This article represents a comprehensive review of the main financial literature consisting of the main studies in family businesses. Focusing on the agency theory, the review describes the main agency problems that arise between managers and owners, between managers and debt holders, and between...

This study examines the relationship between financial performance and family involvement for 523 listed and non-listed Colombian firms over 1996-2006. Using a detailed database and performing several panel data regression models, we find that family firms exhibit better financial performance on...

This article examines the effects of family involvement on dividend policy in closely held firms that face agency problems involving majority-minority shareholders. We argue that minority shareholders press for dividends when they perceive situations fostering wealth expropriation. Looking at...

Manuscript Type: EmpiricalResearch Question/Issue: How sensitive is CEO turnover to firm performance in the context of family firms?Research Findings/Insights: Using a detailed database of mostly non-listed Colombian firms, we find that family ownership (direct and indirect through pyramidal...

This study examines the effect of family management, ownership, and control on capital structure for 523 listed and unlisted Colombian firms between 1996 and 2006 (5,094 firm-year observations). The study finds that when families are involved in management, debt levels tend to be lower for...