The internationalization of family businesses became a prominent research field during the first quarter of the 21st century. Despite the considerable growth in publications, the field remains conceptually fragmented and presents empirical inconsistencies. This study reviews 380 articles published between 2001 and 2025 with the aim of clarifying the intellectual structure of the field and promoting theoretical integration. The analysis identifies four dominant research groups: (1) corporate governance, ownership, and succession; (2) strategic management and decision-making; (3) resources and capabilities; and (4) international networks. Based on this classification, we propose an integrative model called Multilevel Contingent Logic Framework. This model states that the configuration of the business-owning family determines the firm's strategic logic, oriented toward maintaining control or pursuing expansion. This logic influences the type of international network the firm uses to expand internationally. Ultimately, these decisions affect the outcomes of internationalization, which in turn provide feedback and reshape the family configuration.
This study investigates why some family firms adopt zero-leverage policies by examining heterogeneity in their goals and governance structures. While prior research has largely focused on differences between family and non-family firms, we highlight the substantial variation within the family firm population itself. Drawing on agency theory and the socioemotional wealth (SEW) perspective, we integrate both economic and behavioral explanations of financing behavior. Using survey-based measures of SEW importance (SEWi) combined with financial data from 248 Belgian private family firms, we provide the first direct test of SEW as a determinant of zero-leverage. Our results reveal that goal-based heterogeneity matters: certain SEW dimensions increase the probability of maintaining zero leverage, whereas others reduce it. Governance-related factors also play a role, as the presence of a non-family CEO and passive shareholders are positively associated with a zero-leverage stance. Moreover, by distinguishing between zero total debt and zero long-term debt, we capture differences in their respective drivers and interdependence. These findings show that financial conservatism in family firms cannot be explained solely by agency costs or classical finance theories. Instead, heterogeneity in family goals and governance provides a more nuanced understanding of zero-leverage adoption. The study contributes to research on capital structure, family firm heterogeneity, and behavioral finance, offering insights for both scholars and practitioners.
This study analyses the relationship between female leadership, specifically in the role of CEO (Chief Executive Officer), and customer satisfaction within the context of family businesses. It also examines the moderating role of the company's sustainability and innovation strategies. The study focuses on a sample of Ecuadorian micro, small, and medium-sized enterprises in a post-pandemic context, using a logistic regression model. The results show non-uniform effects that depend on the organizational context. Family businesses exhibit a lower customer orientation, which may be due to an intensification of the steward role following the pandemic. Similarly, the study finds that female CEOs drive higher levels of customer satisfaction in non-family businesses, supporting the idea of the distinct role of women in family businesses. In these companies, women appear to adopt the steward role more intensely than men, prioritizing the defense of internal interests over those of customers. The results also show how strategic orientations toward sustainability and innovation can enhance the effect of female leadership and the family nature of the business in certain contexts.
This study examines how Artificial Intelligence (AI) capability influences competitive performance in family firms through the mediating role of big data capability (BDC) and the moderating effect of family involvement in management. Drawing on survey data from 160 Tunisian family firms that adopted AI technologies between 2021 and 2025, the study employs covariance-based structural equation modeling with bootstrapping. The findings show that AI capability enhances competitive performance indirectly through the development of BDC. In addition, family involvement in management strengthens the positive relationship between AI capability and BDC, thereby amplifying the indirect effect to competitive performance. The results suggest that the performance benefits of AI are more likely to emerge when firms develop complementary data analytics capabilities and maintain strong family managerial involvement. By integrating insights from digital transformation and family business research, this study demonstrates that the business value of AI depends not only on technological capabilities but also on organizational and managerial complementarities that enable firms to transform digital investments into competitive advantage.
Family business continuity is often discussed through the lenses of governance structures, succession planning, or family commitment. However, experience shows that none of these dimensions alone is sufficient to explain why some business families successfully transition across generations while others struggle despite efforts. Drawing on observations from fourteen family business and years of professional practice in family governance and continuity processes, this article proposes the Governance-Involvement Matrix as a practical framework for understanding the interaction between family involvement and governance structures. The framework identifies four recurring configurations: the Emotional Control Trap, the Professionalized Disconnection, the Governance Vacuum, and Aligned Continuity. Each configuration reflects a different balance between family commitment and governance maturity, generating distinct risk and opportunity for continuity. The article argues that long-term continuity depends less on the strength of either dimension in isolation and more on their alignment over time. Building on this perspective, the Family Constitution is reinterpreted not as a rulebook, but as a strategic alignment mechanism that helps synchronize family aspirations, ownership intentions, and governance structures. The Governance-Involvement Matrix offers family business owners, advisors, and governance practitioners a simple diagnostic tool for understanding their current situation and identifying pathways toward sustainable continuity across generations.
