publication . Article . Other literature type . 2006

The Role of Family in Family Firms

Marianne Bertrand; Antoinette Schoar;
Open Access
  • Published: 01 May 2006 Journal: Journal of Economic Perspectives, volume 20, pages 73-96 (issn: 0895-3309, Copyright policy)
  • Publisher: American Economic Association
Abstract
<jats:p> 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? </jats:p>
Persistent Identifiers
Subjects
free text keywords: Economics and Econometrics, Business, Actuarial science, Economic anthropology, Overall performance, Family structure, Transaction cost, Organizational behavior, Market economy, Corporate governance, Extended family
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