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GOVERNANCE AND TRUST

IN FAMILY BUSINESS

AN INTRODUCTION

ELENA SANDU

NUR BULBULOLGU

AMIN KARIMI

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QUESTION N.1

TRUE OR FALSE

Founders of fami! firms "ie# "en$ure%rea$ion as more &osi$i"e and

sa$isfa%$or! $'an nonfami! mana(ers)

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TRUE

Non fami! firm founders find "en$ure

%rea$ion as more s$ressfu0 e1'aus$in( and

$errif!in( 2e%ause $'e! don3$ 2enefi$ from

$'e so%ia %a&i$a a"aia2e $o fami! firm

founders) O$'er#ise fami! firm founders

%an find a sour%e of su&&or$0 resour%es

and (ood#i in $'eir famiies) T'e! "ie#"en$ure %rea$ion as ess o"er#'emin( or

fri('$enin()

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QUESTION N.2

Fami! firm founders e1&erien%in( &osi$i"e

emo$ions ma! 2e%ome4

,) more ris5 ad"erse

/) ess ris5 ad"erse

*) more unders$andin( #i$' $'e em&o!ees3

&ro2ems.) Less unders$andin( #i$' $'e em&o!ees3

&ro2ems

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n.1

Fami! firm founders e1&erien%in( &osi$i"e emo$ions

ma! 2e%ome more ris5 a"erse 2e%ause $'e! #is' $o

man$ain $'eir &osi$i"e mood and are sensi$i"e $o $'e

&ossi2ii$! of oss) On $'e o$'er side0 $'e indi"iduase1&erien%in( ne(a$i"e emo$ions ma! 2e more #iin(

$o $a5e ris5s 2e%ause of $'eir desire $o im&ro"e $'eir

%ir%ums$an%es) In fa%$0 in de%ision ma5in(0 emo$ions

%an re&a%e ra$iona %onsidera$ions and %o(ni$i"e&ro%ess)

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QUESTION N.3

True or Fase

Consumers &er%ei"e non fami!

2usinesses as 'a"in( more $rus$#or$'!&oi%ies0 &ra%$i%es and fron$ine em&o!ees

$'an fami! 2usinesses)

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FALSE

Consumers are more i5e! $o &er%ei"e

fami!8o#ned 2usinesses as 2ein( more

res&onsi2e and $rus$#or$'! $'an

nonfami! firms) Consumers 2eie"e $'a$

Fami!8o#ned %om&anies 'a"e re&u$a$ion

$o %are a2ou$ #'i%' $'e! #oud no$ do

an!$'in( #ron( $o des$ro! i$) T'e! feemore se%ure #'en doin( 2usiness #i$'

fami! firms

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QUESTION N.4

True or Fase

Fami! rea$ions'i&s in a fami! 2usiness

isn3$ as mu%' im&or$an$ as &osi$i"ee%onomi% ou$%omes

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FALSE Sundaramur$'! :/;;-< e1&ains $'a$ $'e reasons for $'e e1is$en%e of

fami! 2usinesses are no$ &ure! 2ased on e%onomi% %onsidera$ions0

ma5in( $rus$ of %en$ra im&or$an%e) In fa%$0 resear%' su((es$s $'a$

fami! firms ma! 2e &ar$i%uar! %a&a2e of %a&i$ai=in( on $rus$ :i)e)0

Cru= e$ a)0 /;,;> S$eier0 /;;,a0 /;;,2

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MAIN REFERENCE

KIMBERLY A) EDDLESTON

AMES ) CRISMAN

LLOYD ) STEIER

ESS ) CUA

Governance and trust in a!i"# ir!s$ anintroduction

En$re&reneurs'i& T'eor! and ra%$i%e :/;,;