8. Conclusion
Bayesian methods are well suited to account for the heterogeneity that exists among family firms (Westhead & Howorth, 2007) due to its applicability in small samples, its ability to address multicollinearity problems, and the possibility to test the sensitivity of the results of an empirical analysis with the specific definition of the firm that is utilised. Thus, Bayesian methods can help family firm researchers investigate alternative definitions and outcomes associated with family firms. For these and other reasons discussed above, we believe that the time has come to make far more use of Bayesian methods in family business research.
