ABSTRACT
Researchers have suggested that ethnic groups can achieve upward economic and social mobility through business ownership. Ethnic networks, based on family and friendship ties, impact the immigrant family business with regard to their cultural, practical, and psychological functions in that they help immigrants in a strange land form their identity. Several researchers have suggested that the use of external advisers and governance structures, such as immigrant family retreats, immigrant family councils, or boards of directors, could generally play an important role in good governance. Different "family patterns" and "governance patterns" have been identified as associated with the culture of a business. The establishment and control of governance structures are strongly influenced by the board of directors, immigrant family council or assembly, or shareholders' assembly. Immigrant family businesses are more likely to undertake strategic planning when they have effective governance structures for their businesses in place.
