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2018 | OriginalPaper | Buchkapitel

2. The Family Business

verfasst von : Silvia Ferramosca, Alessandro Ghio

Erschienen in: Accounting Choices in Family Firms

Verlag: Springer International Publishing

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Abstract

The family business is an economically relevant worldwide phenomenon. It is widespread in every industry and it takes diverse legal forms, ranging from micro, small and medium sized firms to large public companies. Its economic relevance frequently impacts more than half of the national GDP and it becomes an essential source of employment. After, presenting some facts and figures about the family business around the world, this chapter shows the two main approaches used to define a family firm, namely the essence and component approaches. We thus review more than 180 definitions of family firms and organise them within a table according to the following three main criteria: (1) Percentage of ownership held by the family, (2) Members of the family involved in management and control positions, and (3) Generational stages of the family firm. The intersection of these three criteria gives rise to other four groups of family firm definitions, theoretically proving the multidimensionality of the phenomenon. We then review the studies on family business and accounting and discuss the main theoretical framework used, with a specific focus on the transition from a mainly agency theory-based literature to the derived socioemotional wealth theory. Finally, this chapter pinpoints some early conclusions on the family business providing a bridge with the ensuing chapter stressing the relations between family firms and accounting choices.

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Vorheriges Kapitel Introduction

Nächstes Kapitel Earnings Management in Family Firms

Nur mit Berechtigung zugänglich

In this book we consider the terms “accounting choice”, “accounting decision”, and “accounting practice” as synonymous.

In this book we adopt the terms “family business”, “family firm”, “family company”, “family-owned firm”, “family-owned company”, “family-controlled firm” and “family-controlled company” as interchangeable.

This expression has been borrowed from the novel of Thomas Mann (1901), which depicts the decline of a wealthy, fourth-generation German family. Hence, the Buddenbrook syndrome refers to the likelihood of family firms to cease activity after a period of about three generations. Usually, the first generation strives for money and establishes a successful business, the second maintains the success by increasing the prestige and reputation of the firm, and, finally, the third is alleged, to prefer leisure, to squander the entire inheritance and to cause the downfall of the firm.

See http://www.ffi.org/?page=GlobalDataPoints, accessed April 2017.

This interview with John Davis, Harvard Business School, was last accessed March, 2017, and is available at https://www.exed.hbs.edu/assets/Pages/video.aspx?videoid=48.

See http://english.donga.com/Home/3/all/26/758611/1 last accessed April, 2017.

Facts and figures may differ between studies, even within the same country, since they are influenced by the definition adopted. Hence, the numbers reported are proof that further empirical studies and statistics on the family business need to be provided.

This article written in Tharawat magazine defines a family firm as «(…) a company that is controlled and majority-owned by members of the same family».

See http://www.ffi.org/?page=GlobalDataPoints last accessed April, 2017.

See http://www.aidaf.it/en/aidaf-3/1650-2/ last accessed March, 2017.

See http://www.ffi.org/?page=GlobalDataPoints last accessed April, 2017.

See http://www.china.org.cn/business/2011-12/13/content_24140996.htm last accessed April, 2017.

However, in the literature there are still further categorizations. As an example, Mustakallio et al. (2002) confines the family business definitions within six groups: (1) ownership, (2) management, (3) generational succession, (4) intention to continue as a family firm, (5) family goals, and (6) interaction between the business and the family.

See http://www.europeanfamilybusinesses.eu/family-businesses/definition last accessed April, 2017.

See http://www.ffi.org/page/globaldatapoints last accessed April, 2017.

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Alberto Falck was an Italian entrepreneur and until his death in 2003 he was the chairman of the board of his family firm Falck Renewables Spa. He was also chairman of AIdAF (Associazione Italiana delle Aziende Familiari or Italian Family Business Association) from 1997 to 2003.

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Titel: The Family Business
verfasst von: Silvia Ferramosca
Alessandro Ghio
Verlag: Springer International Publishing
Buch: Accounting Choices in Family Firms
Print ISBN: 978-3-319-73587-0

Electronic ISBN: 978-3-319-73588-7

Copyright-Jahr: 2018
DOI: https://doi.org/10.1007/978-3-319-73588-7_2