Corporate Governance in Familienunternehmen

Abstract

This article focuses on different concepts in corporate governance and how they can support the theoretical development for non-family businesses. The discussion is based on three approaches: 1. Corporate governance as a systems framework that is internationally comparable, 2. Corporate governance as an organizational constellation and its influence on company performance and 3. Corporate governance as structures and processes in the organization. The first key point is that family businesses are a very heterogeneous group. Therefore, to have a highly efficient leading and monitoring structure, every company has to be analysed individually. Based on the description of Lane et al.'s corporate governance model, Klein extends this framework by focusing on different market capabilities and cultural influences on the family business. Since every business is uniquely influenced by its national environment, relating family business research in one cultural setting to that of another will be problematic. A second point refers to evidence showing that independent boards are less established in family businesses than in non-family businesses. Therefore, it is assumed that the performance of family businesses and non-family businesses differs. To describe the members involved, the model of man in both agency and stewardship theory is discussed. It is shown how both theories complement rather than contradict each other. The third point discusses the existence, tasks and compensation of the board of directors in family businesses compared to non-family businesses. Informal and formal monitoring in terms of family governance is considered and mentioned as a main aspect where family and non-family business differ.

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