Succession is one of the most discussed topics in family business research. However, despite the changing professional and family roles of women and the growing number of female CEOs worldwide, published works in the body of literature have relatively little to say on the role of gender in succession. The article reviews the recent development in the literature related to women in intergenerational succession in family businesses with the aim of systematizing gender-related factors affecting intra-family succession, and also proposes directions for future research. Based on a sample of 35 studies published between 2005 and 2017, this paper categorizes the gender-related factors found in the literature into three categories: environment and context, people, and processes. Subsequently, the paper summarizes the current state-of-the-art in light of these three categories. Since the research on the role of gender in succession is fragmented and lacks an overall direction, we present multiple directions for future research. The present review contributes to the body of literature on the development of family business by comprehensively systematizing existing gender-related factors affecting succession.

Through a systematic literature review, we assess the current state of research on intrafamily conflicts in family firms, systematize the findings, and outline avenues for future research. Based on a review of 88 studies, we develop an input–process–output framework to synthesize input, process, output, and context variables and identify research gaps. The review contributes to the family business literature by bridging the family business and intragroup conflict literature, considering multiple levels of analysis (the individual, family, and firm), and presenting relevant research questions.

Bankruptcy models are a common tool of nancial analysis to predict the nancial distress of companies. However, in the recent years, the instability and risk of the overall economic environment have underlined the need for accurate tools to predict bankruptcy and assess the overall performance of companies. In this article, we analyze the ex-ante predictive ability of selected bankruptcy and solvency models commonly used in nancial analysis: Kralicek quick test, Taf er model, the IN99 and IN05 indexes, and Altman Z'-score models in the case of Czech companies from 2007 to 2012. We determined the percentage of cases when these models correctly predicted failures of companies up to ve years in advance, and found that the IN05 and IN99 credibility indexes provided the best results, as well as the Altman Z'-score model. However, the predictive ability of the Taf er model and Kralicek quicktest has only been limited. JEL classi cation: G30, G33Keywords: bankruptcy prediction; Altman Z'-score; Taf Altman Z'-Score modelPerhaps the most famous model is the Altman Z-Score which was originally published in 1968 (Altman, 1968) and further modi ed to better re ect particular operating conditions. The model is based on discriminate analysis. The Altman Z'-score for private rms can be speci ed as:where T 1 is the ratio of net working capital (current assets less current liabilities) over total assets, T 2 is the ratio of retained earnings over total assets, T 3 is the ratio of earnings before interest and taxes (EBIT) over total assets, T 4 is the ratio of equity over total liabilities and T 5 is the asset turnover (sales over total assets). According to the resulting value of the Z'-score, companies can be classi ed into the following groups: Kralicek Quick TestThe quick test developed by Kralicek (1991) which was further modi ed in 1999 is an example of "solvency models" and evaluates the company's nancial and revenue position.It takes into account multiple nancial ratios and assigns the following scores according to the resulting values (table 2).The following aspects of a company's position are then evaluated:Financial stability: (X 1 + X 2 ) / 2 Revenue position: (X 3 + X 4 ) / 2 Overall position: (Financial stability + Revenue position) / 2 Taffl er ModelThe Taf er model developed by Taf er and Tisshaw (1997) is based on calculating the following score:where T 1 denotes earnings before taxes (EBT) over short-term liabilities, T 2 denotes current assets over total liabilities, T 3 denotes short-term liabilities over total assets and T 4 denotes the asset turnover (sales over assets). According to the resulting value of the nal score, companies can be classi ed into the following groups: Companies with a lower probability of bankruptcyCompanies with a higher probability of bankruptcy where T 1 denotes assets over liabilities, T 2 denotes EBIT over assets, T 3 denotes revenue over assets and T 4 is the ratio of current assets over the sum of short-term liabilities and short-term bank loans.IN05 can be calculated as:wher...

Abstract. Theory suggests that low ownership concentration is associated with agency costs and highly concentrated ownership structures induce controlling owners to pursue private benefits. Both situations are likely to be associated with negative effects on corporate performance. A number of studies have tested the relationship between ownership concentration and performance empirically, failing to provide any consistent results. While most research has been devoted to study cases of developed countries, the literature on Central and Eastern European countries does not provide better perspectives. The goal of this paper is to explore the relationship between ownership concentration and performance in the case of Czech firms. The research sample contains 34,284 companies and their financial data in the period of 2007-2015. Using linear regression analysis, an inverted U-shaped relationship was found between the Herfindahl index and profitability while controlling for firm size, capital structure, and industry affiliation. No evidence of a linear relationship. Based on one of the largest samples of firms, it is suggested that more concentrated ownership reduces the principal-agent problem and supports performance, but only to a certain extent, where the potential principal-principal problem can still prevail. Moreover, performance is maximized when there is a controlling owner. The findings can be used by policy makers when designing ownership structures.

Using a systematic literature review, we address the topic of social capital in family firms. Based on 69 studies, we analyze the main findings, sampling and methodologies, theoretical approaches, definitions, and measurements of social capital in family firms. We also present how social capital is used as a model variable and present a conceptual framework of social capital in family firms. Subsequently, we identify the research gaps and develop research questions for further research.