Family business has a long history and it is a common type of business in the world. As family is a brick and mortar in society, so family business is important to establish a stable economy. It is estimated that 90% of all businesses in the U.S.A. a...
Family business has a long history and it is a common type of business in the world. As family is a brick and mortar in society, so family business is important to establish a stable economy. It is estimated that 90% of all businesses in the U.S.A. are family businesses and they produce over 50% of GDP. Family business has ambivalent attributes of family and business. In U.S.A. a lot of research papers on family business have been published since 1988 and in Korea a lot of those research papers have been published since 1997 by some home economists and other academics. In this paper, a state of the art such as general characteristics and topics content analysis of family business research are reviewed. Research agenda such as basic database through survey on family business, comprehensive establishment of conceptual and theoretical studies, definition of family business, case study and interdisciplinary approach to family business are suggested.