Heterogeneity in family firm finance, accounting and tax policies: dimensions, effects and implications for future research

Niklas Bergmann1
1Institute of Management, Accounting, and Finance (IMAF), Leuphana University, Lueneburg, Germany

Tóm tắt

AbstractFamily firms, as a unique organizational form, are associated with distinct finance, accounting, and tax behaviors. Prior research indicates that heterogeneity among family firms is linked to significant variation concerning these outcomes. However, the scope of dissimilarities, their empirical operationalization, and the corresponding effects of heterogeneity remain largely unexplored. Therefore, this study maps the dimensions of family firm heterogeneity addressed in extant research based on a systematic review of 91 articles published between 1999 and 2021. Focusing on heterogeneity in corporate governance and wider firm characteristics, the most relevant effects of heterogeneity for family firm finance, accounting, and tax policies are discussed in depth. The results across the 24 identified dimensions of heterogeneity show that heterogeneity is a key factor to be considered by family business scholars. Previous heterogeneity research has specifically focused on heterogeneity rooted in differences concerning the firms’ management, ownership structure, board composition, and transgenerational issues. However, this study also finds that additional conceptual and practical challenges emerge at the heterogeneity level of analysis. Several recommendations for advancing the understanding of family firm heterogeneity have been derived. In particular, the results indicate a need to distinguish more clearly between sources of heterogeneity that are strictly specific to family firms and those that extend beyond the family firm level, thereby proposing a refined, more restricted approach toward family business heterogeneity.

Từ khóa


Tài liệu tham khảo

Achleitner A-K, Günther N, Kaserer C, Siciliano G (2014) Real earnings management and accrual-based earnings management in family firms. Eur Account Rev 23:431–461. https://doi.org/10.1080/09638180.2014.895620

Ali A, Chen T-Y, Radhakrishnan S (2007) Corporate disclosures by family firms. J Account Econ 44:238–286. https://doi.org/10.1016/j.jacceco.2007.01.006

Amore MD, Minichilli A, Corbetta G (2011) How do managerial successions shape corporate financial policies in family firms? J Corp Finan 17:1016–1027. https://doi.org/10.1016/j.jcorpfin.2011.05.002

Anderson R, Reeb D (2003) Founding-family ownership and firm performance: evidence from the S&P 500. J Finan 58:1301–1328

Astrachan JH, Klein SB, Smyrnios KX (2002) The F-PEC scale of family influence: a proposal for solving the family business definition problem. Fam Bus Rev 15:45–58

Audretsch DB, Hülsbeck M, Lehmann EE (2013) Families as active monitors of firm performance. J Fam Bus Strat 4:118–130. https://doi.org/10.1016/j.jfbs.2013.02.002

Baixauli-Soler JS, Belda-Ruiz M, Sánchez-Marín G (2021) Socioemotional wealth and financial decisions in private family SMEs. J Bus Res 123:657–668. https://doi.org/10.1016/j.jbusres.2020.10.022

Bansal M (2021) Board independence and earnings management: influence of family business generation. JABS 15:748–768. https://doi.org/10.1108/JABS-07-2020-0280

Bauweraerts J, Vandernoot J, Buchet A (2020) Family firm heterogeneity and tax aggressiveness: a mixed gamble approach. Can J Adm Sci 37:149–163. https://doi.org/10.1002/cjas.1528

Becht M, Bolton P, Röell A (2003) Corporate Governance and control. In: Kōnstantinidēs G (ed) Handbook of the economics of finance, vol 1. Elsevier, Amsterdam, pp 1–109

Belda-Ruiz M, Sánchez-Marín G, Baixauli-Soler JS (2021) Influence of family-centered goals on dividend policy in family firms: a socioemotional wealth approach. Int Entrep Manag J. https://doi.org/10.1007/s11365-021-00741-x

Berrone P, Cruz C, Gomez-Mejia LR (2012) Socioemotional wealth in family firms. Fam Bus Rev 25:258–279. https://doi.org/10.1177/0894486511435355

Bjuggren P-O, Duggal R, Giang DT (2012) Ownership dispersion and capital structures in family firms: a study of closed medium-sized enterprises. J Small Bus Entrep 25:185–200. https://doi.org/10.1080/08276331.2012.10593568

Blanco-Mazagatos V, de Quevedo-Puente E, Castrillo LA (2007) The trade-off between financial resources and agency costs in the family business: an exploratory study. Fam Bus Rev 20:199–213. https://doi.org/10.1111/j.1741-6248.2007.00095.x

