Abstract
This article builds on existing family business research conducted worldwide and embeds the research results in the Czech context to portray the Czech Republic as a critically important context for extending our knowledge on important family firms’ topics. In this article, we present a systematic review and integration of 69 articles published in peer-reviewed journals by Elsevier, Emerald, Wiley and others from 2015 to 2021 in order to answer two research questions: what is the role of innovation in SME family firms and what drives the innovation in family firms? Specifically, the content of the article discusses the new definition of family firm in the Czech Republic; the relationship between innovation and family firm growth; and some contextual factors that might affect the innovations in the Czech SME family firms: ability and willingness paradox, socioemotional wealth, and familiness. The insights of this review are used to develop suggestions for future research in setting the value of family firm where innovation can play an essential role as one of the core value drivers.
Highlights
It appears that the concept of family firms is of topical interest in the Czech Republic but worldwide
Our analysis of 69 journal publications on innovation in family firms shows that this topic has recently attracted the attention of respected scientific journals that focus on management and business, such as the Journal of Family Business Strategy (13 articles), the Family Business Review (8 articles), the Entrepreneurship Theory and Practice (6 articles), the Journal of Small Business Management (4 articles), the Academy of Management Journal, the California
Management Review, the Journal of Product Innovation Management, and the Strategic Management Journal (3 articles), the European Journal of Innovation Management, and the European Journal of Innovation Management (2 articles). 22 articles were published in various journal
Summary
It appears that the concept of family firms is of topical interest in the Czech Republic but worldwide. According to global research by the Family Firm Institute, family firms generate 70-90% of the world's GDP, provide employment to 60-80%, are more resilient to crises, are based on high responsibility for their surroundings, with investments in these firms remain in the regions and form the basis of their service (Family Firm Institute, 2018). Similar perspectives emanate within the European Union where family firms form the basis of different countries’ economy and are the cornerstone of responsible business ownership and long-term business investment. Most European family firms are Small and Medium-sized Enterprises (SMEs), but multinational corporations are not the exception. Contributions made from business firms are considered important for growth in areas such as competitiveness and employment
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