Family Business Governance

2021 ◽  
pp. 24-40
Author(s):  
Reena Agrawal ◽  
Ganga Bhavani
Keyword(s):  
Corporate Governance ◽  
Best Practices ◽  
Family Business ◽  
Family Businesses ◽  
Business Strategies ◽  
Business Organizations ◽  
Substantial Portion ◽  
Advantages And Disadvantages ◽  
The World

Corporate governance is a significant tool to build strong and long relationships among various stakeholders in kinds of business organizations. Family businesses are not an exception to this. Like any other businesses, family businesses also need to have governance in place and practice to achieve the business strategies and to have long-term succession. Family-owned businesses are the backbone of many countries' economies in the world contributing substantial portion of GDP. Considering these, it is important to know the best practices of governance in family owned business organizations and the role played by governance to improve the strengths of these businesses. The chapter throws light on family business governance and explores various important practices highlighting their advantages and disadvantages in detail.

scholarly journals The Importance of the Governance Role in Achieving Stability and Sustainability in Family Business Companies Through Generations

2021 ◽  
Vol 7 (3) ◽  
pp. 16
Author(s):  
Samir A. Abdelaziz
Keyword(s):  
Corporate Governance ◽  
Family Business ◽  
Global Economy ◽  
Business Models ◽  
Good Governance ◽  
Business Owners ◽  
Family Businesses ◽  
Governance Risk ◽  
The Relationship

Family businesses have continued to draw researchers' attention due to their strategies while making sustainable decisions. Notably, these business models deserve more recognition in this discourse, considering that they contribute up to 70% of the global Domestic Product. This article focuses on some drivers to sustainable decisions revolving around three pillars: environmental, social, and economic. The author's aim in this context is to provide a statistical model that could be used to forecast revenue trends to establish if family businesses are poised for sustainability or not. The models essentially allow for an analysis of the relationship between family businesses' internal drivers with corresponding financial objectives.However, these business models may fail to achieve their objectives if they do not embrace good governance, allowing them to react to challenges. Corporate governance is an essential framework that companies use to reconcile individual, community, business owners, and shareholders' interests in a dynamic global economy. Companies that align with the principles of good governance are more likely to remain sustainable, stable, and profitable. In retrospect, business enterprises that ignore the provisions of corporate governance risk facing uncertainties, most notably, dissolution and bankruptcy. The second, third, and subsequent generations fail to internalize and advance the founder's long-term organizational goals.This study adds to the existing literature on economic sustainability of family businesses characterized by market value and higher revenue generation.

scholarly journals IMPLEMENTATION OF GOVERNANCE IN SMEs: COMPARISON OF IMPLEMENTATION IN FAMILY AND NON-FAMILY BUSINESS (CASE STUDY IN SMEs IN YOGYAKARTA)

2021 ◽  
Vol 17 (2) ◽  
Author(s):  
Reza Widhar Pahlevi ◽  
Nooryantono Nooryantono
Keyword(s):  
Corporate Governance ◽  
Family Business ◽  
Small And Medium Enterprises ◽  
Business Case ◽  
Family Businesses ◽  
Sampling Location ◽  
Advantages And Disadvantages ◽  
Medium Enterprises ◽  
Special Region ◽  
Business Structure

The purpose of this study is to identify the application of aspects of corporate governance in family businesses and SMEs scale non-family businesses in the Special Region of Yogyakarta and to identify differences in the application of aspects of corporate governance in family businesses and non-family businesses on the scale of SMEs in the Special Region. Yogyakarta. Respondents in this study involved SMEs in the Special Region of Yogyakarta. Five family businesses and five SME scale non-family businesses in the Yogyakarta Special Region were selected in each sampling location. The sample was determined by the convenience sampling method. This study will first examine the application of governance in family businesses and non-family businesses separately, then compare the application of governance between the two types of business.This study indicates that each type of business has carried out corporate governance in its business, but not maximally. There are advantages and disadvantages in its application. Most of the reasons for these differences in implementation arise from the basic characteristics that differentiate family businesses and non-family businesses, namely the ownership structure and the business structure. The more concentrated ownership and business structure, the less transparency, accountability, responsibility, independence, and fairness the company tends to be. On the other hand, in companies with more dispersed levels of ownership concentration and business structure, the application of the five aspects of corporate governance will increase.Keywords: Good Corporate Governance, Small and Medium Enterprises, Family and Non-Family Business

scholarly journals Conservation survey, condition report and collections care proposal for the World War I portrait collection at State Records of South Australia

2021 ◽  
Author(s):  
Sarah Ann Ernisse
Keyword(s):  
World War I ◽  
South Australia ◽  
World War ◽  
Advantages And Disadvantages ◽  
The World ◽  
Detailed List ◽  
Collections Care ◽  
And Storage ◽  
State Records

