The paper “ The Impact of Family Governance on a Firm’ s Performance” is an outstanding example of a literature review on management. According to (Miller and Miller, 2006) each family has a number of financial objectives that they intend to achieve in a given period. This involves integrating of family wealth such as quantitative implications and qualitative elements. Combining both qualitative and quantitative features of family governance involves the focus on both psychological and financial investments. Family governance is based on the premise that places the significance of creating family wealth. A carefully integrated family plan caters to the long term and short term goals set by the intended parties.
Achieving family integration and family governance involves the incorporation of a number of steps. The first steps involve the creation of wealth. This is followed by the maintenance of the wealth making it a critical aspect. The final step focuses on the separation of wealth into various avenues. The aspect of family governance has come under an enormous amount of criticism over the years owing to the lack of cohesion experienced. This, in turn, exposes the practice to various forms of criticisms that argue against its lack of viability, in the long run, writes (Mallin, 2007). The focus of this paper is to provide an analysis of documented literature on family governance and firm’ s performance.
Managing businesses is often perceived to be a corporate issue in that personal relations are separated from the running of the business. Family governed businesses are, however, beginning to rise due to the change in the dynamics of the modern business. The paper provides a number of arguments that advocate for and against family governed businesses.
It looks at the challenges such families face in the creation of their vision, mission, and values in a competitive business environment. Morris, Pinto, and Soderlund (2010) mention that this issue has forced a number of supporters of family governance and integration plans to showcase the advantages of having an integrated system in terms of business.
Agard, K. A. 2011, Leadership in nonprofit organizations: a reference handbook. Thousand Oaks, Calif, SAGE Publications.
Mallin, C. A. 2007, Corporate governance. Oxford [u.a.]: Oxford University Press.
Miller, D. Miller, I. 2006, Family governance and firm performance: Agency, stewardship, and capabilities. Family Business Review, Vol. 14, No. 1.
Morrone, M. 2008, Family governance: a key tool for successful family wealth planning. Wells Fargo Bank.
Morris, W. G., Pinto, J. K., & Söderlund, J. 2010. The Oxford handbook of project management. Oxford: Oxford University Press.