Reframing Family Business Research around Ownership: Competence, Relationships, and Purpose
Submission deadline: 15 February 2026
Ownership is a foundational yet often overlooked dimension in business research. Traditionally studied through governance and financial control perspectives, ownership encompasses competence, relationships, and long-term purpose, shaping strategic decisions and stakeholder interactions. Understanding ownership as a dynamic, relational construct is critical for family firms and broader discussions on organizational resilience, responsible leadership, and sustainable value creation.Family businesses offer a rich and distinctive context to examine ownership, as they must balance financial imperatives, relational commitments, and long-term continuity in ways that differ from widely held firms. Studying ownership in family businesses provides broader insights into how organizations, regardless of ownership type, navigate challenges such as succession, governance complexity, stakeholder trust, and purpose-driven leadership.
Guest editors:
Massimo Baù, Jönköping University, Jönköping, Sweden
Josip Kotlar, Polytechnic of Milan School of Management, Milan, Italy
Josh Wei-Jun Hsueh, Jönköping University, Jönköping, Sweden
Emanuela Rondi, Polytechnic of Milan School of Management, Milan, Italy
Special issue information:
Ownership is a fundamental dimension that uniquely defines family businesses (Brundin et al., 2014; Connelly et al., 2010). Unlike other business structures where ownership is widely dispersed or formed through coalitions of institutional and industrial investors pushing more towards profit as a pure goal, family businesses are generally characterized by a distinct ownership logic that integrates personal values, traditions, and long-term commitments. Specifically, dispersed ownership structures tend to emphasize profit-driven goals due to market orientation and the need to establish common ground among diverse shareholders with potentially conflicting interests (Durand, 2023; Gedajlovic & Carney, 2012). In contrast, family businesses embed ownership not just as a financial asset but as a relational and purpose-driven construct. This involves the relationship among the owning family and their interactions with various stakeholders—including employees, customers, suppliers, and the local community (e.g., Aguilera, 2023). These close connections between family and nonfamily stakeholders create an organizational environment where ownership fosters nonprofit-driven goals, such as preserving the family legacy, ensuring employee welfare, building lasting customer relationships, fostering loyal supplier partnerships, and contributing to community development, alongside financial sustainability.
This purposeful approach to ownership stands in stark contrast to the impersonal nature of technostructural algorithmic governance in decision-making that is increasingly prevalent in many market-driven contemporary business environments (Lindebaum, Vesa, & Den Hond, 2020). While algorithms and data-driven strategies offer efficiency and scalability, they largely lack the ownership identity and relational depth that are embedded in family businesses. The purpose of family businesses depends on the people and relationships behind the organization (DesJardine et al., 2023). For instance, families exercise ownership rights and leverage their competence to bring shared values, traditions, and long-term commitments to the business (e.g., Foss et al., 2021; Schulze & Zellweger, 2021). These values often include a sense of responsibility towards preserving the family legacy, maintaining the family’s reputation, and ensuring the business remains a source of pride for future generations. Furthermore, family businesses often develop solid and long-lasting relationships with nonfamily internal and external stakeholders grounded in trust and mutual respect. For instance, employees are treated as extended family, customer relationships are built on long-term satisfaction rather than short-term profits, and suppliers are seen as partners in success (e.g., Cennamo et al., 2012). The local community benefits from the family business’s commitment to social responsibility and community development. These relationships foster a sense of loyalty and shared purpose (e.g., Suddaby et al., 2023). Decision-making in this context is relational (e.g., Ben-Shahar et al., 2023), considering the impact on ownership stability, family dynamics, and stakeholders’ well-being.
Although Artificial Intelligence and algorithms may improve decision-making efficiency and maximize short-term profits, they often overlook the long-term impacts on relationships and community well-being. This is because they lack the ability to understand the contexts that human relationships and values bring to business decisions. Ownership with purpose in family businesses extends beyond decision-making—it reflects a long-term commitment to personal and ethical accountability. Family members take responsibility for the outcomes of their choices and often tie them to ethical ideals (Le Breton-Miller & Miller, 2020). This accountability is deeply rooted in their personal and family identity, unlike algorithmic decisions that can diffuse responsibility, making it challenging to assign accountability for adverse outcomes.
Thus, ownership in family businesses is not only about control and financial interest but about meaning, relationships, and enduring commitment. This human-centric approach ensures that business decisions are aligned with the values, missions, and long-term goals of the family, fostering a sense of purpose that transcends mere profitability (e.g., George et al., 2021).
We invite scholars to explore the unique role that family firms play in fostering purposeful ownership that involves and prioritizes people and relationships over impersonal algorithmic decision-making. Research on how the interplay of family and business dynamics drives purposeful ownership and the implications of such endeavors is particularly encouraged.
