Family Constitution and Business Performance: Moderating Factors

R. Arteaga and Susana Menéndez-Requejo

MPRA Paper from University Library of Munich, Germany

Abstract: This study analyzes the relationship between implementing a Family Constitution (Protocol) and future family business performance. We analyze a unique sample of 530 Spanish family businesses. Half of these firms received financial aid from the government to implement a Family Protocol during 2003-2013. The analysis reveals that family businesses that implemented a Family Constitution had significantly improved performance within two years after the implementation. The positive relationship between the implementation of a Family Constitution and future firm performance is stronger for firms that had a non-family CEO, had multiple family owners or were controlled by later generations.

Keywords: Family Constitution; Family Protocol; performance; family firm heterogeneity; agency theory (search for similar items in EconPapers)
JEL-codes: G32 G34 L21 M10 (search for similar items in EconPapers)
Date: 2017-11
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Published in Family Business Review 30.4(2017): pp. 320-338

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:120028

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