Abstract
Family businesses are managed in a centralised system and process. Corporate governance on the other hand refers to an impersonal system of managing and directing firms through a series of rules that promotes transparency and systems. This paper examines the two concepts and synthesizes them in relation to how they relate to each other.
The paper identifies that family businesses are not bad. Rather, they promote efficient and effective internal controls that lead to very good performance profiles. However, the study identifies that in cases where the firm expands and grows significantly locally and globalises, there is the need ...