Governance in Hungarian family businesses
DOI:
https://doi.org/10.29015/cerem.786Słowa kluczowe:
governance structure, family business, family business governance, family governance, HungaryAbstrakt
Aim: A large-scale, exploratory survey had been conducted on the whole population of family businesses in Hungary in 2017/18 concentrating on the heterogeneity of the family business population. This paper presents the findings of this survey focusing only on the governance practices of the Hungarian family businesses.
Design / Research methods: Two questionnaires were asked from a sample of Hungarian family businesses in the form of a computer-assisted phone interview. This sample is based on probability sampling of a larger database representative to the Hungarian population of business organization in terms of annual revenue, geographical location and industry. Questions were formulated considering models of family involvement, socio-emotional wealth, succession, governance, and professionalization.
Conclusions/findings: Hungarian family businesses succeed in involving a growing number of family members into the company which also positively relates to the business performance of the firms. The developmental patterns of their governance practices reflect their increasing level of professionalization.
However, they can hardly involve external, non-family professionals into the Top Management Team, which may be crucial especially for the further growth of medium-sized firms. Their family governance concentrates rather on operatively bridging family and company, and not on planning the maintenance of long-term family control.
Originality/value of the article: The paper delivers both informations on the heterogeneity of the Hungarian family businesses from a governance-related point of view, and show direct, practical implications regarding the family business governance system. Its results can be of interest both for family business owners, researchers, and consultants.
Bibliografia
Anderson, R.C., Reeb, D.M. (2004). Board composition: balancing family influence in S&P 500 firms, Administrative Science Quarterly, 49(2): 209-237.
Bammens, Y., Voordeckers, W., & van Gils, A. (2011). Boards of directors in family businesses: a literature review and research agenda, International Journal of Management Reviews, 13: 134-152.
Berrone, P., Cruz, C., & Gómez-Mejía, L. R. (2012). Socioemotional wealth in family businesses theoretical dimensions, assessment approaches, and agenda for future research, Family Business Review, 25(3): 258–279.
Carlock, R.S. & Ward, J.L. (2001). Strategic planning for the family business. Parallel planning to unify the family and the business. Basingstoke: Palgrave MacMillan.
Carney, M., van Essen, M., Gedajlovic, E.R., & Heugens, P.P.M.A.R. (2013). What do we know about private family businesses? A meta-analytical review, Entrepreneurship Theory and Practice, 39(3): 1-32.
Chrisman, J.J., Chua, J.H., & Litz, R.A. (2004). Comparing the agency costs of family and non-family businesses: conceptual issues and exploratory evidence, Entrepreneurship Theory and Practice, 28: 335-354.
Chua, J., Chrisman, J., & Bergiel, E. (2009). An agency theoretical analysis of the professionalized family business, Entrepreneurship Theory and Practice, 33(2) 355-372.
Cleveland, W.S. (1979). Robust Locally Weighted Regression and Smoothing Scatterplots, Journal of the American Statistical Association, 74(368): 829–836.
Dana, L.P. & Ramadani, V. (2015). Context and uniqueness of transition economies. In Dana, L.P., & Ramadani, V. (Eds.), Family businesses in transition economies – management, succession and internationalization. Cham: Springer International Publishing
Dawson, A., Parada, M. J. (2019). Corporate Governance in Family Businesses Across Generations: Exploring Intergenerational Issues. In Memili, E. – Dibrell, C. (Eds.), The Palgrave Handbook of Heterogeneity Among Family Firms. Palgrave Macmillan
Debicki, B. J., Kellermanns, F. W., Chrisman, J. J., Pearson, A. W., & Spencer, B. A. (2016). Development of a socioemotional wealth importance (SEWi) scale for family business research, Journal of Family Business Strategy, 7(1): 47–57.
Dekker, J., Lybaert, N., Steijvers, T. & Depaire, B. (2015). The Effect of Family Business Professionalization as a Multidimensional Construct on Firm Performance, Journal of Small Business Management, 53(2): 516–538.
Dinh, T.Q., & Calabrò, A. (2018). Asian Family businesses through Corporate Governance and Institutions: A Systematic Review of the Literature and Agenda for Future Research. International Journal of Management Reviews (still not included in a published issue, downloaded from: https://doi.org/10.1111/ijmr.12176, date of download: 14th March 2018)
Forgy, E.W. (1965). Cluster analysis of multivariate data: efficiency versus interpretability of classifications, Biometrics, 21: 768–769.
