Purpose – This paper attempts to reconcile two opposing views of the strategies and conduct of closely held firms: that of entrepreneurship and that of family business. The former view suggests that these firms tend to be value maximizing organizations that pursue growth strategies and...

Family businesses (FBs) are said to treat their employees with unusual consideration to form a cohesive internal “community”. They are also claimed to develop deeper, more extensive “connections” or relationships with outside stakeholders. Both behaviors may increase the viability of a...