Borralho JM, Gallardo-Vázquez D, Hernández-Linares R, de Sousa C, Paiva I (2020) The effect of corporate governance factors on the quality of financial reporting in family and non-family firms. RC-SAR 23:167–179. https://doi.org/10.6018/rcsar.358451

Boujelben S, Boujelben C (2020) Socio-emotional wealth preservation and KPI voluntary disclosure quality. JFRA 18:459–482. https://doi.org/10.1108/JFRA-09-2019-0113

Brune A, Thomsen M, Watrin C (2019a) Family firm heterogeneity and tax avoidance: the role of the founder. Fam Bus Rev 32:296–317. https://doi.org/10.1177/0894486519831467

Brune A, Thomsen M, Watrin C (2019b) Tax avoidance in different firm types and the role of nonfamily involvement in private family firms. Manage Decis Econ 40:950–970. https://doi.org/10.1002/mde.3082

Brune A, Thomsen M, Watrin C (2021) Family firms in business research—a literature review on financial strategy, tax planning, and earnings management. BFuP 2:134–160

Burgstaller J, Wagner E (2015) How do family ownership and founder management affect capital structure decisions and adjustment of SMEs? J Risk Finan 16:73–101. https://doi.org/10.1108/JRF-06-2014-0091

Carey P, Simnett R, Tanewski G (2000) Voluntary demand for internal and external auditing by family businesses. Auditing 19:37–51. https://doi.org/10.2308/aud.2000.19.s-1.37

Carney M (2005) Corporate governance and competitive advantage in family-controlled firms. Entrep Theory Pract 29:249–265

Cascino S, Pugliese A, Mussolino D, Sansone C (2010) The influence of family ownership on the quality of accounting information. Fam Bus Rev 23:246–265. https://doi.org/10.1177/0894486510374302

Chan KS, Dang VQT, Yan IKM (2012) Chinese firms’ political connection, ownership, and financing constraints. Econ Lett 115:164–167. https://doi.org/10.1016/j.econlet.2011.12.008

Chau G, Gray SJ (2010) Family ownership, board independence and voluntary disclosure: evidence from Hong Kong. J Int Account Audit Tax 19:93–109. https://doi.org/10.1016/j.intaccaudtax.2010.07.002

Chen S, Chen X, Cheng Q, Shevlin T (2010) Are family firms more tax aggressive than non-family firms? J Financ Econ 95:41–61. https://doi.org/10.1016/j.jfineco.2009.02.003

Chen S, Chen X, Cheng Q (2014) Conservatism and equity ownership of the founding family. Eur Account Rev 23:403–430. https://doi.org/10.1080/09638180.2013.814978

Chen J, Chen N-Y, He L, Patel C (2021) The effect of ownership structure on disclosure quality and credit ratings in family firms: the moderating role of auditor choice. Family Bus Rev. https://doi.org/10.1177/08944865211057854

Chrisman JJ, Chua JH, Litz RA (2004) Comparing the agency costs of family and non-family firms: conceptual issues and exploratory evidence. Entrep Theory Pract 28:335–354. https://doi.org/10.1111/j.1540-6520.2004.00049.x

Chua JH, Chrisman JJ, Kellermanns F, Wu Z (2011) Family involvement and new venture debt financing. J Bus Ventur 26:472–488. https://doi.org/10.1016/j.jbusvent.2009.11.002

Chua JH, Chrisman JJ, Steier LP, Rau SB (2012) Sources of heterogeneity in family firms: an introduction. Entrep Theory Pract 36:1103–1113. https://doi.org/10.1111/j.1540-6520.2012.00540.x

Cirillo A, Romano M, Ardovino O (2015) Does family involvement foster IPO value? Empirical analysis on Italian stock market. Manag Decis 53:1125–1154. https://doi.org/10.1108/MD-11-2014-0639

Clemente-Almendros JA, Camisón-Haba S, Camisón-Zornoza C (2021) Family firm heterogeneity and tax aggressiveness: a quasi-experimental analysis of the impact of different family generations. J Small Bus Strateg 31:102–121

Comino-Jurado M, Sánchez-Andújar S, Parrado-Martínez P (2021a) Do dissimilarities in the family involvement in family firms lead to different levels of indebtedness? Evidence from Spain. Manage Decis 59:2891–2906. https://doi.org/10.1108/MD-05-2020-0582

Comino-Jurado M, Sánchez-Andújar S, Parrado-Martínez P (2021b) Reassessing debt-financing decisions in family firms: family involvement on the board of directors and generational stage. J Bus Res 135:426–435. https://doi.org/10.1016/j.jbusres.2021.06.060

