This course analyzes governance of family firms. This course highlights that family business is an organizational structure of large firms and for a large part are global and surprisingly similar across business environment, nations and cultures. This course investigates the underlying mechanisms that create the uniqueness of family firms. In addition, this course discusses the role of the founding family in the firm and analyses how the family’s various preferences, psychology, family structures, and family affairs affect corporate policy such as CEO succession planning and financial policies, and the outcomes on the firm value. Finally, the course discusses the design of governance structure to constrain the family’s influences over corporate policies as well as govern the family to preserve the firm value.