This practical thesis project report contains a conservation survey, condition report and collections care proposal for the World War I portrait collection at State Records of South Australia. The plan prescribes immediate, short term and long term recommendations for the improvement of preservation techniques for the World War I collection. The paper also contains information and results gathered through the condition report of the collection sample and conservation survey. The survey investigated the current environment and storage facilities, access, security and disaster planning surrounding the collection. The paper also outlines the practices and methodologies of the applied thesis for both the conservation survey and condition report. The collection care proposal assesses current practices in order to provide State Records with accurate goals that offer flexible options. A detailed list of housing recommendations is included in the proposal; an advantages and disadvantages assessment if included for each option to help State Records better fit its needs and abilities in the future. Charts showing the results of the condition report and environmental assessment from the conservation survey are included in the appendix for further reference. This project is intended to draw attention to the urgent need for better preservation practices for the World War I portrait collection.

Water in the Time of Drought II: Lessons from Droughts around the World

2021 ◽  
Author(s):  
Raphaëlle Ortiz ◽  
Anamaría Núñez ◽  
Corinne Cathala ◽  
Ana R. Rios ◽  
Mauro Nalesso
Keyword(s):  
Best Practices ◽  
Technical Note ◽  
Lessons Learned ◽  
Institutional Frameworks ◽  
The World ◽  
Relevant Case ◽  
Management Policies ◽  
Successes And Challenges

This technical note is an update to the previous "Water in the Time of Drought: Lessons from Five Droughts Around the World", published in 2018. It explores drought situations and policies in Spain (including the Canary Islands), Chile, Mexico, the dry corridor between Honduras, Guatemala, and El Salvador, Brazil, and South Africa. Each of these countries has recently dealt with droughts and/or developed long-term solutions to manage them. HydroBID, a tool developed by the IDB, will be presented through relevant case studies. After defining drought experiences and institutional frameworks in each country, the brief will explore the successes and challenges of national drought and water management policies. Best practices and lessons learned will be extracted from each case study to help policymakers better prepare for droughts.

Leadership and Religion in Family Business

2022 ◽  
pp. 861-877
Author(s):  
Allan Discua Cruz
Keyword(s):  
Family Business ◽  
Family Businesses ◽  
Entrepreneurial Leadership ◽  
Business Form ◽  
The World ◽  
Values And Beliefs

This chapter focuses on how and why entrepreneurial leadership in family businesses may be influenced by Christianity. This chapter is motivated by the need to understand further the influence that entrepreneurial leadership entails in the context of the most predominant business form around the world: family business. To contribute to understanding, this chapter offers a model to understand the nature of entrepreneurial leadership in family business influenced by the values and beliefs embedded in Christianity.

scholarly journals The Main Drivers for Sustainable Decisions in a Family Business That Impact the Company’s Performance

2020 ◽  
Vol 12 (20) ◽  
pp. 8659
Author(s):  
Adriana Cioca ◽  
Kassam Wehbe ◽  
Delia Popescu ◽  
Constanta Popescu
Keyword(s):  
Human Resources ◽  
Family Business ◽  
Investment Decisions ◽  
Family Businesses ◽  
Economic Sustainability ◽  
Short Term ◽  
Sustainable Performance ◽  
The Relationship ◽  
Good Operation

The successful ways in which families have conducted their businesses decade after decade have drawn scholars’ attention to what the mainstream ideas are when it comes to making sustainable decisions. This article focuses on the main drivers behind sustainable decisions made by family businesses with respect to three pillars: economic, environmental, and social. In this context, the authors’ aim is to present a statistical model for forecasting companies’ future revenue in the next financial year by analyzing the relationship between the main internal drivers of family businesses and their corresponding financial objectives. Additionally, the analysis of the long-term strategy and the short-term actions indicates an understanding of environmental awareness. Reaction time in investment decisions represents a challenge for the sustainable performance of family companies. Human resources with good operation management in family businesses contribute to the assurance of long-term business stability and high returns on investments. The results will contribute to the literature on economic sustainability of family businesses.

Resolving Family Business Disputes Through Mediation

1997 ◽  
Vol 10 (2) ◽  
pp. 115-134 ◽  
Author(s):  
John M. Haynes ◽  
Thomas M. Usdin ◽  
Ann Lee Begler ◽  
Kenneth Kaye ◽  
Florence Kaslow
Keyword(s):  
Family Business ◽  
Family Businesses ◽  
Advantages And Disadvantages

This first section is a collaborative piece that introduces a new format for Family Business Review. The first article discusses how mediation could be utilized in family-business disputes and includes a brief case study. The second set of articles is composed of invited commentary from three practitioners: an attorneyqmediator, a conflict specialist, and a psychologistqmediator. Then the authors provide a brief response to the commentary. The intent of this piece is to both educate and discuss the advantages and disadvantages of how mediation could effectively be used by family businesses to resolve conflict. We hope you enjoy the debate that ensues.

