Exploring the relation between family involvement and firms' financial performance: A meta-analysis of main and moderator effects

*Abor, 2008, Agency theoretic determinants of debt levels: evidence from Ghana, Review of Accounting and Finance, 7, 183, 10.1108/14757700810874146 *Allouche, 2008, The impact of family control on the performance and financial characteristics of family versus nonfamily businesses in Japan: a matched-pair investigation, Family Business Review, 21, 315, 10.1111/j.1741-6248.2008.00132.x *Allouche, J., Amann, B., Garaudel, P. 2007. Performances et caracteristiques financiers compares des entrepresis familiales et non familiales: le role moderateur de la cotation en bourse et du degree de controle actionarial. Unpublished Manuscript. Anderson, 2003, Founding-family ownership and firm performance: evidence from the S&P 500, Journal of Finance, 58, 1301, 10.1111/1540-6261.00567 *Anderson, 2004, Board composition: balancing family influence in S&P 500 firms, Administrative Science Quarterly, 49, 209, 10.2307/4131472 Ashforth, 2000, All in a day's work: boundaries and micro role transitions, Academy of Management Review, 25, 472, 10.5465/amr.2000.3363315 *Astrachan, 1994, A neglected factor explaining family business success: human resource practices, Family Business Review, 7, 251, 10.1111/j.1741-6248.1994.00251.x Aycan, 2000, Impact of culture on human resource management practices: a 10 country comparison, Applied Psychology: An International Review, 49, 192, 10.1111/1464-0597.00010 Aycan, 1999, Organizational culture and human resource management practices: the model of culture fit, Journal of Cross-Cultural Psychology, 30, 501, 10.1177/0022022199030004006 Barclay, 1989, Private benefits from control of public corporations, Journal of Financial Economics, 25, 371, 10.1016/0304-405X(89)90088-3 *Barontini, 2006, The effect of family control on firm value and performance: evidence from continental Europe, European Financial Management, 12, 689, 10.1111/j.1468-036X.2006.00273.x Basco, 2009, Studying the family enterprise holistically: evidence for integrated family and business systems, Family Business Review, 22, 82, 10.1177/0894486508327824 Beal, 2002, On the bias of Huffcutt and Arthur's (1995) procedure for identifying outliers in the meta-analysis of correlations, Journal of Applied Psychology, 87, 583, 10.1037/0021-9010.87.3.583 *Bennedsen, M., Nielsen, K. M., Perez-Gonzalez, F., Wolfenzon, D., 2006. Inside the family firm: the role of families in succession decisions and performance. Unpublished manuscript. *Bertrand, 2008, Mixing family with business: a study of Thai business groups and the families behind them, Journal of Financial Economics, 88, 466, 10.1016/j.jfineco.2008.04.002 *Blanco-Mazagatos, 2007, The trade-off between financial resources and agency costs in the family business: an exploratory study, Family Business Review, 20, 199, 10.1111/j.1741-6248.2007.00095.x *Block, J.H., Thams, A., 2007. Long-term orientation in family firms: a Bayesian analysis of R&D spending. Unpublished manuscript. *Block, J.H. 2008. Family management, family ownership and downsizing: evidence from S&P 500 firms. Unpublished manuscript. *Bocatto, E., 2008. Family owned business (FOB) succession: the influence of pre-performance in the nomination of family and non-family members. Unpublished manuscript. Bornstein, 2009 *Braun, 2007, Should the CEO also be Chair of the Board? An empirical examination of family-controlled public firms, Family Business Review, 20, 111, 10.1111/j.1741-6248.2007.00090.x Bubolz, 2001, Family as a source, user and builder of social capital, Journal of Socio-Economics, 30, 129, 10.1016/S1053-5357(00)00091-3 Burkart, 1997, Large shareholders, monitoring, and the value of the firm, Quarterly Journal of Economics, 