Source: Adobe Stock
article-article-body
Close your eyes and imagine a world where the most innovative companies aren’t big tech giants but family-run businesses. Now open your eyes, because you don’t have to imagine it: it’s reality.
That’s what our team of business experts found in a recent global analysis of research into family-owned and family-run firms.
When we reviewed 193 studies published from 1996 through 2022 about the strategies, including innovation, that these businesses pursue, we saw that smaller family companies lead the charge in innovation – with a caveat.
Specifically, we found that small and medium-sized family companies in legal environments with strong property rights are the most innovative in the world.
ABOUT THE AUTHORS
Vitaliy Skorodziyevskiy is an assistant professor of management and entrepreneurship at the University of Louisville.
Chelsea Sherlock is an assistant professor of management at the Mississippi State University.
Clay Dibrell is a professor of management and entrepreneurship at The University of Mississippi.
Emma Su is an assistant professor of management at the University of Dayton.
Jim Chrisman is a professor of management at Mississippi State University.
Handpicked for you
Indigenous businesses generate billions in revenue. Here’s how to ensure the sector stays thriving
When discussing the creativity and ingenuity of Indigenous people, we often talk about our deadly artists, sportspeople and Elders. But more and more, Indigenous business leaders are finding themselves in the spotlight.
FarmHER Hands: Meet the two women bringing fashionable sun protection to the farm, one pair of gloves at a time
Fifth-generation farmers Angie Nisbet and Shona Larkin couldn’t find fashionable farm gloves. So they decided to make their own, from their properties in north West Queensland.
COMMENTS
SmartCompany is committed to hosting lively discussions. Help us keep the conversation useful, interesting and welcoming. We aim to publish comments quickly in the interest of promoting robust conversation, but we’re a small team and we deploy filters to protect against legal risk. Occasionally your comment may be held up while it is being reviewed, but we’re working as fast as we can to keep the conversation rolling.
The SmartCompany comment section is members-only content. Please subscribe to leave a comment.
The SmartCompany comment section is members-only content. Please login to leave a comment.