The Intersection of Family Business and Audit Research: Potential Opportunities

2010 ◽  
Vol 23 (3) ◽  
pp. 216-229 ◽  
Author(s):  
Andrew J. Trotman ◽  
Ken T. Trotman
Keyword(s):  
Decision Making ◽  
Corporate Governance ◽  
Family Business ◽  
Audit Quality ◽  
Internal Audit ◽  
Family Businesses ◽  
Judgment And Decision Making ◽  
Theoretical Frameworks ◽  
Audit Judgment ◽  
Auditor Judgments

Previous research has illustrated the importance of family businesses and significant differences between family and nonfamily businesses. Such differences will likely affect auditing for family versus nonfamily businesses. The authors emphasize experimental research labeled as “audit judgment and decision making research.” They argue that some aspects of people, tasks, and environment are different between family and nonfamily businesses and that these differences affect auditor judgments. A range of theoretical frameworks applicable to auditing research related to family businesses are considered. The authors suggest potential research opportunities related to auditor judgments, auditor—client negotiations, the demand for auditing, audit quality, corporate governance, and internal audit.

scholarly journals Pushing Or Pulling Of The Business By Family Members: A Study Of Family Businesses In Sri Lanka

2015 ◽  
Vol 7 (1) ◽  
pp. 121-128 ◽  
Author(s):  
Ravindra H. Kuruppuge ◽  
Aleš Gregar
Keyword(s):  
Sri Lanka ◽  
Agency Theory ◽  
Family Involvement ◽  
Family Business ◽  
Sampling Technique ◽  
Agency Cost ◽  
Family Businesses ◽  
Research Approach ◽  
Advantages And Disadvantages ◽  
The Family

AbstractA number of family business researches affirm benefits of family involvement to the business while some of other studies assure only detriments of family involvement. When comparative studies of family businesses begin to surface on the family involvement in business, there is that irritating question on what effect is brought about by family involvement to the business. Therefore, the purpose of this study is to explore business advantages and disadvantages generated by family involvement in businesses in Sri Lanka. The present study attempted to address the above knowledge gap, using qualitative research approach and multiple case studies as the strategy of inquiry. Purposive sampling technique was used to select both cases and respondents. Privately held, successfully conducted four family businesses were selected as cases and, existing business owner and one family related manager from each case were taken as respondents. Data was collected mainly via semi-structured, in depth interviews, observations, and secondary documents. Data collection from interviews consisted of 15 interviews with 09 different people from four cases. Before the data analysis, coding and categorization of respondents’ views from interviews helped to identify common patterns and themes from both within the case and across cases. The analysis was carried out in the light of Agency Theory and resulted in a rich understanding of business advantages and disadvantages of family involvement in businesses in Sri Lanka. The findings of this study indicated that the agency cost is created not only on business matters but also on family matters. Further, findings revealed that agency benefit also can be obtained by family business by handling the family matters carefully in line with business matters. Findings of this study clearly indicated that an extension to Agency Theory is required to explain owner agent relationship in family businesses.

scholarly journals Analysis of Industrial Readiness 4.0 on Family Business

2019 ◽  
Vol 10 (1) ◽  
pp. 102-110
Author(s):  
Aryan Eka Prastya Nugraha ◽  
Endang Wuryandini ◽  
Novika Wahyuhastuti ◽  
Oktaviani Adhi Suciptaningsih
Keyword(s):  
Family Business ◽  
Industry 4.0 ◽  
Family Businesses ◽  
Business Strategies ◽  
Managerial Competencies ◽  
Business Units ◽  
The Face ◽  
Information And Communication ◽  
Managerial Competency ◽  
Digital Disruption

The purpose of this study is to provide a broader and deeper view of the readiness of family businesses in the face of the era of digital disruption 4.0. The sample used in this study was 93 family business units, with the method of Exploratory Factor Analysis (EFA) assisted by SMART-PLS. Based on the results of the hypothesis proposed that directly entrepreneurial and managerial competencies in the family business have a positive and significant effect on industry 4.0 readiness. Competence, especially in the implementation of managerial competencies for business owners. The managerial competency indicators is known as professional, social and personal. Indirectly, family businesses can implement business strategies that are by the characteristics of their business so they can adapt to rapidly changing conditions.Implementation of Information and Communication Technology (ICT) is considered to be crucial in facing the Industry 4.0.

Sign in / Sign up

Export Citation Format

Share Document