We welcome methodological diversity, including qualitative, quantitative, and mixed-methods empirical research. Conceptual, theoretical, and critical perspectives are also encouraged if they offer a deeper understanding of how ownership, as a relational and competence-based construct, drives business outcomes, societal impact, and firm sustainability.
The relevant research questions of interest include, but are not limited to:
1. Purposeful Ownership and Value Creation
- How do family businesses use ownership to align business strategy with long-term relational and societal goals?
- How does purposeful ownership contribute to value creation beyond financial performance, particularly in sustaining family legacy and stakeholder well-being?
- What capabilities enable family businesses to effectively exercise ownership in ways that balance financial, relational, and ethical considerations?
2. Ownership Competence and Decision-Making
- How do family businesses develop and apply ownership competences to navigate uncertainty and ensure long-term sustainability?
- How does ownership competence influence decision-making in family firms, particularly in balancing family control, professional management, and stakeholder relationships?
- What factors enhance or weaken ownership competence in family businesses, and how do these affect firm resilience and adaptability?
3. Family Dynamics and Ownership Relationships
- How do personal relationships within the owning family shape ownership decisions and governance structures?
- What role does trust play in sustaining ownership across generations and fostering commitment among nonfamily stakeholders?
- How do family businesses resolve conflicts related to ownership, particularly when family members have differing views on the firm’s purpose and future direction?
4. Employee and Stakeholder Engagement
- How do family businesses translate ownership purpose into meaningful engagement with nonfamily employees?
- In what ways do relational governance and ownership values shape relationships with suppliers, customers, and external stakeholders?
- How does ownership influence nonfamily employees’ sense of belonging, motivation, and long-term commitment?
5. The Changing Landscape of Ownership Decision-Making
- How do family businesses navigate tensions between relational, purpose-driven ownership and algorithmic, efficiency-driven decision-making?
- What are the risks and benefits of integrating data-driven strategies within ownership structures that prioritize human relationships?
- How do family firms ensure accountability in decision-making while balancing human intuition and technological advancements?
Manuscript submission information:
Submissions Open: 12 January 2026
Submission Deadline: 15 February 2026
If you'd like to submit to this special issue, you can do it through journal's online submission system.
Please make sure you select the Article Type 'VSI: Reframing Family Business Research’ when submitting your paper.
All submissions will go through the JBR regular double-blind review process and follow the standard norms and processes.
References:
Aguilera, R. V. (2023). Corporate purpose in comparative perspective: The role of governance. Strategy Science, 8(2), 193-201.
Ben-Shahar, D., Carmeli, A., Sulganik, E., & Weiss, D. (2023). Power and dominant coalitions in family business. Academy of Management Review, 48(3), 530-555.
Brundin, E., Samuelsson, E. F., & Melin, L. (2014). Family ownership logic: Framing the core characteristics of family businesses. Journal of Management & Organization, 20(1), 6-37.
Cennamo, C., Berrone, P., Cruz, C., & Gomez–Mejia, L. R. (2012). Socioemotional wealth and proactive stakeholder engagement: Why family–controlled firms care more about their stakeholders. Entrepreneurship Theory and Practice, 36(6), 1153-1173.
Connelly, B. L., Tihanyi, L., Certo, S. T., & Hitt, M. A. (2010). Marching to the beat of different drummers: The influence of institutional owners on competitive actions. Academy of Management Journal, 53(4), 723-742.
DesJardine, M. R., Zhang, M., & Shi, W. (2023). How shareholders impact stakeholder interests: A review and map for future research. Journal of Management, 49(1), 400-429.
Durand, R. (2023). From the boardroom: Making purpose research relevant for practice. Strategy Science, 8(2), 149-158.
Foss, N. J., Klein, P. G., Lien, L. B., Zellweger, T., & Zenger, T. (2021). Ownership competence. Strategic Management Journal, 42(2), 302-328.
Gedajlovic, E., Carney, M., Chrisman, J. J., & Kellermanns, F. W. (2012). The adolescence of family firm research: Taking stock and planning for the future. Journal of Management, 38(4), 1010-1037.
George, G., Haas, M. R., McGahan, A. M., Schillebeeckx, S. J., & Tracey, P. (2023). Purpose in the for-profit firm: A review and framework for management research. Journal of Management, 49(6), 1841-1869.
Le Breton-Miller, I., & Miller, D. (2020). Ideals-based accountability and reputation in select family firms. Journal of Business Ethics, 163(2), 183-196.
Lindebaum, D., Vesa, M., & Den Hond, F. (2020). Insights from “the machine stops” to better understand rational assumptions in algorithmic decision making and its implications for organizations. Academy of Management Review, 45(1), 247-263.
Schulze, W., & Zellweger, T. (2021). Property rights, owner-management, and value creation. Academy of Management Review, 46(3), 489-511.
Suddaby, R., Manelli, L., & Fan, Z. (2023). Corporate purpose: A social judgement perspective. Strategy Science, 8(2), 202-211.