Fraley, C., & Raftery, A.E. (2002). Model-based clustering, discriminant analysis and density estimation, Journal of the American Statistical Association, 97(458): 611-631.
Gersick, K.E., Davis, J.A., McCollom Hampton, M., & Lansberg, I. (1997). Generation to Generation: Life Cycles of the Family Business. Boston: Harvard Business School Press
Gersick, K. E., & Feliu, N. (2014). Governing the family enterprise: practices, performance and research. In Melin, L., Nordqvist, M. & Sharma, P. (Eds.): The Sage Handbook of Family Business. Thousand Oaks, CA: Sage Publications
Goel, S., Jussila, I., & Ikäheimonen, T. (2014). Governance in family businesses: a review and research agenda. In Melin, L., Nordqvist, M. & Sharma, P. (Eds.): The Sage Handbook of Family Business. Thousand Oaks, CA: Sage Publications
Gómez-Mejía, L.R., Cruz, C., Berrone, P., & De Castro, J. (2011). The bind that ties: Socioemotional wealth preservation in family businesses, The Academy of Management Annals, 5(1): 653–707.
Gómez-Mejía, L.R., Nunez-Nickel, M., & Gutierrez, I. (2001). The role of family ties in agency contracts, Academy of Management Journal, 44: 81-95.
Gnan, L., Montemerlo, D., & Huse, M. (2015). Governance systems in family SMEs: the substitution effects between Family Councils and corporate governance mechanisms, Journal of Small Business Management, 53(2): 355–381.
Hauck, J., Suess-Reyes, J., Beck, S., Prügl, R., & Frank, H. (2016). Measuring socioemotional wealth in family-owned and –managed firms: A validation and short form of the FIBER Scale, Journal of Family Business Strategy, 7: 133-148.
Holt, D., Pearson, A.W., Carr, J.C., & Barnett, T. (2017). Family business(s) Outcomes Model: Structuring Financial and Nonfinancial Outcomes Across the Family and Firm, Family Business Review, 30(2): 182–202.
Huang, Z. (1998). Extensions to the k-Means Algorithm for Clustering Large Data Sets with Categorical Variables. Data Mining and Knowledge Discovery, 2: 283-304.
Huse, M. (2009). The Value Creating Board: Corporate Governance and Organizational Behaviour. Abingdon: Routledge
Jaskiewicz, P., & Gibb Dyer, W. (2017). Addressing the Elephant in the Room: Disentangling Family Heterogeneity to Advance Family Business Research, Family Business Review, 30(2): 111-118.
Kodinariya, T., & Dan Makwana, P.R. (2013). Review on Determining of Cluster in K-means Clustering, International Journal of Advance Research in Computer Science and Management Studies, 1: 90–95.
Koeberle-Schmied, A., Caspersz, D. (2013). Family governance bodies: a conceptual typology. In Smyrnios, K. X., & Poutziouris, P. Z. (Eds.), Handbook of Research on Family Business, Cheltenham: Edward Elgar Publishing
Koeberle-Schmid, A., Kenyon-Rouvinez, D., & Poza, E.J. (2014). Governance in family enterprises – maximizing economic & emotional success. Basingstoke: Palgrave Macmillan
Le Breton-Miller, I., & Miller, D. (2009). Agency vs. stewardship in public family businesses: a social embeddedness reconciliation, Entrepreneurship Theory and practice, 33(6): 1169-1191.
Ling, Y., & Kellermanns, F. (2010). The effects of family business specific sources of TMT diversity: The moderating role of information exchange frequency, Journal of Management Studies, 47: 322-344.
Lubatkin, M., Lane, P.J., Collin, S., & Very, P. (2007a). An embeddedness framing of governance and oppoertunism: towards a cross-nationally accomodating theory of agency, Journal of Organizational Behavior, 28: 43-58.
Lubatkin, M.H., Ling, Y., & Schulze, W.S. (2007b). An organizational justice-based view of self-control and agency costs in family businesses, Journal of Management Studies, 44(6): 955-971.
Memili, E. (2011). Control-enhancing corporate governance mechanisms: family versus nonfamily publicly traded firms. Doctoral dissertation, Mississippi State University
Miller, D., & Le Breton-Miller, I. (2006). Family governance and firm performance: agency, stewardship, and capabilities, Family Business Review, 19(1): 73-87.
