This article sketches the contours of an institution-based view of family ownership and control in large firms, with a focus on institutional roots, institutional relatedness, and institutional transitions. The institution-based view brings considerable continuity to family-firm research. It also offers significant novelty in helping resolve some puzzles. Specifically, it answers why the Berle and Means hypothesis on the “inevitability” of separation of ownership and control has not received support in many parts of the world. Finally, its broad scope enables us to integrate institution-based arguments with an important recent debate on the socioemotional wealth (SEW) priorities of family firms.
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