112, 693, 10.1162/003355397555325 Carl, 2004, Power distance, 513 Carton, 2006 *Castro, C.E., Desender, K.A., Escamilla, S.A., 2007. Earnings management, external pressure to perform and ownership structure. Unpublished manuscript. Chakrabarty, 2009, The influence of national culture and institutional voids on family ownership in large firms: a country level empirical study, Journal of International Management, 15, 32, 10.1016/j.intman.2008.06.002 *Chang, S.J., 2002. Ownership structure, expropriation, and performance of group-affiliated companies in Korea. Unpublished manuscript. *Chrisman, 2004, Comparing the agency cost of family and non-family firms, Entrepreneurship Theory and Practice, 28, 335, 10.1111/j.1540-6520.2004.00049.x Chrisman, 2005, Trends and directions in the development of a strategic management theory of the family firm, Entrepreneurship Theory and Practice, 29, 555, 10.1111/j.1540-6520.2005.00098.x Chua, 1999, Defining the family business by behavior, Entrepreneurship Theory and Practice, 23, 19, 10.1177/104225879902300402 Chrisman, 2010, Intellectual foundations of current research in family business: an identification and review of 25 influential articles, Family Business Review, 23, 9, 10.1177/0894486509357920 Chrisman, 2007, Family influences on firms: an introduction, Journal of Business Research, 60, 1005, 10.1016/j.jbusres.2007.02.016 *Coleman, 1999, Sources of capital for small family-owned businesses: evidence from the National Survey of Small Business Finances, Family Business Review, 12, 73, 10.1111/j.1741-6248.1999.00073.x Combs, 2008, Commentary: the servant, the parasite, and the enigma: a tale of three ownership structures and their affiliate directors, Entrepreneurship Theory and Practice, 32, 1027, 10.1111/j.1540-6520.2008.00270.x Corbetta, 2004, The board of directors in family firms: one size fits all?, Family Business Review, 17, 119, 10.1111/j.1741-6248.2004.00008.x Cortina, 2003, Apples and oranges (and pears, oh my!): the search for moderators in meta-analysis, Organizational Research Methods, 6, 414, 10.1177/1094428103257358 *Cruz, C., Justo, R., and De Castro, J., 2008. Family involvement and firm performance: a family embeddness perspective. Unpublished manuscript. Daily, 1993, Alternative methodologies for identifying family-versus nonfamily-managed business, Journal of Small Business Management, 31, 79 Dalton, 2007, Chapter 1: the fundamental agency problem and its mitigation, The Academy of Management Annals, 1, 1, 10.1080/078559806 Darwin, 1871 Dawson, 2011, Private equity investment decisions in family firms: the role of human resources and agency costs, Journal of Business Venturing, 26, 189, 10.1016/j.jbusvent.2009.05.004 DeAngelo, 2000, Controlling stockholders and the disciplinary role of corporate payout policy: a study of the Times Mirror Company, Journal of Financial Economics, 56, 153, 10.1016/S0304-405X(00)00039-8 De Mooij, 2002, Convergence and divergence in consumer behavior: implications for international retailing, Journal of Retailing, 78, 61, 10.1016/S0022-4359(01)00067-7 Dess, 1984, Measuring organizational performance in the absence of objective measures: the case of privately-held firm and conglomerate business unit, Strategic Management Journal, 5, 265, 10.1002/smj.4250050306 Desman, 1991, Family business: the state of the nation *Ding, 2008, The financial and operating performance of Chinese family-owned listed firms, Management International Review, 48, 297, 10.1007/s11575-008-0017-9 Dyer, 2003, The family: the missing variable in organizational research, Entrepreneurship Theory and Practice, 27, 401, 10.1111/1540-8520.00018 Dyer, 2006, Examining the “family effect” on firm performance, Family Business Review, 19, 253, 10.1111/j.1741-6248.2006.00074.x *Eddleston, 2007, Destructive