Miller, D., & Le Breton-Miller, I. (2011). Governance, social identity, and entrepreneurial orientation in closely held public companies, Entrepreneurship Theory and practice, 35(5): 1051-1076.
Nordqvist, M., Sharma, P., & Chirico, F. (2014). Family business heterogeneity and governance: a configuration approach, Journal of Small Business Management, 52(2): 192-209.
North, D.C. (1990). Institutions, institutional change and business performance. Cambridge: Cambridge University Press
Pindado, J., & Requejo, I. (2015). Family business performance from governance perspective: a review of empirical research, International Journal of Management Reviews, 17: 279-311.
Siebels, J-F., & zu Knyphausen-Aufseß, D. (2012). A review of theory in family business research: the implications for corporate governance, International Journal of Management Reviews, 14: 280–304.
Suáre, K. C., & Santana‐Martín, D.J. (2004). Governance in Spanish family business, International Journal of Entrepreneurial Behavior & Research, 10(1/2): 141-163.
Schulze, W.S., Lubatkin, M.H., Dino, R.N., & Buchholtz, A.K. (2001). Agency relationship in family businesses: theory and evidence, Organization Science, 12(2): 99-116.
Sharma, P. (2004). An Overview of the Field of Family Business Studies: Current Status and Directions for the Future, Family Business Review, 17(1): 1-36.
Sieger, P., Zellweger, T., Aquino, K. (2013). Turning agents into psychological principals: Aligning interests of nonowners through psychological ownership, Journal of Management Studies, 50: 361-388.
Stanley, L., Kellermanns, F.W., & Zellweger, T. (2017). Latent profile analysis: understanding family business profiles, Family Business Review, 30(1): 84-102.
Suess, J. (2014). Family governance – Literature review and the development of a conceptual model, Journal of Family Business Strategy, 5: 138-155.
Thorndike, R.L. (1953). Who Belongs in the Family? Psychometrika, 18(4): 267–276.
Uhlaner, L., Wright, M., & Huse, M. (2007). Private Firms and Corporate Governance: An Integrated Economic and Management Perspective, Small Business Economics, 29(3): 225-241.
Van Essen, M., Carney, M., Gedajlovic, E.R., & Heugens, P.P.M.A.R. (2015). How does family control influence firm strategy and performance? A Meta-analysis of US publicly listed firms, Corporate Governance: An International Review, 23(1): 3-24.
Zellweger, T., Nason, R., Nordqvist, M., & Brush, C.G. (2013). Why Do Family businesses Strive for Nonfinancial Goals? An Organizational Identity Perspective, Entrepreneurship Theory and practice, 37(2): 229-248.
Pobrania
Opublikowane
Numer
Dział
Licencja
Autor przenosi nieodpłatnie na Wyższą Szkołę Bankową we Wrocławiu , bez ograniczeń terytorialnych, majątkowe prawa autorskie do tego utworu w rozumieniu ustawy z dnia 4 lutego 1994 roku o prawie autorskim i prawach pokrewnych ( Dz.U. 1994, Nr 24, poz. 83 ze zm. )na zasadzie wyłączności, tj. prawo do:
a) wyłącznego używania i wykorzystania utworu w dowolnej działalności przez Wyższą Szkołę Bankową we Wrocławiu, w szczególności w działalność Biblioteki Cyfrowej uruchomionej przez Wyższą Szkołę Bankową we Wrocławiu
b) wytwarzania, utrwalania i zwielokrotniania egzemplarzy utworów wszelkimi technikami, w tym techniką drukarską, reprograficzną, zapisu magnetycznego oraz techniką cyfrową, w szczególności ich zwielokrotniania poprzez dokonywanie zapisów na płytach typu CD,
c) zamieszczenia wybranych fragmentów utworu w celach promocyjnych w publikacjach, materiałach promocyjnych, w sieci Internet oraz sieciach wewnętrznych typu Intranet Wyższej Szkoły Bankowej we Wrocławiu,
d) wprowadzania utworu do pamięci komputera Wyższej Szkoły Bankowej we Wrocławiu,
e) kopiowania i powielania utworu w technologiach fotomechanicznych lub innych znanych w dniu zawarcia umowy (fotokopie, kserokopie itp.),
f) przetworzenia dzieła na formę elektroniczną i nieograniczonego rozpowszechniania w sieci Internet.
