The Role of Family in Family Firms | Zendy

Marianne Bertrand | Zendy; Antoinette Schoar | Zendy

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The Role of Family in Family Firms

Author(s) -

Marianne Bertrand,

Antoinette Schoar

Publication year - 2006

Publication title -

the journal of economic perspectives

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 9.614

H-Index - 196

eISSN - 1944-7965

pISSN - 0895-3309

DOI - 10.1257/jep.20.2.73

Subject(s) - corporate governance , family business , business , control (management) , genealogy , economics , marketing , management , finance , history

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?

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