Abstract
ABSTRACTResearch Question/IssueDespite the growing interest in family firms (FFs) and their boards of directors (boards), the empirical research remains fragmented, which makes a comprehensive understanding challenging. This review aims to unify the research landscape and to provide a framework for future studies to better understand boards in FFs.Research Findings/InsightsOur analysis of 99 papers published between 2001 and 2023 shows that the literature on boards in FFs relies heavily on input–output models that use archival data. Although traditional perspectives remain dominant, new ideas are gaining traction by recognizing the importance of family ownership, exploring alternative or complementary theoretical lenses, uncovering board processes, and using advanced analytical methods.Theoretical/Academic ImplicationsWe propose five research directions: (1) Investigate how family dimensions shape FF boards and their impact on firm outcomes; (2) examine the impact of board characteristics on board decision‐making and effectiveness in FFs; (3) analyze the specific mechanisms through which board processes in FFs influence firm outcomes; (4) expand the research geographically and explore the influence of temporal and institutional contexts on FF boards; and (5) employ a wider range of research methods to study FF boards.Practitioner/Policy ImplicationsOur results indicate that research on boards in FFs is evolving and broadening, most notably, through the integration of classical theories borrowed from the general management field (e.g., agency, stewardship, and resource dependence theories) with more specific theories (e.g., socioemotional wealth theory) and themes related to corporate social responsibility.
Published Version
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