs.2014.02.001

Tartaglione, A. M., Cavacece, Y., Russo, G., & Granata, G. (2019). A systematic mapping study on customer loyalty and brand management. Administrative Sciences, 9(1), 8. https://doi.org/10.3390/admsci9010008

Tasavori, M., Zaefarian, R., & Eng, T.-Y. (2018). Internal social capital and international firm performance in emerging market family firms: The mediating role of participative governance. International Small Business Journal-Researching Entrepreneurship, 36(8), 887–910. https://doi.org/10.1177/0266242618773145

Torres-Salinas, D. (2020). Daily growth rate of scientific production on Covid-19. Analysis in databases and open access repositories. Profesional De La Informacion, 29(2). https://doi.org/10.3145/epi.2020.mar.15

Tower, C. B., Gudmundson, D., Schierstedt, S., & Hartman, E. A. (2007). Do family meetings really matter? Their relationship to planning and performance outcomes in small family businesses. Journal of Small Business Strategy, 18(1), 85–94.

Yeh, Y. H., & Liao, C. C. (2020). The impact of product market competition and internal corporate governance on family succession. Pacific-Basin Finance Journal, 62, 101346. https://doi.org/10.1016/j.pacfin.2020.101346

Umans, I., Lybaert, N., Steijvers, T., & Voordeckers, W. (2020). Succession planning in family firms: Family governance practices, board of directors, and emotions. Small Business Economics, 54(1), 189–207. https://doi.org/10.1007/s11187-018-0078-5

van Leeuwen, T. N., van Wijk, E., & Wouters, P. F. (2016). Bibliometric analysis of output and impact based on CRIS data: A case study on the registered output of a Dutch university. Scientometrics, 106(1), 1–16. https://doi.org/10.1007/s11192-015-1788-y

Villalonga, B., & Amit, R. (2006). How do family ownership, control and management affect firm value? Journal of Financial Economics, 80(2), 385–417. https://doi.org/10.1016/j.jfineco.2004.12.005

Wang, X. X., Xu, Z. S., & Skare, M. (2020). A bibliometric analysis of Economic Research-Ekonomska Istrazivanja (2007–2019). Economic Research-Ekonomska Istrazivanja, 33(1), 865–886. https://doi.org/10.1080/1331677X.2020.1737558

Wang, X. X., Xu, Z. S., Qin, Y., & Skare, M. (2022). Foreign direct investment and economic growth: A dynamic study of measurement approaches and results. Economic Research-Ekonomska Istrazivanja, 35(1), 1011–1034. https://doi.org/10.1080/1331677X.2021.1952090

Welsh, D. H. B., Memili, E., Rosplock, K., Roure, J., & Luis Segurado, J. (2013). Perceptions of entrepreneurship across generations in family offices: A stewardship theory perspective. Journal of Family Business Strategy, 4(3), 213–226. https://doi.org/10.1016/j.jfbs.2013.07.003

Zupic, I., & Cater, T. (2015). Bibliometric methods in management and organization. Organizational Research Methods, 18(3), 429–472. https://doi.org/10.1177/1094428114562629