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Pioneering the use of game theory and adverse selection setups in family business governance, this research uncovers FP determinants.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Design\/methodology\/approach<\/jats:title><jats:p>This research employs game theory and adverse selection setups to delve into the strategic decision-making processes of stakeholders in family firms. The authors break new ground by applying principal\u2013agent theory (PAT) to family business governance structures. This innovative approach uncovers the determinants of the FP, enhancing the authors\u2019 understanding of family firm dynamics.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Findings<\/jats:title><jats:p> The authors emphasize the importance of custom governance structures, such as the FP, in managing complex family-business interactions. These structures mitigate conflicts and promote smoother transitions during succession, ensuring family firm continuity. This study identifies key determinants, and these results will aid founders, families and practitioners in achieving smoother transitions, ensuring family firm continuity.<\/jats:p><\/jats:sec><jats:sec><jats:title content-type=\"abstract-subheading\">Originality\/value<\/jats:title><jats:p>This research pioneers game theory and PAT applications in family business governance, shedding light on the effectiveness of customized governance mechanisms. By identifying FP determinants, the authors contribute to a deeper understanding of family firm dynamics. The findings have practical implications for founders, families, practitioners and consultants, promoting the long-term success and harmony of family firms in the global economy.<\/jats:p><\/jats:sec>","DOI":"10.1108\/jfbm-10-2023-0190","type":"journal-article","created":{"date-parts":[[2023,11,18]],"date-time":"2023-11-18T09:03:16Z","timestamp":1700298196000},"page":"829-847","source":"Crossref","is-referenced-by-count":9,"title":["Unravelling the determinants of\u00a0family firms' governance: the\u00a0family protocol"],"prefix":"10.1108","volume":"14","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-3355-876X","authenticated-orcid":false,"given":"Shital","family":"Jayantilal","sequence":"first","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0003-0651-7433","authenticated-orcid":false,"given":"S\u00edlvia 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