A Survey On Family Firms

Existing literature on family firms focuses on empirical research and data analysis to study and compare family firms. It elaborates on the disparency between family firms and non-family firms regarding firm performance, and influencing factors. differences in governance structure, etc. This paper systematically reviews the research on family businesses by means of literature review, and finds that 1. Compared with non-family businesses, family businesses face more complex governance structure problems and greater innovation challenges, and their performance is affected by more factors; 2. In the face of the above development problems, the “de-familialization” of family enterprises in governance structure, balancing the contradiction between enterprise inheritance and succession and enterprise performance, and attracting more state-owned equity participation can help family enterprises complete digital transformation and enterprise innovation and development. Future research on family-owned enterprises should focus more on how to improve corporate performance in the process of digital transformation and innovation, how to improve corporate governance in the context of enterprise internationalization, and measures to solve the problem of second-generation succession in the process of development.