Strategic Change in Family Firms: A Review From an Institutional Environment and Firm Size Perspective

Abstract

Using a framework that intersects strategic management and institutional economics, we show how differences in institutional environments and firm resources influence different types of strategic change (i.e., internationalization, innovation, and diversification) in family firms. We review 193 quantitative and qualitative articles to identify differences in strategic change and their performance consequences among family firms and between family and nonfamily firms. We conclude that institutional environments and firm resources impact not only the extent family firms engage in different types of strategic change but also their performance and long-term survival.