The purpose of this meta-analysis is to empirically quantify the relationship between non-family management and family firm performance and to examine the potential influence of moderating factors on this relationship. Integrating findings from 69 studies and 105 total samples, we find a significant, positive, and weak relationship that is contingent on firm variables including firm size, age, and listing on the stock market as well as methodological variables including research design and measures for both non-family management and family firm performance. Our findings show that non-family management has a stronger performance effect in studies with small, young, and private family firms and in those with panel datasets as opposed to cross-sectional ones. The study contributes to the family firm literature and yields important implications for research and practice.
Studies included in the meta-analysis are marked with an asterisk (*).
2.
*AhrensJPCalabròAHuybrechtsJWoywodeM (2019) The enigma of the family successor–firm performance relationship: a methodological reflection and reconciliation attempt. Entrepreneurship Theory and Practice43(3): 437–474.
3.
AmeduSDulewiczV (2018) The relationship between CEO personal power, CEO competencies, and company performance. Journal of General Management43(4): 188–198.
4.
AmoreMDMinichilliACorbettaG (2011) How do managerial successions shape corporate financial policies in family firms?Journal of Corporate Finance17(4): 1016–1027.
5.
AndersonR.C.ReebD.M. (2003) Founding‐family ownership and firm performance: evidence from the S&P 500. The Journal of Finance58(3): 1301–1328.
6.
ArteagaRMenéndez-RequejoS (2017) Family constitution and business performance: moderating factors. Family Business Review30(4): 320–338.
7.
ArzubiagaUMasedaAIturraldeT (2019) Exploratory and exploitative innovation in family businesses: the moderating role of the family firm image and family involvement in top management. Review of Managerial Science13(1): 1–31.
8.
*AshwinASKrishnanRTGeorgeR (2015) Family firms in India: family involvement, innovation and agency and stewardship behaviors. Asia Pacific Journal of Management32(4): 869–900.
9.
AstrachanJH (2003) Commentary on the special issue: the emergence of a field. Journal of Business Venturing18(5): 567–572.
10.
AstrachanJHShankerMC (2003) Family businesses’ contribution to the US economy: a closer look. Family Business Review16(3): 211–219.
11.
*BaekHYChoDDFazioPL (2016) Family ownership, control and corporate capital structure: an examination of small capitalization public firms. Journal of Family Business Management6(2): 169–185.
12.
BammensY.VoordeckersW.Van GilsA. (2008) Boards of directors in family firms: A generational perspective. Small Business Economics31(2): 163–180.
13.
BandieraOLemosRPratA, et al. (2018) Managing the family firm: evidence from CEOs at work. The Review of Financial Studies31(5): 1605–1653.
14.
BennedsenMNielsenKMPérez-GonzálezF, et al. (2007) Inside the family firm: the role of families in succession decisions and performance. The Quarterly Journal of Economics122(2): 647–691.
15.
*BerronePCruzCGomez-MejiaLR, et al. (2010) Socioemotional wealth and corporate responses to institutional pressures: do family-controlled firms pollute less?Administrative Science Quarterly55(1): 82–113.
16.
*BinacciMPeruffoEOrianiR, et al. (2016) Are all non-family managers (NFMs) equal? The impact of NFM characteristics and diversity on family firm performance. Corporate Governance: An International Review24(6): 569–583.
17.
*BlockJ (2010) Family management, family ownership, and downsizing: evidence from S&P 500 firms. Family Business Review23(2): 109–130.
18.
*BlockJJarchowSKammerlanderN, et al. (2020) Performance of foundation-owned firms in Germany: the role of foundation purpose, stock market listing, and family involvement. Journal of Family Business Strategy11(4): 100356.
19.
BrannonDLEdmondVP (2016) A socioemotional wealth perspective in small family firms. Academy of Entrepreneurship Journal22(1): 51.
20.
BruneA.ThomsenM.WatrinC. (2019) Family firm heterogeneity and tax avoidance: The role of the founder. Family Business Review32(3): 296–317.
21.
