Strength in Stability: A Meta-Analysis of Family Firm Performance Moderated by Institutional Stability and Regime Type
Lohwasser, Todor S.; Hoch Felix; Kellermanns Franz W.
Zusammenfassung
This meta-analysis of 142 studies from 36 countries examines how the institutional environment
moderates the relationship between family involvement and firm performance. Specifically, we investigate
performance differences between family and nonfamily firms while using property rights
protection, institutional stability, and a country’s regime type as moderators. Our analysis shows that
institutional stability serves as a decisive moderator of the relationship between family involvement
and firm performance and that family firms outperform nonfamily firms in democracies and autocracies
but not in anocracies. Based on these findings, we provide and discuss both practical recommendations
for family firms and theoretical implications for institutional theory.
Schlüsselwörter
family firms, institutional stability, property rights, regime types, meta-analysis