Emerging trends in the governance and management of entrepreneurial and family firms

In this introductory essay, we first wish to draw the reader’s attention to the most relevant reasons that have inspired the present editors to take steps towards assembling and publishing a book on “Emerging trends of governance and management in entrepreneurial and family firms”. Second, we wish to explain how and why studies on entrepreneurial and family-firms are increasing. Third, we introduce the reader to the present contribution with the aim to influence her/his interest on the advancement of our understanding about how to lead and manage meaningful organizations in current times. For decades, Berle and Means’ (1932) framework about the separation and control of owners and management has dominated research in both strategic management and governance. However, in the late 1990s, several studies revealed that dispersed ownership is actually the exception rather than the rule (LaPorta, Lopez-de-Silanes, & Shleifer, 1999). For example, family-firms that often combine ownership and management are some of the most important actors in the global economic landscape. Similarly, entrepreneurial firms (companies that bring new products and services to market by creating and seizing opportunities) are often firms that are owned and managed by an individual, as much as family owned (Nordqvist and Melin, 2010). Thus, in recent years, the study of entrepreneurial and family-firms has become a central topic within academic dis-cussion as, very often, the two share a common start and development: namely, the single or the small group of owners and managers.