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This study analyzes the relationship between implementing a Family Constitution (Protocol) and future family business performance. We analyze a unique sample of 530 Spanish family businesses. Half of ... these firms received financial aid from the government to implement a Family Protocol during 2003-2013. The analysis reveals that family businesses that implemented a Family Constitution had significantly improved performance within 2 years after the implementation. The positive relationship between the implementation of a Family Constitution and future firm performance is stronger for firms that had a nonfamily CEO, had multiple family owners, or were controlled by later generations. more

This research examines the effectiveness of Family Constitution or Family Protocol agreements in mitigating each type of agency conflict in family firms. We performed a qualitative analysis, through ... a case study, and found that the succession process is the main driver for implementing this family governance mechanism. Our findings also show that a family constitution is useful in reducing three of the four agency conflicts described in the literature, specifically between family owners and managers, between family shareholders, and with the family at large. Key agreements include training and experience terms for family members to join the firm, transfer clauses of shares inter-vivos and causa mortis, and the development of family governance bodies. However, creditors are generally unaware of the protocol’s existence, hindering its potential positive effects, which has important implications for practitioners. Creditors point out its potential usefulness as a hint of orderly and structured continuity of the business. JEL CLASSIFICATION G32, G34, L21, M10 more

The understanding of family businesses from the family side is still in its infancy. This is especially true in relation to how family members manage their relationships with one another and with the ... firm. Family growth and evolution are usually accompanied by a reduction in shared family meaning and purpose and greater divergence in the form of factional interests and intentions that harm the family and the firm. To counterbalance this negative impact, scholars generally advocate a set of corporate governance practices. However, few papers have analysed how family regulatory frameworks and family governance institutions affect family firm performance. To the best of our knowledge, no paper has analysed the complementary role of family rules and family governance institutions or their relationship with business performance. To fill this gap, we examine how family rules and family governance institutions affect firm performance. Drawing upon the concept of fit from organisation design, this paper shows the complementary role of family rules and family institutions, as well as the need for fit with family complexity. Analysis of a sample of family businesses shows that when family governance fits with family complexity, the relationship with firm performance is positive; any misfit leads to negative consequences. more

We demonstrate that the notion of a family ‘constitution’ (self-enforcing, renegotiation-proof norm) requiring adults to provide attention for their elderly parents carries over from a world where ... identical individuals reproduce asexually, to one where individuals differentiated by sex and preferences marry, have children and bargain over the allocation of domestic resources. In this heterogenous world, couples are sorted by their preferences. If a couple’s common preferences satisfy a certain condition, the couple have an interest in instilling those preferences into their children. Policies are generally nonneutral. In particular, wage redistribution may raise, and compulsory education will reduce, the share of the adult population that is governed by family constitutions, and thus the share of the elderly population who receive attention from their children. more

Purpose – The purpose of this paper is to focus on the family protocol as a governance policy tool that can help ameliorate intra-family conflict and enhance the probabilities of survivability of the ... family business. Design/methodology/approach – Using equity theory and organizational justice as theoretical frameworks, the authors explain how and why the development of a protocol can help the family firm and their survivability. The authors combine academic and practitioner knowledge to present a process model for creating family protocols. Findings – Based on four important considerations (i.e. process view, deep knowledge about the family business, dynamic environment, and the need for change and adaptation) the authors develop a process model for the development of family tailored protocols. Originality/value – This paper integrates the work of practitioners and academics to help understand what is a family protocol, why and how the protocol affects the family and business relationships and presents a procedural model for the development of a family protocol that can help govern the relationship between the family and the business. more

Obiteljska su društva važan gospodarstveni čimbenik na domaćem tržištu i komparativnim tržištima. Unatoč tomu, nisu ureðena kao izdvojeni tip trgovačkog društva te nisu predmet zakonske regulacije ni ... druge klasifikacije. U tim društvima obitelj ima prevladavajući utjecaj na voðenje društva, kroz vlasničku ili upravljačku strukturu. Specifičnost korporativnopravnog upravljanja u obiteljskim društvima jest to što počiva na preklapanju obitelji, vlasništva (članstva u društvu) i upravljanja društvom. Obiteljsko upravljanje (family governance) postaje jednako važno kao i upravljanje društvom jer obiteljska kohezija i skladni odnosi postaju uvjetom uspješnog poslovanja društva. U ovome se radu analiziraju instrumenti za postavljanje dobre obiteljske strategije, kao što su izrada obiteljskog ustava, te uspostava posebnih tijela kao što su obiteljsko vijeće i obiteljski ured, koji se bave isključivo raznim pitanjima od važnosti za obitelj. S obzirom na to da su hrvatska društva mahom upravo u trenutku prijenosa posla na iduću generaciju, takvi mehanizmi mogu pomoći u očuvanju obiteljskog sklada i uspješnog nastavka poslovanja društva. more

