Family firms unveiled: Navigating their distinctive investment and financing decisions

Abstract

Investment and financing decisions are especially important in a family firm context, as family and business dynamics interact to produce unique behaviors that may affect these decisions. However, research on how the family nature of these firms shapes their investment and financing preferences is still lacking. To help fill this gap, this study aims to provide a robust picture of the literature to identify key questions that can help guide future research. Using a systematic approach based on bibliometrics and network analysis of 891 papers published in the Web of Science database between 1992 and 2023, we show the evolution of research in terms of publications and identify the most active and influential articles, authors, and journals. Using bibliographic coupling analysis, the paper reveals the thematic structure and trends of the research. This study provides valuable insights into the future by identifying knowledge gaps and offering guidance to both researchers and practitioners seeking to understand the specific needs and challenges faced by family firms in their investment and financing endeavors.