Cross-country research finds mixed performance effects of family involvement in management (FIM) but consistently positive performance effects of family involvement in ownership (FIO). We argue that cross-country differences in institutional trust and trust in family can help explain this discrepancy. We reason that trust in family normalizes family managers’ use of firm resources to satisfy family needs. In contrast, institutional trust orientates family managers’ attention toward improving firm performance. A meta-analysis supports our theory: greater trust in family increases and greater institutional trust reduces the gap between FIM and FIO's performance effects across countries.

跨国研究发现，家族参与管理（FIM）的绩效表现参差不齐，但家族参与所有权（FIO）的绩效表现却始终如一。我们认为，机构信任和家庭信任的跨国差异可以帮助解释这种差异。我们认为，对家庭的信任使家庭管理者对公司资源的使用正常化，以满足家庭需求。相反，机构信任使家族管理者的注意力集中在改善公司绩效上。荟萃分析支持我们的理论：对家庭增加的信任增加，对机构的信任增加，减小了FIM与FIO在各国之间的绩效影响之间的差距。