The Role of Family in Family Firms

History is replete with examples of spectacular ascents of family businesses. Yet there are also numerous accounts of family businesses brought down by bitter feuds among family members, disappointed expectations between generations, and tragic sagas of later generations unable to manage their wealt...

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Bibliographic Details
Published in:The Journal of economic perspectives 2006-04, Vol.20 (2), p.73-96
Main Authors: Bertrand, Marianne, Schoar, Antoinette
Format: Article
Language:English
Subjects:
Business economics
Business structures
Children
Correlations
Economic conditions
Economic development
Economic impact
Empirical tests
Entrepreneurs
Families & family life
Family firms
Family owned businesses
Family structure
Family values
Gross domestic product
Investors
Large enterprises
Self employment
Small and medium sized enterprises
Sons
Studies
Symposium: Cultural Economics
Trust
Values
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Summary:History is replete with examples of spectacular ascents of family businesses. Yet there are also numerous accounts of family businesses brought down by bitter feuds among family members, disappointed expectations between generations, and tragic sagas of later generations unable to manage their wealth. A large fraction of businesses throughout the world are organized around families. Why are family firms so prevalent? What are the implications of family control for the governance, financing and overall performance of these businesses?
ISSN:0895-3309
1944-7965
DOI:10.1257/jep.20.2.73