The field of corporate governance is at a crossroads. Over the years, research on corporate governance was tremendously focused on large firms whilst according less importance to other categories of enterprises. Since 2000, researchers (Charreaux; Hirigoyen; Amann; Gomez…) have begun recognizing the interest of governance for family firms. In fact, family firms represent a significant social and economic institution in both emerging and advanced economies. Family firms are considered as a specific research field because of the intersection between family and firm systems. Otherwise, social capital in family firms is especially important. In fact, family firms share many similarities with social capital. Moreover, social capital indicators such as trustworthiness, shared vision, unique language, culture, external relationships and strong social ties may appear in family SME. Accordingly, the strong presence of social capital in family SME helps to practically decrease governance costs. This idea implies that social capital should be considered as an informal mechanism of governance that decreases governance costs and is supposed to have a central role in value creation within the family SME.