Agency and stewardship theories are used to explore associations between ownership and management profiles and the performance and objectives of family firms. Using data from privately held family firms in the United Kingdom, a range of performance measures and objectives were examined. Multivariate regression analysis detected that closely held family firms did not report superior firm performance. The results show that the management rather than the ownership structure of a family firm was generally associated with selected firm‐performance indicators and nonfinancial company objectives. Although family CEOs were associated with lower propensity to export, presented evidence generally fails to suggest that private family firms should avoid employing family members in management roles.

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Issues relating to private family firm diversity and development are discussed with reference to established and emerging debates. Family firm assets and liabilities are highlighted. Key issues for family firms research and practice relating to family firm definition and family firm diversity are raised. Issues relating to context, culture and time are also discussed. Conceptual and empirical ‘types’ of family firms are illustrated. The contributions of ‘invisible’ members, women and couples in family firms are discussed. Various ownership forms relating to the perpetuation of family firms and business ownership transfer issues are highlighted. Articles in this special issue are then briefly summarized.