*Cabrera-SuárezMKMartín-SantanaJD (2013) Top management teams and performance in non-listed family firms. Journal of Management and Organization19(4): 405–423.
22.
*CaiDLuoJHWanDF (2012) Family CEOs: do they benefit firm performance in China?Asia Pacific Journal of Management29(4): 923–947.
23.
CalabròAMinichilliAAmoreMD, et al. (2018) The courage to choose! Primogeniture and leadership succession in family firms. Strategic Management Journal39(7): 2014–2035.
24.
CarneyMVan EssenMGedajlovicER, et al. (2015) What do we know about private family firms? A meta-analytical review. Entrepreneurship Theory and Practice39(3): 513–544.
25.
*CasillasJCMoreno-MenéndezAMBarberoJL, et al. (2019) Retrenchment strategies and family involvement: the role of survival risk. Family Business Review32(1): 58–75.
26.
ChangSJShimJ (2015) When does transitioning from family to professional management improve firm performance?Strategic Management Journal36(9): 1297–1316.
27.
*CheLLangliJC (2015) Governance structure and firm performance in private family firms. Journal of Business Finance and Accounting42(9–10): 1216–1250.
28.
ChenHLHsuWT (2009) Family ownership, board independence, and R&D investment. Family Business Review22(4): 347–362.
29.
*ChiricoFBau’M (2014) Is the family an “asset” or “liability” for firm performance? The moderating role of environmental dynamism. Journal of Small Business Management52(2): 210–225.
30.
ChiricoFWelshDHIrelandRD, et al. (2021) Family versus non-family firm franchisors: behavioural and performance differences. Journal of Management Studies58(1): 165–200.
31.
*ChoJMillerDLeeJ (2018) Too much of a good thing: family involvement and the survival of listed Korean firms. Journal of Family Business Strategy9(4): 223–237.
32.
ChuaJHChrismanJJSharmaP (1999) Defining the family business by behavior. Entrepreneurship Theory and Practice23(4): 19–39.
33.
*CombsJGPenneyCRCrookTR, et al. (2010) The impact of family representation on CEO compensation. Entrepreneurship Theory and Practice34(6): 1125–1144.
34.
CromieSStephensonBMonteithD (1995) The management of family firms: an empirical investigation. International Small Business Journal: Researching Entrepreneurship13(4): 11–34.
35.
*CucculelliMLe Breton-MillerIMillerD (2016) Product innovation, firm renewal and family governance. Journal of Family Business Strategy7(2): 90–104.
36.
DaySW (2020) The role of the top management team in understanding the innovation capacity and sustainability of family firms. Journal of US-China Public Administration17(3): 108–119.
37.
*DawsonAGinestiGSciasciaS (2020) Family-related antecedents of business legality: an empirical investigation among Italian family-owned SMEs. Journal of Family Business Strategy11(1): 100284.
38.
DebickiBJMiaoCQianS (2020) Internationalization and family firm performance: a cross-cultural meta-analysis of the main effect and moderating factors. Cross Cultural and Strategic Management27(1): 1–25.
39.
DeephouseDLJaskiewiczP (2013) Do family firms have better reputations than non-family firms? An integration of socioemotional wealth and social identity theories. Journal of Management Studies50(3): 337–360.
40.
DekkerJCLybaertNSteijversT, et al. (2013) Family firm types based on the professionalization construct: exploratory research. Family Business Review26(1): 81–99.
41.
De KokJMUhlanerLMThurikAR (2006) Professional HRM practices in family owned-managed enterprises. Journal of Small Business Management44(3): 441–460.
42.
DemanRJorissenALaverenE (2018) Family control and innovativeness in private firms: the mediating role of board task performance. Management Decision56(2): 295–310.
43.
*De MassisAKotlarJCampopianoG, et al. (2013) Dispersion of family ownership and the performance of small-to-medium size private family firms. Journal of Family Business Strategy4(3): 166–175.
44.
*De MassisAChiricoFKotlarJ, et al. (2014) The temporal evolution of proactiveness in family firms: the horizontal S-curve hypothesis. Family Business Review27(1): 35–50.
