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Entrepreneurial Risk Taking in Family Firms: The Wellspring of the Regenerative Capability

Research on entrepreneurial risk taking by family firms has grown rapidly over the past decade. In this article, I revisit my earlier study’s objectives and contributions and analyze the key changes that have taken place in the literature since its publication. My analyses highlight the ever-broadening definition of entrepreneurship and entrepreneurial risk taking by family firms and the explosive growth of research on their antecedents and consequences, increasingly adopting an international perspective. I offer suggestions to improve theory building and methodological choices while adopting a multilevel perspective that enables the recognition of microfoundations and temporal issues. This research can clarify the role of entrepreneurship as the source of family firms’ regenerative capability.