Background/Problem: The financial crisis in 2008 affected the whole economy and the CEO's compensation was one of the factors causing this crisis. Although, it is now years after the onset of the financial crisis, the CEO’s compensation is still an ongoing topic of debate and, for this reason, vital to study. According to literature, non-family CEOs are more likely to emphasize financial performance rather than socioemotional objectives and returns. On the contrary, family CEOs are more motivated by socioemotional wealth and non-financial goals. Taking these viewpoints into consideration, this study examines how CEOs in family firms view and value compensation and rewards. Purpose: This study aims to explore how family CEOs view and value compensation and rewards, in comparison to non-family CEOs in family firms. Method: This study is conducted using a qualitative method and utilizing semi-structured interviews. Five family firms participate in this study and they comprise of 4 family CEOs and 1 non-family CEO. Conclusion: The findings of this study support the idea that family CEOs view and value compensation and rewards in other terms than just financial value. Moreover, the evidence points to that the non-family CEO is more connected to financial factors. Weighing together the evidence from this study there is a difference regarding how family CEOs and non-family CEOs view and value compensation and rewards. Additionally, based on this research, SEW exists within family firms. The findings in this study contribute to the current knowledge in designing compensation packages for CEOs in family firms. Moreover, this study is the first step towards enhancing our understanding of how CEOs view and value compensation and rewards.

Le coût du capital est la pierre angulaire de la théorie financière. Pourtant,pour la forme d’organisation la plus ancienne et la plus répandue dans le monde qu’est l’entreprise familiale non cotée (EFNC), les modèles traditionnels d’estimation du coût du capital sont d’une très faible utilité. Ces modèles s’inscrivent, pour la plupart, dans le cadre de la théorie de l’utilité espérée. Ils ne considèrent que le risque de l’investissement et son lien avec la rentabilité espérée. La présente étude, contrairement à l’approche traditionnelle fondée sur la maximisation de la valeur de marché, adopte une approche comportementale fondée sur l’utilité, afin de pouvoir prendre en compte les spécificités qui caractérisent l’EFNC. Des modèles spécifiques de détermination du coût du capital sont développés puis testés sur 12043EFNC françaises. L’étude met particulièrement en évidence l’importance des motivations non financières, notamment celle de la pérennité, de l’indépendance financière et du métier de l’entreprise, dans la formation du coût du capital, et leurs impacts sur le comportement financier de l’EFNC. / The Unlisted Family Business (UFB) is the oldest and most widespread organizational form in the world. However, traditional models for estimating the cost of capital are interested only in large listed companies and do not not take into account the specificities of the UFB. Most of those models are constructed within the expected utility framework. They consider only the investment risk and its association with the expected return. This study, in contrast to the traditional approach based on market value maximization, adopts a behavioral approach based on utility, in order to take into account the specificities that characterize UFBs. Specific models for estimating the cost of capital are developed and tested. The study is based on a sample made up of 12,043 French UFBs from the Diane database covering a period of 8 years (2004-2011). It particularly highlights the importance of non-financial incentives, including that of long term survival, financial independence and the company's industry, in the formation of the cost of capital, and their impacts on the financial behavior of the UFB.

With technological advancements rendering customer expectations ever more sophisticated, firms must compete with increasingly complex service offerings to secure their position in the market. For firms in the hospitality industry, innovating their service offerings to cater to these changing customer demands has therefore become a prerequisite to survive. This paper takes a dynamic capability perspective to examine how family firms fare in this rapidly changing environment by examining the role of family influence on their capabilities to engage in service innovation.  The purpose of the study was to describe and explain how family influence impacts dynamic capabilities for service innovation in a family firm within the hospitality industry. The aim of the study was to derive insights on how family influence impacts family firms’ innovation capacity and to stimulate future work in the field of research.  This study is based on an in-depth single case study approach. Empirical data was gathered through semi-structured interviews. Based on a qualitative explorative study using an abductive approach, we were able to develop new combinations of established theoretical models and concepts with findings from our theory and empirical data.  Five attributes of family influence were identified that impact family firms’ capabilities for service innovation - both positively and negatively. The results indicate that family influence can positively impact dynamic sensing capabilitites for service innovation, while the impact of family influence on dynamic seizing and dynamic transforming capabilities for service innovation can be ambiguous. The findings call for continued exploration of the role of family influence on dynamic capabilities for service innovation and family firms’ innovation capacity in general.

