Family businesses and financial decision making is a growing topic of research. It is of value given the impact family businesses have on many economies. Family businesses are regarded to have it more difficult to attain feasible financing and also being led by another logic compared to non-family businesses. Characteristics attributed to family businesses are that they take non-financial values in to consideration, and aims to preserve the so called Social Emotional Wealth. Therefore this thesis aims to explore financial decision making in the context of family businesses and extend current research by looking at a new financing alternative, crowd equity. The purpose aims to be met by a qualitative study, with the FIBER model as base. Interviewing family business owners and management, and explore their reasoning linking it to crowd equity as a financing form. The findings in this study is in line with much of existing literature, concluding that the reasoning behind financial decisions are to a large extent motivated by non-financial factors, such as ownership and control of the businesses. The risk of losing control over the business by raising capital via equity financing is one argument against that form of financing. If equity financing is an alternative, then crowd equity seems to have characteristics that could be of interest for family businesses.

Este trabalho investiga os impactos provenientes da propriedade familiar em eventos de aquisições. Foram analisados 355 anúncios concluídos de eventos de aquisições, realizados por 122 empresas públicas no período de 2009 a 2013. Os dados foram obtidos do banco de dados da Thomson Reuters SDC Platinum e também da Thomson Reuters Eikon. Foi utilizada a metodologia de estudos de eventos (MacKinlay, 1997; McWilliams & Siegel 1997), para aferir os retornos anormais em aquisições de empresas familiares e não familiares. Para analisar os dados obtidos, foram empregadas análises univariadas, bivariadas e regressões multivariadas reportadas com erros-padrão robustos por Hubber-White Sandwich, e técnica não paramétrica estatística de resampling Bootstrap. Foram empregados, ainda, testes de robustez para a variável explicativa grau de concentração acionária e de benchmark de retorno de mercado. Outrossim, foram adotadas variáveis específicas de empresas familiares, para melhor mensurar o impacto da propriedade familiar sobre os retornos anormais analisados. Como principais achados da dissertação, foram encontrados evidências de que empresas familiares geram valor em aquisições. Encontrou-se, também, que não há evidências de que empresas familiares tenham maiores retornos anormais positivos que empresas não familiares. Reporta-se, ainda, que o retorno anormal está relacionado positivamente à empresa familiar cujo gestor é membro da família controladora. Por outro lado, não se encontraram evidências de que os retornos anormais em aquisições de empresas estejam relacionados positivamente às empresas de primeira e segunda gerações familiares. Por fim, relata-se que não há evidências de que haja relação positiva entre o grau de concentração acionária detida pela família controladora e retornos anormais em aquisições. / This study investigates the impact of family ownership on acquisitions of enterprises. On this purpose, we analyzed 355 acquisitions made by 122 public firms during the sample period 2009 to 2013. The data on acquisitions of enterprises were obtained from Thomson Reuters SDC Platinum and Thomson Reuters Eikon database. This study employs the Methodology of Event Study (MacKinlay, 1997; McWilliams & Siegel 1997) in order to obtain the performance on acquisitions measured by the abnormal return. Furthermore, were employed univariate, bivariate statistical analysis and multivariate regression analysis. Those regressions were reported with robust standard errors by Hubber-White Sandwich. Additionally, as a robustness test, this study reported the non parametric robust statistical test; yclept, Bootstrap. Besides, were applied further robust techniques, due to better measure the impact of the variable family firms on the dependent variable abnormal return. Our findings suggest that there is evidence that family firms generate value on acquisitions of enterprises. Moreover, this study founded that there is no evidence that family firms have higher abnormal returns than non-family firms. This research, withal, sheds lights on the fact that abnormal return it is positively related to family firms which has a family member as a director, vice president or CEO of the company. On the other hand, it is founded on this research that there is no evidence that abnormal returns are associated to the first and second generations. Ultimately, it is reported that there is no evidence that exists positive relation among the variable power concentration (stake owned by the controlling family) and abnormal returns on acquisitions of enterprises.

