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Journal of Management Control

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25.01.2018 | Original Paper

Family-controlled businesses and management control: the framing of “shareholder-oriented” practices

verfasst von: Andrea Dello Sbarba, Alessandro Marelli

Erschienen in: Journal of Management Control | Ausgabe 4/2018

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Abstract

Family-controlled businesses (FCBs) are the dominant forms of business in most market-oriented economies and the driving sources behind global economic growth. Despite their relevance worldwide, the role of financial management practices has remained understudied although there are indications that these practices play a critical influence in the survivability, growth and successful succession of family businesses. Drawing on recent developments in institutional theory and the concepts of framing and frame alignment, we investigate how shareholder-oriented management controls (MCs) are adapted in a FCB case over a 15-year period. To analyze the features that drive family agent in supporting a frame alignment, we build our analysis on previous literature in family firms. We investigate the processes involved in the adoption and implementation of adapted shareholder-oriented MCs in this FCB characterized by permanence of the owners and top managers where these actors are following changes based on a new set of shareholder-oriented ideas. This case study research allows more fine-grained observations and theorizations in a protracted institutional context. It is interesting because it shows how a family organization tries to align its MC during a third generation company life. In particular, we contribute to analyze how such alignment processes lead to implement adapted financial MC practices, how different features of FCBs can influence MC practices, and the role of a family member as an institutional change agent aimed to discover a new frame that mobilizes organizational action.

Vorheriger Artikel The use of value-based management in family firms

Nächster Artikel Performance measurement systems in small and medium-sized enterprises and family firms: a systematic literature review

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The companies need to get a result that includes a positive difference between profit/cash flow and cost of capital, hence this calculation is the basis of planning in the VBM.

LM is the name of the family business and the subject of our case study.

Alpha is the anonymized name of the original owner.

The term “pre-existing frame” refers to the frame that governed the organizational action during the period until the end of 1991.

GC is the name of the Greek listed company that acquired a stake of capital of 35% in LM.

Beta is the anonymized name of Alpha’s son and is the current owner.

WACC (based on Beta analysis) and IRR were defined by GC.

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Titel: Family-controlled businesses and management control: the framing of “shareholder-oriented” practices
verfasst von: Andrea Dello Sbarba
Alessandro Marelli
Publikationsdatum: 25.01.2018
Verlag: Springer Berlin Heidelberg
Erschienen in: Journal of Management Control / Ausgabe 4/2018
Print ISSN: 2191-4761
Elektronische ISSN: 2191-477X
DOI: https://doi.org/10.1007/s00187-018-0255-3

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