This meta-analysis of 142 studies from 36 countries examines how the institutional environment moderates the relationship between family involvement and firm performance. Specifically, we investigate performance differences between family and nonfamily firms while using property rights protection, institutional stability, and a country’s regime type as moderators. Our analysis shows that institutional stability serves as a decisive moderator of the relationship between family involvement and firm performance and that family firms outperform nonfamily firms in democracies and autocracies but not in anocracies. Based on these findings, we provide and discuss both practical recommendations for family firms and theoretical implications for institutional theory.

这项对来自 36 个国家的 142 项研究的荟萃分析检验了制度环境如何调节家庭参与和公司绩效之间的关系。具体而言，我们以产权保护、制度稳定性和国家政权类型作为调节因素，调查家族企业和非家族企业之间的绩效差异。我们的分析表明，制度稳定性是家族参与与企业绩效之间关系的决定性调节因素，而在民主和专制国家，家族企业的表现优于非家族企业，但在无政府国家则不然。基于这些发现，我们提供并讨论了对家族企业的实用建议和对制度理论的理论影响。