Die Krisenresilienz des Familienunternehmens

2021 ◽  
Author(s):  
Kay Windthorst
Keyword(s):  
Corporate Governance ◽  
Economic Crisis ◽  
Family Business ◽  
Best Practice ◽  
Third Parties ◽  
Key Factors ◽  
Family Governance ◽  
Starting Point ◽  
The Family ◽  
Opening Up

The study examines the crisis resilience of the family business. The starting point is the Corona pandemic, whose effects are compared with the consequences of the financial and economic crisis of 2008/09. In examining crisis resilience, a distinction is made between the factors of corporate governance and family governance. Their specific importance is determined on an empirical basis. For this purpose, more than 240 questionnaires and many interviews with family businesses were analysed. Key factors of corporate governance relate to company organisation, company management, company financing, employee loyalty, location loyalty, digitalisation and sustainability. Key factors of family governance are the values and behaviour of the owning family, the organisation and rules of this area of governance, for example in a family charter, as well as the involvement of persons outside the family, e.g. within the framework of networks or by opening up the family business to third parties as shareholders. When assessing the influence of the various factors, a distinction is made between preventive crisis resilience (crisis precautions) and reactive crisis resilience (crisis combating). On this basis, guiding principles for crisis resilience are formulated which, as best practice, provide orienta-tion for coping with future crises and thus contribute to reviewing and further developing the crisis resilience of the family business.

Strong governance: a result of evolutionary and revolutionary processes

2014 ◽  
Vol 4 (2) ◽  
pp. 99-109 ◽  
Author(s):  
Lorna Collins ◽  
Ken McCracken ◽  
Barbara Murray ◽  
Martin Stepek
Keyword(s):  
Family Business ◽  
Best Practice ◽  
Family Dynamics ◽  
Family Businesses ◽  
Formal Structure ◽  
Governance Mechanisms ◽  
Content Type ◽  
The Family ◽  
The Uk ◽  
The Impact

Purpose – This paper is the first in a regular series of articles in JFBM that will share “a conversation with” thought leaders who are active in the family business space. The world of family business is, like many other arenas, constantly evolving and as the authors learn more about how and why families “do business” the approaches and tools for working with them also evolve. The purpose of this paper is to stimulate further new research in areas that practically affect family businesses and to “open the door” to practical insights that will excite researchers and provide impetus for new and exciting study. The specific purpose of this paper is to explore “what is strong governance.” There has been much interest in governance lately yet there is a tendency to treat governance in a formulaic way such that, at the moment, the notion that every family business must have a family council or a formal structure in order to be considered “effective” and “successful” predominates. The authors’ panel challenges and discusses this notion drawing on the experience and knowledge as family business advisors, consultants and owners. Design/methodology/approach – The impetus for this particular conversation is a result of a brainstorming conversation that Lorna Collins and Barbara Murray held in February 2014 where they focussed on “how JFBM can encourage and stimulate researchers to engage in aspects of research that makes a difference to the family business in a practical way.” This paper reports a conversation between Barbara Murray (Barbara), Ken McCracken (Ken) and Martin Stepek (Martin), three leading lights in the UK family business advising space, all of whom have been involved in running or advising family businesses for more than three decades, held in August 2015. The conversation was held via telephone and lasted just over 60 minutes. Lorna Collins acted as moderator. Findings – Strong governance is not just about instituting a “family council” or embedding formal governance mechanisms in a family business. Evolutionary adaption by family members usually prevails such that any mechanism is changed and adapted over time to suit and fit the needs of the family business. Many successful family businesses do not have recognized “formal” governance mechanisms but, it is contended, they are still highly successful and effective. Future areas of research in governance are also suggested. Originality/value – This paper contributes to the family business discourse because the debate it reports challenges the basic assumptions upon which much consulting and advisory practice is conducted. It also challenges the notion of “best practice” and what is “new best practice” and how is it that any “best practice” is determined to be “best.” Furthermore, the panel provides insights in to the “impact of family dynamics on governance” and “the impact of family dynamics on advisors.” The paper content is original in that it provides an authentic and timely narrative between active family business practitioners who are also scholars and owners.

