“…More than 80% of businesses worldwide are family-owned (Baltazar et al, 2023;Kayid et al, 2022), including retail stores, small and medium-sized enterprises, and multinational corporations like BMW, Ford, Walmart, Samsung, Toyota, Wal-Mart Stores, and Hyundai. Despite their historical importance (Browne et al, 2020;Spielmann et al, 2021) and global economic contribution (Jiang et al, 2020), family firms are defined differently across countries by cultural norms, historical trends, economic conditions, and sociological variables (Gwenzi, 2020;Rovelli et al, 2022;).…”