Introduction

Family firms are of particular significance for the global economy (IFERA, 2003; Anderson & Reeb, 2003; Morck & Yeung, 2003; Astrachan & Shanker, 2003; Klein, 2000). Prior research acknowledges that family firms are considerably different from non-family firms and the source of distinction clearly is the "family" (Sharma, 2004). Although family firms are a heterogeneous group with varying degrees of family influence, differences in size, industry and geography (Chua, Chrisman, Steier et al., 2012; Chrisman, Chua, Pearson et al., 2012; Tsang, 2002), they all face the same challenge sooner or later—to ensure succession, and the survival of the firm as a family-owned entity (Cabrera-Suárez, de Sa"-Pérez, & García-Almeida, 2001).