Guiding Governance and Leadership in Latin America’s Family Firms
Pedro Vázquez is a distinguished scholar and practitioner in family business governance, leadership development, and strategy throughout Latin America. As Associate Professor and Director of the Center for Family Businesses at Universidad Austral’s IAE Business School, he combines rigorous academic research with hands-on experience advising multi-generational enterprises. His voice brings both credibility and relevance to our series.
In his seminal article, “Family Business Leadership in Emerging Markets: The Latin American Perspective,” Vázquez synthesizes his extensive research into a cohesive leadership continuum. He explores how family firms in Latin America navigate the difficult balancing act between preserving family legacy through succession and introducing professional governance structures, such as independent directors and formal boards. Rather than choosing between family control and managerial expertise, Vázquez proposes a hybrid governance model that preserves familial ties while enhancing strategic decision-making.
Vázquez’s empirical work underpins this framework. In “Corporate Governance in the Largest Family Firms in Latin America,” he and his co-authors examine 155 major family-controlled businesses across the region. Through their analysis, they identify three governance archetypes that illuminate how firms manage familial involvement and professional oversight. These emerging patterns serve as a diagnostic tool that leaders can use to evaluate their governance structure and consider whether moving toward a more hybrid system might support long-term strategic goals.
Another crucial contribution is the study “Family Firms, Socioemotional Wealth and Job Creation: Evidence from Latin America,” which analyzes 388 sizable family businesses during periods of volatility, uncertainty, complexity, and ambiguity. Vázquez and his team uncover compelling evidence that professionally governed family firms generate significantly more employment than non-family firms operating in similar conditions. Firms with strong local control and diverse, inclusive boards created the highest number of jobs, demonstrating that hybrid governance structures not only support internal stability but also strengthen local economies and community resilience.
Further deepening the regional perspective, Vázquez co-authored “What Makes Latin American Family Firms Different? Moving Beyond Cross‑Cultural Comparisons.” In this 2024 paper, he argues that Latin American family businesses operate within distinct cultural and institutional environments, characterized by strong familial ties and institutional voids. He emphasizes that governance structures cannot simply be copied from Western models; instead, they must be adapted to respect cultural traditions while encouraging professional methods.
Pedro Vázquez’s scholarship provides practical roadmaps for family firms at critical stages. He equips business leaders with frameworks to assess their governance model, guides successor generations through the nuances of succession planning, and offers empirical evidence linking governance to socio-economic impact. Featuring Vázquez in our contributor series brings region-specific authority and data-driven strategy to readers who aim to preserve family stewardship, professionalize operations, and prepare the next generation for sustainable leadership.
References
Vázquez, P., Carrera, A., & Cornejo, M. (2020). Corporate Governance in the Largest Family Firms in Latin AmericaVázquez, P., Carrera, A., & Cornejo, M. (2020). Corporate Governance in the Largest Family Firms in Latin America
Vázquez, P., Arzubiaga, U., Gómez‑Mejía, L. R., Cornejo, M., & Urizar, S. (2024). Family Firms, Socioemotional Wealth and Job Creation: Evidence from Latin America
Vázquez, P., Botero, I. C., Arzubiaga, U., & Memili, E. (2024). What Makes Latin American Family Firms Different? Moving Beyond Cross‑Cultural Comparisons
Vázquez, P. (n.d.). Family Business Leadership in Emerging Markets: The Latin American Perspective