Corten M, Steijvers T, Lybaert N (2015) The demand for auditor services in wholly family-owned private firms: the moderating role of generation. Account Bus Res 45:1–26. https://doi.org/10.1080/00014788.2014.959462

Corten M, Steijvers T, Lybaert N (2017) The effect of intrafamily agency conflicts on audit demand in private family firms: the moderating role of the board of directors. J Fam Bus Strat 8:13–28. https://doi.org/10.1016/j.jfbs.2017.01.003

Croci E, Doukas JA, Gonenc H (2011) Family control and financing decisions. Eur Financ Manag 17:860–897. https://doi.org/10.1111/j.1468-036X.2011.00631.x

Daspit JJ, Chrisman JJ, Ashton T, Evangelopoulos N (2021) Family firm heterogeneity: a definition, common themes, scholarly progress, and directions forward. Fam Bus Rev 34:296–322. https://doi.org/10.1177/08944865211008350

Debicki BJ, Kellermanns FW, Chrisman JJ, Pearson AW, Spencer BA (2016) Development of a socioemotional wealth importance (SEWi) scale for family firm research. J Fam Bus Strat 7:47–57. https://doi.org/10.1016/j.jfbs.2016.01.002

DeFond M, Zhang J (2014) A review of archival auditing research. J Account Econ 58:275–326. https://doi.org/10.1016/j.jacceco.2014.09.002

Di Giuli A, Caselli S, Gatti S (2011) Are small family firms financially sophisticated? J Bank Finan 35:2931–2944. https://doi.org/10.1016/j.jbankfin.2011.03.021

Dibrell C, Memili E (2019) A brief history and a look to the future of family business heterogeneity: an introduction. In: Memili E, Dibrell C (eds) The Palgrave handbook of heterogeneity among family firms. Springer International Publishing, Cham, pp 1–15

Drago C, Ginesti G, Pongelli C, Sciascia S (2018) Reporting strategies: What makes family firms beat around the bush? Family-related antecedents of annual report readability. J Fam Bus Strat 9:142–150. https://doi.org/10.1016/j.jfbs.2017.11.006

Duréndez A, Madrid-Guijarro A (2018) The impact of family influence on financial reporting quality in small and medium family firms. J Fam Bus Strat 9:205–218. https://doi.org/10.1016/j.jfbs.2018.08.002

Ebihara T, Kubota K, Takehara H, Yokota E (2014) Market liquidity, private information, and the cost of capital: market microstructure studies on family firms in Japan. Jpn World Econ 32:1–13. https://doi.org/10.1016/j.japwor.2014.07.001

Eddleston KA, Mulki JP (2021) Differences in family-owned SMEs’ ethical behavior: a mixed gamble perspective of family firm tax evasion. Entrep Theory Pract 45:767–791. https://doi.org/10.1177/1042258720964187

Fang H, Kellermanns FW, Eddleston KA (2019) Empirical modeling in testing for family firm heterogeneity. In: Memili E, Dibrell C (eds) The Palgrave handbook of heterogeneity among family firms. Springer International Publishing, Cham, pp 69–85

Fehre K, Weber F (2019) Why some are more equal: family firm heterogeneity and the effect on management’s attention to CSR. Bus Ethics 28:321–334. https://doi.org/10.1111/beer.12225

Filbeck G, Lee S (2000) Financial management techniques in family businesses. Fam Bus Rev 13:201–216. https://doi.org/10.1111/j.1741-6248.2000.00201.x

Fisch C, Block J (2018) Six tips for your (systematic) literature review in business and management research. Manag Rev Q 68:103–106. https://doi.org/10.1007/s11301-018-0142-x

Flamini G, Vola P, Songini L, Gnan L (2021) The determinants of tax aggressiveness in family firms: an investigation of Italian private family firms. Sustainability 13:7654. https://doi.org/10.3390/su13147654

Gaaya S, Lakhal N, Lakhal F (2017) Does family ownership reduce corporate tax avoidance? The moderating effect of audit quality. MAJ 32:731–744. https://doi.org/10.1108/MAJ-02-2017-1530

Gavana G, Gottardo P, Moisello A (2017) Sustainability reporting in family firms: a panel data analysis. Sustainability 9:38. https://doi.org/10.3390/su9010038

Gaynor LM, Kelton AS, Mercer M, Yohn TL (2016) Understanding the relation between financial reporting quality and audit quality. Auditing 35:1–22. https://doi.org/10.2308/ajpt-51453

Gedajlovic E, Carney M, Chrisman JJ, Kellermanns FW (2012) The adolescence of family firm research. J Manag 38:1010–1037. https://doi.org/10.1177/0149206311429990

