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Propriete, Decision Et Strategie De L'Entreprise Familiale : Une Analyse Theorique

  • Sami Basly

    ()

    (IRGO - Institut de Recherche en Gestion des Organisations - Université Montesquieu - Bordeaux 4 - Institut d'Administration des Entreprises (IAE) - Bordeaux)

This theoretical paper aims at analyzing the family firm from the organizational and strategicpoints of view. First, it attempts to describe the idiosyncrasy of this organization through thedimensions of ownership and control patterns. The final intention is to determine what makesspecific the family firm and its strategy. Indeed, this entity would have a specific behaviorbecause the family component prevails and should influence strongly the management andgovernance of the firm. Thus, the process of decision-making on the one hand and the process ofstrategy implementation on the other hand would be certainly influenced by family issues. Twotheoretical perspectives are used to characterize this entity from an organizational point of view:Agency theory and stewardship theory. In a second step, the paper analyses the consequences offamily firm peculiarity on decision-making and strategy. First, we try to see whether thespecificity of ownership has an influence on strategic decision-making. Then, a second questionwill be addressed : would the pattern and content of family firm strategy be different from otherownership configurations?

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File URL: https://halshs.archives-ouvertes.fr/halshs-00192818/document
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Paper provided by HAL in its series Post-Print with number halshs-00192818.

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Date of creation: Jun 2006
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Publication status: Published in Colloque de l'Association Française de Finance, Jun 2006, Poitiers, France
Handle: RePEc:hal:journl:halshs-00192818
Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00192818
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  1. L.A.A. Berghe & Steven Carchon, 2003. "Agency Relations within the Family Business System: an exploratory approach," Corporate Governance: An International Review, Wiley Blackwell, vol. 11(3), pages 171-179, 07.
  2. Gérard Charreaux, 2002. "Variation sur le thème:"À la recherche de nouvelles fondations pour la finance et la gouvernance d'entreprise"," Revue Finance Contrôle Stratégie, revues.org, vol. 5(3), pages 5-68, September.
  3. Luigi Zingales, 2000. "In Search of New Foundations," CRSP working papers 515, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
  4. Miller, Danny & Steier, Lloyd & Le Breton-Miller, Isabelle, 2003. "Lost in time: intergenerational succession, change, and failure in family business," Journal of Business Venturing, Elsevier, vol. 18(4), pages 513-531, July.
  5. Rafael La Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 1999. "Corporate Ownership Around the World," Journal of Finance, American Finance Association, vol. 54(2), pages 471-517, 04.
  6. Hambrick, Donald C. & Crozier, Lynn M., 1985. "Stumblers and stars in the management of rapid growth," Journal of Business Venturing, Elsevier, vol. 1(1), pages 31-45.
  7. Ross, Stephen A, 1973. "The Economic Theory of Agency: The Principal's Problem," American Economic Review, American Economic Association, vol. 63(2), pages 134-39, May.
  8. Morck, Randall & Shleifer, Andrei & Vishny, Robert W., 1988. "Management ownership and market valuation : An empirical analysis," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 293-315, January.
  9. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-25, June.
  10. Malone, Stewart & Jenster, Per, 1991. "Resting on your laurels: The plateauing of the owner-manager," European Management Journal, Elsevier, vol. 9(4), pages 412-418, December.
  11. Claessens, Constantijn A. & Djankov, Simeon & Lang, Larry H. P., 1999. "Who controls East Asian corporations ?," Policy Research Working Paper Series 2054, The World Bank.
  12. Birley, Sue, 1985. "The role of networks in the entrepreneurial process," Journal of Business Venturing, Elsevier, vol. 1(1), pages 107-117.
  13. Harvey James, 1999. "Owner as Manager, Extended Horizons and the Family Firm," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 6(1), pages 41-55.
  14. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
  15. Zahra, Shaker A., 2003. "International expansion of U.S. manufacturing family businesses: the effect of ownership and involvement," Journal of Business Venturing, Elsevier, vol. 18(4), pages 495-512, July.
  16. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-29, May.
  17. Sami Basly, 2005. "Internationalization of family firms in a knowledge-based view," Post-Print halshs-00168486, HAL.
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