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15 Family Office Research: A Primer

  • Myung-Seon Song
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De Gruyter Handbook of Business Families
This chapter is in the book De Gruyter Handbook of Business Families

Abstract

Although the practical importance of family office is rising to sustain the dynastic wealth of business families, there is comparatively little academic research on such phenomena. In this chapter, I explore the evolution of family office research through (1) development and classification of family offices, (2) a review of previous literature on family offices in the management field, and (3) suggestions on possible future family office research. First, I clarify that family offices are distinguished from other professional financial services in terms of holistic/long-term approach, higher personal attention to families, and close cooperation with other types of trusted advisors. I then explain that family offices function as tools for wealthy families to regenerate themselves while continuously maintaining their elite class formation. Second, I thoroughly review previous literature on family offices in the management field in terms of four main research streams: (1) governance; (2) succession, legacy, and education; (3) advice and investment; and (4) family entrepreneurship. Lastly, based on the comprehensive literature review, I identify five possible future research topics on the family office. All these descriptions imply that ample room exists for researchers to explore family office topics in the future in terms of theoretical and empirical perspectives.

Abstract

Although the practical importance of family office is rising to sustain the dynastic wealth of business families, there is comparatively little academic research on such phenomena. In this chapter, I explore the evolution of family office research through (1) development and classification of family offices, (2) a review of previous literature on family offices in the management field, and (3) suggestions on possible future family office research. First, I clarify that family offices are distinguished from other professional financial services in terms of holistic/long-term approach, higher personal attention to families, and close cooperation with other types of trusted advisors. I then explain that family offices function as tools for wealthy families to regenerate themselves while continuously maintaining their elite class formation. Second, I thoroughly review previous literature on family offices in the management field in terms of four main research streams: (1) governance; (2) succession, legacy, and education; (3) advice and investment; and (4) family entrepreneurship. Lastly, based on the comprehensive literature review, I identify five possible future research topics on the family office. All these descriptions imply that ample room exists for researchers to explore family office topics in the future in terms of theoretical and empirical perspectives.

Chapters in this book

  1. Frontmatter I
  2. Contents V
  3. List of Contributors IX
  4. 1 Business Families: An Introduction 1
  5. Part I: Business Families as the Family Behind the Firm
  6. 2 Family Businesses as Multiplex Relationships 31
  7. 3 Family, Organization, and Network: A New Approach to a Systems Theory of the Business Family 49
  8. 4 Resilient Enterprising Families 69
  9. 5 Enterprising Families: An Embeddedness Perspective on Offspring’s Entrepreneurial Career Preferences, Cognitions, and Actions 81
  10. 6 Kinship and Family Businesses on the Move: A Review and a Research Agenda 115
  11. Part II: Business Families with Multiple Businesses
  12. 7 Influence of Next-Generation Family Champions on New Venture Creation by Business Families: An Indian Perspective 135
  13. 8 “All My Firms?” Managing SEW Affective Endowments in Business Family Portfolios 163
  14. 9 Business Family Reputation, Internal Markets, and Holdup Agency Costs 187
  15. 10 The Transformative Function of Weak Institutional Environments: The Case of Business Families in the Arab Middle East 201
  16. 11 Evolutionary Long-Term Entrepreneurial Processes in Business Families 223
  17. 12 Entrepreneurial Multi-Business Families – Evidence from Continental Europe 247
  18. Part III: Governing the Business Family
  19. 13 Introducing “Top Governance Teams”: Towards an Extension of the Family Business Cluster Model 275
  20. 14 Codes of Governance for Family Businesses 309
  21. 15 Family Office Research: A Primer 329
  22. 16 Family Wealth Governance and the Role of Advisors 349
  23. 17 How Can a Family Control its Business Without Ownership Influence? A Case Study of Suzuki Corp 369
  24. 18 How Business Families Advance Their Members’ Careers: The Case of Show Business Families 397
  25. Part IV: Institutionalization of Wealth and Business Families in Society
  26. 19 Institutionalizing Family Legacy, Reproducing Dynasties 413
  27. 20 The Varieties of Business Families: A Capitalist Class Perspective on Business Family Diversity 437
  28. 21 Philanthropy Through Family Offices 465
  29. 22 Traditional Authority in Social Context: Explaining the Relation between Types of Family and Types of Family-Controlled Business Groups 487
  30. 23 Migrant Business Families in Central America 519
  31. 24 Succession Process and the Model of Change in a Transgenerational Family Business 541
  32. Part V: The Future of Business Families Research
  33. 25 Business Families: Promising Future Research Directions 563
  34. List of Figures 577
  35. List of Tables 579
  36. Index 581
https://doi.org/10.1515/9783110727968-015

Chapters in this book

  1. Frontmatter I
  2. Contents V
  3. List of Contributors IX
  4. 1 Business Families: An Introduction 1
  5. Part I: Business Families as the Family Behind the Firm
  6. 2 Family Businesses as Multiplex Relationships 31
  7. 3 Family, Organization, and Network: A New Approach to a Systems Theory of the Business Family 49
  8. 4 Resilient Enterprising Families 69
  9. 5 Enterprising Families: An Embeddedness Perspective on Offspring’s Entrepreneurial Career Preferences, Cognitions, and Actions 81
  10. 6 Kinship and Family Businesses on the Move: A Review and a Research Agenda 115
  11. Part II: Business Families with Multiple Businesses
  12. 7 Influence of Next-Generation Family Champions on New Venture Creation by Business Families: An Indian Perspective 135
  13. 8 “All My Firms?” Managing SEW Affective Endowments in Business Family Portfolios 163
  14. 9 Business Family Reputation, Internal Markets, and Holdup Agency Costs 187
  15. 10 The Transformative Function of Weak Institutional Environments: The Case of Business Families in the Arab Middle East 201
  16. 11 Evolutionary Long-Term Entrepreneurial Processes in Business Families 223
  17. 12 Entrepreneurial Multi-Business Families – Evidence from Continental Europe 247
  18. Part III: Governing the Business Family
  19. 13 Introducing “Top Governance Teams”: Towards an Extension of the Family Business Cluster Model 275
  20. 14 Codes of Governance for Family Businesses 309
  21. 15 Family Office Research: A Primer 329
  22. 16 Family Wealth Governance and the Role of Advisors 349
  23. 17 How Can a Family Control its Business Without Ownership Influence? A Case Study of Suzuki Corp 369
  24. 18 How Business Families Advance Their Members’ Careers: The Case of Show Business Families 397
  25. Part IV: Institutionalization of Wealth and Business Families in Society
  26. 19 Institutionalizing Family Legacy, Reproducing Dynasties 413
  27. 20 The Varieties of Business Families: A Capitalist Class Perspective on Business Family Diversity 437
  28. 21 Philanthropy Through Family Offices 465
  29. 22 Traditional Authority in Social Context: Explaining the Relation between Types of Family and Types of Family-Controlled Business Groups 487
  30. 23 Migrant Business Families in Central America 519
  31. 24 Succession Process and the Model of Change in a Transgenerational Family Business 541
  32. Part V: The Future of Business Families Research
  33. 25 Business Families: Promising Future Research Directions 563
  34. List of Figures 577
  35. List of Tables 579
  36. Index 581
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