Review2003

Corporate Governance in Family Firms: A Literature Review

Torsten Michael Pieper · Boulevard de Constance

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Family Business Performance and Succession Corporate Finance and Governance Corporate Governance and Financial Management

Abstract

The governance discussion in the family business field has received much attention during the past years. The interest in the subject comes not only from the academic side; the topic figures also among the top priorities on the agenda of family business owners and their advisors alike. This paper reviews the current state of research on family business governance and its link to family business performanceThe review of the extant literature indicates that families bring an element of performance to the business, but that, nevertheless, this element of performance is not unconditional. It also appears that most of the so-called ‘best practice’ governance lacks empirical validation and that recommendations designed for an effective governance of large public firms should not be directly translated to the family business context. Herein lays an opportunity for academics to direct further research in this area and to explore these unanswered questions.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 2010Strategic management a stakeholder approach 1997A Survey of Corporate Governance 1999Corporate Ownership Around the World 1933The Modern Corporation and Private Property 2003Founding‐Family Ownership and Firm Performance: Evidence from the S&P 500 1998Agency Problems and Dividend Policies Around the World 1983Stockholders and Stakeholders: A New Perspective on Corporate Governance

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2008An exploratory study on a new corporate governance mechanism 2016Corporate governance in family businesses from Latin America, Spain and Portugal 2021Impact of effective governance structure on succession process in the family business: exploring the mediating role of management succession planning

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