The Family in business
About: This article is published in Contemporary Sociology.The article was published on 1986-11-01. It has received 222 citations till now. The article focuses on the topics: Business networking.
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TL;DR: In this article, the authors provide an explanation for the contradictory evidence in the literature regarding the performance of family-owned firms and suggest that most of the research fails to clearly describe the family effect on organizational performance.
Abstract: The purpose of this article is to provide an explanation for the contradictory evidence in the literature regarding the performance of family-owned firms. The article suggests that most of the research fails to clearly describe the “family effect” on organizational performance. The “family effect,” based on agency theory and the resource-based view of the firm, is described and propositions are generated that examine the relationship between families and organizational performance. Implications for theory and research are also discussed.
903 citations
TL;DR: In this article, a review of the research to date on succession in the field of family business management is presented, highlighting five streams of research: succession as a process, role of the founder, perspective of the next generation, multiple levels of analysis, and characteristics of effective successions.
Abstract: This paper reviews the research to date on succession in the field of family business management. Five streams of research are highlighted: (1) succession as a process, (2) the role of the founder, (3) the perspective of the next generation, (4) multiple levels of analysis, and (5) characteristics of effective successions. Gaps in the literature and future research directions are also presented.
701 citations
TL;DR: In this paper, a model consisting of three sets of determinants of successful family business transitions was proposed consisting of the preparation level of the heirs, the nature of relationships among family members, and the types of planning and control activities engaged in by the family business.
631 citations
TL;DR: In this paper, an agency theory framework is used to test the effects of founding family control on firm performance, capital structure, and value, and the results show that the effect of controlling founding families on a firm's performance and capital structure is positively correlated with its value.
Abstract: An agency theory framework is used to test the effects of founding family control on firm performance, capital structure, and value. Both the finance and management literatures regarding the relati...
552 citations
Cites background from "The Family in business"
...(Rosenblatt et al. 1985; Kets de Vries 1993) and the time horizon (Kets de Vries 1993; Walsh and Seward 1990)....
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...…areas (Daily and Dollinger 1991), but the dynamics of family businesses are different than those of a public corporation because of the added dimensions of the family relationship (Rosenblatt et al. 1985; Kets de Vries 1993) and the time horizon (Kets de Vries 1993; Walsh and Seward 1990)....
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TL;DR: In this article, the authors identify strategies for families to utilize to increase the success of both their business and their family based on analysis of data in the 1997 National Family Business Survey (1997 NFBS).
540 citations