Nonfinancial reporting in family firms: A systematic review and agenda for future research

Abstract

This paper offers a systematic review of the literature on nonfinancial reporting in family firms, which has substantially grown in recent years. We identified and analyzed 74 articles published between 2002 and 2023. The work contributes to the domains of nonfinancial reporting and family business by providing an integrative and critical overview of the literature and by identifying future research avenues. We conclude by offering practical implications for managers, consultants, and policymakers.

Family firm status and environmental disclosure: The moderating effect of board gender diversity

“…The family business literature benefits from this study in two ways. First, given the increasing demand for non-financial information in general, and ED in particular, this study extends the understanding of voluntary ED practices in family versus non-family firms (Brunelli et al, 2023;Miroshnychenko et al, 2022). Indeed, according to the agency and the RBV logic, family firms' specific behavior can affect their reporting practices differently.…”

Sustainability performance disclosure and family businesses: a perspective article

“…There is a pressing need to foster studies that implies practical implications and underscores the importance of translating academic insights into actionable guidance for family firm managers, consultants and policymakers, ultimately bridging the gap between research and practice in the context of CSR and non-financial reporting or sustainability disclosure overall (Brunelli et al, 2023). This latter evidence is further underlined by the number of family firms that are not large in size and may therefore find themselves lacking specific expertise on the subject (Hsueh, 2018).…”

“…The topic of sustainability is on the rise, both in terms of interest in defining its various facets and dimensions in the field of research and as a growing attempt to operationalize it from a social and managerial perspective (e.g. Aureli et al, 2020;Brunelli et al, 2023). Though there have been numerous attempts to bring together within a single perspective or framework(s) even very heterogeneous aspects with regard to the definition of what is sustainable-in terms of dimensions, themes, practices and individual targets-the relevance of these elements changed depending on too many circumstantial factors for the "one-fits-all solution" to be truly applied in various contexts (e.g.…”

“…Conversely, financial reporting seems to be no longer sufficient as a stand-alone communication (e.g. Brunelli et al, 2023;Canavati, 2018). An understanding of a company's economic sustainability certainly remains a central pivot in performance assessment and an object of attention by all categories of stakeholders, and the status of family firms does not reduce this tension (e.g.…”

“…Moreover, the need for a deeper understanding of the disclosure of external and internal dynamics of the family firms necessarily places the issue of sustainability as one of the most pressing from both a research and managerial perspective (Brunelli et al, 2023). In addition, research on sustainability disclosure in family businesses is still growing and discordant on conclusions, depending on the area of disclosure involved (e.g.…”