Esta pesquisa inova ao investigar a dinâmica do Conselho de Família e sua influência no processo de governança e sucessão nas empresas de controle familiar. Visando responder a questão de pesquisa \"Como a dinâmica do Conselho de Família influencia e é influenciada pelo processo de governança e sucessão nas empresas de controle familiar?\", empreendeu-se umestudo de casos múltiplos aplicado a três empresas de controle familiar e a um grupo de consultores especialistas. Foram realizadas entrevistas semiestruturadas no período de fevereiro a abril de 2017 com membros da família que compõe ou compuseram o Conselho de Família das empresas aqui estudadas e também com os consultores especialistas na temática Governança Corporativa, empresas familiares e Conselho de Família. Além das entrevistas, foi realizada a análise documental dos livros que contém a historia das empresas e da própria família, informações disponibilizadas no web site das empresas, notícias e matérias veiculadas na imprensa e materiais elaborados pelos consultores. O referencial teórico aborda as temáticas de governança corporativa, empresas familiares, Conselho de Administração, Conselho de Família e por fim, sucessão e conflitos nas empresas de controle familiar. Os resultados indicam que a implantação de um Conselho de Família contribui para a preparação e formação dos herdeiros e sucessores, facilitando assim a passagem do bastão, além de atuar na resolução de conflitos incentivando o diálogo entre a família e para com a empresae contribuindo ainda para manutenção e amadurecimento das práticas de governança corporativa. / This research innovates when investigating the dynamics of the Family Council and its influence on the process of governance and succession in family firms. Aiming to answer the research question \"How do Family Council dynamics influence and is influenced by the process of governance and succession in family firms?\", a study of multiple cases has been undertaken and applied to three family firms and to a group of expert consultants. Semi-structured interviews were carried out in the period from February to April 2017, with members of the family who composes or composed the Family Council of the companies studied here, and also with the expert consultants in the thematic Corporate Governance, family firms and Family Council. In addition to the interviews, it was performed a documentary analysis of the books that contain the history of companies and the family itself, information available on the website of the companies, news and materials published in the press and materials prepared by consultants. The theoretical reference addresses the issues of corporate governance, family firms, Board of Directors, Family Council and finally succession and conflicts in family firms. The results indicate that the introduction of a Family Council contributes to the preparation and training of heirs and successors, thus facilitating to pass the baton forward, as well as acting in conflict resolution, encouraging dialog between the family and to the company and also contributing to maintenance and maturity of corporate governance practices.

O processo sucessório pode ser visto como um dos fatores críticos para garantir a longevidade de muitas organizações, tendo em vista que é pertinente e natural a todas, sejam elas familiares ou não-familiares. O desafio, contudo, é o de atingir a manutenção apropriada das práticas de sucesso na conduta do negócio, bem como os valores morais enraizados pelos membros familiares ao longo do desenvolvimento do negócio, durante o processo sucessório. Em uma outra instância, a gestão dos interesses dos stakeholders pode ser visto como um dos principais pontos de conflitos nas organizações familiares, uma vez que a influência dos membros familiares varia em diferentes âmbitos, exercendo, portanto, considerável presença na determinação dos objetivos da organização. Estas intenções e objetivos enriquecem a importância do processo sucessório e das práticas de Governança Corporativa propiciando maior estabilidade e redução dos riscos face a necessidade da mudança na liderança e gestão da organização familiar. Esta abordagem contribui não só para voltá-las a uma maior vantagem competitiva na escolha do sucessor com maior potencial para exercer determinado cargo, mas para enriquecer a visão das práticas de governança junto às organizações familiares que visam garantir o sucesso já obtido por diversas gerações. A partir deste contexto, este estudo procurou investigar a implementação das práticas de Governança Corporativa presentes nas organizações familiares e sua evolução no processo sucessório. Visando alcançar este objetivo, realizou-se uma pesquisa de caráter qualitativo, por meio do método de estudo de casos múltiplos. Como principais sínteses dos resultados, conclui-se que a implementação destas práticas se tornou marco para a condução das transições nas empresas em foco, seja no âmbito da sucessão da gestão quanto da propriedade, além de garantir a união das gerações em prol do êxito do processo sucessório. / The succession process shall be considered as one of the critical factors to guarantee the longevity of many organizations, given that it is pertinent and natural to all of them, whether they are family-owned business or not. The challenge, however, is to achieve a appropriated maintainability of the successful practices concerning the way that the business is lead, as well as the moral values ingrained by the family members throughout the business development, during the succession process. In another instance, stakeholder\'s interests management shall be considered as one of the primary conflict points in family firms, seen that the family members influence varies in different scopes, exerting, therefore, considerable presence in the determination of the firm\'s objectives. These intentions and objectives enrich the importance of the succession process and Corporate Governance practices promoting a greater stability and risk reduction vis-à-vis its need of changing in the family firm\'s management and leadership. This approach contributes not only to turn them to a more relevant competitive advantage in the choice of a high potential successor to wield certain role, but to augment the view of governance practices along family firms that aim to ensure the success already obtained by other generations. Thereafter, this study seeks investigating Corporate Governance practices implementation existent in family firms and its evolution regarding succession process. Aiming to reach this objective, it is intended to conduct a qualitative research by means of a multiple case study method. As a result of the main findings, it is concluded that the implementation of these practices have become a threshold to the conduct of transitions in the companies in study, either in the succession of the business or ownership, besides guaranteeing the union of generations to achieve the success of the succession process.

