The COVID-19 pandemic has sparked an unparalleled healthcare and financial crisis, inspiring many of us to reframe and recalibrate our priorities, as well as rethink our definition of happiness: what to hold onto and what to leave behind. For the owners of family-controlled firms, the coronavirus crisis also offers a window of opportunity to plant […]
Institutional configuration in family firms: the board of directors
Like all companies, family-owned businesses require initiative, power and financial resources in order to excel. For those that aspire to transition from firm to institution, however, additional structures and processes are needed. While no one is immortal, institutions are born to transcend generations. They don’t depend on the will or whims of one specific person […]
The impact of informal institutions in family firms
Family-controlled firms (FCFs) are the world’s most common organizational structure, with distinct strategies and characteristics that set them apart from non-family-controlled firms. Around the world, the prevalence, strategy and financial success of family-owned firms all vary but what are the core drivers of these differences? To date, research has largely focused on the impact of […]