Aim: To investigate the current status of elderly dementia patients with physical illnesses and identify optimal care strategies for this growing population. Methods: This retrospective study ... included elderly dementia patients who (i) received in-patient treatment for a physical comorbidity at the dementia ward of the Juntendo Tokyo Koto Geriatric Medical Center, and (ii) who were discharged from April 2009 to March 2011. Results: The study population was 390 patients (144 males, 246 females), with a mean ±SD age of 80.5 ±8.1 years. Two hundred thirteen of the patients had Alzheimer's disease; the remaining 177 had other types of dementia. The comorbidities necessitating admission were: malignant neoplasms (n=65), respiratory conditions (n=57), genitourinary conditions (n=50), trauma or fracture (n=41), and other (n=177). Among the 239 subjects who were hospitalized from their homes and who were discharged alive, 157 (65.7%) returned to their homes. The hospital stays of patients who were discharged were significantly shorter (P<0.000) and their N-ADL scores were significantly better at admission (P<0.013) and at discharge (P<0.000). The proportion of subjects who were capable of oral ingestion was significantly higher among the patients who were discharged to their homes (P<0.025). The subjects who lived in their homes alone at the time of hospitalization were significantly less likely to be discharged to their homes (P<0.018). Conclusions: Elderly dementia patients should ideally return home after hospitalization for comorbid illnesses. This was facilitated by minimizing their hospital stay. During in-patient treatment, efforts should be made to maintain their N-ADL levels and support their oral intake. more

目的：身体疾患を合併する認知症高齢者の実態を分析し，今後の増加を踏まえてどのような対応が必要であるかを明らかにすることを目的とした．方法：順天堂東京江東高齢者医療センターの認知症治療専門病棟に入院して合併する身体疾患の治療を行い，2009年4月から2011年3月までの2年間に退院した認知症高齢者についてretrospectiveに検討した．結果：対象症例は390例（男144例・女246例）で，平均年齢は80.5±8.1歳であった．認知症の種別は，アルツハイマー型213例，血管性29例，混合性46例，その他102例であった．入院の原因となった身体疾患は，悪性新生物65例，呼吸器疾患57例，腎泌尿生殖系疾患50例，外傷・骨折41例，消化器系疾患39例，循環器系疾患37例，神経系疾患26例，その他75例であった．家庭からの入院が281例（72.1％），居宅系施設からが71例（18.3％）であった．死亡例61例を除く全生存退院例329例の退院場所は，家庭が160例（48.6％），居宅系施設が74例（22.5％）であった．家庭から入院した生存退院例239例では，家庭退院157例（65.7％）は家庭以外退院例に比較して，年齢が有意（P＜0.008）に若く，入院期間が有意（P＜0.000）に短く，N式老年用日常生活動作能力評価尺度（N-ADL）が入院時（P＜0.013）・退院時（P＜0.000）共に有意に良好であった．N-ADLは，家庭以外退院例では排便を除いて退院時は入院時より有意（P＜0.009）に悪化していた．経口摂取可能例が家庭退院例で有意（P＜0.025）に多く，独居例で家庭退院例が有意（P＜0.018）に少なかった．結論：身体疾患合併認知症高齢者の身体疾患の治療に当たっては，入院当初から入院期間を可能な限り短縮し，入院中にN-ADLの低下を可能な限り来さないように配慮し，食事の経口摂取の継続を工夫することが，家庭での療養を可能にする要因であることが示唆された．

The paper tests the hypothesis that private transfers can be explained by the existence of self-enforcing family constitutions prescribing the minimum level at which a person in middle life should ... support her young children and elderly parents. The test is based on the effect of a binding credit ration on the probability of making a money transfer, which can be positive only in the presence of family constitutions. Allowing for the possible endogeneity of the credit ration, we find that rationing has a positive effect on the probability of giving money if the potential giver is under the age of retirement, but no significant effect if the person is already retired. This appears to reject the hypothesis that transfer behavior is the outcome of unfettered individual optimization on the part of either altruistic or exchange motivated agents, but not the one that individuals optimize subject to a self-enforcing family constitution. The policy implications are briefly discussed. PUBLICATION ABSTRACT more