Background: The relationship between family firms and auditors is not a topic that is very well examined. This is also a relationship that is extraordinary because they have different aims with the relationship. Since the family firms seek for long and close relationships while the auditor needs to maintain their independence. There have also been several scandals in the past between family firms and their auditor where the relationship has become to close. Purpose: The purpose of this paper is to examine the auditor’s role in family firms, how value is co-created and what value that is co-created when they interact with each other. Method: To answer the research question the data in this study is collected through semi- structured interviews. The interviews were performed and inspired by previous studies which we developed a framework on to have as a guideline during the interviews. The participants in the study were three family firms and their respective auditor and the participants were located in the same geographical area. Findings: In this study, we have focused on how and what value family firms and auditors co- create when they interact with each other. The study suggests important aspects of the family firm and auditor relation to facilitating the value co-creation process. The aspects that were revealed as important were the relationship, communication, collaborative, trust, and experience from the auditor. The study also investigated which values family firms and auditors co-create, these were smarter planning, increase of effectiveness, exchange of knowledge, expanded networks, and value for society.

Selon une étude réalisée par le Cabinet Price Water House Coopers en 2008,l’entreprise familiale constituerait la structure la plus répandue dans le monde,jouant à ce titre un rôle essentiel dans l’économie mondiale. Ainsi, les entreprisesfamiliales représenteraient plus de deux tiers des entreprises dans la sphère despays occidentaux (B.A Kirshoff, J.J Kirshoff ; 1987).La transmission de l’entreprisefamiliale, opération délicate, représente sans aucun doute, l’expérience la plus ago-nisante pour ses membres et la plus menaçante pour l’avenir de l’entreprise concer-née.Selon un rapport publié en 2009 par Fitch Ratings : les pratiques de gouver-nance d’entreprises en Tunisie « manquent encore de maturité » et un travail co-lossal attendrait les entreprises familiales en matière de transmission.Alors, le choix du thème de « la transmission des entreprises familiales en Tunisie» parait d’autant plus opportun, qu’il coïncide avec une conjoncture appropriée, àsavoir la phase finale de la transition démographique de La Tunisie, qui verra unegénération quasi-totale de chefs d’entreprise installés à l’aube de l’indépendancepasser la main ou en voie de le faire prochainement.Ainsi, la transmission de l’entreprise familiale constitue aujourd’hui un pro-blème général auquel se trouvent confrontés les pays occidentaux mais qui se poseavec une acuité particulière en Tunisie compte tenu de caractéristiques propres.LaTunisie évolue dans un environnement spécifique caractérisé par une culture al-liant tradition et modernité où la sphère religieuse occupe de manière conscienteou inconsciente une place conséquente. Cette tendance expliquerait une certaineiiévolution de l’entreprise familiale la différenciant de son homologue occidental.Une gouvernance spécifique en matière de transmission des entreprises familialesmettant en œuvre les facteurs culturels constitue le cœur de cette investigation. / According to a study done in 2008 by the Cabinet Price Water House Coopers, the family business built the most common structure in the world, in this way,ithad a key role in the global economy.So, family firms represent more than two thirds of companies in the sphere ofWestern countries (BA Kirshoff, JJ Kirshoff ; 1987). The family firms successionwas undoubtedly a delicate operation, the most agonizing experience for its mem-bers and the most threatening to the future of the company concerned.Also, according to a 2009 Fitch Ratings’ report : corporate governance practicesin Tunisia was qualified as "still immature" and a colossal work expected familyfirms in the transmission. So the choice of the theme of "the transfer of family firmsin Tunisia" seems the most appropriate. It also coincides with a suitable situationin the final stage of the demographic transition in Tunisia, which will create analmost total generation of entrepreneurs installed just after independence to handor in process to do sosoon.The family firms succession is now a general problem that will confront theWest but it will particularly acute in Tunisia . This country evolves in a specificenvironment characterized by a culture combining in the same time tradition andmodernity, where also religious sphere occupies consciously or unconsciously animportant place.This tendency explains some evolution of the family business differentiating itswestern counter part. A specific governance of transmission of family firms imple-menting cultural factorsis the heart of this investigation.

