The Role of Family in Family Firms
- (pp. 73-96)
AbstractHistory 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?
CitationBertrand, Marianne, and Antoinette Schoar. 2006. "The Role of Family in Family Firms." Journal of Economic Perspectives, 20 (2): 73-96. DOI: 10.1257/jep.20.2.73
- D23 Organizational Behavior; Transaction Costs; Property Rights
- J12 Marriage; Marital Dissolution; Family Structure; Domestic Abuse
- L21 Business Objectives of the Firm
- Z13 Economic Sociology; Economic Anthropology; Social and Economic Stratification