Family Business Governance

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Author(s): Reena Agrawal (Jaipuria Institute of Management, Lucknow, India)and Ganga Bhavani (Amity University, India)
Copyright: 2021
Pages: 17
Source title: Transforming Corporate Governance and Developing Models for Board Effectiveness
Source Author(s)/Editor(s): Qaiser Rafique Yasser (Centre for Rural Economy, Pakistan)and Abdullah Al-Mamun (University of Wollongong, Australia)
DOI: 10.4018/978-1-7998-6669-5.ch002

Keywords: Business & Management / Business Science Reference / Management Science

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Abstract

Corporate governance is a significant tool to build strong and long relationships among various stakeholders in kinds of business organizations. Family businesses are not an exception to this. Like any other businesses, family businesses also need to have governance in place and practice to achieve the business strategies and to have long-term succession. Family-owned businesses are the backbone of many countries' economies in the world contributing substantial portion of GDP. Considering these, it is important to know the best practices of governance in family owned business organizations and the role played by governance to improve the strengths of these businesses. The chapter throws light on family business governance and explores various important practices highlighting their advantages and disadvantages in detail.

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