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So clicy, colicky to just find one dang version. A world like ours : gay men in Japanese novels and films, Hall, Nicholas James. University of British Columbia. Vancouver : University of British Columbia Library. Morck and Yeung found that large family businesses act less ethically than large non-family businesses. On the one hand, the stability arising from the family ties is seen as an important noneconomic factor favouring business resilience in the face of volatility.

However, with a specific focus of creating employment for family members that experience difficulties in finding jobs on the general labour market Sharle, Furthermore, due to their often long-standing tradition see above family firms dispose of stable relationships to business partners, suppliers, clients and banks which also provide some scope for options in difficult times e.

So it is, for example, mentioned by a Dutch expert that many clients appreciate the reliability related to family businesses which are expected to provide a higher level of service and care for the customers and that some clients prefer doing business with a company that has been existing for a long time.

In Portugal, frequently two companies with similar family ownership characteristics doing business in the same supply chain tend to cultivate long-lasting supplier-client relationships based on inter-family trust. Sometimes this interfamily trust also translates into marriages between members of the families. The existence of social capital within the enterprise contributes to a reduction of agency costs22 as information asymmetries are reduced and the high commitment of managers and employees limits the danger of their following other objectives than the company.

However, at the same time higher agency costs are incurred due to conflicting goals in the family, opportunism, shirking and adverse selection because of altruism, i. Furthermore, experts also mentioned that the agency problem arises between majority and minority owners, particularly if the latter do not belong to the family. However, in spite of the general agreement among European experts and available research findings regarding the existence and importance of social capital in and for family businesses, diverse assessments are made regarding the co-operation level and business networking activities of these enterprises:.

Norwegian listed family businesses have a higher level of social and business networks than non-family firms, and these networks are seen to be taken advantage of in a higher frequency and are characterised by a higher strength Wallevik, In Portugal, particularly co-operation between family businesses is strong and interwoven with social relationships. University for National and World Economics, In the framework of the principal-agent theory agency costs are understood as costs arising from asymmetrical information.

Kansikas et al. In Greece, typically the principal shareholder serves as the CEO or chairman of the board and has the decisive vote in major corporate decisions. Even when the separation of the chair and CEO function is the case, the two roles are usually interconnected. External influences, from independent non-executive directors in family firms are not so powerful, even though the law requires that all listed companies have at least 2 independent non-executive directors.

Most boards in family-owned firms have a majority of related directors. Many experts explain this family dominance by a lack of willingness to share control with external parties and the fear that external managers lack understanding of the company-inherent principles and values e. At the same time it is mentioned that in larger family businesses it is more common to employ managers that are not family members. This leads to the assumption that also the cost factor is decisive i.

One of the effects of this family dominance of the management is a comparably low senior management staff turnover, providing a lever for stability of the enterprise. With regard to the gender dimension particularly in the framework of business transfers interesting differences can be found in the various research studies conducted throughout Europe. Presently, however, and due to the gender equality changes in the society, there is a change in the paternalistic pattern.

Ever more women of the next generation now take over the family enterprise. Experts from Portugal, for example, observe that family businesses have established development and training of the family members most suited to continue the business.

Furthermore, national surveys show that family businesses establish minimum qualification levels for family managers:. Cyprus Chamber of Commerce and Industry, Nevertheless, at the same time some research findings pinpoint a generally lower formal qualification of family business managers compared to non-family business managers.

This is due to the fact that family enterprises have been set up by older generations disposing of comparatively little formal training, and a tendency to change this situation is observed in the framework of generational changes when qualified young persons take over. Thereby, a specific focus is laid on on-the-job training and practical know-how Glas et al. For Luxembourg, it is assessed that especially managerial competences are missing in national family businesses.

However, also here half of the companies have defined employability criteria in order to select family members who want to participate actively in the company and anticipate potential conflicts through this. PriceWaterhouseCoopers, Family businesses are characterised by a certain degree of resistance to approach external expertise in terms of business advisors or consultancy Emling, ; GKM, Advice is rather collected from family members or through other personal relationships social networks, see above.

In Bulgaria, family businesses hesitate to discuss financial matters with external parties while according to national experts this consultancy issue is well drawn on in the Slovak Republic where, however, advisors are not approached for personnel matters. This is manifested by an authoritarian management style, a low level of delegation and information transfer. Family businesses are characterised by a value-driven, personal management style.

Decision making in family businesses is rather emotional and informal particularly in the smaller business entities. An advantage as to this regard also is the alignment of all stakeholders towards the shared business objective, i.

On the other hand, it is, for example, assessed for Finland that family businesses do not pay enough attention to the board activities or they do not even have a board Kostia, This is due to the fact that family businesses are most common among small and medium-sized companies, but could also be a consequence of more developed personal and informal relations between the stakeholders in family businesses.

