HEC Research Papers Series,
HEC Paris

Abstract: Although family firms are ubiquitous, their prevalence displays major geographic disparities and their performance differs across regions. We review an extensive literature in economics and finance showing that formal institutional factors play a key role in explaining variations in the diffusion of family firms and their performance. We also review a more neglected but rapidly emerging stream of research focusing on culture as a source of these variations. By providing a framework for current theories, findings and methods, we demonstrate how cultural elements such as trust, religion, family values and collectivism provide useful answers to where and why family firms exist and how well they perform.

Keywords: family firms; culture; trust; social capital

JEL-codes: G34

41 pages, April 17, 2023

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