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<p>The study examines the risks associated with family firms. Given their special characteristics and potential vulnerabilities, family firms are likely to emphasize risk management as an important aspect. It also sets out the role of family members in vigorously participating in decision-making and fostering a culture of open dialogue and clarity in risk management. Unlike non-family firms, where managers have sole authority, family businesses exhibit a complex interplay between family ownership and managerial decision-making. This systematic review of risks in family firms focuses on ownership, socioemotional wealth, and governance. Family businesses are characterized by a complex interrelation between family participation and managerial decision-making, unlike non-family firms, thereby influencing risk attitudes. Based on 56 peer-reviewed articles that were published between 2014 and 2024, the paper uses the Theory-Context-Characteristics-Methodology (TCCM) framework to generalize the findings. The review is guided by three research questions: (1) How does the family involvement shape the risk-taking behavior as compared to non-family firms? (2) What are the attributes of risk aversion of family firms? (3) Which are the most common risks? The review identifies the following risks: entrepreneurial, financial, survival, strategic, and governance-related. It is observed that family firms are risk-averse and simultaneously selectively risk-taking, in line with long-term objectives. One of the contributions of the paper is that it has systematized the disrupted literature using the TCCM framework, identified deficiencies in theory and methodology, and suggested future research directions for risk in family businesses. This paper provides a comprehensive review of various risk measurement approaches, synthesizing key research on the risks faced by family businesses and their classifications. Subsequently, to provide a structured approach to organizing and synthesizing research findings, offering valuable insights for future studies.</p>

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Unravelling risk interdependencies in family firms: a systematic analysis using TCCM framework

  • 期刊论文

  • 发表日期：

    2026年3月12日

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  • K. H. Afza Kaleem,
  • N. Meena Rani,
  • M. V. Mahesh

摘要

The study examines the risks associated with family firms. Given their special characteristics and potential vulnerabilities, family firms are likely to emphasize risk management as an important aspect. It also sets out the role of family members in vigorously participating in decision-making and fostering a culture of open dialogue and clarity in risk management. Unlike non-family firms, where managers have sole authority, family businesses exhibit a complex interplay between family ownership and managerial decision-making. This systematic review of risks in family firms focuses on ownership, socioemotional wealth, and governance. Family businesses are characterized by a complex interrelation between family participation and managerial decision-making, unlike non-family firms, thereby influencing risk attitudes. Based on 56 peer-reviewed articles that were published between 2014 and 2024, the paper uses the Theory-Context-Characteristics-Methodology (TCCM) framework to generalize the findings. The review is guided by three research questions: (1) How does the family involvement shape the risk-taking behavior as compared to non-family firms? (2) What are the attributes of risk aversion of family firms? (3) Which are the most common risks? The review identifies the following risks: entrepreneurial, financial, survival, strategic, and governance-related. It is observed that family firms are risk-averse and simultaneously selectively risk-taking, in line with long-term objectives. One of the contributions of the paper is that it has systematized the disrupted literature using the TCCM framework, identified deficiencies in theory and methodology, and suggested future research directions for risk in family businesses. This paper provides a comprehensive review of various risk measurement approaches, synthesizing key research on the risks faced by family businesses and their classifications. Subsequently, to provide a structured approach to organizing and synthesizing research findings, offering valuable insights for future studies.