Differential Directorship: Special Sensitivities and Roles for Serving the Family Business Board.

1988 ◽  
Vol 1 (3) ◽  
pp. 239-247 ◽  
Author(s):  
Robert K. Mueller
Keyword(s):  
Corporate Governance ◽  
Family Business ◽  
Outside Directors ◽  
The Family

An expert on corporate governance discusses the special sensitivities that outside directors need and how they use these characteristics in the roles that they play on the family board.

Data Analytics

2020 ◽  
pp. 344-361
Author(s):  
Manuel Alejandro Morales-Serazzi ◽  
Oscar González-Benito ◽  
Mercedes Martos-Partal
Keyword(s):  
Decision Making ◽  
Family Business ◽  
Data Analytics ◽  
Family Firms ◽  
Quality Information ◽  
Success Factor ◽  
Key Factors ◽  
Business Growth ◽  
The Family ◽  
The World

The growing proliferation of data in firms around the world have made analytics a success factor for business growth, and by default, achieving greater performance. This research proposes a data analytics model for marketing decision making. Literature was reviewed, and several key factors for the growth of the family business were identified. In addition, 140 marketing managers from family and non-family firms in Spain were surveyed. Four key factors were identified to implement a data analytics project. An empirical model is presented, which allows visualizing the relationships that generate quality information. Data analytics is a competitive advantage for recognized firms in the world; however, there is an underutilization of information by the family business. This chapter allows reducing the gap between competitors, regardless of their ownership structure. Therefore, it declares a challenge and an opportunity for the family firm.

Family firms in Ibero-America: an introduction

2016 ◽  
Vol 29 (3) ◽  
pp. 219-230 ◽  
Author(s):  
Maria José Parada ◽  
Claudio Müller ◽  
Alberto Gimeno
Keyword(s):  
Family Business ◽  
Design Methodology ◽  
Family Firms ◽  
Content Type ◽  
Family Governance ◽  
Economic Context ◽  
The Family ◽  
Business Dynamics ◽  
And Behavior

Purpose This paper highlights the importance of understanding family firms in different contexts. The purpose of this paper is to reflect on the characteristics and behavior of family firms in Ibero-America, and their contribution and fit to the broader field of research. Based on the five articles in this special issue, this paper attempts to give an overview of their main contributions. Design/methodology/approach This paper explains in a contextual and analytical way the contributions of five papers that focus their attention on Ibero-American family firms, by linking them to the current research in the field and finding their fit within the broader field of family business. Tackling different topics, these five papers discuss about the comparison between family vs non-family businesses, innovation in family firms, and governance in family firms Findings Findings suggest that there is a need to stimulate research in family business in Ibero-America, especially Latin America, regarding family business dynamics, the different roles of the family within the enterprise, family governance, and the role of women. With regards to innovation the cultural and economic context play an important role in how they perform innovative activities. Originality/value This paper contributes to further understanding family firms by discussing the importance of the context and by linking all five papers with the broader literature in family business. The introduction also discusses topics worth to be further researched in Ibero-America.

scholarly journals Concept of Family Governance

2018 ◽  
Vol 48 (3) ◽  
pp. 61-68
Author(s):  
Jacek Lipiec
Keyword(s):  
Corporate Governance ◽  
Family Firms ◽  
Specific Interaction ◽  
Family Values ◽  
Family Firm ◽  
Family Governance ◽  
The Family ◽  
Similar Solutions

This article presents the concept of family governance based on the experience gained in the Roleski firm (the Constitution of Roleski family firm established in 2010) and the Łapaj firm (the Inheritance Statute of the Łapaj Group, 2011). The family governance has evolved from the corporate governance by taking into account the specific interaction of a family with a firm which manifests itself mainly in respecting family values. Based on experiences gained in both firms the process of building family governance was presented. It may be used by other family firms in implementing similar solutions that may help them to maintain the long-lasting development.

