Essays On Family Firms

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Three Essays on Corporate Governance of Family Firms

Author : Tarek El Masri
Publisher :
ISBN 13 :
Total Pages : 171 pages
Book Rating : 4.:/5 (113 download)

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Book Synopsis Three Essays on Corporate Governance of Family Firms by : Tarek El Masri

Download or read book Three Essays on Corporate Governance of Family Firms written by Tarek El Masri and published by . This book was released on 2018 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation is comprised of three essays on issues related to the corporate governance of family firms. The first essay explores how owners-managers of family firms conceptualize and define their firms. Understanding the essence of a family firm helps us better understand their governance and behaviour. This essay contributes to the family business literature by presenting the seven most important criteria in identifying a family business (Handler 1989; Shanker & Astrachan 1996), namely: family ownership, control, involvement, succession, long-term vision, founders' legacy, and extended family of employees. The essay also contributes a familiness measurement tool that can be used in future research aiming at better understanding the family firm. The second essay investigates how management control technologies are calibrated in accordance with the sometimes conflicting economic and noneconomic goals resulting from the dual identities of family firms. The results show that family firms calibrate pervasive management control technologies, such as calculative, family-centric or procedural controls to strengthen the business identity and reduce the family identity of their family business. In comparison, the minimal use, or perceived absence, of management control technologies suggest that it accentuates and fosters family identity. Hence, reverting to management control technologies becomes related in a unilateral way to the business identity of the firm, despite the dual control ambition of family firms. The third essay analyzes CEO and TMT compensation practices to identify patterns that can explain the gap between family firms and the pool of external highly qualified executives. The data analysis highlights a connection between the degree of family ownership, the composition of the BOD, and the identity of the CEO. The results also show that family firms rely more heavily on cash-based awards than on equity-based awards as a form of CEO and TMT compensation. Family firms are reluctant to use option-based rewards and the use of share-based awards is also kept at a minimum. Other evidence point towards a role that institutional ownership plays in restructuring the compensation packages of the TMTs at family firms. Keywords: Family Firms, Definition of Family Firms, Family Firm Identity, Management Control Technologies, Corporate Governance, Executive Compensation.

Family Firms and Private Equity

Author : Oliver Ahlers
Publisher : Springer
ISBN 13 : 3658040947
Total Pages : 253 pages
Book Rating : 4.6/5 (58 download)

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Book Synopsis Family Firms and Private Equity by : Oliver Ahlers

Download or read book Family Firms and Private Equity written by Oliver Ahlers and published by Springer. This book was released on 2014-07-25 with total page 253 pages. Available in PDF, EPUB and Kindle. Book excerpt: Family firms are of particular importance for many economies. We know little about family firm buyouts and how they are different from non-family firm buyouts. Oliver Ahlers investigates this under-researched topic. After a comprehensive literature review on family firm buyouts, the focus of his book is on the key steps of the investment process such as family firm valuation and negotiations between PE investors and family sellers. Additionally, it is investigated how “soft factors” such as trust, reputation or commitment could play an important role when PE and family firms interact. Throughout the book, differences between family and non-family firm buyouts are highlighted.

Enduring Advantage

Author : John A. Davis
Publisher :
ISBN 13 : 9780692079157
Total Pages : pages
Book Rating : 4.0/5 (791 download)

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Book Synopsis Enduring Advantage by : John A. Davis

Download or read book Enduring Advantage written by John A. Davis and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This book of short, pithy essays by John A. Davis presents fresh data on why family businesses perform better than non-family businesses around the world. Davis¿ findings and insights have profound implications for business leaders, family members, and general readers alike. 2nd Edition ¿ Revised

The Endurance of Family Businesses

Author : Paloma Fernandez Perez
Publisher : Cambridge University Press
ISBN 13 : 1107292603
Total Pages : 307 pages
Book Rating : 4.1/5 (72 download)

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Book Synopsis The Endurance of Family Businesses by : Paloma Fernandez Perez

Download or read book The Endurance of Family Businesses written by Paloma Fernandez Perez and published by Cambridge University Press. This book was released on 2013-09-30 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Endurance of Family Businesses is a collection of essays offering an overview of the importance and resilience of family-controlled large businesses. Much of economic and business history research neglects family businesses, considering them an inefficient form of business organization. These essays discuss the strengths of family businesses: the ways family firms have managed, financed and governed their corporations, as well as the way in which they structure their relationship with the external environment, from the government to the company's stakeholders. Family businesses have learned new ways of organizing their resources and using their accumulated know-how for new markets and institutional environments. This volume combines the expertise of well-known scholars who specialize in business history, economic history, management and consulting, to provide an interdisciplinary perspective on family businesses. Contributors provide a global view by taking into account Asian, American and European experiences.

