Governance and Ownership in Family Firms: Implications for Performance and Value Creation

This title of the special issue reflects the centrality of the underlying topics for the duty of family firms Just as the Increasing interest of governance scholars in family businesses. Ownership and governance In family firms have attracted broad scholarly attention as critical determinants of family Involvement with the potential to influence firms' goal setting, strategic activities, and finally performance.

Researchers have applied an ample set of theoretical perspectives - including agency theory, stewardship theory, and resource based view, to mention only a few - to investigate the different types of governance, related formalized and non-formalized governance exchanges, and their implications on a variety of stakeholders - family, outside (minority) Investors, community, society/ nation as a whole. Related to this topic, value creation ? Including the achievement of short and long-term financial and nonofficial goals - has long been a core theme in family business literature.

In addition, some voices have questioned whether a predominance of family ownership destroys value at a macro level, by creating incentives to pervert the political process and creating entry barriers to entrepreneurship by first generation entrepreneurs. To-date, despite the relevance of these core family business topics, many of the critical antecedents, precise mechanisms and key Implications of family governance and ownership, still remain ambiguous. E thus encourage scholars to apply theoretical rigor, systematic research designs, and a wide variety of methodological approaches in order to shed further light on these central family business research areas. Topics of potential contributions to the special issue of JOBS include but are not limited to: Ownership How do different academic disciplines help us understand the dimensions and dynamics of ownership in family firms? Why are minority stockholders invest/not invest in family dominated firms? What Is the relationship between formal and psychological aspects of ownership?

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What are the relationships among psychological ownership, acclamation's wealth, family members in the ownership structure of the firm? How do various combinations of family owners (e. G. Operating versus non-operating) impact strategic decisions and performance? How does the institutional environment affect the prevalence of family firm as an ownership form in different countries? Governance What differences are there in governance across firms in which the dominant owner is a bank, a family, a foundation, an individual, an insurance company or a state? How can theory on family firm governance benefit from integrating new theoretical perspectives? What are the social-psychological factors and/or dynamics that explain deviances in family firm governance, and what effects these may have on value delivered to various stakeholders? What are the roles of official vs.. Unofficial structures and systems in family firm governance? What is the legislation between family related factors/dynamics and governance mechanisms and structures in family firms? Do the family governance mechanisms and structures influence or carry over to the firm governance? What is the relationship between governance mechanisms and resource acquisition in family firms? What is the role of institutional forces in shaping family firm governance? How do institutional forces influence the diffusion of governance practices in family firms, or between family and non family firms? Value Creation and Value Destruction How is success defined in and by family firms?

Could family firms create value for certain stakeholders at the expense of destroying value for other takeovers? How does value creation/destruction occur within the family system? What is the balance of sustainability between both the family and the firm and how it this balance achieved overtime? Can one support the notion that often it is the family the underlying theoretical rationale(s) to explain failure of or exit from family firms? And will begin their respective double-blind review process immediately after submission.

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