Firm family firms: Current debates of corporate governance in family firms

Ruth V. Aguilera, Rafel Crespi-Cladera

Research output: Indexed journal article Articlepeer-review

85 Citations (Scopus)


We reassess the effects of family ownership and strong family control on non-family minority and non-controlling shareholders. We argue that assumptions and interpretations regarding the cost and benefits of family ownership in the extant literature need to be understood relative to other firm governance arrangements. More specifically, we posit and examine the relevance of the private benefits of family control in two key circumstances: top executive succession and the nature of family business groups. Diverse outcomes are shown to be contingent on the national institutional settings where firms are located.

Original languageEnglish
Pages (from-to)66-69
Number of pages4
JournalJournal of Family Business Strategy
Issue number2
Publication statusPublished - Jun 2012


  • Business groups
  • Corporate governance
  • Family firms
  • Institutional environment
  • Ownership
  • Succession


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