and productive family relationships: a stewardship theory perspective, Journal of Business Venturing, 22, 545, 10.1016/j.jbusvent.2006.06.004 *Ehrhardt, O., Nowak, E., Weber, F.M., 2005. Running in the family: the evolution of ownership, control, and performance in German family-owned firms 1903–2003. Unpublished manuscript. Eisenhardt, 1989, Agency theory: an assessment and review, Academy of Management Review, 14, 57, 10.5465/amr.1989.4279003 Fama, 1983, Separation of ownership and control, Journal of Law and Economics, 26, 301, 10.1086/467037 Farh, 2007, Individual-level cultural values as moderators of perceived organizational support–employee outcome relationships in China: comparing the Chinese Leadership 50 effects of power distance and traditionality, Academy of Management Journal, 50, 715, 10.5465/AMJ.2007.25530866 *Fernández, 2005, Internationalization strategy of small and medium-sized family businesses: some influential factors, Family Business Review, 28, 77, 10.1111/j.1741-6248.2005.00031.x Fiegenbaum, 1991, Output flexibility— a competitive advantage for small firms, Strategic Management Journal, 12, 101, 10.1002/smj.4250120203 *Filatotchev, 2005, Corporate governance and performance in publicly listed, family-controlled firms: evidence from Taiwan, Asia Pacific Journal of Management, 22, 257, 10.1007/s10490-005-3569-2 French, 2004, The role of strategic planning in the performance of small, professional service firms, The Journal of Management Development, 23, 765, 10.1108/02621710410549611 *Gallo, 2004, Comparison of family and nonfamily business: financial logic and personal preferences, Family Business Review, 17, 303, 10.1111/j.1741-6248.2004.00020.x *Galve, 1996, Ownership structure and firm performance: some empirical evidence from Spain, Managerial and Decision Economics, 17, 575, 10.1002/(SICI)1099-1468(199611)17:6<575::AID-MDE778>3.0.CO;2-N Garg, 2003, Chief executive scanning emphases, environmental dynamism, and manufacturing firm performance, Strategic Management Journal, 24, 725, 10.1002/smj.335 Gelfand, 2004, Individualism and collectivism, 437 Geyskens, 2009, A review and evaluation of meta-analytic practices in management research, Journal of Management, 35, 393, 10.1177/0149206308328501 Ghemawat, 1998, The nature of diversified business groups: a research design and two case studies, The Journal of Industrial Economics, 46, 35, 10.1111/1467-6451.00060 Ghobadian, 2006, The impact of ownership on small firm behavior and performance, International Small Business Journal, 24, 555, 10.1177/0266242606069267 Gomez-Mejia, 2001, The role of family ties in agency contracts, Academy of Management Journal, 44, 81, 10.2307/3069338 *Gomez-Mejia, L.R., Larraza-Kintana, M., Makri, M., 2002. The determinants of executive compensation in family-owned firms. Unpublished manuscript. *Gomez-Mejia, L.R., Makri, M., Larraza-Kintana, M., 2007. Diversification decisions in family-controlled firms. Unpublished manuscript. Goody, 1996 Habbershon, 1999, A resource-based framework for assessing the strategic advantages of family firms, Family Business Review, 12, 1, 10.1111/j.1741-6248.1999.00001.x Habbershon, 2003, A unified systems perspective of family firm performance, Journal of Business Venturing, 18, 451, 10.1016/S0883-9026(03)00053-3 Hambrick, 1982, Strategic attributes and performance in the BCG matrix— a PIIMS-based analysis of industrial product businesses, Academy of Management Journal, 25, 510, 10.2307/256077 *Hamelin, A., Trojman, J., 2007. Family ownership and growth: the case of French SMEs. Unpublished manuscript. Hamilton, 1964, The genetical evolution of social behavior, Journal of Theoretical Biology, 7, 1, 10.1016/0022-5193(64)90038-4 Harzing Higgins, 2003, Measuring inconsistency in meta-analyses, British Medical Journal, 327, 