Board of director in the family business and its impact on socioemotional wealth

Abstract

This study seeks to determine the impact of the implementation of good corporate governance practices on the family business Board of Directors, observing the impact on the family socioemotional wealth. Using four cases study from family businesses in Colombia-South America, the results show that the implementations of corporate governance practices in the Board of Directors have strong tendencies to preserve the family's socioemotional wealth. Furthermore, unity, honesty, transparency and amity are factors boosting both family and business success.