To give some exemplary data, it was found for Sweden that a family business usually does not make the clear distinction between the relationship of the owners, the board and the executive management. Typically, these three functions are performed by the same family members, making the distinction between these three levels unclear. This, however, is similar to the SME sector in general. For Slovakia, national experts attribute this situation to the fact that due to the nonfunctioning of the comercial bank system no financial resources were available for company start-ups except of family savings before the end of the s.

Many Eastern European countries are characterised by a similar development. The closed financial structure of family businesses poses a problem to individual shareholders, if they intend to sell their share. As most family businesses do not quote on the stock exchange there arise difficulties with regard to the valuation of the company as well as with finding potential buyers outside of the family. In some of the analyses family businesses are considered to continuously track the business environment and work on business renewal, innovation and the exploration of new markets.

Spanish research, for example, comes to the result that family businesses have a better market orientation, which implies both a specific marketing know-how that is transmitted from one generation to the other and a higher degree of connexion to the clients that is continued and accumulated over different generations DGPYME, ; Instituto de Empresa Familiar, Furthermore, the rather flat hierarchical structures, small management teams and often small company sizes see above make family businesses flexible and well adaptable to changing environments.

However, there also exist some adverse opinions. Hence, family businesses are an employer of family members, also those detached from the general labour market. Next to the social aspects inherent to this, also the cost factor related to such an employment strategy must not be neglected. Particularly in early phases of the company life cycle enterprises and hence, also family businesses are often characterised by low initial capital, limited market scope and unclear growth trajectories.

Consequently, it becomes natural to formally employ or informally draw on assistance of family members instead of creating jobs for external persons that are subject to reluctance in economically difficult times. Dutch and Greek experts are of the opinion that within family businesses family members are promoted while non-family members receive fewer opportunities. This is seen to counteract the above-mentioned possibilities to reduce agency costs as a more enhanced monitoring system needs to be established.

In a similar way, in Hungarian family businesses flexible working time is more often offered to family members than to other employees Sharle, Adverse findings exist for the United Kingdom, however. There, it was shown that family firms tend to offer more flexible working practices and this increases employment diversity.

For example, they are more likely to have females on the board, particularly in the role of CEO Coutts, Nevertheless, particularly if the firms grow, employment opportunities for other staff members are also created and sustained. Generally, the wage range is narrower in family businesses than in non-family businesses. Also concerning working conditions in family businesses differences across Europe occur. In Spain, family businesses offer a better work environment in order to achieve stable business conditions which constitute the pre-condition for continuous growth.

This, in turn, results in a higher employee loyalty and hence in lower fluctuation and absenteeism. DGPYME, ; Instituto de Empresa Familiar, Similar can also be shown by survey evidence from the United Kingdom, suggesting that family firms benefit from greater loyalty, compared to non-family firms, in building the brand name Forth et al. In France, vocational training expenses and activities are more developed in family than in non-family businesses.

Source: ASMEP, survey conducted in In contrast to that, Kotey and Folker postulate that family firms are less likely to provide employees with formal training than non-family firms and that in family businesses more emphasis is put on technical than managerial skills. Apprenticeship and traineeship is, however, more prevalent in family than in non-family businesses.

Regarding the attraction of employees, in some countries respective difficulties are prevalent which are attributed to image problems of family businesses they are seen as small, unprofessional, subject to improvisation, archaic and do not provide career perspectives for qualified personnel. PriceWaterhouseCoopers, ; expert opinions This, however, is also be related to the general image of SMEs on the labour market and hence, be not very specific for family businesses. An example of this refers to the 50 largest German family businesses outperforming the DAX24 by on average 6.

Entrepreneurship theory suggests dynamic growth of the enterprise in its initial phase up to a certain point of time when the company reaches the mature phase. At the same time, many experts are of the opinion that due to the more careful risk behaviour growth in family businesses is realised in a more moderate way in the shortrun, while in the long-run a higher level of sustainability and economic performance is attained i. Hence, after the transfer growth trajectories may for a short period of time be slightly more or less dynamic than before, but the general growth path is followed further on.

This is in line with the above-described major objective of longevity compared to quick growth. In contrast to that, non-family firms are often characterised by a more volatile growth in the short-run. If the entrepreneur is to reach the retirement age - often, however, much earlier - the business is either closed or sold to an external party. This is related with a more volatile business development, i.

Consequently, experts associate family businesses with a stable development of continuous growth and sustainable workplaces compared to other growth trajectories being characterised by upward and downward peaks and hence, more precarious employment opportunities. What has to be kept in mind, however, is that the realisation of growth not necessarily is the business objective of utmost importance.

Indeed, for many family businesses the stability of the enterprise and its maintenance for future generations is more relevant than short-term growth. Furthermore, if family businesses grow, also diversification is driven forward. Consequently, it happens that if this growing and diversification is related with an increasing number of involved family members due to several realised generational changes the initial company is divided into several independent parts and ceases to exist in its original form.

Hence, business registers and statistics may somehow fail to continuously track growth trajectories of family businesses over their complete life course. To conclude, other factors e.

