Understanding the multiple facets of risk in family firms: A review of the literature and a framework for future research

•A comprehensive understanding of the risk in family firm literature is needed.•Quantitative bibliometric and qualitative analyses are conducted.•Factors of heterogeneity within risk in family firms’ studies are identified.•A framework systematizing the literature is offered.•Future research directions on risk in family firms are provided. The literature on risk in family firms has grown rapidly in recent decades, and an analysis of its evolution and current state is therefore both timely and useful. Accordingly, we review 291 articles published between 1992 and 2022 and combine bibliometric and qualitative analyses to map and make sense of the field. In particular, we systematize the growing literature on risk in family firms by identifying its conceptual structure, theoretical roots, and thematic areas. In addition, we derive factors of heterogeneity − perspective of analysis, aspects of risk, role of the family − within risk in family firms’ studies. In doing so, we take stock of the literature, shed light on the multiple facets of risk, develop an interpretative framework of current knowledge, and offer a guide to advance this flourishing research field.