Governance in family businesses is a relatively recent research topic in the field of management studies. Much research has sought to shed light on the factors that shape the relationship between governance structures and corporate strategies. Nevertheless, very little research has specifically addressed the relationships between the configuration of the Board of Directors and the firm's willingness to carry out innovative strategies. Our study aims to shed light on the relationship between the corporate governance structures and the pace of innovation within family SMEs. Evidence from three family-owned SMEs located in Tuscany (Italy) highlights that a traditional type of governance structure can co-exist with the search for innovative strategies and that the intensity of the innovation processes may not be tied to the Board's composition.

This chapter aims at shedding light on the “hidden relationship” between the process of entrepreneurial succession in family SMEs and the development of the HR management system in such firms. Starting from a literature review, the authors develop a reflection based on evidence from a sample of Italian family SMEs, collected through a longitudinal qualitative inquiry. They question if and how the change at the helm of the family firm may constitute an opportunity to develop or strengthen the HR management system. The ultimate goal of the chapter is to lay the foundation for building a conceptual framework in which some possible relationships between the variables involved are outlined.

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