Goals, Control and Conflicts in Family Offices: A Conceptual by Stephan Wessel

By Stephan Wessel

​Family workplaces deal with and coordinate a family’s mixed wealth while keeping the family members legacy and holding kin pursuits. The households at the back of those family members workplaces keep an eye on an important percent of the GDP of constructed economies, with results for monetary markets. whilst, relations places of work act on the intersection of kin and trade, which makes this actual type of association attractive to the sphere of strategic administration. regardless of its functional and educational relevance, the literature has rarely explored the concept that of kinfolk workplaces. consequently, the first target of this booklet is to introduce the area of kin places of work. through exploring objectives, keep an eye on and conflicts within the context of family members workplaces, this ebook contributes to think about this family-influenced association a necessary constituent of administration examine and an ever extra admired actor in today’s worldwide monetary markets.

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Furthermore, sitting at the intersection of family and commerce, this particular organizational form offers family business research the prospect of new insights, knowledge and ways of differentiating itself as a field. Second, my findings lend qnalitative support to the applicability of agency and stewardship theory to FOs and family firms in general. Both theories provide an adequate conceptual framework to capture organizational complexities of family-centered organizations, considering the relevance of nonfinancial goals and informal control as one of the central prentises of family business research (Chua, Chrisman, & Sharma, 1999; Mustakailio, Autio, & Zalrra, 2002; Zellweger & Astrachan, 2008; Zellweger & Nason, 2008).

11 Accordingly, PFOs seek to acquire multiple client families and maximize earnings, whereas SFOs are established by families not to acquire clients but instead to advise fami10 At the organizational level, the family business consists of four subsystems: family, business, ownership and management (Pieper & Klein, 2007). I extend this view to consider FOs. 11 SFOs have either family dominant management (CEO is a family member) or non-family dominant management (CEO is not a family member). PFOs always have non-family dominant management.

These findings are summarized in Table 2. Drawing on my theoretical analysis, I provide contributions and specify some implications for future research. The contributions of this study are threefold. First, I provide new insights into the ill-defined and hardly explored FO concept by developing a novel typology of FOs based on three governance dimensions. In this vein, I contribute to management research by introducing a novel organizational fonn that has been under-researched despite its practical relevance.

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