A Systematic Literature Review on Corporate Governance Practices and Performance Outcomes in Family Firms

This study provides a comprehensive analysis of the literature on corporate governance (CG) in family-owned firms, identifying trends, prominent authors, theories, methodologies and key research areas. Analyzing 1,098 papers, it reveals ‘corporate governance’ as a central focus, with a significant research gap at the intersection of family firms and corporate governance. Co-citation analysis uncovers four clusters: family ownership, agency problems, socio-emotional wealth (SEW) and governance disclosures. Text mining highlights family involvement and governance structures, while TCCM analysis emphasizes agency theory, stewardship theory and SEW. Key aspects such as ownership structure, board composition and firm performance are explored. The study utilizes both empirical and conceptual methodologies and recommends future research employing mixed methods and qualitative case studies. Theoretical implications call for expanding frameworks to address the unique governance challenges of family businesses. Practical implications provide insights for researchers and policymakers on the relationship between CG and family firm performance.