Access the publisher's website Journal of Corporate Finance, Special issue on Family Firm Governance 33 (2015) 212-226
This paper analyzes the causes and consequences of founding family engagement in firm ownership and mana gement. We hypothesize that families manage their firms because they are able to make contributions that non - family managers can not provide. However, roadblocks arising from within the family, from markets , and from surrounding institutions challenge famil y ownership. We propose a new framework for organiz ing these assets and roadblocks , called the family business map ; this framework is useful for categoriz ing the papers presented in this Special Issue. We support the predictions of the framework with evidence from Chinese family firm succession, and conclude that family firm organization is an adaptation to environmental opportunities and constraints. We end t he paper with suggestions for future research.