The Role of Family Business in Emerging Markets: Systematic Literature Review and Future Research Directions

Abstract

Over the past two decades, scholarly interest in family firms has increased significantly. However, most research has focused on developed economies, leaving emerging markets underexplored despite family firms being the dominant organizational form in these regions. This study aims to improve the understanding of family businesses in emerging markets by examining their theoretical foundations and the evolution of research on them. We conducted a systematic review of 114 articles indexed in the Scopus database and performed a bibliometric analysis using VOSviewer. Our study offers an overview of publication trends, influential authors, countries studied, theoretical foundations, and key research themes. Additionally, we identified eight dominant research themes, emphasizing a focus on agency theory, institutional theory, and socioemotional wealth (SEW). We conclude by highlighting significant research gaps and suggesting future directions to enhance theoretical diversity and contextual understanding of family firms in emerging markets.