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Corporate Governance for Family Firms: An essential move towards optimal organizational performance and growth

Advances in Applied Economics and Finance

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Field Value
 
Title Corporate Governance for Family Firms: An essential move towards optimal organizational performance and growth
 
Creator Kashif, Shagufta; University of Dammam
 
Subject Family owned businesses (FOBs); Family owned firms; Corporate Governance in Pakistan;
 
Description This paper examines the importance of Corporate Governance to the family owned corporations and businesses in Pakistan. The author starts with discussing the importance of Corporate Governance itself for smooth functioning of a Family-owned Business as well as the lucrative opportunities, the compliance can bring to the firm and the country as a whole. Moving forward, the writer analyses the challenges faced by these firms in ensuring transparency and due diligence and in the end, the researcher presents recommendation. Family-owned corporations are the backbone of many countries especially Pakistan where the power culture has concentrated the wealth of the nation in the hands of “22” families as identified in the Ayub era. The way these corporations behave in the economic world can affect the overall economic conditions of Pakistan and also take the country to a new level in terms of favourability in the books of foreign investors. With the advent of new technology and the rise of the impact of globalization, there lie numerous opportunities for these firms to prosper. However, at the same time if these corporations need to go international or global, then they have to be sound followers of Corporate Governance practices which can bring them in line with international standards of transparency and good governance. New global markets can open for the firms themselves as well as foreign investment can flow into the country as the standard bar for the country is raised. This study overall examines the theoretical background of Corporate Governance in family businesses in Pakistan.
 
Publisher World Science Publisher
 
Contributor —
 
Date 2015-10-29
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
—
 
Format application/pdf
 
Identifier http://worldsciencepublisher.org/journals/index.php/AAEF/article/view/946
 
Source Advances in Applied Economics and Finance; Vol 4, No 2 (2013); 705-799
2167-6348
 
Language eng
 
Relation http://worldsciencepublisher.org/journals/index.php/AAEF/article/view/946/1056
 
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