Family Firms, Entrepreneurship, and Economic Development

it is widely acknowledged that family-owned and managed firms are an economic phenomenon with individual firms often persisting for decades, if not centuries. These firms are found across all industrial sectors from technology to hospitality. They exist in all nations and are increasingly seen as critical to new venture creation. However, despite the widespread existence of such firms, family business has only been researched for the last two decades. Much remains to be learned about family owned and managed firms and their impacts on local and national economies.