557, 10.1136/bmj.327.7414.557 *Hillier, 2009, Firm performance and managerial succession in family managed firms, Journal of Business Finance & Accounting, 36, 461, 10.1111/j.1468-5957.2009.02138.x Hirsch Hofstede, 1980 Hofstede, 2001 Holt, 2010, Advancing the field of family business research: further testing the measurement properties if the F-PEC, Family Business Review, 23, 76, 10.1177/0894486509349943 *Hossain, I., 2007. Investment performance of Swedish family firms: a study of how management, control and ownership impact Swedish family firms investment performance. Unpublished manuscript. House, 2004 Huffcutt, 1995, Development of a new outlier statistic for meta-analytic data, Journal of Applied Psychology, 80, 327, 10.1037/0021-9010.80.2.327 Hunter, 2004 *Jacquemin, 1980, Familial control, size and performance in the largest French firms, European Economic Review, 13, 81, 10.1016/0014-2921(80)90047-1 *Jaggi, B., Leung, S., Gul., F., 2008. Family control, board independence and earning management: evidence based on Hong Kong firms. Unpublished manuscript. Jensen, 1976, Theory of the firm: managerial behavior, agency costs and ownership structure, Journal of Financial Economics, 3, 305, 10.1016/0304-405X(76)90026-X Josephson, 1934 Kanungo, 1990, Introduction: the need for indigenous management in developing countries, 1 Kellermanns, 2005, Family firm resource management: commentary and extensions, Entrepreneurship Theory and Practice, 29, 313, 10.1111/j.1540-6520.2005.00085.x *Kellermanns, 2008, An exploratory study of family member characteristics and involvement: effects on entrepreneurial behavior in the family firm, Family Business Review, 21, 1, 10.1111/j.1741-6248.2007.00107.x Kets de Vries, 1996 *Khaemasunun, K., 2004. Do family businesses perform as poorly as is claimed? Evidence from Thai firms in 1996. Unpublished manuscript. *Khan, R., Hadani, M., Das, D., 2008. Family matters! An analysis of the impact of founding family ownership on the HR practices of publicly traded firms. Unpublished manuscript. *King, M.R., Santor, E., 2007. Family values: ownership structure, performance and capital structure of Canadian firms. Unpublished manuscript. Klein, 2005, The F-PEC scale of family influence: construction, validation, and further implication for theory, Entrepreneurship Theory and Practice, 29, 321, 10.1111/j.1540-6520.2005.00086.x Kotey, 2005, Are performance differences between family and nonfamily SMEs uniform across all firm sizes?, International Journal of Entrepreneurial Behaviour and Research, 11, 394, 10.1108/13552550510625168 Krueger, 1974, The political economy of the rent seeking society, American Economic Review, 64, 291 Lansberg, 1983, Managing human resources in family firms: the problem of overlap, Organization Dynamics, 39, 71 Lee, 2004, The effects of family ownership and management on firm performance, S.A.M. Advanced Management Journal, 69, 46 *Lee, 2006, Family firm performance: further evidence, Family Business Review, 19, 103, 10.1111/j.1741-6248.2006.00060.x Litz, 1997, The family firm's exclusion from business school research: explaining the void; addressing the opportunity, Entrepreneurship Theory and Practice, 21, 55, 10.1177/104225879702100304 *Lopez-Gracia, 2007, Financial structure of the family business: evidence from a group of small Spanish firms, Family Business Review, 20, 269, 10.1111/j.1741-6248.2007.00094.x Lubatkin, 2005, The effects of parental altruism on the governance of family-managed firms, Journal of Organizational Behavior, 26, 313, 10.1002/job.307 *Luo, 2005, Keeping it all in the family: the role of particularistic relationships in business group performance during institutional transition, Administrative Science Quarterly, 50, 404, 10.2189/asqu.2005.50.3.404 *Markin, A., 1999. Family ownership