Financial Behavior of Family Businesses: A Bibliometric and Systematic Literature Review

Abstract

The aim of this paper is to identify some holistic insights and to assess the evolution of the “financial behavior of family businesses” as a field of research. Authors performed an objective, and comprehensive analysis using a bibliometric and systematic review. Thus, three major databases (Scopus, Web of Science, and EBSCO host) were queried and 256 retrieved publications were analyzed. Findings showed an increasing dynamic of the number of publications from 1990 to 2020. The text mining of retrieved publications enables a thematic analysis of the intellectual streams and key concepts underpinning financial policies within family businesses. From a managerial perspective, a review of literature on financial behavior can help raise awareness among family members, managers, and policymakers about family business’ peculiarities that make the financial decisions complex. Finally, this paper reveals trends but also some knowledge gaps to consider in future research about the study of financial decisions within the context of family businesses.