45.
*DekkerJLybaertNSteijversT, et al. (2015) The effect of family business professionalization as a multidimensional construct on firm performance. Journal of Small Business Management53(2): 516–538.
46.
Diéguez-SotoJGarrido-MorenoAManzanequeM (2018) Unravelling the link between process innovation inputs and outputs: the moderating role of family management. Journal of Family Business Strategy9(2): 114–127.
47.
*Diéguez-SotoJManzanequeMGonzález-GarcíaV, et al. (2019) A study of the moderating influence of R&D intensity on the family management-firm performance relationship: evidence from Spanish private manufacturing firms. BRQ Business Research Quarterly22(2): 105–118.
48.
DuranPKammerlanderNVan EssenM, et al. (2016) Doing more with less: innovation input and output in family firms. Academy of Management Journal59(4): 1224–1264.
49.
DyerW.G. (1988) The family: The missing variable in organizational research. Entrepreneurship Theory and Practice27(4): 401–416.
50.
EddlestonKAKellermannsFWZellwegerTM (2012) Exploring the entrepreneurial behavior of family firms: does the stewardship perspective explain differences?Entrepreneurship Theory and Practice36(2): 347–367.
51.
EklundJPalmbergJWibergD (2013) Inherited corporate control and returns on investment. Small Business Economics41(2): 419–431.
52.
van EssenMCarneyMGedajlovicER, et al. (2015) How does family control influence firm strategy and performance? A meta-analysis of US publicly listed firms. Corporate Governance: An International Review23(1): 3–24.
53.
*FagernasS (2006) How Do Family Ties, Boards and Regulation Affect Pay at the Top: Evidence for Indian CEOs Centre for Business Research, University of WorkingCambridge, UK. (Paper 335).
54.
FangHChrismanJJDaspitJJ, et al. (2022) Do nonfamily managers enhance family firm performance?Small Business Economics58(3): 1459–1474.
55.
*Fattoum-GuedriAGuedriZDelmarF (2018) Multiple blockholder structures and family firm performance. Entrepreneurship Theory and Practice42(2): 231–251.
56.
FitzaMA (2014) The use of variance decomposition in the investigation of CEO effects: how large must the CEO effect be to rule out chance?Strategic Management Journal35(12): 1839–1852.
57.
FitzaMA (2017) How much do CEOs really matter? Reaffirming that the CEO effect is mostly due to chance. Strategic Management Journal38(3): 802–811.
58.
ForbesDPMillikenFJ (1999) Cognition and corporate governance: understanding boards of directors as strategic decision-making groups. The Academy of Management Review24(3): 489–505.
59.
FriedVHBrutonGDHisrichRD (1998) Strategy and the board of directors in venture capital-backed firms. Journal of Business Venturing13(6): 493–503.
60.
GallegoFLarrainB (2012) CEO compensation and large shareholders: evidence from emerging markets. Journal of Comparative Economics40(4): 621–642.
61.
GalloMAVilasecaA (1998) A financial perspective on structure, conduct, and performance in the family firm: an empirical study. Family Business Review11(1): 35–47.
62.
GedajlovicELubatkinMHSchulzeWS (2004) Crossing the threshold from founder management to professional management: a governance perspective. Journal of Management Studies41(5): 899–912.
63.
Gomez-MejiaLRCruzCBerroneP, et al. (2011) The bind that ties: socioemotional wealth preservation in family firms. Academy of Management Annals5(1): 653–707.
64.
Gomez-MejiaL.R.HaynesK.T.Núñez-NickelM.JacobsonK.J.Moyano-FuentesJ. (2007) Socioemotional wealth and business risks in family-controlled firms: Evidence from Spanish olive oil mills. Administrative Science Quarterly52(1): 106–137.
65.
*Gomez-MejiaLRNeacsuIMartinG (2019) CEO risk-taking and socioemotional wealth: the behavioral agency model, family control, and CEO option wealth. Journal of Management45(4): 1713–1738.
