Purpose

Family businesses are essential to the global economy but often grapple with family-related issues, especially during succession. This study explores how governance tools like the family protocol (FP) mitigate conflicts by setting standards for family firm management and continuity. Pioneering the use of game theory and adverse selection setups in family business governance, this research uncovers FP determinants.

Design/methodology/approach

This research employs game theory and adverse selection setups to delve into the strategic decision-making processes of stakeholders in family firms. The authors break new ground by applying principal–agent theory (PAT) to family business governance structures. This innovative approach uncovers the determinants of the FP, enhancing the authors’ understanding of family firm dynamics.

Findings

The authors emphasize the importance of custom governance structures, such as the FP, in managing complex family-business interactions. These structures mitigate conflicts and promote smoother transitions during succession, ensuring family firm continuity. This study identifies key determinants, and these results will aid founders, families and practitioners in achieving smoother transitions, ensuring family firm continuity.

Originality/value

This research pioneers game theory and PAT applications in family business governance, shedding light on the effectiveness of customized governance mechanisms. By identifying FP determinants, the authors contribute to a deeper understanding of family firm dynamics. The findings have practical implications for founders, families, practitioners and consultants, promoting the long-term success and harmony of family firms in the global economy.

中文翻译：

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揭示家族企业治理的决定因素：家族协议

目的

家族企业对全球经济至关重要，但常常面临与家族相关的问题，尤其是在继承过程中。本研究探讨了家族协议（FP）等治理工具如何通过制定家族企业管理和连续性标准来缓解冲突。这项研究开创性地在家族企业治理中使用博弈论和逆向选择设置，揭示了 FP 的决定因素。

设计/方法论/途径

本研究采用博弈论和逆向选择设置来深入研究家族企业利益相关者的战略决策过程。作者将委托代理理论（PAT）应用于家族企业治理结构，开辟了新天地。这种创新方法揭示了 FP 的决定因素，增强了作者对家族企业动态的理解。

发现

作者强调了定制治理结构（例如 FP）在管理复杂的家族企业互动中的重要性。这些结构可以缓解冲突并促进继承过程中的平稳过渡，确保家族企业的连续性。这项研究确定了关键的决定因素，这些结果将帮助创始人、家族和从业者实现更平稳的过渡，确保家族企业的连续性。

原创性/价值

这项研究开创了博弈论和PAT在家族企业治理中的应用，揭示了定制治理机制的有效性。通过确定 FP 决定因素，作者有助于更深入地了解家族企业动态。研究结果对创始人、家族、从业者和顾问具有实际意义，促进家族企业在全球经济中的长期成功与和谐。