SOCSCI 2EN3 Lecture Notes - Lecture 3: The Need, Chief Operating Officer, Business Ethics

• School: McMaster University
• Department: Social Sciences
• Course: SOCSCI 2EN3
• Professor: Duncan Gill

Document Summary

Example companies that have been passed down from generation to generation: Ownership and/or operation by two or more members of the same family who are directly involved in the operation of the company (actually running it) Ownership passes from one generation of a family to another. Production and distribution of goods or services. Effective and efficient operation of the firm. Some family members might become too loyal to the family and not loyal to the company. There is a pressure of family loyalty to hire all family members, it"s hard to say no to them but the problem is that some of these family members may not care that much about the business. Patterns of behaviours and beliefs that characterize a particular firm. Total culture of a family firm, consisting of the firm"s business, family and governance patterns. Culture of a family business can be a strategic resource that promotes learning, risk taking and innovation.