Family Business Governance Structures : Incidence and Effects
Hartman, E. A., Schierstedt, S. Gudmundson, D. (2011). Family Business Governance Structures : Incidence and Effects. Electronic Journal of Family Business Studies (EJFBS), Vol. 5, Issue 1-2, p. 126-139.
Published inElectronic Journal of Family Business Studies
The research focused on governance systems in family businesses and was based on survey data from 241 organizations. Analyses found 25 percent of the family busi-nesses had no structured system and 75 percent had governance systems comprised of one or more of the following: boards of directors, advisory boards, and/or family meetings. Types of systems were related to desirable outcomes identified as revenue generation, family business continuity, and family/business planning. A key finding was that family businesses that had some type of a formal structure had a higher level of planning that led to higher revenues. The existence of either a board of directors or an advisory board was positively related to transitioning businesses to later genera-tions. Implications for family businesses are discussed.
PublisherJyväskylä University School of Business and Economics
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