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The purpose of this paper is to explore board functions and their location in family firms.

Through structured induction in a four-case study of medium-sized Swedish family firms, the authors demonstrate that board functions can be located in other arenas than in the common board and suggest propositions that explain their distribution.

(1) The board is but one of several arenas where board functions are performed. (2) The functions performed by the board vary in type and emphasis. (3) The non-family directors in a family firm serve the owners, even sometimes governing them, in what the authors term “bidirectional governance”. (4) The kin strategy of the family influences their governance. (5) The utilization of a board for governance stems from the family (together with its constitution, kin strategy and governance strategy), the board composition and the business conditions of the firm.

Being a case study the findings are restricted to concepts and theoretical propositions. Using structured induction, the study is not solely inductive but still contains the subjectivity of induction.

Governance agents should have an instrumental view on the board, considering it one possible governance arena among others, thereby economizing on governance.

The institutional pressure toward active boards could paradoxically reduce the importance of the board in family firms.

The board of a family company differs in its emphasis of board functions and these functions are performed with varying emphases in different governance arenas. The authors propose the concept of kin strategy, which refers to the governance importance of the structure of the owner and observations on bi-directional governance, indicating that the board can govern the owners.

This study aims to investigate the relationship between family managers and firms’ risk levels in a context characterized by low investor protection and firm opacity. Specifically, this paper examines whether the level of risk faced by firms is affected by family shareholders’ ownership stake and activism.

Corporate governance data were hand-collected for a sample of 90 Italian listed companies and 540 observations from the year 2018. Regression analysis was then used to test the research hypotheses.

This study provides evidence of a positive association between active family ownership and risk faced by sampled firms. This study also finds that the number of inside directors is negatively correlated with firms’ risk-taking. Overall, the results confirm family managers’ influence on firms’ risk choices and show consistency with theoretical arguments in favor of hiring professional managers to guide family-owned firms.

Practical implications emerge from the study findings. First, family owners should consider to hire a larger number of professional managers to support firms’ wealth maximization and retention and to reduce default risks. Second, investors should take into account the firms’ board of directors and management composition to better assess the investments risk level. Finally, the positive correlation between active family owners and systematic risk suggests the opportunity for regulators to improve the legal requirements related to minority directors to increase their effectiveness and, therefore, minority shareholders’ protection.

This study extends the literature on the association between ownership structure and firms’ risk levels, showing the effect of family managers on firms’ risk levels. Besides, to the best of the authors’ knowledge, no previous study investigates professional executives’ influence on risk when family ownership prevails.

Using the Panel Study of Entrepreneurial Dynamics II dataset, we examine the role that household income plays in the emergence of consumer-oriented start-ups by individual (solo), family-based (family), and non-family based start-ups (team). In particular, we address the research question: Does household income impact firm emergence, and if so, is emergence impacted differently based on start-up configuration? Our results indicate that household income does have a significant impact on average firm emergence, as well as on emergence growth rates for solo and family firms, playing an especially significant role for family firms. Furthermore, we found that household income is not a significant predictor of start-up activity completion for teams. Results from our study reinforce the extant literature on the benefits of starting a firm with teams, and suggests that these enterprise types may provide a more stable platform on which to launch a start-up. Implications of these findings and opportunities for future research are offered.

This is an empirical study of family firm size, as measured by the number of employees, and the relationship of a firmʼs size to a variety of management activities, styles, and characteristics. A statistical analysis of data drawn from 159 American family businesses indicates significant differences by size with regard to the number of nonfamily members in top management, use of outside advisors, time spent engaged in strategic management, use of sophisticated methods of financial management, proportion of women family members involved in firm management, and level of conflict between family members. Implications are offered for family firm owner-managers, for those who assist such businesses, and for researchers in the field of family business.

The COVID-19 pandemic has affected women in unique gender-specific ways, particularly their traditional status as home managers. This study aims to draw on the role theory to examine the impact of the COVID-19 pandemic on women's work–family balance during the lockdown.

The current COVID-19 pandemic, which has altered the ways in which we live and work, requires specific methodological tools to be understood. The authors, therefore, opted for an interpretive–constructivist and constructivist–phenomenologist approach. The dataset, thus, comprises of semi-structured interviews with 26 working women in the UK.

The findings illustrate how the COVID-19 lockdown has intensified British women's domestic workload and has, thus, caused unbridled role conflict, which has further been exacerbated by structural and interactional roles undertaken by women, especially during the lockdown. Remote working has contributed to women's role congestion and role conflict and poses severe challenges to role differentiation. Furthermore, we found that the lockdown has facilitated the rediscovery of family values and closeness, which is connected to the decline in juvenile delinquency and low crime rate that has resulted from the lockdown.

Through the lens of the role theory, this study concludes that the cohabitation of work and family duties within the domestic space undermines the ability to achieve work–family balance and role differentiation due to the occurrence of inter-role conflicts. This study enriches our understanding of the effect of remote working on female employees' work–family balance during the unprecedented COVID-19 pandemic lockdown.

There is still an ongoing debate on the value relevance of capital structure and its determinants. Recently the issue has been explored in family firms after being explored in mature firms. This paper investigates the role of institutional investors and the firm's innovation activity in influencing the firm's decision and ability to acquire debt capital.

A large sample of 700 privately-held family firms in Italy from 2010 to 2019. Two analysis techniques are used: panel analysis and path analysis. The value of debt and the debt ratio are used as leverage measures. The value of patent (as a proxy for innovation) and institutional investor are the explanatory variables.

