Concilier finance et management dans les entreprises familiales

Gérard Hirigoyen

Revue française de gestion, 2009, vol. n° 198-199, issue 8, 393-411

Abstract: What makes family firms so specific is their ambivalence : one family, one firm. Both universes have needs, goals, life and beliefs of their own. Two competing universes : on one hand, the family where feelings rule and on the other hand, the firm, governed by rationality. The subtle coexistence of each leads to conflicts, some of them threatening the survival of the firm and, indeed generate agency costs that diminish its performance. The problem is to know how conciliation between finance and management is possible. This paper tries to demonstrate the proper answer depends on the way those companies are managed and, more widely the way they are governed.

Date: 2009
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