The Impact of Small - and Medium - Sized Family Firms on Economic Growth
نویسندگان
چکیده
Drawing on family business studies and the knowledge-based view of economic growth, we develop and test a model of how the prevalence of smalland medium-size enterprises (SMEs) under family control affects economic growth. Specifically, we propose there is an inverted Ushaped relationship between family SMEs’ proportional representation and economic growth owing to their relative strengths and limitations vis-a`-vis non-family SMEs. Using state-level data from the US between 2004 and 2010, we find support for our hypothesis and the underlying contention that economic growth is maximized when an economy includes a balanced mix of family and non-family SMEs.
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