The goal of this thesis is to analyze the performance and long-term orientation of family firms. Yet, before I can proceed with the empirical analysis of this topic in Chapters 5 to 8, some basic knowledge about family firms is required. This chapter summarizes what is known about family firms, focusing on research regarding the definition of a family firm (Section 2.1), the concept of family influence (Section 2.2) and theories that are used to explain the behavior and performance of family firms (Section 2.3).
KeywordsCorporate Governance Family Firm Agency Cost Agency Theory Minority Shareholder
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