Research summary: Using a principal-principal agency theory lens we examine corporate governance and compensation design in family-owned businesses. We conceptualize how CEO pay and pay-performance sensitivity is influenced by whether the CEO is a professional or drawn from the controlling...

It is now well-established that Business Groups (BGs) - an inimitable multi-firm structure that enables legally distinct firms to take coordinated action, constitutes a dominant organizational form in many economies around the world. The BG phenomenon has attracted sustained scholarly attention...