Commitment and impact on the performance of family businesses

Over the last few decades, research into family-run businesses has become increasingly important, both in academic and empirical terms. The major importance of this category of company is not accidental, but stems from its impact on national economies, thanks to its significant contribution to value creation, employment and investment. These studies also attempt to define the various contours of the family business in terms of its functioning, organization, transmission and performance. The involvement of family members in company ownership and management unifies ownership and management. It reduces organizational costs, even agency costs (Fama and Jensen, 1983), and increases the altruistic effect. This specific character of the family firm, manifested through its social-economic aspect, indicates that the social capital of this category of firm is intended to explain differences in the behaviour of economic players within the family structure, compared with other structures. It is a broader system, encompassing both economic and social variables.