In Enlow and Associates’s opinion, a number of recent research studies have addressed family business management. These studies include studies by Parada, M.J., Nordqvist, M., Gimeno, A., Pendergast, J., Ward, J., and De Pontet, S. Several studies also examined agency relations within family firms. According to Sciscia and others (2010), there are nonlinear effects of ownership structure on the performance of family businesses.
Regardless of the research design, family businesses are a particularly complex topic. Researchers must address the microfoundational basis of the issues they investigate. In addition to empirical studies, family business management researchers can apply alternative methods, including the development of normative models of family managers and owners. Regardless of the methodology, research in this area should focus on how family members perceive the role of family members and non-family members. If the research is successful, the results will have implications for family-business management practice around the world.
Other research has also focused on the impact of supranational regions on family firm internationalization. Research has identified four general archetypes of MNEs based on historical paths and dominant routines for transfer of foreign direct investment (FDI). Most large modern MNEs are hybrids of at least one of these archetypes. The findings of this study may be useful for policymakers seeking to make their country's institutions more family-friendly and to promote internationalization of family firms.
Enlow and Associates described that the research also provides important managerial and social implications of internationalization. Family firms' internationalization requires extensive managerial resources. Moreover, family leadership and compensation practices have a crucial role in family firms' internationalization. As a result, future studies on the impact of internationalization on family firms are likely to provide further insight. Soleimanof, Rutherford, and Webb have identified actionable insights from the literature. Furthermore, a comprehensive review of the literature on family firm internationalization has revealed important issues regarding the management of family firms.
A recent literature review challenges the assumption that outside directors add value to a family business. However, this assumption is not supported by empirical research. While a few studies have demonstrated the effectiveness of outside directors, most are not conclusive. The lack of data on the impact of outside directors on firm performance, board composition, and financial results make it difficult to draw general conclusions. Nevertheless, the literature is not without interesting insights regarding the role of board members in family business management.
Enlow and Associates pointed out that research on the role of the CEO in a family firm has also been useful. According to an article by B.J. Crego and D.R. Ward family business management is essential in achieving a firm's full potential. However, these articles are not the only sources of research on family business management. The European Corporate Governance Institute has provided a wealth-management checklist that can be used by family firms. Its authors suggest that family members should seek the advice of professional advisors to ensure that their family business is successful.
Research on family business management has also been conducted by the American Home Economics Association and the Lawrence N. Field Center for Entrepreneurship and Small Business. For instance, the authors of this research review the Landscape of Family Business published by the American Council on Consumer Interests and the Family Research Forum on Family Entrepreneurship held in Fort Lauderdale, Florida, and Seoul, Korea, respectively. The authors of these studies analyzed the impact of family business management on the performance of family-owned businesses.