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Corporate governance and family business: a perspective article

Corporate governance and family business: a perspective article The governance of family businesses has attracted considerable scrutiny among scholars and practitioners. This paper explores influences that have defined corporate governance practices in family firms in the last century and reflects on the possible direction of research and practice in the next century.Design/methodology/approachThis manuscript undertakes a literature review of past and recent literature investigating corporate governance practices within family businesses.FindingsThe evolution of corporate governance in the family business literature is underpinned by centralised decision-making structures, the need to overcome fundamental corporate governance challenges, the increasing relevance of family governance models and the recognition and adoption of contemporary trends in the corporate governance space. The review also suggests that corporate governance and family business research in the next century will be dominated by technology-based governance, sustainable governance, globalisation and the validation for multi-board structures, greater attention to succession planning and diversity, and channelling significant resources to innovation.Originality/valueThe paper synthesises developments in the corporate governance–family business literature and proposes a future perspective. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Family Business Management Emerald Publishing

Corporate governance and family business: a perspective article

Nakpodia, Franklin
Journal of Family Business Management , Volume 14 (4): 5 – Aug 6, 2024
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References (28)

Publisher
Emerald Publishing
Copyright
© Emerald Publishing Limited
ISSN
2043-6238
DOI
10.1108/jfbm-10-2023-0198
Publisher site
See Article on Publisher Site

Abstract

The governance of family businesses has attracted considerable scrutiny among scholars and practitioners. This paper explores influences that have defined corporate governance practices in family firms in the last century and reflects on the possible direction of research and practice in the next century.Design/methodology/approachThis manuscript undertakes a literature review of past and recent literature investigating corporate governance practices within family businesses.FindingsThe evolution of corporate governance in the family business literature is underpinned by centralised decision-making structures, the need to overcome fundamental corporate governance challenges, the increasing relevance of family governance models and the recognition and adoption of contemporary trends in the corporate governance space. The review also suggests that corporate governance and family business research in the next century will be dominated by technology-based governance, sustainable governance, globalisation and the validation for multi-board structures, greater attention to succession planning and diversity, and channelling significant resources to innovation.Originality/valueThe paper synthesises developments in the corporate governance–family business literature and proposes a future perspective.

Journal

Journal of Family Business Management – Emerald Publishing

Published: Aug 6, 2024

Keywords: Corporate governance; Family business; Technology; Sustainability

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