Accounting practices in family firms, although displaying evident unique features, have received relatively little attention as distinct from their equivalents in publicly held firms. This may have hampered conceptual advancements in both the accounting and the family business literatures. In this article the authors first assess accounting areas in which the “family entity” plays a distinct role and elaborate on important characteristics of these phenomena. They also report evidence suggesting that additional research efforts may illuminate both unresolved issues in the accounting literature and so-far-neglected dimensions of the family business entity. Finally, the authors examine several different avenues for research at the accounting—family business interface and identify common themes among them.
This article argues the bona fides of the study of family business as a standalone discipline. Using a widely accepted evolutionary process for the development of scientific disciplines and an established theory-building methodology, the author introduces a theoretically robust explanation of the domain of business families. Established theories widely acknowledged as having relevance to business families are meshed with the universally accepted three-circle Venn diagram-based paradigm to illustrate both the stage of the discipline in theory building terms and an evolutionary path to further develop a theory of the business family domain.
Despite the numerical and economic significance of family businesses to Australia, they are not extensively researched. This paper reports some of the results from a nationwide study of Australian family‐owned businesses that sought to ascertain and understand their management and control practices. In particular, the paper assesses the organizational transitions of Australian family firms in terms of their dominant control practices. These control measures are evaluated according to Ouchi's classification of market, bureaucratic, and clan controls. The salience of these different forms of control serves to identify distinctive patterns that define periods of organizational passage (life cycles).
The focus of this research is the measurement and management tool known as the Balanced Scorecard (BSC) and how it can be applied in the family business context. In this article we add familiness to the four BSC perspectives (financial, innovation and learning, customer, internal process) and illustrate how this can assist business development, management, and succession planning in family‐owned businesses. We use an action research project to highlight how family businesses can professionalize their management by the adoption of a BSC strategy map that includes a family business focus and links the core essence of the family business with the values and the vision of the founder to the strategic initiatives of the family business. The F‐PEC Scale constructs of power, experience, and culture are used to introduce a PEC statement that identifies and articulates the core essence of the family business. Finally, we discuss potential contributions that this project has for family businesses and those who work with and for them.
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