We explain why family‐centered noneconomic goals and bounded rationality decrease the willingness and ability of small‐ and medium‐sized family firms to hire and provide competitive compensation to nonfamily managers even in a labor market composed of stewards rather than agents....

This handbook is the definitive source of research on the differences among family firms. It provides a timely and thorough investigation of the variant strategies and behaviors undertaken by family firms today, taking a closer look at different configurations of family involvement and how they...

Nature of Family Business -- Governance in the Family Businesses -- Strategic Management in Family Businesses -- Innovation in Family Businesses -- Succession and Family Businesses Longevity -- Socioemotional Wealth in Family Businesses -- Human Resource Management in Family Business -- Conflict...