The process of professionalization and governance in long lived family-owned companies: Advances and challenges

With the objective of understanding the process of professionalization and governance structuring in family-owned companies, a qualitative research was conducted through the means of two case studies in long lasting, large Brazilian family-owned companies. The longitudinal study, conducted for more than seven years, allowed to pinpoint the usage of two governance models by the researched companies, notably the financial and stakeholders models, even if in a hybrid manner. These arrangements have taken into account the necessity of accommodating political and power issues in the families and companies, as well as aspects related to the expectations of the stock market