and firm performance in Canada. Unpublished manuscript. Markus, 1991, Culture and the self: implications for cognition, emotion, and motivation, Psychological Review, 98, 224, 10.1037/0033-295X.98.2.224 *Martinez, 2007, Family ownership and firm performance: evidence from public companies in Chile, Family Business Review, 20, 83, 10.1111/j.1741-6248.2007.00087.x *Maury, 2006, Family ownership and firm performance: empirical evidence from Western European corporations, Journal of Corporate Finance, 12, 321, 10.1016/j.jcorpfin.2005.02.002 McConaughy, 2001, Founding family controlled firms: performance, risk, and value, Journal of Small Business Management, 39, 31, 10.1111/0447-2778.00004 *McConaughy, 1998, Founding family controlled firms: efficiency and value, Review of Financial Economics, 7, 1, 10.1016/S1058-3300(99)80142-6 McDaniel, 2006, Publication bias: a case study of four test vendors, Personnel Psychology, 59, 927, 10.1111/j.1744-6570.2006.00059.x Megarry, 1995 *Miller, 2008, Stewardship vs. stagnation: an empirical comparison of small family and non-family businesses, Journal of Management Studies, 45, 51 Mintzberg, 1979 *Mishra, 1999, Founding family control and capital structure: the risk of loss of control and the aversion to debt, Entrepreneurship Theory and Practice, 23, 53, 10.1177/104225879902300404 *Mishra, 2002, The effect of founding family influence on firm value and corporate governance, Journal of International Financial Management and Accounting, 12, 235, 10.1111/1467-646X.00073 Moller, 2001, Testing and adjusting for publication bias, Trends in Ecology & Evolution, 16, 580, 10.1016/S0169-5347(01)02235-2 Morck, 2003, Agency problems in large family business groups, Entrepreneurship Theory and Practice, 27, 367, 10.1111/1540-8520.t01-1-00015 Morck, 2004, Family control and the rent-seeking society, Entrepreneurship Theory and Practice, 28, 391, 10.1111/j.1540-6520.2004.00053.x Mukherjee, S., Padgett, C., 2005. Investment reputation index: family firms vs. non-family firms in the U.K. Unpublished manuscript. *Mustakillio, 2002, Relational and contractual governance in family firms: effects on strategic decision making, Family Business Review, 15, 205, 10.1111/j.1741-6248.2002.00205.x Naldi, 2007, Entrepreneurial orientation, risk taking, and performance in family firms, Family Business Review, 20, 33, 10.1111/j.1741-6248.2007.00082.x Nicholson, 2008, Evolutionary psychology and family business: a new synthesis for theory, research and practice, Family Business Review, 21, 103, 10.1111/j.1741-6248.2007.00111.x Nicholson, 2008, Evolutionary psychology, corporate culture and family business, Academy of Management Perspectives, 22, 73, 10.5465/AMP.2008.32739760 *Oswald, 2007, The influence of large stake family control on performance: is it agency or entrenchment?, Journal of Small Business Management, 47, 116, 10.1111/j.1540-627X.2008.00264.x Pearson, 2008, Toward a theory of family involvement: a social capital perspective, Entrepreneurship Theory and Practice, 32, 949, 10.1111/j.1540-6520.2008.00265.x *Peng, M., Jiang, Y., 2006. Family ownership and control in large firms: the good, the bad, the irrelevant- and why. Unpublished manuscript. Penrose, 1959 *Pérez-González, 2006, Inherited control and firm performance, The American Economic Review, 96, 1559, 10.1257/aer.96.5.1559 *Perrini, 2008, Does ownership structure affect performance? Evidence from the Italian market, Corporate Governance, 16, 312, 10.1111/j.1467-8683.2008.00695.x Peterson, 2005, On the use of beta coefficients in meta-analysis, Journal of Applied Psychology, 90, 175, 10.1037/0021-9010.90.1.175 Pollack, 1985, A transaction cost approach to families and households, Journal of Economic Literature, 23, 581 Rajan, 2001, Financial systems, industrial structure, and