Family Business: A Global Perspective from the Panel Study of Entrepreneurial Dynamics and the Global Entrepreneurship Monitor

Abstract

This chapter directly examines the relevant literature for addressing several ­fundamental issues associated with family business and entrepreneurship. While a substantive literature has evolved over time with regard to family business management and succession issues, relatively less is understood about the vital role of family business in nascent entrepreneurial activity. Without question, family business enjoys a long and critical role in the global ascendency of the industrial age (Bird et al. 2002). Relatively little is understood, however, about underlying critical issues associated with family influence in nascent entrepreneurial activity. For example, family business research has long been focused on the many succession issues associated with the founding or subsequent generations of family members with respect to ownership and management (Dyer and Handler 1994). Only recently, have we begun to shift our attention to the more salient issues surrounding the venture creation process. For example, Chang et al. (2009) use a resource-based view examine social capital and network theories that influence the venture creation process.