A respective example constitutes the existence of social networks particularly at local level and the striving for sustainability hence, quality in products and services. This results in family businesses disposing of loyal customers and being perceived as reliable business partners.

Both aspects facilitate daily business. In practice, each of those two enterprise types is very heterogeneous and may be further differentiated by size class, sector of activity, legal form etc. Nevertheless, to summarise the findings of the various national research studies available that have been compiled in Chapters 4.

Table 6. Transfer among generations, Sale of the business, sustainability sustainability over the life time of the over the professional life time of the enterprise entrepreneur. Satisfaction of internal and external stakeholders mainly family, clients, employees, local community. Remark: Family and non-family businesses constitute two extreme positions in a continuum of enterprises.

In practice the major characteristics are realised in a more mixed way. In Spain, for example, the public administration has become increasingly aware of the importance of family businesses in the Spanish economy, in terms of their contribution to both employment and wealth generation, whereby this awareness process has taken place especially from the s onwards DGPYME, Although the family business sector generally has a long tradition at least in the Western European countries , the explicit concern with family businesses is quite recent and nascent and mainly triggered by the rising awareness about the challenges related to family internal business transfer.

The following table provides an overview of institutional actors engaging in the issue of family businesses in the analysed 33 countries. More detailed information about their fields of activity is given afterwards. Remark: One organisation may be classified into several categories, depending on the offered services.

No relevant actor could be identified for Latvia. In general, these constitute private entities, often organised as NGOs. In Spain or the United Kingdom also regional family business associations exist. The time horizon since when these specialised organisations are active considerably differs across Europe. Enhanced launches of family business networks have been realised since the early s. Comparatively young are the family business networks in Austria, Belgium, Denmark and Ireland stemming from - , and also the few Eastern European networks e.

Establishing a platform for networking among family businesses, for discussion and the exchange of information. Collecting information e. General public, i. Governments, to improve the legal and fiscal environment for family businesses with a specific focus on the issues of succession law and taxes. Furthermore, word-of-the-mouth is of relevance, e. Several of the identified family business networks exclude micro-enterprises from membership.

Furthermore, for being eligible to become a member of the Bulgarian Association of the Family Business, FBN-France or the Italian AIdAF it is necessary that the second generation is active or preparing to take part in the ownership or governance of the company.

These differences can be explained with the abovementioned size-class focus of the networks, i. If being well established and disposing of a longer tradition e. It operates 24 Chapters worldwide, 13 of which are located in countries covered by this study. FBN International also conducts research on family firms and engages in the field of entrepreneurship education for owners and future owners of family enterprises. Eligibility criteria as well as costs for membership are not regulated centrally but are open to be set by the national chapters.

In the following, however, only those having their headquarters in Europe are considered. While FBN International rather focuses on company internal issues e.

It is an umbrella organisation representing family firm associations in various European countries - all of which are also members of FBN International which, however, is acting worldwide. To its 40 members from Italy, France, Germany, the Netherlands, Northern Ireland, Japan, Belgium and Switzerland it provides the opportunity to exchange ideas in the framework of general meetings and company visits.

Here again, respective engagement is rather found in Western Europe than in Eastern Europe. Furthermore, different initiatives concerning the issue of business transfer and succession are taken.

Another family business specific field of activity refers to support in the field of conflicts arising due to the strong interrelationships between the family and the enterprise. As to this regard, one of the Austrian regional economic chambers, for example, offers a mediation service for which family businesses are considered as one of the main target groups.

Tackling the same issue, the Ankara Chamber of Industry Turkey published a family contract in order to enlighten family companies on solving their internal family problems related with family businesses. So, for example, in Cyprus the subject of family business is not of any particular concern to trade institutions and chambers. Also the German chambers and associations of handicraft and liberal profession are not focussed on family enterprise issues.

Similarly, the two main SME employer organisations in Ireland - although providing a wide range of services to their members - do not offer any service specifically directed at family-owned businesses. In many cases also SME strategies and programmes are referred to when indicating family business relevant initiatives, pinpointing again that often family businesses are equated to SMEs. So, it can be concluded that many of the major policy documents do not explicitly address family businesses.

More operationally, one of the objectives of the Spanish Ministerio de Justicia is to establish the conditions and requisites of publicity for family protocols. Among others, a Royal Decree has been drafted, establishing the minimum elements that have to be included in any protocol. That not only national governments but also regional ones are active in this respect can be shown by the example of the regional government of Valencia Spain.

One of its goals is to support small and medium-sized regional family enterprises in elaborating a family protocol whereby this protocol is to be used as a tool for facilitating the continuity of the business among several generations.

Nevertheless, strategies and programmes generally beneficial for the private sector are, naturally, also advantageous for family firms and may be accessed by them. Here again, a certain focus on the issue of business transfer and succession e. For Finland, experts mention that although the availability of support services for business successions has been increasing since the turn of the century the demand is often exceeding supply. Another important area of support services refers to general management consultancy i.

Some of the offered services also deal with family business governance or the provision of cheap loans.