This study investigates whether family ownership impacts firms’ dividend payout policies by examining firms publicly listed on the Stockholm Stock Exchange (OMX Stockholm) during the years 2013–2018 (1,363 firm-year observations). The investigation is made by performing multiple regression analyses including the dependent variable DIVIDEND PAYOUT. The findings reveal that family firms distribute higher dividend payouts than non-family firms, suggesting that dividends are used as a corporate governance mechanism to mitigate agency problems. Family firms without a second blockholder present have the highest dividends. A family second blockholder appears to collude with the controlling family resulting in lower dividends. A separation between ownership and control results in higher dividends as it implies a worse corporate governance structure. In sum, the results imply that family ownership positively impacts firms’ dividend payout policies in Sweden.

Background: Over the last 30 years, Sweden's agricultural industry has changed significantly, with land prices rising and the number of agricultural firms steadily declining as they are replaced by larger farms. In the near future, there will be a considerable increase in the number of ownership transfers initiated in Sweden, this since in 2020 one-third of agricultural entrepreneurs with sole proprietorships were 65 or older. Purpose: The purpose of this study is twofold: (1) to identify factors influencing family farm succession intentions, as well as (2) to address the theoretical deficit within family farm research by establishing the two implicit economic and emotional paradigms with a theoretical foundation, and ultimately contribute towards determining which theoretical approach is best for explaining succession in family farms. Method: The researchers used a positivist research philosophy in conjunction with a deductive research approach. The quantitative technique was utilized to collect data, with the researchers employing a questionnaire. The questionnaire was distributed to Swedish farmers. Pearson correlation and binary logistic regression tests were used to further analyze the data. Conclusion: The findings show that family farm exposure is significant for intra-family succession in Swedish family farms; a factor derived from intergenerational solidarity theory. This implies that a theory from another domain is applicable to family farm research, and that the emotional perspective has a greater influence on farmer succession intentions than the economic perspective.

Föreliggande uppsats avser bidra till att fylla gapet till den svenska forskningen om utdelningspolitiken för familjeföretag i Sverige. Studier om utdelningspolitik i familjeföretag och vilka faktorer som påverkar den är förhållandevis marginell. Studien analyserar familjeföretag listade på OMX Stockholm under tidsperioden 2005-2018. Ett urval om 25 företag har inkluderats i studien och bortfallen summeras till 11 företag.   Ett av studiens t-test fördelade familjeföretagen i två grupper, de som ägde över och under 50 procent av de röstberättigade aktierna. t-testet undersöker hypotes 1. Resultatet visar att det inte är statistiskt säkerställt att majoritetsägande påverkar utdelningsnivån. Hypotes 2 undersöks genom ett t-est. Vid genomförandet av t-testet utformades subgrupper till de två ovannämnda grupperna. Subgrupperna ställdes mot varandra för att undersöka en skillnad i utdelningsnivå. Hypotes 1 och 2 accepterades för båda t-testen som undersöktes med en signifikansnivå på 5 procent. Utöver t-testen har det genomförts en multivariat analys. Med hjälp av den multivariata analysen identifierades ett negativt samband mellan ägarkoncentration och utdelningsnivå, samt ett positivt samband mellan lönsamhet och utdelningsnivå. / This paper seeks to fill the gap in Swedish research about dividend policy. Studies about which key numbers that affect the dividend policy in family firms are marginal. The study involves family firms listed on OMX Stockholm between 2005 til 2018.   One of the studies t-tests examine families that have majority positions and minority positions. The result is not statistical reliable. Therefore the t-test cannot show a difference in the average dividend payout ratio with a significance level at 5 percent. A Multivariate analysis has been made. It shows a negative correlation between ownership and dividend payout ratio. The variables profit and dividend payout ratio has a positive correlation.

