Family constitution to manage family firms’ agency conflicts

IF 3.8 4区 管理学 Q2 BUSINESS
Pablo Rodriguez-Garcia, Susana Menéndez-Requejo
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引用次数: 2

Abstract

This research examines the effectiveness of Family Constitution or Family Protocol agreements in mitigating each type of agency conflict in family firms. We performed a qualitative analysis, through a case study, and found that the succession process is the main driver for implementing this family governance mechanism. Our findings also show that a family constitution is useful in reducing three of the four agency conflicts described in the literature, specifically between family owners and managers, between family shareholders, and with the family at large. Key agreements include training and experience terms for family members to join the firm, transfer clauses of shares inter-vivos and causa mortis, and the development of family governance bodies. However, creditors are generally unaware of the protocol’s existence, hindering its potential positive effects, which has important implications for practitioners. Creditors point out its potential usefulness as a hint of orderly and structured continuity of the business. JEL CLASSIFICATION G32, G34, L21, M10
管理家族企业代理冲突的家族宪法
本研究考察了家族宪法或家族协议在缓解家族企业各类代理冲突方面的有效性。通过案例研究,我们进行了定性分析,发现继承过程是实施这种家族治理机制的主要驱动力。我们的研究结果还表明,家族宪法有助于减少文献中描述的四种代理冲突中的三种,特别是家族所有者与经理人之间、家族股东之间以及与整个家族之间的代理冲突。主要协议包括家庭成员加入公司的培训和经验条款,生前和死后的股份转让条款,以及家庭治理机构的发展。然而,债权人通常不知道议定书的存在,阻碍了其潜在的积极影响,这对从业者具有重要影响。债权人指出,它的潜在用途是作为业务有序和结构化连续性的暗示。凝胶分类g32, g34, 21, m10
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
7.50
自引率
6.90%
发文量
14
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