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Strength in Stability: A Meta-Analysis of Family Firm Performance Moderated by Institutional Stability and Regime Type

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  • Todor S. Lohwasser
  • Felix Hoch
  • Franz W. Kellermanns

Abstract

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.

Suggested Citation

  • Todor S. Lohwasser & Felix Hoch & Franz W. Kellermanns, 2022. "Strength in Stability: A Meta-Analysis of Family Firm Performance Moderated by Institutional Stability and Regime Type," Entrepreneurship Theory and Practice, , vol. 46(1), pages 117-158, January.
    • Handle: RePEc:sae:entthe:v:46:y:2022:i:1:p:117-158
    DOI: 10.1177/10422587211026863
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