Purpose

This study aims to review major themes and findings of research into financial management of family business and to suggest new directions for future research.

Design/methodology/approach

This is a perspective article beginning with literature review to summarize prior research and to identify main findings and issues. The paper then develops themes, questions and opportunities for future research.

Findings

This paper presents a summary of principal research streams in the financial management of family business. Prior research has found significant differences in financial performance, in financial policies and in ownership and governance structures and behavior. These research findings vary by industry, by country and by stage of economic development. While extensions of these streams will add additional richness to the author’s understanding of finance in family business, recent innovations in the role and organization of the firm and in access to key resources suggest promising new research paths. There are also important lessons from financial practices in family business that have broader applicability.

Originality/value

This is a perspective article suggesting that many financial and governance issues central to family business have broader applicability to nonfamily business. Substantial value can be added by applying these learnings to a broader corporate finance context. Innovations in financing, governance and organizational design are transforming financial management in family business. In addition, changes in markets and industries create new opportunities for financing family business and for new strategic opportunities.

中文翻译：

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财务管理与家族企业：观点文章

目的

本研究旨在回顾家族企业财务管理研究的主要主题和结果，并为未来的研究提出新的方向。

设计/方法论/途径

这是一篇透视文章，以文献综述开头，总结先前的研究并确定主要发现和问题。然后本文提出了未来研究的主题、问题和机会。

发现

本文总结了家族企业财务管理的主要研究方向。先前的研究发现财务绩效、财务政策以及所有权和治理结构及行为方面存在显着差异。这些研究结果因行业、国家和经济发展阶段而异。虽然这些流派的扩展将增加作者对家族企业财务的理解，但最近在公司的角色和组织以及获取关键资源方面的创新表明了有希望的新研究路径。家族企业财务实践中也有一些具有更广泛适用性的重要经验教训。

原创性/价值

这是一篇观点文章，表明对家族企业至关重要的许多财务和治理问题对非家族企业具有更广泛的适用性。通过将这些知识应用到更广泛的企业财务环境中，可以增加巨大的价值。融资、治理和组织设计方面的创新正在改变家族企业的财务管理。此外，市场和行业的变化为家族企业的融资和战略机遇创造了新的机会。