Abstract
We provide an institution-based theory explaining the substantial performance differences of publicly-listed family firms (PFFs) across emerging economies. We test this theory through a meta-analytic study, drawing on a dataset of 1,401 effect sizes harvested from 177 primary studies nested in 49 emerging economies. Our observation window spans the crucial period between 1973 and 2011, in which many emerging markets underwent rapid institutional changes. While our results show a small but significantly positive overall association between family control and firm performance in emerging market contexts, the cross- country variability in this relationship is very substantial. In order to explain this variability, we introduce a new typology for partitioning institutional effects, based on juxtaposing two salient dimensions of institutional development: formal versus informal, and constraining versus enabling institutions. This typology serves as the conceptual framework for our institution-based theory, whi...
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