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Title: | Family governance practices and the minimum required rate of return in privately held family firms | Authors: | VOORDECKERS, Wim MARTINEZ ROMERO, Maria Rojo-Ramirez, Alfonso A. |
Issue Date: | 2024 | Publisher: | SPRINGER | Source: | International Entrepreneurship and Management Journal, | Status: | Early view | Abstract: | This paper examines the relationship between the family governance evolutionary stages and the rate of return required by family businesses' shareholders (ke), building on an institutional and relational governance lens. We make the distinction between the informal stage, the family council stage and the family constitution stage. Findings from a sample of Spanish private family firms reveal that family firms in the family constitution stage have a lower ke than family firms in the family council stage and the informal stage. Surprisingly, family firms in the family council stage seem to have a higher ke than family firms that are in the informal stage, which points to ceremonial adoption effects and a mismatch between governance needs and practices in the family council stage. We also find that the effect of different family governance stages on ke is conditional on the number of family shareholders. | Notes: | Voordeckers, W (corresponding author), Hasselt Univ, RCEF, Martelarenlaan 42, B-3500 Hasselt, Belgium. wim.voordeckers@uhasselt.be; mariaj.martinez@ual.es; arojo@ual.es |
Keywords: | Minimum rate of return;Family governance;Privately held family businesses;Family council;Family charter;G30;G32;L21;L25;L29 | Document URI: | http://hdl.handle.net/1942/42777 | ISSN: | 1554-7191 | e-ISSN: | 1555-1938 | DOI: | 10.1007/s11365-024-00952-y | ISI #: | 001179861800001 | Rights: | The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2024 | Category: | A1 | Type: | Journal Contribution |
Appears in Collections: | Research publications |
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Family governance practices and the minimum required rate of return in privately held family firms.pdf Restricted Access | Early view | 815.96 kB | Adobe PDF | View/Open Request a copy |
auteursversie.pdf Until 2025-03-11 | Peer-reviewed author version | 1.03 MB | Adobe PDF | View/Open Request a copy |
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