Tant le concept de Responsabilité Sociétale comme celui-là d'entreprise familiale ils ont occupé l'agenda de nombreux théoriques, en réussissant à se développer amplement dans dernières décennies. Cependant, la gestion de Responsabilité Sociétale DANS les entreprises familiales continue d'être une aire peu étudiée (Gallo, 2004 ; Gils Vain, Dibrell, Neubaum et Craig, 2014), en restant l'influence de l'aspect générationnel comme l'une des brèches principales dans la connaissance de cette matière. Par ce que la recherche présente a été mise au point dans explorer et dans comprendre comment et pourquoi l'étape du cycle de la vie dans laquelle l'entreprise familiale se trouve est un facteur déterminant dans sa gestion de Responsabilité Sociétale.Pour obtenir cet objectif, depuis un point de vue abductif, on a choisi de développer une recherche de nature qualitative basée sur la méthode d'étude de cas, qui a permis l'exploration profonde des douze propositions contemplées chez le modèle théorique proposé. En utilisant les techniques de l’observation, l’interview semi-directive, l´élaboration du génogramme, et l’analyse documentaire, il a réussi à obtenir un panorama détaillé de chacune des six entreprises abordées dans l'étude de champ. Cettes entreprises appartiennent aux secteurs économiques distincts, ayant dans commun sa grande taille et sa gestion remarquable de Responsabilité Sociétale.Les conclusions principales mettent en joue à que certainement, la gestion de Responsabilité Sociétale devient plus fréquente, plus complexe et plus formelle dans le contexte des entreprises familiales à mesure que des générations distinctes de la famille s'incorporent non seulement dans la propriété mais aussi dans la direction de l´entreprise, et que se dépassent des défis de survie et de croissance, typiques des étapes précoces de son cycle de vie.Les membres de générations subséquentes au fondateur ont l'habitude d'avoir une vision plus stratégique de la Responsabilité Sociétale. Dans la majorité des cas, le fondateur exerce un rôle d'inspirateur ou un initiateur des pratiques de Responsabilité Sociétale. Les générations postérieures exercent en général le rôle de l'officialisation de la gestion de Responsabilité Sociétale.La gestion de Responsabilité Sociétale fait partie de la vision de long terme de l'entreprise familiale, ce qui se fait un rapport évident à travers des attentes des cadres dirigeants de l'entreprise sur l'engagement des générations subséquentes avec la continuité de sa gestion. La condition hyponymique de l'entreprise familiale influe sur l'engagement de la famille avec la gestion de Responsabilité Sociétale, après s'être considéré comme dépêche du legs familial et après avoir préservé le bon nom des prédécesseurs comme référant d'une conduite exemplaire pour la société. / The concept of Corporate Social Responsibility, as well as the concept of family business have been part of the agenda of numerous theories, managing to develop widely in the last few decades. Nevertheless, the management of Corporate Social Responsibility in family firms continues to be a slightly studied area (Gallo, 2004 ; Van Gils, Dibrell, Neubaum and Craig, 2014), and the influence of the generational aspect remains as one of the principal gaps in the knowledge of this matter. That is why, this research focused on exploring and understanding how and why the stage of the life cycle in which one finds the family firm is a defining factor in its management of Corporate Social Responsibility.To achieve this objective from an abductive approach, this research has a qualitative nature based on the case study research method, which allowed the deep exploration of twelve propositions contemplated in the proposed theoretical model. Technics including observation, semi-structured interviews, genogram construction and documentary analysis, were used to obtain a detailed landscape of each one of the six companies approached in the field study. These family firms correspond to different economic sectors, all of which reached great size, as well as outstanding management of Corporate Social Responsibility.The principal conclusions point that certainly, the management of Corporate Social Responsibility becomes more frequent, more complex and more formal in the context of the family firms, as different generations of the family are joining the management and owning the business and they surpass the typical challenges of survival and growth in the early stages of their life cycle.Normally, the members of subsequent generations to the founder tend to have a more strategic vision of the Corporate Social Responsibility. In most cases, the founder exercises a role of inspiratory or beginner of Corporate Social Responsibility practices. The later generations generally exercise the role of the formalization.The management of Corporate Social Responsibility is part of the vision of long term of the family firms, which becomes evident across the expectations of the executives of the company about the commitment of the subsequent generations with the continuity of Corporate Social Responsibility. The inclusion of the family name in the company name influences the commitment of the family with the management of Corporate Social Responsibility, because it is considered as part of the family legacy and the preservation of the good name of the predecessors.