66.
Gomez-MejiaLRNunez-NickelMGutierrezI (2001) The role of family ties in agency contracts. Academy of Management Journal44(1): 81–95.
67.
GurdBThomasJ (2012) Family business management: contribution of the CFO. International Journal of Entrepreneurial Behavior and Research18(3): 286–304.
68.
HambrickDCMasonPA (1984) Upper echelons: the organization as a reflection of its top managers. The Academy of Management Review9(2): 193–206.
69.
HansenCBlockJ (2020) Exploring the relation between family involvement and firms’ financial performance: a replication and extension meta-analysis. Journal of Business Venturing Insights13: e00158.
70.
HieblMRLiZ (2020) Non-family managers in family firms: review, integrative framework and future research agenda. Review of Managerial Science14(4): 763–807.
71.
*HoffmannCJaskiewiczPWulfT, et al. (2019) The effect of transgenerational control intention on family-firm performance: It depends who pursues it. Entrepreneurship Theory and Practice43(3): 629–646.
72.
HunterJ.E.SchmidtF.L. (1990) Methods of Meta-Analysis: Correcting Error and Bias in Research Findings. California, US: Sage Publications, Inc.
73.
*HuybrechtsJVoordeckersWLybaertN (2013) Entrepreneurial risk taking of private family firms: the influence of a nonfamily CEO and the moderating effect of CEO tenure. Family Business Review26(2): 161–179.
74.
*JamesAEJenningsJEJenningsPD (2017) Is it better to govern managers via agency or stewardship? Examining asymmetries by family versus nonfamily affiliation. Family Business Review30(3): 262–283.
75.
JaskiewiczPUhlenbruckKBalkinDB, et al. (2013) Is nepotism good or bad? Types of nepotism and implications for knowledge management. Family Business Review26(2): 121–139.
76.
*JiangYPengMW (2011) Are family ownership and control in large firms good, bad, or irrelevant?Asia Pacific Journal of Management28(1): 15–39.
77.
*JiangFLiuYWangX, et al. (2018) pH-sensitive release of insulin-loaded mesoporous silica particles and its coordination mechanism. European Journal of Pharmaceutical Sciences: Official Journal of the European Federation for Pharmaceutical Sciences119(1): 1–12.
78.
*JonesCDMakriMGomez–MejiaLR (2008) Affiliate directors and perceived risk bearing in publicly traded, family–controlled firms: the case of diversification. Entrepreneurship Theory and Practice32(6): 1007–1026.
79.
KellermannsFWEddlestonKASarathyR, et al. (2012) Innovativeness in family firms: a family influence perspective. Small Business Economics38(1): 85–101.
80.
*KimJHallLBEliaM, et al. (2017) Acute presentation of mesectodermal leiomyoma of the ciliary body. Ocular Oncology and Pathology3(4): 304–309.
81.
KleinSBellFA (2007) Non-family executives in family businesses: a literature review. Electronic Journal of Family Business Studies1(1): 19–37.
82.
*KosmidouV (2018) A Socioemotional Wealth Perspective on Innovativeness and Performance of Family Businesses. Electronic Theses and Dissertations. Paper2992. doi: 10.18297/etd/2992.
83.
KosmidouVAhujaMK (2019) A configurational approach to family firm innovation. Family Business Review32(2): 154–173.
84.
*KowalewskiOTalaveraOStetsyukI (2010) Influence of family involvement in management and ownership on firm performance: evidence from Poland. Family Business Review23(1): 45–59.
85.
KraiczyNDHackAKellermannsFW (2015) What makes a family firm innovative? CEO risk-taking propensity and the organizational context of family firms. Journal of Product Innovation Management32(3): 334–348.
86.
KrausSMenschingHCalabròA, et al. (2016) Family firm internationalization: a configurational approach. Journal of Business Research69(11): 5473–5478.
87.
LeeKSLimGHLimWS (2003) Family business succession: appropriation risk and choice of successor. The Academy of Management Review28(4): 657–666.
88.
