Family entrepreneurship around the world |
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| Institution: | 1. Worcester Polytechnic Institute, 100 Institute Rd, Worcester, MA 01609, United States of America;2. Broadwell College of Business and Economics, Fayetteville State University, Fayetteville, NC 28301., United States of America;1. Chongyang Institute for Financial Studies, Renmin University of China, 6th Floor, Culture Building, No.59 Zhongguancun Avenue, Haidian District, Beijing 100872, China;2. School of Finance, Renmin University of China, Room 812, Mingde Building, No. 59 Zhongguancun Avenue, Haidian District, Beijing 100872, China;1. Université de Montréal, Canada;2. HEC Montréal, Canada;1. Center for Quantitative Economics, Jilin University, Changchun, Jilin 130015, PR China;2. School of Business, Renmin University of China, Beijing, 100872, PR China;3. Faculty of Finance, City University of Macau, Macau SAR 999078, PR China;4. Faculty of Business Administration, University of Macau, Macau SAR 999078, PR China;1. School of Economics and Management, Southwest Jiaotong University, Chengdu, China;2. Service Science and Innovation Key Laboratory of Sichuan Province |
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| Abstract: | In many countries of the world, families participate in most activities of emerging and mature companies. For example, established business owners may co-own and/or co-manage their businesses with family members. The purpose of this study is to model entrepreneurial formation, innovation and growth, and the exit and continuity of businesses where family members participate in ownership, management, and labor. Based on a sample of over 28,000 businesses across 49 countries, I conclude the following. First, young family businesses tend to be sole proprietorships, domestically-oriented, focused on niche activities, and small. Second, international family businesses may be less innovative in products and markets than international non-family businesses. However, both types of businesses show a similar propensity to adopt new technologies. Third, a sequential model for business decisions shows that family involvement may accelerate future business creation and early start-up stages. However, family participation in ownership and labor may decrease the chances of transitioning from a nascent to a young business. Fourth, internationalization, future business prospects, and family involvement may make business operations more likely to continue after exiting. |
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