Bivalent Attributes of the Family Firm

Although family-owned and managed firms are the predominant form of business organization in the world today, little systematic research exists on these companies. This paper builds upon insights found in the emerging lit-erature on these enterprises and upon our own observations to provide a con-ceptual framework to better understand these complex organizations. We introduce the concept of the Bivalent Attributes—a unique, inherent feature of an organization that is the source of both advantages and disadvantages— to explain the dynamics of the family firm