Transcending Tradition: A Comprehensive Exploration of Family Business Dynamics, Governance, and Strategic Advantages

ABSTRACT: The study explores the development of family business research, starting with Dr. Léon Danco's contributions in 1975. It highlights the exceptional achievements of family businesses in various domains, such as business performance, employment generation, return on investment, and flexibility. The study emphasizes the beneficial relationship between family and company, resulting in unique competitive advantages. It also analyzes attributes associated with family governance, highlighting their distinctive capabilities for social capital, efficiency, and opportunistic investment.  KEYWORDS: tradition, family business dynamics, governance, strategic advantages