Theory and application of effective governance in modern family philanthropy

Małgorzata Smulowitz

Chapter 14 in Advancing Corporate Governance Research, 2026, pp 280-304 from Edward Elgar Publishing

Abstract: Business families are diversifying their philanthropic efforts across multiple channels, reflecting their entrepreneurial approach. This shift, driven by intergenerational wealth transfer and the rise of family offices, requires effective governance and aligning philanthropic and business giving more cohesively. Modern family philanthropy reaches beyond traditional grantmaking and includes values-aligned investing, advocacy, and a thorough review of sustainability and corporate social responsibility of the entire family enterprise system. By adopting a collective impact approach and deploying resources more strategically, families drive meaningful societal and environmental change while achieving financial results. Partnerships further strengthen their impact, enabling them to tackle large-scale issues effectively. The positive spillovers from such an approach are demonstrated in families’ increased ability to learn together, develop the next generation of future owners, engage in philanthropy together, and preserve family cohesion. By implementing best-in-class governance practices, families can ensure their legacy endures across generations, benefiting society, family, and businesses.

Keywords: Family philanthropy; Governance; Impact; Cohesive giving; Family legacy; Responsible ownership (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035324958
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