Essays on Incentives in Family Firms

Author : Yanren Zhang
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (847 download)

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Book Synopsis Essays on Incentives in Family Firms by : Yanren Zhang

Download or read book Essays on Incentives in Family Firms written by Yanren Zhang and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of one literature review and three self-contained essays that discuss management transfers, work incentives and age structures in family firms. In the literature review, I summarize and structure recent studies on management transfer in family firms. The first essay focuses on the incentive effects of age structure in a single firm, and argues that compressed age structures are negatively related to firm performance, which provides a mechanism that causes the underperformance of dynastic management. In the second essay, I extend the single-firm analysis to a multi-firm scenario and find children prefer to work for their own family if the age gap between levels is large. Otherwise, they leave and work for other families. As a result, increased life expectancy leads to the separation between ownership and management, and family-managed firms have more compressed age structures than their professionally managed counterparts. In the third and final essay, I study the issue of self-enforcement in promotion tournaments and find organizations using rank-order contracts may still act opportunistically even when there exists no agency problem between owners and managers. Furthermore, both the wage-seniority profile and governance structure determine the credibility of rank-order contracts, which provides an alternative rationale for returns to seniority and underperformance of dynastic management.

Psychological Ownership in Family Businesses

Author : Fabian Bernhard
Publisher : BoD – Books on Demand
ISBN 13 : 3844100490
Total Pages : 190 pages
Book Rating : 4.8/5 (441 download)

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Book Synopsis Psychological Ownership in Family Businesses by : Fabian Bernhard

Download or read book Psychological Ownership in Family Businesses written by Fabian Bernhard and published by BoD – Books on Demand. This book was released on 2011 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book includes three essays covering the ownership perceptions individuals experience in family businesses. It advances current knowledge on the organizational factors anteceding individuals' psychological ownership as well as the attitudinal and behavioral consequences. Investigating overly strong psychological ownership, the first essay provides insights into the phenomenon of aging family business owner-managers who face difficulties in 'letting go', i. e. passing on leadership to their successor(s). The second essay offers a study of family business owner-managers' leadership styles and their influence on nonfamily employees' psychological ownership of the family business as well as individuals' motivation and performance. Given the special situation of nonfamily members working in family businesses, the third essay examines the effects of employees' and nonfamily managers' justice perceptions on both the ownership experience and commitment to the family business. The works presented in this book built a basis for several publications, such as articles in the Journal of Family Business Strategy and Group & Organization Management. Furthermore, they have been presented at various international conferences, have been nominated for a "most creative paper" award, and have contributed to the Academy of Management Best Paper Proceedings. The findings not only constitute valuable additions to current research in management and organizational psychology, but can also provide benefit for those interested in family businesses. Managers, owners, and consultants working in or for family businesses would likely gain from the practical implications.

Three Essays on Family Businesses

Author : Zulfiquer Ali Haider
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (135 download)

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Book Synopsis Three Essays on Family Businesses by : Zulfiquer Ali Haider

Download or read book Three Essays on Family Businesses written by Zulfiquer Ali Haider and published by . This book was released on 2021 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this dissertation, I look at three strategic processes within one of the most prevalent business forms in the world - family firms. In chapter 2, I look at the acquisition process, particularly focusing on deal structure. My findings, supported by data from S&P 500 firms during the period 2003-2014, show that when family firms engage in equity-based transactions, their valuation of the target is affected negatively due to the additional risk of losing. I also find that international acquisitions are more attractive to family firms due to benefits of risk diversification and loose-coupling, thereby increasing deal valuation. Moreover, family firms are willing to pay more to acquire targets operating under better public governance as they perceive lower reputational risk in associating with them. Post-hoc analyses reveal descendant board chairs show a stronger preference for targets with better public governance and ones that are located cross-border. In chapter 3, I look at board processes, focusing on how decisions made by the board of directors in family firms are more likely to be colored by groupthink. Using a sample of firms from the S&P 500, I find that institutional investors, discouraged by groupthink in family firms, invest less in them. However, appropriate corporate governance in the form of greater board diversity, lower director tenure, busier boards, more financial disclosure and bigger shareholder voice can help in alleviating these concerns. I also explore the heterogeneity in family firms that have different generations of family members on board and find that groupthink is likely to be higher in them, but the presence of independent directors can be an alleviating factor. In chapter 4, I look at the long-term decision-making process in family firms. My findings, based on an international sample of listed firms from 2007-2018, show that while family firms may have more long-term oriented values which make them less sensitive to time delays, contextual factors such as economic and non-economic performance hazard and whether the decision-making is controlled by founder or descendant, will influence the expectancy and value of future utilities, thereby moderating the positive impact of long-term oriented values on long-term decision-making.

