Value creation in family firms: A model of fit

We propose a framework describing how family ownership can create or destroy value depending on the goals, resources, and governance of the family firm, which are each influenced by the family owners. Taking a contingency perspective, we suggest that a fit is required for all three elements - family-influenced goals, resources, and governance - for the family firm to flourish over generations. We conclude with a suggested research agenda indicating research opportunities at the nexus of these identified elements. Further we provide some guiding questions for practitioners that might stimulate fruitful discussions among family firm owners and managers about how to realize "fit." (C) 2015 Published by Elsevier Ltd.

Publication year:2015

Keywords:Family firm, Value creation, Governance, Contingency view, Goals, Resources, family firm, value creation, governance, contingency view, goals, resources

BOF-keylabel:yes

IOF-keylabel:yes

BOF-publication weight:2

CSS-citation score:2

Authors:International

Authors from:Higher Education

Accessibility:Closed