Governance in the Family Businesses

Veland Ramadani, Erick P. C. Chang, Ramo Palalić and Esra Memili
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Veland Ramadani: South East European University
Erick P. C. Chang: Arkansas State University
Ramo Palalić: Sultan Qaboos University
Esra Memili: University of North Carolina at Greensboro

Chapter 2 in Entrepreneurial Family Businesses, 2024, pp 35-56 from Springer

Abstract: Abstract This chapter provides an overview of the family governance, variant governance configurations among family firms, and family governance tools and mechanisms that facilitate the family influence and control in the business. Family firms display unique governance characteristics due to family’s involvement in the business through ownership, management and/or board, and intra-family succession intentions coupled with the family business leaders’ substantial discretion in decision-making. In terms of governance, family firms are different from not only non-family firms but also other family firms depending on the level and nature of family involvement as well as the governance tools and mechanisms utilized.

Keywords: Agency theory; Family governance; Family involvement; Family ownership; Family management; Family board membership; Intra-family succession; Privately held family firm; Publicly traded family firm; Family council; Family assembly; Family charter; Family constitution (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-3-031-59261-4_2

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DOI: 10.1007/978-3-031-59261-4_2

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