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Path Dependency and Governance in German Family Firms

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  • Lubinski, Christina

Abstract

Dynastic family businesses pursue a double aim. They strive for economic success and attempt to shield the family's longterm influence against outsiders. As a consequence, their choice of governance reflects an idiosyncratic balance between remaining independent and tapping into the opportunities of the market. Autonomy-oriented “closed” governance can lead to problems in integrating external capital and knowledge. More market-oriented “open” governance can make a firm more vulnerable to outside influence. German family firms have struck a balance between the two models since the mid-nineteenth century. Their choice of governance is a response to the challenges and opportunities of the environment, and at various times they are influenced by corporate law, alternative finance options, and inheritance law.

Suggested Citation

  • Lubinski, Christina, 2011. "Path Dependency and Governance in German Family Firms," Business History Review, Cambridge University Press, vol. 85(4), pages 699-724, January.
    • Handle: RePEc:cup:buhirw:v:85:y:2011:i:04:p:699-724_00
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    Cited by:

    1. Paolo DI Martino & Michelangelo Vasta, 2014. "Discovering the dark heart of Italian capitalism: a perspective from Supreme Court legal cases and business consultants’ analyses (1950s-1970s)," Department of Economics University of Siena 698, Department of Economics, University of Siena.
    2. Friederike Sophie Reck & Denise Fischer & Malte Brettel, 2022. "Ethical Decision-Making in Family Firms: The Role of Employee Identification," Journal of Business Ethics, Springer, vol. 180(2), pages 651-673, October.
    3. Zybura, Jan & Zybura, Nora & Ahrens, Jan-Philipp & Woywode, Michael, 2021. "Innovation in the post-succession phase of family firms: Family CEO successors and leadership constellations as resources," Journal of Family Business Strategy, Elsevier, vol. 12(2).
    4. Preciuk Piotr & Wilczyńska Ewa, 2020. "Intergenerational Familial Ambidexterity in Polish Family Firms," Journal of Management and Business Administration. Central Europe, Sciendo, vol. 28(4), pages 107-133, December.
    5. Ilgaz Arikan & Oded Shenkar, 2022. "Neglected elements: What we should cover more of in international business research," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(7), pages 1484-1507, September.
    6. Woodfield, Paul & Husted, Kenneth, 2017. "Intergenerational knowledge sharing in family firms: Case-based evidence from the New Zealand wine industry," Journal of Family Business Strategy, Elsevier, vol. 8(1), pages 57-69.
    7. Carolin Decker & Christina Günther, 2017. "The impact of family ownership on innovation: evidence from the German machine tool industry," Small Business Economics, Springer, vol. 48(1), pages 199-212, January.

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