Impact of informal institutions on the prevalence, strategy, and performance of family firms: A meta-analysis

• 成果类型: Article
• 署名作者: Berrone, Pascual; Duran, Patricio; Gomez-Mejia, Luis; Heugens, Pursey P. M. A. R.; Kostova, Tatiana; van Essen, Marc
• 署名单位: University of Navarra; IESE Business School; Saint Louis University; Arizona State University; Arizona State University-Tempe; Universidad Carlos III de Madrid; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of South Carolina System; University of South Carolina Columbia
• 刊物名称: JOURNAL OF INTERNATIONAL BUSINESS STUDIES
• ISSN/ISSBN: 0047-2506
• DOI: 10.1057/s41267-020-00362-6
• 发表日期: 2022
• 页码: 1153-1177
• 关键词: FAMILY-CONTROLLED FIRMS; family firm prevalence; firm performance; Informal institutions; Meta-analysis; STRATEGIC DECISIONS

摘要

Family-controlled firms (FCFs)' prevalence, strategies, and performance differ across countries. We explain these differences through the lens of informal institutions, suggesting that different countries have different levels of appreciation for family business. To capture this effect, we introduce the construct of family business legitimacy (FBL) and an associated index (FBLI). We empirically measure FBLI scores for 83 countries spanning both developed and emerging economies. By combining meta-analytic and archival data, we show that FCFs prevail, follow unique strategies, and outperform non-FCFs in countries with high FBLI scores. As a new contingency variable, FBL advances the literature on the informal institutional embeddedness of organizations and family business.