Review of differences between listed and unlisted family business research trends: a corporate governance context

Purpose: This review assesses state of knowledge by critically comparing empirical literature on relationships between corporate governance and performance with regards to listed and unlisted family business. Design/methodology/approach: The study applies a systematic review approach to assess 159 corporate governance and performance studies on family business published in peer-reviewed journals between 2000 and 2016. Findings: Results from the review demonstrate heterogeneity in definition of family business, limited study of indicators of ownership and board dimensions of corporate governance in unlisted family businesses and over concentration on financial measures by listed family business studies. Possible solution was offered for potential research gaps. Originality/value: This is the first review that comprehensively compares studies in listed and unlisted family business from the perspectives of corporate governance. Findings from this review may contribute to promoting research in corporate governance in the context of listed and unlisted family businesses.