Gillan SL (2006) Recent developments in corporate governance: an overview. J Corp Finan 12:381–402. https://doi.org/10.1016/j.jcorpfin.2005.11.002

Goel S, Mazzola P, Phan PH, Pieper TM, Zachary RK (2012) Strategy, ownership, governance, and socio-psychological perspectives on family businesses from around the world. J Fam Bus Strat 3:54–65. https://doi.org/10.1016/j.jfbs.2012.03.005

Gomez-Mejia LR, Cruz C, Berrone P, de Castro J (2011) The bind that ties: socioemotional wealth preservation in family firms. Acad Manag Ann 5:653–707. https://doi.org/10.1080/19416520.2011.593320

González M, Guzmán A, Pombo C, Trujillo M-A (2013) Family firms and debt: risk aversion versus risk of losing control. J Bus Res 66:2308–2320. https://doi.org/10.1016/j.jbusres.2012.03.014

González M, Guzmán A, Pombo C, Trujillo M-A (2014) Family involvement and dividend policy in closely held firms. Fam Bus Rev 27:365–385. https://doi.org/10.1177/0894486514538448

Hansen C, Block J (2021) Public family firms and capital structure: a meta-analysis. Corp Gov Int Rev 29:297–319. https://doi.org/10.1111/corg.12354

Haynes GW, Walker R, Rowe BR, Hong G-S (1999) The intermingling of business and family finances in family-owned businesses. Fam Bus Rev 12:225–239. https://doi.org/10.1111/j.1741-6248.1999.00225.x

Hearn B (2011) The performance and the effects of family control in North African IPOs. Int Rev Financ Anal 20:140–151. https://doi.org/10.1016/j.irfa.2011.02.006

Heider A, Hülsbeck M, von Schlenk-Barnsdorf L (2022) The role of family firm specific resources in innovation: an integrative literature review and framework. Manag Rev Q. https://doi.org/10.1007/s11301-021-00256-3

Hermalin BE, Weisbach MS (2003) Boards of directors as an endogenously determined institution: a survey of the economic literature. Econ Policy Rev 9:7–26

Hiebl M (2012) Peculiarities of financial management in family firms. Int Bus Econ Res J 11(3):315–323

Hiebl M (2021) Sample selection in systematic literature reviews of management research. Organiz Res Methods. https://doi.org/10.1177/1094428120986851

Ho SSM, Wong KS (2001) A study of the relationship between corporate governance structures and the extent of voluntary disclosure. J Int Account Audit Tax 10:139–156. https://doi.org/10.1016/S1061-9518(01)00041-6

Holt DT, Pearson AW, Carr JC, Barnett T (2017) Family firm(s) outcomes model: structuring financial and nonfinancial outcomes across the family and firm. Fam Bus Rev 30:182–202. https://doi.org/10.1177/0894486516680930

Hoon C, Baluch AM (2020) The role of dialectical interrogation in review studies: theorizing from what we see rather than what we have already seen. J Manage Stud 57:1246–1271. https://doi.org/10.1111/joms.12543

Hope O-K, Langli JC, Thomas WB (2012) Agency conflicts and auditing in private firms. Acc Organ Soc 37:500–517. https://doi.org/10.1016/j.aos.2012.06.002

Huang Y, Chen A, Kao L (2012) Corporate governance in Taiwan: the nonmonotonic relationship between family ownership and dividend policy. Asia Pac J Manag 29:39–58. https://doi.org/10.1007/s10490-011-9279-z

Hulland J, Houston MB (2020) Why systematic review papers and meta-analyses matter: an introduction to the special issue on generalizations in marketing. J Acad Mark Sci 48:351–359. https://doi.org/10.1007/s11747-020-00721-7

Hülsbeck M, Meoli M, Vismara S (2019) The board value protection function in young, mature and family firms. Brit J Manage 30:437–458. https://doi.org/10.1111/1467-8551.12322

Jaggi B, Leung S (2007) Impact of family dominance on monitoring of earnings management by audit committees: evidence from Hong Kong. J Int Account Audit Tax 16:27–50. https://doi.org/10.1016/j.intaccaudtax.2007.01.003

Jaggi B, Leung S, Gul F (2009) Family control, board independence and earnings management: evidence based on Hong Kong firms. J Account Public Policy 28:281–300. https://doi.org/10.1016/j.jaccpubpol.2009.06.002

Jain BA, Shao Y (2015) Family firm governance and financial policy choices in newly public firms. Corp Gov 23:452–468. https://doi.org/10.1111/corg.12113