The results show that institutional investors have no relationship with financial leverage measures except when controlling for an interaction variable (Institutional investors × Lombardy region). The patent value is positively correlated with debt; however, the ratio patent-to-asset is negatively related to financial leverage indicating higher risk exposure. The nonlinearity test demonstrates a turning point when the relationship between patent value and debt inverts.

Firms should monitor their innovation activity since excessive innovation increases risk exposure and affects financing opportunities and value. The involvement of institutional investors does not always enhance value.

Existing literature focuses separately on family firm innovations and financial leverage as outcome variables, emphasizing the role of institutional investors in both fields by adopting agency theory and socioemotional wealth framework. In this study, the authors go further by merging both relationships, investigating the dynamics of the institutional-family firm innovation relationship in influencing the firm's capital structure. The authors contribute to the ongoing debate by providing original findings on capital structure, governance and innovation, supported by rigorous methods to enhance family firms' decision-making.

The purpose of this paper is to explore leadership succession in families in business. Although there is a vast amount of research on leadership succession, no attempt has been made to understand this phenomenon by using an intergenerational learning approach. By applying the Double ABC–X model, the authors discuss how resilience is developed through intergenerational learning during family leadership succession in business.

Based on a single case, the authors define pre- and post-event parameters of the business family under study and use the Double ABC–X Model as an analytical framework. Individual and pair interviews, as well as a family firm workshop, were undertaken following an action research approach using multiple interventions. The qualitative data were collected by reflective journals, field notes and observation protocols. Finally, the authors analyze the data according to a circular deconstruction strategy.

The authors find specific pre-event stressor parameters related to mutual mistrust, independent decision making and non-strategic transmission of power, knowledge and responsibility from predecessor to successor. The intervention based on the intergenerational approach during the post-crisis phase focuses on problem solving and coping within the new situation of co-habitation among the two generations. The intergenerational learning approach based on pile-up of demands, adaptive resources and perception is the source of family adaptation. Additionally, the power of the narrative to reflect past events and project the future seems to the point where the family starts developing resilience.

The way family businesses deal with critical and stressful events during leadership succession may lead to intergenerational learning, which is a source of resilient families. The authors apply the Double ABC–X model to understand family leadership succession in business and further develop it to explain how families develop resilience.

The purpose of this paper is to investigate the effect of family control on the association between related party transactions (RPTs) and different forms of accrual-based earnings management (AEM) and real earnings management (REM), analyzing the effect of board characteristics on the possible association.

This paper studies a sample of Italian non-financial listed firms over the 2014–2019 period, by GLS regression models, controlling for the fixed effects of the company's sector of operation and the year.

Results indicate a different association between RPTs and earnings management (EM) in family and non-family firms. They point out that family firms use RPTs in association with downward AEM and REM perpetrated by abnormal discretionary expenses as well as a substitute of REM via abnormal production costs. For non-family firms, findings indicate only a substitution effect between RPTs and AEM. Furthermore, CEO duality, board gender diversity and the presence of the family on the board positively moderate the association between RPTs and, respectively, REM implemented through sales manipulations, downward AEM and upward AEM.

This study suggests that the socioemotional wealth (SEW) differently affects the relationship between RPTs and EM, according to the form of the latter. It also points out family firms' heterogeneity in earnings manipulations, by providing evidence of the moderating role of board characteristics on the association between RPTs and the various forms of EM.

This study aims to investigate the favourable conditions that influence transgenerational value transmission (TVT), value acceptance and value similarity between generations in indigenous African business-owning families.

This study adopts a multiple case study design and draws on semi-structured face-to-face interviews to collect data from participants in seven indigenous Black business-owning families located in South Africa. The software ATLAS.ti was utilised to manage the data and reflexive thematic analysis was undertaken.

The analysis reveal four themes describing how transmission factors facilitate favourable conditions for successful TVT in IBSA business-owning families, namely, authoritarian parenting, a loving and connected family relational climate, the continuous reinforcement of autonomy during childhood development and family authenticity in the face of societies dominant values climate. Furthermore, value similarity is perceived to exist among the different family generations in the business-owning families.

This study is among the first to adopt the value acquisition model to empirically examine successful TVT and examine the extent of value similarity or dissimilarity, using the business-owning family as the unit of analysis. Novel contributions to family business literature and practices are proposing a model for TVT in an African context and studying relationships from a business-owning family perspective. The model for TVT could be used to socialise the NextGen members into value sets and behaviours that help business-owning families preserve their entrepreneurial legacy and family business longevity.

Drawing on indigenous theory of Ibn Khaldun, the rise and fall of States, this paper explores the agency of women entrepreneurs in family business in Bahrain and the underlying enablers in supporting and facilitating the exercise of this agency. This study attempts to move beyond the Western-centric studies to reflect and bring to light the unique institutional settings of the Gulf States.

The research builds on a rich qualitative single case of a family business based in Bahrain. The single case study methodology was motivated by the potential for generating rich contextual insights. Such an approach is particularly valuable to gain a more holistic and deeper understanding of the contextualized phenomenon and its complexity.

In this study the authors show how women entrepreneurs take two different paths to enter and become involved in the family business, the barriers they are subjected to and the active role they play in dismantling the challenges to the extent that they become the main mediators between the family business and central institutions in society.

By incorporating indigenous theory with Western family business concepts, the study extends existing understanding of women entrepreneurs in family business by underscoring the agency that women entrepreneurs have in “doing context” and the role that women play in strengthening common cause and destiny within the family and the business by building and drawing on different forms of loyalty.