growth, Oxford Review of Economic Policy, 17, 467, 10.1093/oxrep/17.4.467 *Randøy, 2003, Ownership structure, founder leadership, and performance in Norwegian SME's: implications for financing entrepreneurial opportunities, Journal of Business Venturing, 18, 619, 10.1016/S0883-9026(03)00013-2 *Randøy, T., Jenssen, I., Goel, S. 2003. Family firms and good corporate governance: altruism and agency considerations. Unpublished manuscript. *Rice, 1997 Richerson, 2005 Robins, 1995, A resource-based approach to the multi-business firms: empirical analysis of portfolio interrelationships and corporate financial performance, Strategic Management Journal, 16, 277, 10.1002/smj.4250160403 Rosenbusch, 2011, Is innovation always beneficial? A meta-analysis of the relationship between innovation and performance in SMEs, Journal of Business Venturing, 26, 441, 10.1016/j.jbusvent.2009.12.002 2005 *Rutherford, 2008, Examining the link between family involvement and performance: can the F-PEC untangle the family business theory jungle?, Entrepreneurship Theory and Practice, 32, 1089, 10.1111/j.1540-6520.2008.00275.x Sahlins, 1972 Schack, 2001, All in the family, Institutional Investor, 35, 94 Schmidt, 1992, What do data really mean? Research findings, meta-analysis, and cumulative knowledge in psychology, American Psychologist, 47, 1173, 10.1037/0003-066X.47.10.1173 Schulze, 2010, Guest editors' introduction: whither family business?, Journal of Management Studies, 47, 191, 10.1111/j.1467-6486.2009.00887.x *Schulze, 2001, Agency relationships in family firms: theory and evidence, Organizational Science, 12, 99, 10.1287/orsc.12.2.99.10114 *Schulze, 2003, Toward a theory of agency and altruism in family firms, Journal of Business Venturing, 18, 473, 10.1016/S0883-9026(03)00054-5 Shane, 1995, National environment, strategy, and new venture performance: a three country study, Journal of Small Business Management, 33, 37 Sharma, 2004, An overview of family business studies: current status and directions for the future, Family Business Review, 17, 1, 10.1111/j.1741-6248.2004.00001.x Sharma, 1997, Strategic management of the family business: past research and future challenges, Family Business Review, 10, 1, 10.1111/j.1741-6248.1997.00001.x Sharma, 2005, Strategic divestments in family firms: role of family structure and community culture, Entrepreneurship Theory and Practice, 29, 293, 10.1111/j.1540-6520.2005.00084.x Shleifer, 1997, A survey of corporate governance, Journal of Finance, 52, 737, 10.2307/2329497 *Silva, 2008, Does family ownership shape performance outcomes?, Journal of Business Research, 61, 609, 10.1016/j.jbusres.2007.06.035 Simpson, 2010, Evolutionary perspectives on prosocial behavior, 35 *Sirmon, D.G., Arregle, J.L., Hitt, M.A., and Webb, J.W., 2007. The role of family influence in firms' strategic responses to threat of intimidation. Unpublished Manuscript. Sirmon, 2003, Managing resources: linking unique resources, management and wealth creation in family firms, Entrepreneurship Theory and Practice, 27, 339, 10.1111/1540-8520.t01-1-00013 Sloan Wilson, 1994, Reintroducing group selection to the human behavioral sciences, The Behavioral and Brain Sciences, 17, 585, 10.1017/S0140525X00036104 *Smith, 2008, Differences between family and non-family SMEs: a comparative study of Australia and Belgium, Journal of Management and Organization, 14, 40, 10.5172/jmo.2008.14.1.40 *Sraer, D., Thesmar, D., 2006. Performance and behavior of family firms: evidence from the French stock market. Unpublished manuscript. *Stavrou, 2007, Downsizing and stakeholder orientation among Fortune 500: does family ownership matter?, Journal of Business Ethics, 72, 149, 10.1007/s10551-006-9162-x Stewart, 2003, Help one another, use one another: toward an anthropology of family