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The socio-emotional wealth (SEW) framework and the resource-based theory (RBT) offer two valuable perspectives on innovation dynamics within family firms. Through the SEW lens, family firms may prioritize preserving their traditions and core values, potentially resisting the adoption of new technologies and modern business methods. In contrast, RBT suggests that family firms can gain a competitive edge by harnessing and nurturing their unique resources and capabilities, such as collective experiences, market reputation, and established networks, to foster innovation and secure a strong market position. By integrating these two perspectives, family firms can achieve sustainable competitive advantages by balancing the tensions between tradition and innovation. This comprehensive approach allows them to innovate while preserving their SEW, ensuring long-term success in the ever-evolving business landscape.

This study aims to investigate the relationship between the family generational stage and the intended use of the Initial Public Offering (IPO) proceeds disclosed in the prospectus. With the aim to explore family business (FB) heterogeneity, it also explores the moderating role of the family CEO.

We draw on signalling theory and hand-collected data on Italian family IPOs that occurred in the period 2000–2020, disentangling the intended use of IPO proceeds as distinguished into three categories. We employ logit regression to test our hypotheses.

According to our theoretical predictions, we find that the family generational stage positively affects the disclosure of the investment reason as the intended use of IPO proceeds, while it negatively influences the use for recapitalization and general corporate purposes. The first relationship is moderated by the presence of a family CEO. Our results remain robust with different FBs definitions and a different empirical method.

To the best of the authors’ knowledge, this paper is the first to address the topic of the intended use of IPO proceeds in FBs. In doing so, it opens avenues for future research by enriching an underdeveloped, albeit growing, area of research, that of preparing for the market scrutiny in family IPOs.

Given the dominance of family ownership in India, this paper aims to examine whether the impact of board gender diversity (BGD) on voluntary disclosure (VD) is moderated by family ownership.

Based on a panel data set of the top 100 listed Indian firms for five years, this study examines the impact of BGD on VD by segregating the sample between family-owned and nonfamily firms. For empirical analysis, we use appropriate panel data models. For robustness, we employ a three-stage least square (3SLS) model.

The findings reveal the significant positive impact of BGD in terms of its different measures on VD for family and nonfamily firms. However, the impact becomes insignificant for nonfamily-owned firms when female directors are not substantially represented on the board.

This study extends the ongoing debate about the outcomes of the mandatory gender quota on board by providing novel evidence on the difference between the impact of BGD on VD for family and nonfamily firms in the Indian context.

This paper aims to investigate how the technical logics of a World Bank-led performance management reform interacted with the social, political and historical logics within a developing country (DC) regulatory organisation. The institutional environment both within and outside the organisation was considered to understand the performance management reform experience.

An interview-based, longitudinal, qualitative case study approach was used to locate accounting in its technical, social and political space. A large regulatory organisation in Bangladesh was investigated as a case study to reveal how traditional organisational practices and public sector norms mediated a performance management reform. Informed by the institutional logics (IL) and economies of worth perspectives, interviews were used to locate IL at macro-level and associated organisational actors’ strategic responses that ultimately shaped the implementation of a performance management system (PMS).

This paper reveals how accounting, as a social and political practice, influences accountability reform within a regulatory organisation. It provides an account of both the processes and resultant practices of an accounting reform initiative. While a consultative and transparent performance management process was intended to enhance accountability, it challenged the traditional organisational authority structure and culture. The new PMS retained, modified and adjusted a number of its characteristics over time. These adjustments reflected an amalgamation of the influence of institutional pressures from powerful constituents and the ability of the local agents (managers) in negotiating and mediating the institutionalisation of a new PMS.

The findings of this paper carry major implications for policy makers, particularly with respect to the design of future reform programs on PMS.

This paper offers a theoretical mapping of IL and its organisation-level interpretations and practices. Thus, the authors locate power and influence at field and firm levels. The findings of this study reflect historical, political and cultural backgrounds of the case study organisation and how these contextual forces were active in shaping the meaning of reform logics. Though the institutional environment and agents were unique to the case study organisation, this research offers a “process generalisation” that reveals how a best practice PMS was translated and transformed by the traditional organisational practices in a DC regulatory context.