scholarly journals Entrepreneurial strategies and corporate governance: Experiences from the Italian wine industry

2012 ◽  
Vol 8 (2) ◽  
pp. 44-60
Author(s):  
Di Toma Di Toma ◽  
Arianna Lazzini ◽  
Stefano Montanari
Keyword(s):  
Corporate Governance ◽  
Competitive Advantage ◽  
Family Business ◽  
Family Firms ◽  
Wine Industry ◽  
Competitive Advantages ◽  
Family Social Capital ◽  
Italian Wine ◽  
The Family ◽  
Entrepreneurial Strategies

A distinctive resource typical of family firms, critical in guarantee to family firms long lasting position of competitive advantage is familiness. In previous studies familiness has been defined to characterize the interactions between each family member, the whole family and the business. These interactions leads to systematic synergies with the potential to create competitive advantages or disadvantages for the firm. Family history and local roots can ensure the family business a competitive advantage long lasting and evolutive. Our analysis is focused on the wine industry in Italy and analyzes the case of Barone Ricasoli Spa an estate owned by the family Ricasoli since 1141. We find that the family social capital supports the processes of resources acquisition and promotes the business renewal.

The 2008 financial and economic crisis and the family business sale intention

2019 ◽  
Vol 26 (4) ◽  
pp. 571-594 ◽  
Author(s):  
Gérard Hirigoyen ◽  
Sami Basly
Keyword(s):  
Economic Crisis ◽  
Family Business ◽  
Descriptive Analysis ◽  
Postal Questionnaire ◽  
Economic Environment ◽  
Future Research ◽  
Emotional Factor ◽  
Content Type ◽  
The Family ◽  
Emotional Value

Purpose The purpose of this paper is to assessthe probable influence of some of the emotional costs and returns expected by owners on their family business sale decision; and examine if the perceived economic environment during the economic and financial crisis of 2008 had an impact on the intention to sell their family business. Design/methodology/approach The research is based on a sample of 69 family businesses responding to a postal questionnaire survey. The empirical study is made up of a descriptive analysis of the factors influencing the intention of a family business sale and an explanatory analysis of the sale intention. Findings The desire for family business renewal through family generational succession is the main emotional factor lying behind the decision to continue/sell the business. Furthermore, the financial and economic crisis does not seem to be a factor that accentuates the intention to sell the family business even if firms’ financial performance has declined. Research limitations/implications Future research could implement a direct measure of owners’ performance thresholds and explicitly integrate the moderating role of “Perceived economic environment.” Practical implications By showing that continuity is a key concern for family business owners, the research invites them to effectively prepare their succession instead of postponing this strategic process given its significance in guaranteeing the survivability of the family business. Originality/value Executives who perceived economic conditions as very poor are less likely to consider the sale of the business in the horizon of two years than executives perceiving them as “normal.” The study confirms that in family-owned businesses, for the owner-managers and the active and serene family shareholders, the sale price does not compensate for their emotional regret evaluated through the loss of the family business’ emotional value.

scholarly journals Family Businesses in the Corporate Governance of MNCs

2015 ◽  
Vol 63 (3) ◽  
pp. 979-984
Author(s):  
Pavla Odehnalová ◽  
Petr Pirožek
Keyword(s):  
Corporate Governance ◽  
Czech Republic ◽  
Family Business ◽  
Multinational Companies ◽  
Global Market ◽  
Family Businesses ◽  
Business Success ◽  
The Czech Republic ◽  
Executive Authority ◽  
The Family

