Theoretical and empirical differences between the interlocked boards of family and non-family firms

Rosa Caiazza, Phillip Phan and Michele Simoni

Journal of Family Business Strategy, 2023, vol. 14, issue 2

Abstract: Class hegemony and resource dependence are the traditional perspectives used to explain interlocking directorate formation in publicly listed corporations. A subset of these corporations, family firms, are different because their governance involves non-economic interests. There are few empirical validations of these perspectives for family firms. Through a 16 semi-annual period longitudinal comparison of non-financial family and non-family Italian firms, we show that the traditional perspectives partially explain board formation in family businesses while other considerations such as family ties provide a more complete picture. Over the same period, we find that family and non-family firm interlocks evolve differently, suggesting refinements on theories of board interlocks for family firms.

Keywords: Family business; Interlocking directorates; Affiliation; Industry-embeddedness; Corporate governance (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:fambus:v:14:y:2023:i:2:s1877858522000420

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DOI: 10.1016/j.jfbs.2022.100518

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