Jaskiewicz P, Combs JG, Shanine KK, Kacmar KM (2017) Introducing the family: a review of family science with implications for management research. Acad Manag Ann 11:309–341. https://doi.org/10.5465/annals.2014.0053

Jensen MC (1986) Agency costs of free cash flow, corporate finance, and takeovers. Am Econ Rev 76:323–329

Jensen MC, Meckling WH (1976) Theory of the firm: managerial behavior, agency costs and owernship structure. J Finan Econ 3(4):305–360. https://doi.org/10.1016/0304-405X(76)90026-X

Keasey K, Martinez B, Pindado J (2015) Young family firms: financing decisions and the willingness to dilute control. J Corp Finan 34:47–63. https://doi.org/10.1016/j.jcorpfin.2015.07.014

Khalil SK, Cohen JR, Trompeter GM (2011) Auditor resignation and firm ownership structure. Account Horiz 25:703–727. https://doi.org/10.2308/acch-50061

King R, Peng WQ (2013) The effect of industry characteristics on the control longevity of founding-family firms. J Fam Bus Strat 4:281–295. https://doi.org/10.1016/j.jfbs.2013.10.004

King MR, Santor E (2008) Family values: ownership structure, performance and capital structure of Canadian firms. J Bank Finan 32:2423–2432. https://doi.org/10.1016/j.jbankfin.2008.02.002

Klein SB, Astrachan JH, Smyrnios KX (2005) The F-PEC scale of family influence: construction, validation, and further implication for theory. Entrep Theory Pract 29:321–339

Koropp C, Grichnik D, Kellermanns F (2013a) Financial attitudes in family firms: the moderating role of family commitment. J Small Bus Manage 51:114–137. https://doi.org/10.1111/j.1540-627X.2012.00380.x

Koropp C, Grichnik D, Gygax AF (2013b) Succession financing in family firms. Small Bus Econ 41:315–334. https://doi.org/10.1007/s11187-012-9442-z

Koropp C, Kellermanns FW, Grichnik D, Stanley L (2014) Financial decision making in family firms. Fam Bus Rev 27:307–327. https://doi.org/10.1177/0894486514522483

Kovermann J, Velte P (2019) The impact of corporate governance on corporate tax avoidance—a literature review. J Int Account Audit Tax 36:100270. https://doi.org/10.1016/j.intaccaudtax.2019.100270

Kovermann J, Wendt M (2019) Tax avoidance in family firms: evidence from large private firms. J Contemp Account Econ 15:145–157. https://doi.org/10.1016/j.jcae.2019.04.003

Kuo C-S (2022) Family firms, tax avoidance, and socioemotional wealth: evidence from tax reform in Taiwan. Rev Quant Finan Acc 58:1535–1572. https://doi.org/10.1007/s11156-021-01029-5

Le Breton-Miller I, Miller D, Lester RH (2011) Stewardship or agency? A social embeddedness reconciliation of conduct and performance in public family businesses. Organ Sci 22:704–721. https://doi.org/10.1287/orsc.1100.0541

Lee C-H, Bose S (2021) Do family firms engage in less tax avoidance than non-family firms? The corporate opacity perspective. J Contemp Account Econ 17:100263. https://doi.org/10.1016/j.jcae.2021.100263

Leitterstorf MP, Rau SB (2014) Socioemotional wealth and IPO underpricing of family firms. Strat Mgmt J 35:751–760. https://doi.org/10.1002/smj.2236

Lietz GM (2013) Tax avoidance vs. tax aggressiveness: a unifying conceptual framework. SSRN J. https://doi.org/10.2139/ssrn.2363828

Lozano MB, Durán RF (2017) Family control and adjustment to the optimal level of cash holding. Eur J Finan 23:266–295. https://doi.org/10.1080/1351847X.2016.1168748

Ma L, Ma S, Tian G (2017) Corporate opacity and cost of debt for family firms. Eur Account Rev 26:27–59. https://doi.org/10.1080/09638180.2015.1087868

Mafrolla E, D’Amico E (2016) Tax aggressiveness in family firms and the non-linear entrenchment effect. J Fam Bus Strat. https://doi.org/10.1016/j.jfbs.2016.08.003

Magrelli V, Rovelli P, Benedetti C, Überbacher R, de Massis A (2022) Generations in family business: a multifield review and future research agenda. Fam Bus Rev 35:089448652110697. https://doi.org/10.1177/08944865211069781

Michiels A, Molly V (2017) Financing decisions in family businesses: a review and suggestions for developing the field. Fam Bus Rev 30:369–399. https://doi.org/10.1177/0894486517736958

