The existing body of literature on family business studies has expanded considerably. However, despite numerous literature reviews in past research, certain aspects, such as the evolving conceptual patterns in the field and the theories that guide it, remain unexplored. This article aims to uncover the conceptual patterns and theoretical foundations shaping the field, highlighting influential sources, institutions, countries, and authors within the realm of family businesses. The research utilizes bibliometric analyses and qualitative content analysis. Our findings determined that family business research produced its first theoretical studies between 1996 and 2004 (the first period), focusing on management, altruism, and agency issues during this period. During this period, agency theory dominated the field. In the period 2005–2013 (second period), we identified the following as emerging concepts in the field: diversification, entrepreneurship, family capital, family values, family involvement, relationship conflict, stewardship, succession, commitment, and psychological ownership. The dominant theories during this period were agency theory, resource-based theory, management theory, and institutional theory. In the third period, the prominent topics are the following: dynamic capabilities, stewardship, familiness, family dynamics, non-family employees, top management team, governance, trust, sustainability, corporate social responsibility, family management, family ownership, social capital, internationalization, corporate entrepreneurship, entrepreneurial orientation, family influence, knowledge sharing, board of directors, succession planning, succession process, emotions, gender, family control, and heterogeneity. In this period, in addition to the theories in the previous period, Socio-Emotional Wealth theory, social identity theory, social capital theory, stakeholder theory, and upper echelon theory are dominant in the field. The article concludes with recommendations for future research directions.
