... on boards of directors. The CEOs of 2,455 small and medium‐sized, private enterprises from practically all industries were contacted in a telephone survey, resulting in an exceptionally high response rate. The findings reveal that family firms are more reluctant to involve independent directors...

... regulation by formal rules and family governance systems are hardly developed. 1. External, which includes the stock markets, the legal/political/regulatory system and the product and factor markets. 2. Internal, including the board of directors, the ownership regime, debt structure and management...