Michiels A, Voordeckers W, Lybaert N, Steijvers T (2015) Dividends and family governance practices in private family firms. Small Bus Econ 44:299–314. https://doi.org/10.1007/s11187-014-9594-0

Michiels A, Botero IC, Kidwell RE (2022) Toward a family science perspective on executive compensation in family firms: a review and research agenda. Fam Bus Rev 35:45–67. https://doi.org/10.1177/08944865211064410

Miller D, Le Breton-Miller I (2006) Family governance and firm performance: agency, stewardship, and capabilities. Fam Bus Rev 14:73–88

Miller D, Minichilli A, Corbetta G (2013) Is family leadership always beneficial? Strat Mgmt J 34:553–571. https://doi.org/10.1002/smj.2024

Mishra CS, McConaughy DL (1999) Founding family control and capital structure: the risk of loss of control and the aversion to debt. Entrep Theory Pract 23:53–64. https://doi.org/10.1177/104225879902300404

Molly V, Michiels A (2021) Dividend decisions in family businesses: a systematic review and research agenda. J Econ Surv. https://doi.org/10.1111/joes.12460

Molly V, Laveren E, Deloof M (2010) Family business succession and its impact on financial structure and performance. Fam Bus Rev 23:131–147. https://doi.org/10.1177/089448651002300203

Molly V, Laveren E, Jorissen A (2012) Intergenerational differences in family firms: impact on capital structure and growth behavior. Entrep Theory Pract 36:703–725. https://doi.org/10.1111/j.1540-6520.2010.00429.x

Moores K (2009) Paradigms and theory building in the domain of business families. Fam Bus Rev 22:167–180. https://doi.org/10.1177/0894486509333372

Morck R, Shleifer A, Vishny RW (1988) Management ownership and market valuation. J Financ Econ 20:293–315. https://doi.org/10.1016/0304-405X(88)90048-7

Morck R, Wolfenzon D, Yeung B (2005) Corporate governance, economic entrenchment, and growth. J Econ Lit 43:655–720. https://doi.org/10.1257/002205105774431252

Myers SC, Majluf NS (1984) Corporate financing and investment decisions when firms have information that investors do not have. J Financ Econ 13:187–221. https://doi.org/10.1016/0304-405X(84)90023-0

Neubaum DO (2018) Family business research: roads travelled and the search for unworn paths. Fam Bus Rev 31:259–270. https://doi.org/10.1177/0894486518792948

Neubaum DO, Kammerlander N, Brigham KH (2019) Capturing family firm heterogeneity: how taxonomies and typologies can help the field move forward. Fam Bus Rev 32:106–130. https://doi.org/10.1177/0894486519848512

Niskanen M, Karjalainen J, Niskanen J (2010) The role of auditing in small, private family firms: Is it about quality and credibility? Fam Bus Rev 23:230–245. https://doi.org/10.1177/0894486510374456

Nordqvist M, Sharma P, Chirico F (2014) Family firm heterogeneity and governance: a configuration approach. J Small Bus Manage 52:192–209. https://doi.org/10.1111/jsbm.12096

OECD (2015) G20/OECD principles of corporate governance. OECD, Paris

Owens JK (2021) Systematic reviews: brief overview of methods, limitations, and resources. Nurse Author Ed 31:69–72. https://doi.org/10.1111/nae2.28

Palma M, Lourenço IC, Branco MC (2021) Web-based sustainability reporting by family companies: the role of the richest European families. Account Forum. https://doi.org/10.1080/01559982.2021.1979331

Pazzaglia F, Mengoli S, Sapienza E (2013) Earnings quality in acquired and nonacquired family firms. Fam Bus Rev 26:374–386. https://doi.org/10.1177/0894486513486343

Pindado J, Requejo I, Torre C (2012) Do family firms use dividend policy as a governance mechanism? Evidence from the Euro zone. Corp Gov 20:413–431. https://doi.org/10.1111/j.1467-8683.2012.00921.x

Pindado J, Requejo I, La de Torre C (2015) Does family control shape corporate capital structure? An empirical analysis of Eurozone firms. J Bus Financ Acc 42:965–1006. https://doi.org/10.1111/jbfa.12124

Post C, Sarala R, Gatrell C, Prescott JE (2020) Advancing theory with review articles. J Manage Stud 57:351–376. https://doi.org/10.1111/joms.12549

Prencipe A, Bar-Yosef S (2011) Corporate governance and earnings management in family-controlled companies. J Acc Audit Financ 26:199–227. https://doi.org/10.1177/0148558X11401212

