Family Council From A Cultural Approach: the case of eastern european countries

The family council is a formal mechanism of the family governance in family businesses that aims to give a voice to all members of the family, and to unify the interests of all members. These interests are identified with the purpose of the family, necessary to achieve a long-term legacy, and the sustainability of the company. However, the establishment of the family council is a topic that is still at an incipient stage, both in the literature and for practitioners, so our contribution advances the understanding of family governance within the sphere of family businesses culture and context. For that purpose, we rely on two cultural indexes widely accepted in the literature. We have taken …