“…A number of studies have concluded that family and nonfamily businesses differ in terms of goals (Lee & Rogoff, 1996), ethics (Adams, Taschian, & Shore, 1996), size and financial structure (McConaughy & Phillips, 1999;Romano, Tanewski, & Smyrnios, 2000;Westhead & Cowling, 1998), international structures and strategies (Tsang, 2002;Zahra, 2003), and corporate governance (Randøy & Goel, 2003). On the other hand, studies have also found little or no difference between family and nonfamily firms on dimensions such as sources of debt financing (Coleman & Carsky, 1999), strategic orientation (Gudmunson, Hartman, & Tower, 1999), management and governance characteristics (Westhead, Cowling, & Howorth, 2001), problems and assistance needs (Welsch, Gerald, & Hoy, 1995), and risk (Gallo, Tapies, & Cappuyns, 2004). From the strategic management point of view, these differences in strategy, structure, and goals must ultimately affect performance to be cogent; from this point of view, it is important to establish differences in performance first.…”