Ph.D.-serie

Author : Haoyong Zhou
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (873 download)

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Book Synopsis Ph.D.-serie by : Haoyong Zhou

Download or read book Ph.D.-serie written by Haoyong Zhou and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Essays on Succession in Family Firms

Author : Hojong Shin
Publisher :
ISBN 13 : 9780355676419
Total Pages : 168 pages
Book Rating : 4.6/5 (764 download)

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Book Synopsis Essays on Succession in Family Firms by : Hojong Shin

Download or read book Essays on Succession in Family Firms written by Hojong Shin and published by . This book was released on 2018 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:

From Family Firms to Corporate Capitalism

Author : Kristine Bruland
Publisher : Oxford University Press, USA
ISBN 13 : 9780198290469
Total Pages : 396 pages
Book Rating : 4.2/5 (94 download)

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Book Synopsis From Family Firms to Corporate Capitalism by : Kristine Bruland

Download or read book From Family Firms to Corporate Capitalism written by Kristine Bruland and published by Oxford University Press, USA. This book was released on 1998 with total page 396 pages. Available in PDF, EPUB and Kindle. Book excerpt: What explains the growth of a business, and more broadly the development or decline of a whole economy? What role does a particular entrepreneur or indeed a culture of entrepreneurship play? Does the evidence suggest that a particular structure or organizational form was or should be adopted to ensure best practice and commercial success? These fundamental questions have long preoccupied business and economic historians. With the current expansion of business and management education and training, the investigations and findings of the historian may have wider significance and relevance. This volume has been stimulated by the work of Peter Mathias, one of the leading figures in this field in the post-war period. Here a number of his former students--many now internationally distinguished historians--pay tribute in a book that explores the move from family firms to corporate capitalism. The contributors argue that sustained growth has never been a matter of a few spectacular technical breakthroughs, but instead rests on subtle economic and social transformations--in cultures, in economic organizations, and in the roles of science and technology.

Two Essays on Small Capitalization Public Family and Nonfamily Firms

Author : Philip L. Fazio
Publisher :
ISBN 13 :
Total Pages : 284 pages
Book Rating : 4.:/5 (945 download)

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Book Synopsis Two Essays on Small Capitalization Public Family and Nonfamily Firms by : Philip L. Fazio

Download or read book Two Essays on Small Capitalization Public Family and Nonfamily Firms written by Philip L. Fazio and published by . This book was released on 2012 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: This research links together disparate literature on family and nonfamily firms, large and small firms, and risk for small firms. The literature is not coherent in one theme: whether family firms operate with greater risk relative to nonfamily firms. Yet the literature finds performance advantage to family firms without an explanation of why family firms on average generate better accounting returns and values relative to nonfamily firms other than for reduced agency costs translated into value. The first essay examines two measures of risk---debt ratio and idiosyncratic risk---of small publicly held family firms relative to nonfamily firms to investigate differences in financial risk between them. Using a unique hand-collected data set of small family and nonfamily firms, I analyze certain firm characteristics (family ownership, family member on the board, size, and dual class status) and find that family and nonfamily firms do not differ in their book-based debt ratios but do differ in their market-based debt ratios. Specifically, I find that family firms that tightly control voting rights through dual class status have higher debt ratios and hence have higher risk than nonfamily firms. Furthermore, I find a positive relation between idiosyncratic risk and family ownership, and I find as the percentage of family ownership increases idiosyncratic risk increases. The second essay utilizes the likelihood of incentive compensation presence and incentive compensation ratio of small publicly held family firms relative to nonfamily firms to investigate differences in CEO dividends and incentive compensation. The tools available for boards of directors to incentivize CEOs to act in accordance with diverse shareholder wishes, including risk-taking, investment selection, and the on-the-job consumption of resources, are stock options, stock grants, and cash bonuses. I argue that agency theory in practice is imperfect in incentive contracting. Specifically, CEO dividends and family ownership reduce the likelihood of the existence of an incentive compensation plan. I find in the presence of CEO dividends that family and nonfamily firms differ in their incentive compensation ratios and the likelihood of incentive compensation. In my sample, I find a significant negative relation between the CEO dividend income ratio and the incentive compensation ratio and between family ownership percentage and the incentive compensation ratio. Lastly, consistent with current literature, I find that growth opportunities positively influence both family and nonfamily firms' incentive compensation ratios.