business, Entrepreneurship Theory and Practice, 27, 383, 10.1111/1540-8520.00016 Sundarmurthy, 2008, Governing by managing identity boundaries: the case of family business, Entrepreneurship Theory and Practice, 32, 415, 10.1111/j.1540-6520.2008.00234.x *Teal, 2003, A comparative analysis of strategic marketing practices of high-growth U.S. family and non-family firms, Journal of Developmental Entrepreneurship, 8, 177 Triandis, 1989, The self and social behavior in differing cultural contexts, Psychological Review, 96, 506, 10.1037/0033-295X.96.3.506 Triandis, 2002, Cultural influences on personality, Annual Review of Psychology, 53, 133, 10.1146/annurev.psych.53.100901.135200 Trikalinos, 2005, Assessing the evolution of effect sizes over time, 241 Trivers, 1971, The evolution of reciprocal altruism, The Quarterly Review of Biology, 46, 35, 10.1086/406755 *Tsai, 2006, CEO tenure in Taiwanese family and nonfamily firms: an agency theory perspective, Family Business Review, 19, 11, 10.1111/j.1741-6248.2006.00057.x Tsao, 2009, Founding-family ownership and firm performance: the role of high-performance work systems, Family Business Review, 22, 319, 10.1177/0894486509339322 *Uhlaner, L.M., Meijaard, J., 2004. The relationship between family orientation, organization context, organization structure and firm performance. Unpublished manuscript. *Uhlaner, 2007, Owner commitment and relational governance in the privately-held firm: an empirical study, Small Business Economics, 29, 275, 10.1007/s11187-006-9009-y Van Der Vegt, 2005, Location-level links between diversity and innovative climate depend on national power distance, Academy of Management Journal, 48, 1171, 10.5465/AMJ.2005.19573116 Veblen, 1899 *Veliyath, 2000, Social embeddedness, overt and covert power, and their effects on CEO pay: an empirical examination among family businesses in India, Family Business Review, 13, 293, 10.1111/j.1741-6248.2000.00293.x *Villalonga, 2006, How do family ownership, control and management affect firm value?, Journal of Financial Economics, 80, 385, 10.1016/j.jfineco.2004.12.005 *Villalonga, 2008, How are U.S. family firms controlled?, The Society for Financial Studies, 22, 3047, 10.1093/rfs/hhn080 *Westhead, 1997, Performance contrasts between family and non-family unquoted companies in the U.K, International Journal of Entrepreneurial Behaviour and Research, 3, 30, 10.1108/13552559710170892 *Westhead, 2006, Ownership and management issues associated with family firm performance and company objectives, Family Business Review, 19, 301, 10.1111/j.1741-6248.2006.00077.x Wood, 2008, Methodology for dealing with duplicate study effects in a meta-analysis, Organizational Research Methods, 11, 79, 10.1177/1094428106296638 Woo, 1981, Strategies of effective low share businesses, Strategic Management Journal, 2, 301, 10.1002/smj.4250020307 Woo, 1982, The surprising case for low market share, Harvard Business Review, 60, 106 *Zahra, 2003, International expansion of U.S. manufacturing family businesses: the effect of ownership and involvement, Journal of Business Venturing, 18, 495, 10.1016/S0883-9026(03)00057-0 *Zahra, 2005, Entrepreneurial risk taking in family firms, Family Business Review, 18, 23, 10.1111/j.1741-6248.2005.00028.x Zahra, 2007, Contextualizing theory building in entrepreneurship research, Journal of Business Venturing, 22, 443, 10.1016/j.jbusvent.2006.04.007 *Zahra, 2004, Entrepreneurship in family and non-family firms: a resource-based analysis of the effect of organizational culture, Entrepreneurship Theory and Practice, 28, 363, 10.1111/j.1540-6520.2004.00051.x *Zellweger, T.M., 2006. Risk, return, and value in the family firm. Unpublished manuscript. Zellweger, 2008, On the emotional value of owning a firm, Family Business Review, 21, 347, 10.1177/08944865080210040106