Corporate governance has been a hot issue across the world, especially since the Enron scandal and the Lehman shock. The Anglo-Saxon model (A-form), which focuses on monitoring management to maximize shareholder value through mechanisms such as hostile takeovers and independent directors, is...

In a family firm, the founding family has an influence over firm policy, corporate strategy, personnel issues, and so on, through ownership and participation in management even after the founder retires. Such family firms are prevalent among publicly traded firms not only in emerging countries,...