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In this article we show how specific family business logic shapes managerial practices. Based on empirical material from 20 case studies of family ownership governance, our study identifies seven core characteristics of family ownership logic. These include active, visible and persistent ownership with few owners, relatively stable strategic development encompassing multiple ownership goals, autonomy towards capital markets, and a strong identification and emotional bonding with the business. By considering the family business context, we find managerial practices that are prevalent in the majority of businesses around the world and that have implications for ownership research. It is concluded that by taking the logic of ownership into consideration when studying family businesses, researchers in this field can contribute to the growing literature on sociocultural and behavioural factors in corporate governance relations.

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Manuscript Type: EmpiricalResearch Question/Issue: We address the call for qualitative research in order to better understand the micro-level dynamics of board work. Our aim is to investigate the role of emotions when board members interact to perform the board's control and service tasks. Research Findings/Results: Empirical accounts from board meetings and diary notes from a CEO show in detail how emotions work as power energizers and status energizers in boardroom dynamics. We find that short-term as well as long-term emotions are a source of energy that affects board work, and that they are influential in the board members' task performance. Theoretical Implications: We provide process insights with process insights to a field dominated by studies of the structures of corporate governance. We disclose the difference between board expectations and board performance, and offer a new understanding as to how and why this difference emerges. Our results also challenge theories that propose that authenticity of emotional displays is necessary in order to achieve a positive outcome in boardroom interactions. The findings also show that confrontation of negative emotions in boardroom communication may alter the power and status relations among board members. Practical Implications: Our study shows that the board members who influence processes in the board are those whose emotional energies are built up and transformed as power and status energizers in line with board task expectations. Being aware, and able to understand the subtle working of emotions in board processes are crucial for being an effective board member.

Purpose -This study investigates entrepreneurs' investment decisions under uncertainty in continued investments where we test the role of emotions to continue or discontinue the investment.Design/methodology/approach -A conjoint analysis is carried out on 101 entrepreneurs' 3,232 investment decisions. The entrepreneurs were provided with a scenario of an investment where the dependent variable was the entrepreneur's propensity to allocate further resources to the described investment. They assessed their willingness to allocate further resources to the investment on a seven-point Likert-type scale. The independent variables in our experiment were the experienced emotions of the entrepreneur each of which was described by the two levels of high and low.Findings -It was found that self-confidence, challenge, and hope increase the propensity to continue investments as do increased level of uncertainty. Embarrassment and strain do not increase this propensity however high uncertainty decreases the propensity to continue investments. In contrast to the escalation of commitment theory, embarrassment does not make entrepreneurs more prone to invest under uncertainty. Frustration does not yield significant results, which runs contrary to the theory and our hypothesis finds no support.Originality/value -This study is an experiment where practitioner entrepreneurs participate which increases the ecological validity of the study. Emotions can explain, partly, why entrepreneurs persist with some underperforming projects, but not others. Uncertainty is a powerful moderating variable in the decision-making process. The results enhance existing knowledge about the emotive side of entrepreneurs' propensity to make investment decisions under uncertainty. The results also supplement and refine existing theories on selfjustification.