This study investigates whether family ownership influences firms’ accounting and market-based performance as measured by ROA respectively Tobin’s Q. The Swedish market is especially interesting due to its unique corporate governance system, and because previous studies based on a Swedish sample present contradictory findings on the family-performance relationship. Furthermore, we explore whether the stake, the active involvement of family members, and the presence of other blockholders, can be connected to firm performance. The results suggest that family firms are related to superior accounting performance as compared to non-family firms, and that actively involved family members are related to the positive relation. The evidence on market performance shows that families are awarded lower valuations as compared to non-family firms. The market results seem to be driven by extensive control in terms of voting rights or the combined monitoring powers of multiple blockholders, as family firms with a moderate stake of 20-50%, and firms without other blockholders, are not related to market discounts. Connecting to agency theory, the findings suggest that family ownership is related to reduced agency costs type I, thus increasing the profitability, but may be associated with higher type II costs if their control is too extensive.

Background: The firm’s choice of the optimal financial structure remains an unsolved problem within finance. The reasoning behind family firms’ specific financial structure differs within various research. The GGVV-region is composed of four small municipalities: Gnosjö, Gislaved, Värnamo, and Vaggeryd. This region is seen as the best dynamic counties in all of Sweden, it is also considered the most successful area of the countryside in terms of its economic contribution. Because of these aspects, it is therefore of great importance to investigate the difference of the financial structure within generations of family firms. Purpose: This paper studies whether there is a correlation between the generation in charge of family businesses within the GGVV-region and the financial structure of the businesses. Aim: The aspiration is that this research will be a good addition to the understanding of family businesses in the GGVV-region along their financial policies within different generations running the firm. Method: This study will contain 42 family firms within the GGVV-region defined as family firms through a questionnaire. The financial structure of the first-generation and non-first-generation family firm will be investigated using their debt ratios throughout the years 2015-2019. The testing is performed through Panel Data Model using Random Effects Model, along with descriptive statistics of the data and a Difference-in-Difference test. Conclusion: No significant difference can be found at any level between the 1GFF and the Non-1GFF when it comes to their financial structure.

Background: Family firms represent the majority of firms worldwide, and are regarded as a crucial part of the global economy. Despite that, there is little known about their objectives of financial reporting i.e how they use, produce and value their financial reports. In accounting literature two objectives of financial reporting are presented, a stewardship objective and a decision usefulness objective. Previous research within family business have found that family firms differ from non-family firms and that family firms utilize socioemotional wealth protection as a main reference point when making decisions.  Purpose: This study aims to provide an understanding of how family firms perceive the objective of their financial reporting and how this is shaped by SEW. Method: The study was conducted using a qualitative method and implemented through semi-structured interviews. Nine family firms participated in the study, where eight family members were interviewed and two non-family members.  Conclusion: The result suggest that four out of the five FIBER dimensions (of SEW), family influence and control, identification of family members with the firm, binding social ties and emotional attachment influence the family firm's objective of their financial reports. Meanwhile, for the fifth dimension, renewal of family bonds to the firm through dynastic succession, our study suggests that future successions do not have an influence on the family firm's perceived objective of financial reporting.

Problematization: Family firms in Sweden play a vital role in the labor force, reflecting their extensive presence and essential role in the economy. Central to every family firm are its guiding values, shared among family members engaged in its activities. Driven by a commitment to their local communities and a sense of social responsibility, family firms actively pursue social initiatives. However, there is a recognized imperative for additional research to investigate micro-level aspects and enhance the comprehension of the Socioemotional Wealth (SEW) model. Purpose: The research aims to establish a conceptual framework for investigation of the interconnection between family firms and social initiatives. The primary objective is to explore how family values are embedded in the decision-making process concerning social initiatives within the local community. Method: An exploratory multiple case study design was employed, utilizing a qualitative approach. Data were collected through semi-structured interviews with family members actively involved in the decision-making process regarding social initiatives and their subsequent implementation. Main results: Family values guide decisions related to social initiatives within family firms, driven by centralized ownership, while the business values of firms are influenced by the values upheld by family owners. Consequently, the decision-making process is influenced by the personal interests of family members, hence the essence of fostering community togetherness. The findings underscored an informal decision-making process across various industries,wherein decisions are guided by the personal interests of family members in pursuing social initiatives within the local community.