Authors: Helene Lundberg
Family firms are characterized by concentrated ownership, with one or a number of family members in control of the majority of shares, where family members often take leading roles in managing the firm. Decision making is thereby not only influenced by economic conditions but also by family-oriented considerations. Furthermore, there is often limited contact with external sources of competence, as family members often occupy the leading positions and rely on family members for positions on the board of directors. Previous research on the board composition of family firms has mainly focused on the context of publicly traded family businesses. There is a lack of studies examining how family firms identify the chosen members of the board. It has been indicated that non family board members primarily are included as a result of pressures from non family stakeholders, like investors and banks, but there is a lack of empirical studies addressing this issue. Addressing this gap, this paper reports on a qualitative study of four family firms in a Swedish region characterized by sparsely populated areas and small cities.
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