*LienYCLiS (2014) Professionalization of family business and performance effect. Family Business Review27(4): 346–364.
89.
*LinWTWangLC (2021) Family firms, R&D, and internationalization: the stewardship and socio-emotional wealth perspectives. Asia Pacific Journal of Management38(1): 91–119.
90.
LipseyMWWilsonDB (2001) Practical Meta-Analysis. California, US: SAGE publications, Inc.
91.
LutzESchramlS (2011) Loss of Control vs. Risk Reduction–Decision Factors for Hiring Non-family CFOs in Family Firms. CEFS Working Paper 2010-04 DOI: 10.2139/ssrn.1653280.
92.
*MadisonKKellermannsFWMunyonTP (2017) Coexisting agency and stewardship governance in family firms: an empirical investigation of individual-level and firm-level effects. Family Business Review30(4): 347–368.
93.
*MartinGGómez–MejíaLRBerroneP, et al. (2017) Conflict between controlling family owners and minority shareholders: much ado about nothing?Entrepreneurship Theory and Practice41(6): 999–1027.
94.
*MasedaAIturraldeTArosaB (2015) Impact of outsiders on firm performance over different generations of family-owned SMEs. Journal of Small Business Management53(4): 1203–1218.
95.
MazutisDD (2013) The CEO effect: a longitudinal, multilevel analysis of the relationship between executive orientation and corporate social strategy. Business and Society52(4): 631–648.
96.
*MazzolaPSciasciaSKellermannsFW (2013) Non-linear effects of family sources of power on performance. Journal of Business Research66(4): 568–574.
97.
*MichielsAVoordeckersWLybaertN, et al. (2013) CEO compensation in private family firms: pay-for-performance and the moderating role of ownership and management. Family Business Review26(2): 140–160.
98.
MillerDMinichilliACorbettaG (2013) Is family leadership always beneficial?Strategic Management Journal34(5): 553–571.
99.
*MinichilliACorbettaGMacMillanIC (2010) Top management teams in family-controlled companies:‘familiness’,‘faultlines’, and their impact on financial performance. Journal of Management Studies47(2): 205–222.
100.
Munoz-BullonFSanchez-BuenoMJSuárez-GonzálezI (2018) Diversification decisions among family firms: the role of family involvement and generational stage. BRQ Business Research Quarterly21(1): 39–52.
101.
*NaldiLCennamoCCorbettaG, et al. (2013) Preserving socioemotional wealth in family firms: asset or liability? The moderating role of business context. Entrepreneurship Theory and Practice37(6): 1341–1360.
102.
*NaldiLChiricoFKellermannsFW, et al. (2015) All in the family? An exploratory study of family member advisors and firm performance. Family Business Review28(3): 227–242.
103.
NapoliF (2012) The board's strategic and control tasks; family firms and their search for outside directors to support growth: empirical evidence from italian publicly listed companies. Journal of General Management37(4): 1–27.
104.
NicholsonN (2008) Evolutionary psychology and family business: a new synthesis for theory, research, and practice. Family Business Review21(1): 103–118.
105.
O'BoyleEHJrPollackJMRutherfordMW (2012) Exploring the relation between family involvement and firms' financial performance: A meta-analysis of main and moderator effects. Journal of Business Venturing27(1): 1–18.
106.
PageMJMcKenzieJEBossuytPM, et al. (2021) The PRISMA 2020 statement: an updated guideline for reporting systematic reviews. Systematic Reviews10(1): 1–11.
107.
*PatelPCChrismanJJ (2014) Risk abatement as a strategy for R&D investments in family firms. Strategic Management Journal35(4): 617–627.
108.
*PazzagliaFMengoliSSapienzaE (2013) Earnings quality in acquired and nonacquired family firms: a socioemotional wealth perspective. Family Business Review26(4): 374–386.
109.
*PoutziourisPSavvaCSHadjieliasE (2015) Family involvement and firm performance: evidence from UK listed firms. Journal of Family Business Strategy6(1): 14–32.
110.
