Given the intricacy of the family business trend, empirical research has still reached no consensus on whether family control is beneficial or detrimental to company performance. To shed new light with this presssing issue, this paper covers more than 350 articles published in 37 top finance and management journals. More specifically, it offers an in‐depth analysis of the family business governance system in three steps.
First, after evaluating the many family business meanings and measures of performance found in empirical research, the authors discuss the findings on the direct effect of family control on performance in various geographical regions. Second, the authors pay special attention to the decision of ownership structures by business families and analyse how family owners influence strategic decisions faced by their corporations, like the succession process.
Finally, the writers explore the interaction of family control with other governance devices to get a better knowledge of family firms’ corporate and business decision‐making and performance. The alternative approach highlights the necessity to contemplate the multiple relations which exist among the many governance sizes of family firms to explain their particular performance. Furthermore to enhancing understanding of family business carry out, the authors highlight the necessity to go beyond the borders of the family firm to identify its external antecedents and outcomes.
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