Family Firms' Boards: A Systematic Review and Research Agenda

IF 5.5 3区管理学 Q1 BUSINESS

Corporate Governance-An International Review Pub Date : 2024-12-22 DOI:10.1111/corg.12631

Cristina Bettinelli, Andrea Sangermano, Mara Bergamaschi, Morten Bennedsen

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引用次数: 0

Abstract

Research Question/Issue

Despite the growing interest in family firms (FFs) and their boards of directors (boards), the empirical research remains fragmented, which makes a comprehensive understanding challenging. This review aims to unify the research landscape and to provide a framework for future studies to better understand boards in FFs.

Research Findings/Insights

Our analysis of 99 papers published between 2001 and 2023 shows that the literature on boards in FFs relies heavily on input–output models that use archival data. Although traditional perspectives remain dominant, new ideas are gaining traction by recognizing the importance of family ownership, exploring alternative or complementary theoretical lenses, uncovering board processes, and using advanced analytical methods.

Theoretical/Academic Implications

We propose five research directions: (1) Investigate how family dimensions shape FF boards and their impact on firm outcomes; (2) examine the impact of board characteristics on board decision-making and effectiveness in FFs; (3) analyze the specific mechanisms through which board processes in FFs influence firm outcomes; (4) expand the research geographically and explore the influence of temporal and institutional contexts on FF boards; and (5) employ a wider range of research methods to study FF boards.

Practitioner/Policy Implications

Our results indicate that research on boards in FFs is evolving and broadening, most notably, through the integration of classical theories borrowed from the general management field (e.g., agency, stewardship, and resource dependence theories) with more specific theories (e.g., socioemotional wealth theory) and themes related to corporate social responsibility.

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家族企业董事会：系统回顾与研究议程

研究问题/议题尽管人们对家族企业及其董事会的兴趣日益浓厚，但实证研究仍然是碎片化的，这使得全面理解家族企业具有挑战性。本综述旨在统一研究格局，并为未来的研究提供一个框架，以更好地理解董事会在FFs中的作用。我们对2001年至2023年间发表的99篇论文的分析表明，关于FFs董事会的文献在很大程度上依赖于使用档案数据的投入产出模型。尽管传统观点仍占主导地位，但通过认识到家族所有权的重要性、探索替代或互补的理论视角、揭示董事会流程以及使用先进的分析方法，新的观点正在获得吸引力。我们提出了五个研究方向：(1)研究家庭维度如何塑造FF董事会及其对企业绩效的影响；(2)研究董事会特征对FFs董事会决策和有效性的影响；(3)分析FFs中董事会流程影响公司结果的具体机制；(4)扩大研究地域，探索时间和制度背景对FF董事会的影响；(5)采用更广泛的研究方法来研究FF板。我们的研究结果表明，对FFs中董事会的研究正在不断发展和扩大，最值得注意的是，通过将借鉴自一般管理领域的经典理论（如代理、管理和资源依赖理论）与更具体的理论（如社会情感财富理论）和与企业社会责任相关的主题相结合。

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来源期刊

Corporate Governance-An International Review Multiple-

CiteScore

7.00

自引率

11.30%

发文量

期刊介绍： The mission of Corporate Governance: An International Review is to publish cutting-edge international business research on the phenomena of comparative corporate governance throughout the global economy. Our ultimate goal is a rigorous and relevant global theory of corporate governance. We define corporate governance broadly as the exercise of power over corporate entities so as to increase the value provided to the organization"s various stakeholders, as well as making those stakeholders accountable for acting responsibly with regard to the protection, generation, and distribution of wealth invested in the firm. Because of this broad conceptualization, a wide variety of academic disciplines can contribute to our understanding.