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Purpose – Risk aversion is an important characteristic associated with family firms. Despite growing literature in recent years, a consistent picture of what we know about the risk aversion of family firms has not evolved. Thus, this paper presents a systematic overview of whether family firms are found to be more risk averse than non‐family firms, the factors influencing the risk aversion of family firms and the outcomes of risk aversion.
Martin R. W. Hiebl (Fri,) studied this question.