Prencipe A, Bar-Yosef S, Mazzola P, Pozza L (2011) Income smoothing in family-controlled companies: evidence from Italy. Corp Gov 19:529–546. https://doi.org/10.1111/j.1467-8683.2011.00856.x

Prencipe A, Bar-Yosef S, Dekker HC (2014) Accounting Research in Family Firms: Theoretical and Empirical Challenges. European Accounting Review 23:361–385. https://doi.org/10.1080/09638180.2014.895621

Prigge S, Thiele FK (2019) Corporate governance codes: how to deal with the bright and dark sides of family influence. In: Memili E, Dibrell C (eds) The Palgrave handbook of heterogeneity among family firms. Springer International Publishing, Cham, pp 297–331

Raithatha M, Shaw TS (2019) Do family firms choose conservative accounting practices? Int J Acc 54:1950014. https://doi.org/10.1142/S1094406019500148

Rau SB, Schneider-Siebke V, Günther C (2019) Family firm values explaining family firm heterogeneity. Fam Bus Rev 32:195–215. https://doi.org/10.1177/0894486519846670

Rojo Ramírez AA, Martínez Romero MJ (2018) Required and obtained equity returns in privately held businesses: the impact of family nature—evidence before and after the global economic crisis. Rev Manag Sci 12:771–801. https://doi.org/10.1007/s11846-017-0230-7

Rosecká N, Machek O (2022) Non-family members and conflict processes in family firms: a systematic review of literature. J Bus Econ 92:235–281. https://doi.org/10.1007/s11573-021-01054-9

Ross SA (1973) The economic theory of agency: the principal’s problem. Am Econ Rev 62:134–139

Rothstein HR, Sutton AJ, Borenstein M, Sutton AJ, Rothstein H (eds) (2005) Publication bias in meta-analysis: prevention, assessment and adjustments. Wiley, Chichester

Salvato C, Moores K (2010) Research on accounting in family firms: past accomplishments and future challenges. Fam Bus Rev 23:193–215. https://doi.org/10.1177/0894486510375069

Sánchez-Marín G, Portillo-Navarro M-J, Clavel JG (2016) The influence of family involvement on tax aggressiveness of family firms. JFBM 6:143–168. https://doi.org/10.1108/JFBM-03-2015-0017

Santos MS, Moreira AC, Vieira ES (2014) Ownership concentration, contestability, family firms, and capital structure. J Manage Gov 18:1063–1107. https://doi.org/10.1007/s10997-013-9272-7

Sardo F, Vieira ES, Serrasqueiro Z (2022) The role of gender and succession on the debt adjustments of family firm capital structure. Eurasian Bus Rev 12:349–372. https://doi.org/10.1007/s40821-021-00186-w

Schierstedt B, Corten M (2021) The influence of private family firm characteristics on audit fees: the family name as a red flag. MAJ 36:785–811. https://doi.org/10.1108/MAJ-05-2020-2662

Schmid T (2013) Control considerations, creditor monitoring, and the capital structure of family firms. J Bank Finance 37:257–272. https://doi.org/10.1016/j.jbankfin.2012.08.026

Schulze WS, Lubatkin MH, Dino RN (2003) Exploring the agency consequences of ownership dispersion among the directors of private family firms. AMJ 46:179–194. https://doi.org/10.2307/30040613

Sciascia S, Mazzola P, Chirico F (2013) Generational involvement in the top management team of family firms: exploring nonlinear effects on entrepreneurial orientation. Entrep Theory Pract 37:69–85. https://doi.org/10.1111/j.1540-6520.2012.00528.x

Setia-Atmaja L, Tanewski GA, Skully M (2009) The role of dividends, debt and board structure in the governance of family controlled firms. J Bus Financ Acc 36:863–898. https://doi.org/10.1111/j.1468-5957.2009.02151.x

Sharma P (2004) An overview of the field of family business studies: current status and directions for the future. Fam Bus Rev 17:1–36

Shleifer A, Vishny RW (1997) A Survey of corporate governance. J Financ 52:737–783

Shyu Y-W, Lee CI (2009) Excess control rights and debt maturity structure in family-controlled firms. Corp Gov 17:611–628. https://doi.org/10.1111/j.1467-8683.2009.00755.x

Song H, Wang L (2013) The impact of private and family firms’ relational strength on financing performance in clusters. Asia Pac J Manag 30:735–748. https://doi.org/10.1007/s10490-012-9316-6

