Electronic Resource
Article - Addressing the theory-practice divide in family business research: The case of shareholder agreements Vol. 12, No. 1 Nomor Artikel: 100395
The ultimate aim of family business research is the production of new actionable knowledge, that is rigorous,
empirically verified recommendations that fit family business needs and benefit their business practice. Often-
times, however, research efforts fall short in meeting this goal, leaving family business owners and managers
with limited guidance other than anecdotal evidence, best practices, and other forms of “conventional” or “folk”
wisdom. We address this theory-practice divide in family business research using the example of shareholder
agreements. We present a theoretical analysis of the characteristics, antecedents and effects of shareholder
agreements on family business outcomes using the concept of family-practice fit, suggesting that characteristics of
the owning family, which are expressions of family heterogeneity, should be aligned with the practices used to
manage the family, and its intersection with the business in order to facilitate goal attainment. In focusing on the
family as a unit of analysis, our conceptualization follows the calls for a more nuanced understanding of the
family behind the firm, providing a foundation upon which future research on shareholder agreements and other
widespread family business practices can build.
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