Title: The accounting performance of listed family firms vs. non-family firms: a systematic review of empirical studies

Authors: Noora Heino; Pasi Tuominen; Terhi Tuominen

Addresses: LUT, School of Business, Lappeenranta University of Technology, P.O. Box 20, FI-53851, Finland ' LUT, School of Business, Lappeenranta University of Technology, P.O. Box 20, FI-53851, Finland ' LUT, School of Business, Lappeenranta University of Technology, P.O. Box 20, FI-53851, Finland

Abstract: During the past couple of decades, scholars have identified a group of exchange-listed firms that seem to differ from others when it comes to performance: dominantly family-owned firms. However, the factors explaining performance differentials between family-dominated and other listed firms are still quite unclear. In this study, we conduct a systematic review of the empirical research on the accounting performance of listed family firms vs. non-family firms in order to map existing knowledge on the subject. Our review shows that many of the explanations given to performance differentials are assumptions, hypotheses and speculation, while in-depth understanding is lacking mainly due to methodological deficiencies. With this study, we provide new research gaps and avenues for further research in order to encourage more discussion on the topic.

Keywords: listed firm; public company; exhcange-listed company; listed company; firm performance; accounting performance; family firm; family business; ownership; management; systematic review.

DOI: 10.1504/IJEV.2019.098758

International Journal of Entrepreneurial Venturing, 2019 Vol.11 No.2, pp.103 - 141

Received: 12 Oct 2016
Accepted: 14 Sep 2017
Published online: 02 Apr 2019 *

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