Steijvers T, Niskanen M (2014) Tax aggressiveness in private family firms: an agency perspective. J Fam Bus Strat 5:347–357. https://doi.org/10.1016/j.jfbs.2014.06.001

Stockmans A, Lybaert N, Voordeckers W (2010) Socioemotional wealth and earnings management in private family firms. Fam Bus Rev 23:280–294. https://doi.org/10.1177/0894486510374457

Suess-Reyes J (2017) Understanding the transgenerational orientation of family businesses: the role of family governance and business family identity. J Bus Econ 87:749–777. https://doi.org/10.1007/s11573-016-0835-3

Temouri Y, Nardella G, Jones C, Brammer S (2021) Haven-Sent? Tax havens, corporate social irresponsibility and the dark side of family firm internationalization. Br J Manage. https://doi.org/10.1111/1467-8551.12559

Thesing J, Velte P (2021) Do fair value measurements affect accounting-based earnings quality? A literature review with a focus on corporate governance as moderator. J Bus Econ 91:965–1004. https://doi.org/10.1007/s11573-020-01025-6

Thiele FK, Wendt M (2017) Family firm identity and capital structure decisions. JFBM 7:221–239. https://doi.org/10.1108/JFBM-05-2017-0012

Tranfield D, Denyer D, Smart P (2003) Towards a methodology for developing evidence-informed management knowledge by means of systematic review. Brit J Manage 14:207–222

Tricker B (2015) Corporate governance: principles, policies and practices. Oxford University Press, Oxford

Umans I, Corten M (2022) Ownership succession intentions affecting earnings management in private family firms. Small Bus Econ. https://doi.org/10.1007/s11187-022-00696-5

Vandemaele S, Vancauteren M (2015) Nonfinancial goals, governance, and dividend payout in private family firms. J Small Bus Manage 53:166–182. https://doi.org/10.1111/jsbm.12063

Velte P, Weber S (2021) Sustainable corporate purpose and sustainable corporate governance: integrative theoretical framework and reform recommendations. ZfU 44:287–323

Villalonga B, Amit R (2006) How do family ownership, control and management affect firm value? J Financ Econ 80:385–417. https://doi.org/10.1016/j.jfineco.2004.12.005

Villalonga B, Amit R, Trujillo M-A, Guzmán A (2015) Governance of family firms. Annu Rev Financ Econ 7:635–654. https://doi.org/10.1146/annurev-financial-110613-034357

Wang D (2006) Founding family ownership and earnings quality. J Account Res 44:619–656. https://doi.org/10.1111/j.1475-679X.2006.00213.x

Wan-Hussin WN (2009) The impact of family-firm structure and board composition on corporate transparency: evidence based on segment disclosures in Malaysia. Int J Account 44:313–333. https://doi.org/10.1016/j.intacc.2009.09.003

Wiseman RM, Gomez-Mejia LR (1998) A behavioral agency model of managerial risk taking. Acad Manag Rev. https://doi.org/10.2307/259103

Wu Z, Chua JH, Chrisman JJ (2007) Effects of family ownership and management on small business equity financing. J Bus Ventur 22:875–895. https://doi.org/10.1016/j.jbusvent.2006.07.002

Yang M-L (2010) The impact of controlling families and family CEOs on earnings management. Fam Bus Rev 23:266–279. https://doi.org/10.1177/0894486510374231

Yen J-F, Lin C-Y, Chen Y-S, Huang Y-C (2015) Founding family firms and bank loan contracts. J Financ Serv Res 48:53–82. https://doi.org/10.1007/s10693-014-0199-1

Yilmazer T, Schrank H (2006) Financial intermingling in small family businesses. J Bus Ventur 21:726–751. https://doi.org/10.1016/j.jbusvent.2005.04.011

Yoshikawa T, Rasheed AA (2010) Family control and ownership monitoring in family-controlled firms in Japan. J Manage Stud 47:274–295. https://doi.org/10.1111/j.1467-6486.2009.00891.x

Yuan Y, Hunt RH (2009) Systematic reviews: the good, the bad, and the ugly. Am J Gastroenterol 104:1086–1092. https://doi.org/10.1038/ajg.2009.118

Zellweger T, Eddleston KA, Kellermanns FW (2010) Exploring the concept of familiness: introducing family firm identity. J Fam Bus Strat 1:54–63. https://doi.org/10.1016/j.jfbs.2009.12.003

Zellweger TM, Nason RS, Nordqvist M, Brush CG (2013) Why do family firms strive for nonfinancial goals? An Organizational identity perspective. Entrep Theory Pract 37:229–248. https://doi.org/10.1111/j.1540-6520.2011.00466.x