Essays on Family Firms and Firm Growth Barriers

Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (114 download)

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Book Synopsis Essays on Family Firms and Firm Growth Barriers by :

Download or read book Essays on Family Firms and Firm Growth Barriers written by and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

The SAGE Handbook of Family Business

Author : Leif Melin
Publisher : SAGE
ISBN 13 : 1446265935
Total Pages : 697 pages
Book Rating : 4.4/5 (462 download)

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Book Synopsis The SAGE Handbook of Family Business by : Leif Melin

Download or read book The SAGE Handbook of Family Business written by Leif Melin and published by SAGE. This book was released on 2013-11-15 with total page 697 pages. Available in PDF, EPUB and Kindle. Book excerpt: The SAGE Handbook of Family Business captures the conceptual map and state-of-the-art thinking on family business - an area experiencing rapid global growth in research and education since the last three decades. Edited by the leading figures in family business studies, with contributions and editorial board support from the most prominent scholars in the field, this Handbook reflects on the development and current status of family enterprise research in terms of applied theories, methods, topics investigated, and perspectives on the field′s future. The SAGE Handbook of Family Business is divided into following six sections, allowing for ease of navigation while gaining a multi-dimensional perspective and understanding of the field. Part I: Theoretical perspectives in family business studies Part II: Major issues in family business studies Part III: Entrepreneurial and managerial aspects in family business studies Part IV: Behavioral and organizational aspects in family business studies Part V: Methods in use in family business studies Part VI: The future of the field of family business studies By including critical reflections and presenting possible alternative perspectives and theories, this Handbook contributes to the framing of future research on family enterprises around the world. It is an invaluable resource for current and future scholars interested in understanding the unique dynamics of family enterprises under the rubric of entrepreneurship, strategic management, organization theory, accounting, marketing or other related areas.

Two Essays on Diversification Behavior in Family Firms

Author : Youyi Su
Publisher :
ISBN 13 :
Total Pages : 228 pages
Book Rating : 4.:/5 (111 download)

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Book Synopsis Two Essays on Diversification Behavior in Family Firms by : Youyi Su

Download or read book Two Essays on Diversification Behavior in Family Firms written by Youyi Su and published by . This book was released on 2019 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior research shows that family firms are generally less likely to diversify, but it remains unclear which mode of diversification in terms of internal versus external diversification family firms are more likely to choose once they decide to diversify. Similarly, it is unclear which type of diversification in terms of product versus international diversification family firms are more likely to focus on in comparison to nonfamily firms. Based on insights drawn from the goals, governance, and resources framework, this dissertation investigates the modes/types of diversification in family and nonfamily firms, as well as among various types of family firms. Specifically, I propose that family firms will prefer internal to external diversification to a larger extent than nonfamily firms. I further propose the strength of preference for internal to external diversification is likely to vary among different types of family firms manifested in the level of family ownership, family participation in the top management team and board, and generation of family members owning and controlling the family firm. Likewise, I theorize that family firms would prefer product to international diversification to a larger extent than nonfamily firms and that the strength of preference for product diversification is likely to vary among different types of family firms. A sample of 573 firms drawn from the S&P 1500 index was used toexamine the difference between family and nonfamily firms, and 136 family firms to test the heterogeneity hypotheses. No significant differences were found between family and nonfamily firms in their relative choice on internal over external diversification (Essay 1) and product over international diversification (Essay 2). Consistent with my prediction, I found family representation in the top management team has a significantly positive effect on a firm's tendency to engage in product rather than international diversification. However, in both Essay1 and Essay 2, I did not find significant effects of the other heterogeneous variables on a family firm's tendency to engage in one mode/type of diversification over the other. A rationale for these non-significant relationships is provided. Contributions and implications of this study are also discussed.

