Impact of turnaround on family ownership and control
The family-owned company, as a system of family and company, has been receiving increasing attention in research (Gomez-Mejia et al., 2011). The specific configuration of the founding family and their descendants as company owners influence both family and firm. This has been discussed in respect to the specific impact of the common identity of management and shareholder (see section 22.214.171.124), utilizing the principal agency theory (e.g., Anderson & Reeb, 2003), or by asserting these differences based on the resource-based view, thereby attributing family-specific resources to the family firm, labeled ‘familiness’ (Habbershon & Williams, 1999), which add positive and negative resources to the companies.
KeywordsFamily Firm Family Role Family Ownership Family Control Family Share
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