Abstract

TUIRAN-ALVAREZ, Kevin Yesid; SANABRIA-LANDAZABAL, Néstor Juan  and  ACOSTA-PRADO, Julio Cesar. FAMILY BUSINESSES, RISK AND ADVERSE SELECTION IN THE AGENCY RELATIONSHIP. Dimens.empres. [online]. 2019, vol.17, n.3, pp.104-128. ISSN 1692-8563.  https://doi.org/10.15665/dem.v17i3.2041.

The objective of this article is to review the literature on family businesses in relation to risk and adverse selection. Outstanding aspects such as the relationship with finances, socio-emotional wealth, incentives, problems of management and business performance, agency costs, diversification, succession, risk, institutionality, and agency costs were found. In many cases, the results are inconclusive and contradictory. However, it was possible to identify that organizational cultures can be explained from changing environments. This generates new risks and uncertainties in the organization. The relevance of the speed of information exchange in the market as a source of risk and the adverse selection was also identified.

Keywords : agency theory; family businesses; risk and adverse selection.

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