Family businesses listed on the Johannesburg Stock Exchange: An introduction and research agenda

Abstract

Background: Despite the significant socio-economic contribution of family businesses (FBs) in South Africa, scant research has been conducted on listed FBs, mainly because of the lack of a comprehensive sample frame and appropriate research agenda.

Aim: To develop a sample frame of FBs listed on the Johannesburg Stock Exchange (JSE) over the period 01 January 2000 to 31 October 2024, and to offer scholars a research agenda using these businesses as research units.

Setting: South Africa.

Method: Secondary sources, such as academic journal articles, annual integrated reports and articles published in credible financial newspapers and magazines, were used to construct the sample frame and research agenda.

Results: Using family board membership as criterion, close to 80 FBs were identified. Many FBs delisted from the JSE over the research period. In most instances, second-generation family members represented the family’s interests in the boardroom. Most JSE-listed FBs operate or operated in the retail and real estate industries. Compliance with corporate governance codes seems to reduce family influence at board level. A review of the FB literature in South Africa shows there is significant scope for future research.

Conclusion: Avenues for future research centre on corporate governance and shareholder value creation, corporate social responsibility, transformative organisational change, culture and values, gender considerations and innovation. Scholars are encouraged to engage in collaborative research, employ mixed methodologies and draw on multiple theoretical bases to enhance the quality and scope of their research.

Contribution: This article provides the first comprehensive sample frame of South African JSE-listed FBs and an extensive agenda for future research.