We investigate the effect of the adoption of formal board structure and board processes on firm performance in Colombian family firms, in a context where firms can choose specific aspects of board structure and processes. We deploy insights from the behavioral governance perspective to develop arguments about how family businesses may choose board elements based on their degree of control over the firm (absolute control or less), and its effect on firm performance.

We use an unbalanced data panel of 404 firm-year observations. The data was obtained from the annual financial and corporate governance reports of 62 Colombian stock-issuing firms for the period 2008–2014 – due to change in regulation, data could not be added beyond 2014. Panel data technique with random effects was used.

The results show that board structure is positively associated with financial performance, however, this relationship is negative in businesses where family has absolute control. We also found that there is a negative association between board processes and performance, but positive association in family-controlled businesses.

Our research contributes to research streams on effects of family control in firm choices and on the interactive effect of governance choices and institutional context and more generally how actors interact (rather than react) with their institutional context.

The current study investigates the impact of directors' attributes on the extent of compliance with International Financial Reporting Standards (IFRS) fair value disclosure requirements. The attributes investigated include directors' human capital (accounting qualification) and social capital (political association), directors' share ownership and the power distance between the chief executive officer (CEO) and the rest of the board members.

The study uses disclosure analysis to measure the extent of compliance with the fair value disclosure requirements of IFRS. Ordinary least squares (OLS) regression is used to test the relationship between the disclosure score and directors' attributes. Data were collected from the annual reports and websites of the sample companies.

Contrary to conventional belief, this study's findings suggest that directors' social capital and the power distance between the CEO and the rest of the board act as more powerful factors than directors' human capital in explaining corporate mandatory disclosure. Specifically, the results indicate that powerful actors form a dominant coalition and co-opt influential constituents from the institutional domain to neutralize the effect of legal coercion and the accounting expertise of board members and Big Four audit firms on the extent of compliance with institutional (fair value) rules.

This study utilizes Oliver's (1991) framework of strategic response to institutional processes in the Bangladeshi context. Although the study provides new insights into corporate disclosure practices, findings are not generalizable due to different institutional settings in different countries. Therefore, future studies could replicate the approach in different institutional settings.

The findings of this study will be of interest to the International Accounting Standards Board (IASB) as it focuses on a developing country that has adopted IFRS 13 and other fair value-related standards relatively recently.

The disclosure analysis contained in this study represents the first comprehensive analysis of the extent of compliance with the fair value disclosure requirements of IFRS. Furthermore, this study considers the impact of directors' social capital and finds that it is a more powerful determinant of the extent of compliance with IFRS as compared to human capital.

This study aims to examine two questions that contribute to understanding the organizational corporate governance forms of the so-called New World: What have been the social and cultural forces that gave rise to the institutional features of the Anglo-Saxon corporate states and the Hispanic patrimonial states? And how have these traits influenced the governance forms of North American and Latin American firms?

A comparative historical analysis methodology that dates back to the colonial foundations of the New World was used. Analysis categories were derived to allow us to reflect on the phenomenon studied and support the hypotheses while deriving observations that explain the historical relationships of the state types and their capitalisms with contemporary corporate governance. The research also considered case analysis in context, presented as specific empirical evidence.

The paper maintains that the historical social and cultural forces that were configured in the New World shaped the institutional features of the Anglo-Saxon corporate states with liberal capitalism and the Hispanic patrimonial states with hierarchical capitalism, and that these features are related to the predominant organizational corporate governance forms in North American and Latin American firms, respectively.

This paper provides insights into the social, cultural and institutional factors that gave rise to corporate and patrimonial states and their relationships with the different types of organizational corporate governance. It introduces a categorization into the literature with three types of organizational corporate governance (e.g. corporatist, patrimonial and hybrid). This allows progress in linking corporate governance theories with a managerial focus and governance perspectives oriented to economic and social development.