When Business is in the Blood

Author : Saim Kashmiri
Publisher :
ISBN 13 :
Total Pages : 264 pages
Book Rating : 4.:/5 (798 download)

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Book Synopsis When Business is in the Blood by : Saim Kashmiri

Download or read book When Business is in the Blood written by Saim Kashmiri and published by . This book was released on 2012 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: Family firms play a significant role in the U.S. economy, making up about 35 percent of S & P 500 or Fortune 500 companies and contributing about 65 percent to the U.S. GDP. This research explores differences in strategic behavior and firm performance between family firms and non-family firms, and further explores whether family firms such as Dell Inc. that use their founding family's name as part of their firm name (termed family-named firms, or FN firms) behave and perform any differently versus family firms such as Gap Inc. whose firm name does not include their family's name (termed non-family-named firms, or NFN firms). The first study which is based on a multi-industry sample of 130 publicly listed U.S. family firms over a five-year period (2002-2006), reveals that compared to NFN firms, FN firms have significantly higher levels of corporate citizenship and representation of their customers' voice (i.e., presence of a chief marketing officer) in the top management team. FN firms also have a higher strategic emphasis (i.e., a greater emphasis on value appropriation relative to value creation) compared to NFN firms. Furthermore, FN firms perform better (i.e., have a higher ROA) than NFN firms, and their superior performance is partially mediated by their higher corporate citizenship levels and strategic emphasis. In the second study -- an event study of 1294 product introduction announcements of 107 publicly listed U.S. family firms from 2005-2007 -- I find that relative to NFN firms, FN firms are rewarded more by the stock market for introducing new products. Superior returns to FN firms' new product introductions are partially mediated by these firms' history of trustworthy product-related behavior: FN firms, particularly those with corporate branding, and those wherein a founding family member holds the CEO or Chairman position, are more likely to exhibit a history of avoiding such product-related controversies as product safety issues, and deceptive advertising. The third study explores differences in strategic behavior and firm performance between family firms and non-family firms in the context of 7 U.S. economic recessions between the years 1970 and 2008. Findings based on a sample of 428 U.S. publicly listed firms reveal that family firms consistently outperform non-family firms during economic recessions. This superior performance is partially driven by family firms' unique strategic behavior: during recessions, family firms maintain higher levels of advertising intensity, exhibit lower financial leverage, and get involved in fewer social and employee-related unethical actions than non-family firms. The three studies taken together have important implications for family firm, branding, CSR, firm valuation, and innovation-related theory and practice. I highlight these implications in my dissertation.

Essays on Family Firms

Author : Haoyong Zhou
Publisher :
ISBN 13 : 9788792977113
Total Pages : 188 pages
Book Rating : 4.9/5 (771 download)

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Book Synopsis Essays on Family Firms by : Haoyong Zhou

Download or read book Essays on Family Firms written by Haoyong Zhou and published by . This book was released on 2012 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Endurance of Family Businesses

Author : Paloma Fernandez Perez
Publisher :
ISBN 13 : 9781107289277
Total Pages : pages
Book Rating : 4.2/5 (892 download)

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Book Synopsis The Endurance of Family Businesses by : Paloma Fernandez Perez

Download or read book The Endurance of Family Businesses written by Paloma Fernandez Perez and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The Endurance of Family Businesses is a collection of essays offering an overview of the importance and resilience of family-controlled large businesses. Much of economic and business history research neglects family businesses, considering them an inefficient form of business organization. These essays discuss the strengths of family businesses: the ways family firms have managed, financed and governed their corporations, as well as the way in which they structure their relationship with the external environment, from the government to the company's stakeholders. Family businesses have learned new ways of organizing their resources and using their accumulated know-how for new markets and institutional environments. This volume combines the expertise of well-known scholars who specialize in business history, economic history, management and consulting, to provide an interdisciplinary perspective on family businesses. Contributors provide a global view by taking into account Asian, American and European experiences.