Family businesses, risk and adverse selection in the agency relationship


  • Kevin Yesid Tuirán-Álvarez Universidad Autónoma del Caribe
  • Nestor Juan Sanabria-Landazábal Universidad Autónoma del Caribe
  • Julio Cesar Acosta-Prado Universidad del Pacífico



agency theory, family businesses, risk and adverse selection


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 adverse selection was also identified.


El objetivo de este artículo es hacer una revisión de la literatura sobre las empresas de familia en relación con el riesgo y la selección adversa. Se encontraron aspectos destacados como la relación con las finanzas, la riqueza socioemocional, los incentivos, los problemas de la gestión y el desempeño empresarial, los costos de agencia, la diversificación, la sucesión, el riesgo, la institucionalidad y los costos de agencia. En muchos casos los resultados no son concluyentes y son contradictorios. Sin embargo, se logró identificar que las culturas organizacionales se pueden explicar a partir de los entornos cambiantes. Esto genera nuevos riesgos e incertidumbres en la organización. También se identificó la relevancia de la velocidad de intercambio de información en el mercado como fuente de riesgo y selección adversa.


O objetivo deste artigo é revisar a literatura sobre empresas de familia em relação ao risco e seleção adversa. Encontramos aspectos marcantes como a relação com finanças, riqueza socioemocional, incentivos, problemas de gestão e desempenho empresarial, custos de agência, diversificação, sucessão, risco, institucionalidade e custos de agência. Em muitos casos, os resultados são inconclusivos e contraditórios. No entanto, foi possível identificar que as culturas organizacionais podem ser explicadas a partir de ambientes em mudança. Isso gera novos riscos e incertezas na organização. A relevância da velocidade de troca de informações no mercado como fonte de risco e seleção adversa também foi identificada.



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How to Cite

Tuirán-Álvarez, K. Y., Sanabria-Landazábal, N. J., & Acosta-Prado, J. C. (2019). Family businesses, risk and adverse selection in the agency relationship. Dimensión Empresarial, 17(3).