Does family business excel in firm performance? An institution-based view

Weiping Liu, Haibin Yang, Guangxi Zhang

Research output: Journal PublicationArticlepeer-review

89 Citations (Scopus)


We offer an institution-based view to the classic inquiry on the relationship between family business and firm performance, which has been dominated by traditional theories such as agency theory and the resource-based view. Specifically, we argue that institutions define family business characteristics such as ownership concentration and family management, and also affect the performance of family business. Our research contributes to a reconciliation of prior inconsistent findings and calls further attention to the embedded nature of family business in institutions.

Original languageEnglish
Pages (from-to)965-987
Number of pages23
JournalAsia Pacific Journal of Management
Issue number4
Publication statusPublished - Dec 2012
Externally publishedYes


  • Family business
  • Governance characteristics
  • Institution-based view
  • Institutions

ASJC Scopus subject areas

  • Business and International Management
  • Economics, Econometrics and Finance (miscellaneous)
  • Strategy and Management


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