Arising out of our findings are two useful hypotheses concerning family-run business and
corporate reforms in Thailand. The first is that family businesses in themselves were not a major cause of the financial crisis and have not hindered recovery. Taking into account the significant role that family businesses have played in Thailand’s nonfinancial sector, it would be better and more rational to introduce ways of revitalizing existing family businesses to support sustainable growth rather than trying to directly adapt the Western model of good corporate governance to local firms.