*PrabowoMSimpsonJ (2011) Independent directors and firm performance in family-controlled firms: evidence from Indonesia. Asian-Pacific Economic Literature25(1): 121–132.
111.
QuigleyTJGraffinSD (2017) Reaffirming the CEO effect is significant and much larger than chance: a comment on Fitza (2014). Strategic Management Journal38(3): 793–801.
112.
RandolphRVFangHCMemiliE, et al. (2021) Family and non-family sources of knowledge diversity in family firms: the role of causation logics. International Small Business Journal: Researching Entrepreneurship39(1): 64–85.
113.
*RandøyTGoelS (2003) Ownership structure, founder leadership, and performance in Norwegian SMEs: implications for financing entrepreneurial opportunities. Journal of Business Venturing18(5): 619–637.
114.
*RandøyTDownJJenssenJ (2003) Corporate governance and board effectiveness in maritime firms. Maritime Economics and Logistics5(1): 40–54.
115.
*RandøyTDibrellCCraigJB (2009) Founding family leadership and industry profitability. Small Business Economics32(4): 397–407.
116.
*RevillaAJPerez-LunoANietoMJ (2016) Does family involvement in management reduce the risk of business failure? The moderating role of entrepreneurial orientation. Family Business Review29(4): 365–379.
117.
*RosenkranzCWulfT (2019) Behavioral integration as a relational governance mechanism in family firms—The moderating role of family involvement in management. Journal of Small Business Management57(3): 801–819.
118.
RutherfordMWKuratkoDFHoltDT (2008) Examining the link between “familiness” and performance: can the F–PEC untangle the family business theory jungle?Entrepreneurship Theory and Practice32(6): 1089–1109.
119.
*Sacristán-NavarroMGómez-AnsónSCabeza-GarcíaL (2011) Family ownership and control, the presence of other large shareholders, and firm performance: further evidence. Family Business Review24(1): 71–93.
120.
SalvatoCMelinL (2008) Creating value across generations in family-controlled businesses: the role of family social capital. Family Business Review21(3): 259–276.
121.
*Sanchez-FamosoVAkhterNIturraldeT, et al. (2015) Is non-family social capital also (or especially) important for family firm performance?Human Relations68(11): 1713–1743.
122.
SarasvathyS (2001) Causation and effectuation: toward a theoretical shift from economic inevitability to entrepreneurial contingency. The Academy of Management Review26(2): 243–263.
123.
*ScafartoVDimitropoulosP (2018) Human capital and financial performance in professional football: the role of governance mechanisms. Corporate Governance: The International Journal of Business in Society18(2): 289–316.
124.
*SchenkelMTYooSSKimJ (2016) Not all created equal: examining the impact of birth order and role identity among descendant CEO sons on family firm performance. Family Business Review29(4): 380–400.
125.
Schlömer-LaufenNRauchA (2020) Internal and external successions in family firms: a meta-analysis. Journal of Family Business Management12(1): 24–40.
126.
*SciasciaSMazzolaPChiricoF (2013) Generational involvement in the top management team of family firms: exploring nonlinear effects on entrepreneurial orientation. Entrepreneurship Theory and Practice37(1): 69–85.
127.
*SitthipongpanichTPolsiriP (2015) Do CEO and board characteristics matter? a study of thai family firms. Journal of Family Business Strategy6(2): 119–129.
128.
SmolkaKMVerheulIBurmeister–LampK, et al. (2018) Get it together! Synergistic effects of causal and effectual decision–making logics on venture performance. Entrepreneurship Theory and Practice42(4): 571–604.
129.
SonfieldMCLussierRN (2009) Non-family-members in the family business management team: a multinational investigation. International Entrepreneurship and Management Journal5(4): 395–415.
130.
StanleyLJ (2010) Emotions and family business creation: an extension and implications. Entrepreneurship Theory and Practice34(6): 1085–1092.
131.
*StanleyLJHernández-LinaresRLópez-FernándezMC, et al. (2019) A typology of family firms: An investigation of entrepreneurial orientation and performance. Family Business Review32(2): 174–194.
