The Role of Family in Family Firms-Reference-Cited by-同舟云学术

The Role of Family in Family Firms

Published:2006-05-01 Issue:2 Volume:20 Page:73-96
ISSN:0895-3309
Container-title:Journal of Economic Perspectives
language:en
Short-container-title:Journal of Economic Perspectives

Author:

Bertrand Marianne¹,Schoar Antoinette²

Affiliation:

1. Professor of Economics and Neubauer Family Faculty Fellow, Graduate School of Business, University of Chicago, Chicago, Illinois; Faculty Research Fellow, National Bureau of Economic Research, Cambridge, Massachusetts, and Research Fellow, Center for Economic Policy Research, London, United Kingdom; Research Fellow, Institute for the Study of Labor (IZA), Bonn, Germany.

2. Michael M. Koerner Associate Professor of Entrepreneurial Finance, Sloan School of Management, Massachusetts Institute of Technology, Cambridge, Massachusetts; Faculty Research Fellow, National Bureau of Economic Research, Cambridge, Massachusetts, and Research Fellow, Center for Economic Policy Research, London, United Kingdom.

Abstract

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?

Publisher

American Economic Association

Subject

Economics and Econometrics,Economics and Econometrics

Link

https://pubs.aeaweb.org/doi/pdf/10.1257/jep.20.2.73

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