The issue of family businesses is currently a very topical theme in the academic world. The importance of family businesses increases with internationalization and is associated with business success in global market conditions. A fundamental part of business activities abroad is the correct application of the corporate governance of subsidiaries of multinational family businesses. The available findings do not cover this area sufficiently, especially in the context of transformed economies in CEE. In view of the nature of foreign business activities, the degree of centralization of competences transferred between subsidiaries and headquarters and the presence of expatriates from the headquarters of multinational companies represented by the family firm in statutory bodies can be regarded as important variables. The main aim of the present paper is, based on research carried out, to describe and analyze the degree of centralization and presence of expatriates in the corporate governance of subsidiaries of multinational family businesses operating in the Czech Republic. The paper presents the results of an empirical investigation with a description of the presence of expatriates in the statutory bodies of subsidiaries of multinational companies in the Czech Republic. The results obtained present the number of subsidiaries corresponding to the definition of a family business with an emphasis on SMEs of up to 250 employees and the degree of centralization and presence of expatriates in administrative or executive authority, or in other positions. The sample which was used to research the family business comprised 214 subsidiaries of multinational companies from the most important sectors of the Czech economy.

scholarly journals Zero-Leverage Policy: Is the Family Nature of Private Firms Relevant?

2019 ◽  
Vol 11 (7) ◽  
pp. 28
Author(s):  
Oscar Domenichelli
Keyword(s):  
Corporate Governance ◽  
Risk Aversion ◽  
Family Business ◽  
Family Firms ◽  
Private Firm ◽  
Agency Conflicts ◽  
Propensity Analysis ◽  
The Family ◽  
Debt Policy

This work investigates whether being a family business influences a private firm’s propensity to be leveraged and the underlying reasons behind such propensity. Analysis focuses on a sample of Italian private family and non-family firms for the period from 2008-2017. Socioemotional and corporate governance considerations cause agency conflicts to be negligible in Italian private family firms, and thus the use of debt is unrelated to these conflicts. Nevertheless, these enterprises are more likely to eschew a zero-debt policy, as opposed to their non-family counterparts. This is due to the socioemotional orientation of Italian private family firms, that is the desire of their family owners to keep long-term control over the business, through the use of leverage, which prevails over risk aversion.

scholarly journals Efficacy of corporate social responsibility in corporate governance structures of family owned business groups in India

2018 ◽  
Vol 2 (1) ◽  
pp. 52-68 ◽  
Author(s):  
Raveena Naz
Keyword(s):  
Corporate Governance ◽  
Corporate Social Responsibility ◽  
Social Responsibility ◽  
Family Business ◽  
Family Firms ◽  
Business Groups ◽  
Business Group ◽  
Governance Structures ◽  
The Family ◽  
Corporate Social

The concept of ‘Corporate Social Responsibility’ (CSR) has often relied on firms thinking beyond their economic interest despite the larger debate of shareholder versus stakeholder interest. India gave legal recognition to CSR in the Companies Act, 2013. CSR in India is believed to be different for two reasons: the dominance of family business and the history of practice of social responsibility as a form of philanthropy (mainly among the family business). This paper problematises the actual structure of business houses in India and the role of CSR in a context where the law identifies each company as a separate business entity while the economics of institutions emphasizes the ‘business group’ consisting of a plethora of firms as the institutional organization of business where capital owned or controlled by the family group is spread across the firms through the interlocked holding structures. Within this framework, the largest family firms, which are part of family owned business groups, top the CSR expenditure list. The governance structure of family firms allows family owned business group to show mandatory compliance of CSR even when they actually spend much less than what is prescribed by law. This aspect of the family firms is not addressed by the CSR legislation in particular or corporate governance legislation in general in India. The paper illustrates this with an empirical study of one of the largest family owned business group in India Reliance Industries Limited (RIL), which is well acclaimed for its CSR activities. The paper demonstrates how the business group through these series of shareholding network reduces its legally mandated CSR liability. The paper thus indicates the inadequacy of CSR legislation in India because the unit of compliance is an individual firm and it assumes that each firm is independent and only connected to each other through market dealings. The law does not recognize the inter-connections of firms (through common ownership and control) in corporate governance structures of family owned business group and hence is inadequate in its design to effect the threshold level of CSR expenditure. This is the central argument of the paper.

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