132.
SteijversTLybaertNDekkerJ (2017) Formal human resource practices in family firms. Journal of Family Business Management7(2): 151–165.
133.
*StockmansALybaertNVoordeckersW (2010) Socioemotional wealth and earnings management in private family firms. Family Business Review23(3): 280–294.
134.
*StrikeVMBerronePSappSG, et al. (2015) A socioemotional wealth approach to CEO career horizons in family firms. Journal of Management Studies52(4): 555–583.
135.
TaborWChrismanJJMadisonK, et al. (2018) Nonfamily members in family firms: a review and future research agenda. Family Business Review31(1): 54–79.
136.
TsaoCWChenSJLinCS, et al. (2009) Founding-family ownership and firm performance: the role of high-performance work systems. Family Business Review22(4): 319–332.
137.
*UhlanerLMassisADJorissenA, et al. (2021) Are outside directors on the small and medium-sized enterprise board always beneficial? Disclosure of firm-specific information in board-management relations as the missing mechanism. Human Relations74(11): 1781–1819.
138.
*VandekerkhofPSteijversTHendriksW, et al. (2015) The effect of organizational characteristics on the appointment of nonfamily managers in private family firms: the moderating role of socioemotional wealth. Family Business Review28(2): 104–122.
139.
*VisintinFPittinoDMinichilliA (2017) Financial performance and non-family CEO turnover in private family firms under different conditions of ownership and governance. Corporate Governance: An International Review25(5): 312–337.
140.
WagnerDBlockJHMillerD, et al. (2015) A meta-analysis of the financial performance of family firms: another attempt. Journal of Family Business Strategy6(1): 3–13.
141.
WaldkirchM (2020) Non-family CEOs in family firms: spotting gaps and challenging assumptions for a future research agenda. Journal of Family Business Strategy11(1): 100305.
142.
WilliamsRIJr (2015) Measuring Family Business Performance: A Holistic, Idiosyncratic Approach. Atlanta, US: Unpublished Dissertation Study, Kennesaw State University.
143.
WongYJChenLY (2018) Does the origin of a succession CEO matter in the market value of innovation? Disentangling the origin of internal CEOs. Canadian Journal of Administrative Sciences/Revue Canadienne des Sciences de l'Administration35(1): 136–145.
144.
YeohPL (2014) Internationalization and performance outcomes of entrepreneurial family SMEs: the role of outside CEOs, technology sourcing, and innovation. Thunderbird International Business Review56(1): 77–96.
145.
*YooTSungT (2015) How outside directors facilitate corporate R&D investment? Evidence from large Korean firms. Journal of Business Research68(6): 1251–1260.
146.
*YuXStanleyLLiY, et al. (2020) The invisible hand of evolutionary psychology: the importance of kinship in first-generation family firms. Entrepreneurship Theory and Practice44(1): 134–157.
147.
ZahraSAHaytonJCSalvatoC (2004) Entrepreneurship in family vs. non–family firms: a resource–based analysis of the effect of organizational culture. Entrepreneurship Theory and Practice28(4): 363–381.
148.
ZahraSANeubaumDOHuseM (2000) Entrepreneurship in medium-size companies: exploring the effects of ownership and governance systems. Journal of Management26(5): 947–976.
149.
ZellwegerT (2007) Time horizon, costs of equity capital and generic investment strategies of firms. Family Business Review20(1): 1–15.
150.
*ZellwegerTRichardsMSiegerP, et al. (2016) How much am I expected to pay for my parents’ firm? an institutional logics perspective on family discounts. Entrepreneurship Theory and Practice40(5): 1041–1069.
151.
ZhouJZhaoXWangZ, et al. (2013) High circulating CD3+CD56+CD16+ natural killer-like T cell levels predict a better IVF treatment outcome. Journal of Reproductive Immunology97(2): 197–203.
152.
*ZonaF (2016) CEO leadership and board decision processes in family-controlled firms: comparing family and non-family CEOs. Small Business Economics47(3): 735–753.