Ownership structure is referenced as one of the key determinants of policy decisions and corporate governance of companies however suggested implications of different structures part in previous research. This study investigates the relationship between different ownership structures and dividend policy decisions taken by a firm and sets out to identify how family ownership in specific differs from other ownership structures. The study follows a framework based on a number of postulated hypothesis based on previous findings of similar investigations and applies it to a Swedish setting. A model is constructed consisting of variables describing ownership, financial and market conditions in Swedish firms from the period 2010-2019. Some, yet sparse, evidence is found indicating differences in dividend policy can be derived from differences in ownership, yet results clarify dividend policy decisions are based on a complex set of conditions not easily captured in a single model.

Introduction: In family businesses, previous literature does not discuss about the connection between Corporate Social Responsibility (CSR) activities and Socio-Emotional Wealth (SEW). Therefore, this research provides the role of SEW on CSR activities in family businesses. This study is unique and also significant for future researchers and policymakers of family firms to understand the role of SEW of family firms on CSR activities. Respectively, this paper targets only family businesses as the subject of research meanwhile they are distinctive in nature and make up a large component of the global economy. The topic of SEW in family businesses is a fascinating aspect of this subject that warrants further investigation.Purpose: The purpose of this thesis is to develop a comprehensive grasp by observing how SEW plays a major role on CSR activities on family firms and explore the family involvement in the execution of the activities.Methodology: This study conducts a single case study, followed by semi-structured interviews. Further this study adapts qualitative research method and exploratory research design in nature, aiming to provide a greater understanding of a well-known occurrence by relating and analysis present literature, such as the FIBER Model, to a specific firm. The study in this research is based on an organizational/case analysis method.Findings: This research found that family involvement in CSR execution of chosen firm is efficient. It is concluded that the chosen firm implement different CSR activities include support poor children’s education, charity activities for Syrian war affected families, health support for poor people, environment and ethical policies was implemented in all the process of organization to ensure CSR activities and job opportunities for poor educated students. Study finding further concludes that the role of SEW play a major role in CSR implementation especially on enhancing brand image and firm’s reputation.Abbreviations: SEW (Social-Emotional Wealth), CSR (Corporate Social Responsibility)

This paper investigates how family ownership affects firm performance among Swedish publicly listed firms during the Covid-19 pandemic. The period of interest is the second quarter of 2020 which is argued to be the period of the largest impact on the economy from the Covid-19 pandemic. During this period, we hypothesize that firm performance is influenced by family ownership due to agency conflicts. Our findings suggest that family firms with a present founding family member in the management outperform other firms in general. However, firm performance is not affected by family ownership during the Covid-19 period. We also consider different aspects of family ownership such as the level of stake controlled by the family, and whether the family firm uses a dual-class share system. Inconsistent with our hypotheses, our results show that a moderate stake controlled by the family is not associated with higher performance, and family firms that use the dual-class share system do not suffer in performance. Overall, our findings indicate that the Covid-19 pandemic did not impact firm performance contrary to our expectations. Lastly, this paper highlights an issue of sensitivity in the results depending on the family firm definition and the chosen measure for firm performance.