Empresas de familia, riesgo y selección adversa en la relación de agencia

Translated title of the contribution: Family businesses, risk and adverse selection in the agency relationship

Kevin Yesid Tuirán-Álvarez, Nestor Juan Sanabria-Landazábal, Julio Cesar Acosta-Prado

Research output: Contribution to journalArticle in a journalpeer-review


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.
Translated title of the contributionFamily businesses, risk and adverse selection in the agency relationship
Original languageSpanish
Number of pages25
JournalDimensión Empresarial
Issue number3
StatePublished - 3 Jun 2019


  • Agency theory
  • Family businesses
  • Risk and adverse selection


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