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  4. Family, Wealth, and Governance: An Agency Account
 
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Family, Wealth, and Governance: An Agency Account

Journal
Entrepreneurship Theory and Practice
ISSN
1042-2587
ISSN-Digital
1540-6520
Type
journal article
Date Issued
2015-11
Author(s)
Zellweger, Thomas  
Kammerlander, Nadine  
DOI
10.1111/etap.12182
Abstract
Family firms often evolve into ownership constellations with multiple family owners. Building on agency theory, we argue that the growing complexity within a group of family blockholders gives rise to what we label family blockholder conflicts, defined as conflicts within a group of family owners. To curb family blockholder conflicts, families often separate the family from its assets and install intermediary governance structures. We explore four frequently applied structures (uncoordinated family, embedded family office, single family office, and family trust), which vary in their degree of separation between family owners and assets and consequently the extent to which the firm might incur family blockholder costs and the double-agency costs associated with appointing agents to oversee agents. We conclude with a discussion of the distributive effects of the four family governance constellations for family wealth over time.
Language
English
Keywords
family firm
longevity
family office
trust
family blockholder conflicts
double-agency costs
HSG Classification
contribution to scientific community
Refereed
Yes
Publisher
Wiley-Blackwell
Publisher place
Malden, Mass.
Volume
39
Number
6
Start page
1281
End page
1303
Pages
34
URL
https://www.alexandria.unisg.ch/handle/20.500.14171/105777
Subject(s)

business studies

Division(s)

KMU - Swiss Research ...

University of St.Gall...

Eprints ID
238997
File(s)
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open.access

Name

ETP-WealthGovernance-Final-preprint.pdf

Size

672.01 KB

Format

Adobe PDF

Checksum (MD5)

14ba564139ea2213e36f96fc398221b0

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