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Founding Family Ownership Corporate Diversification And Firm Leverage
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Book Synopsis Founding-Family Ownership, Corporate Diversification, and Firm Leverage by : Ronald C. Anderson
Download or read book Founding-Family Ownership, Corporate Diversification, and Firm Leverage written by Ronald C. Anderson and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Anecdotal accounts imply that founding families routinely engage in opportunistic activities that exploit minority shareholders. We gauge the severity of these moral hazard conflicts by examining whether founding families - as large, undiversified blockholders - seek to reduce firm-specific risk by influencing the firm's diversification and capital structure decisions. Surprisingly, we find that family firms actually experience less diversification than and use similar levels of debt as non-family firms. Consistent with these findings, we also find that direct measures of equity risk are not related to founding-family ownership, suggesting that family holdings are not limited to low-risk businesses or industries. Although founding-family ownership and influence are prevalent and significant in U.S. industrial firms, the results do not support the hypothesis that continued founding-family ownership in public firms leads to minority shareholder wealth expropriation. Instead, our results show that minority shareholders in large U.S. firms benefit from the presence of founding families.
Book Synopsis Corporate Payout Policy by : Harry DeAngelo
Download or read book Corporate Payout Policy written by Harry DeAngelo and published by Now Publishers Inc. This book was released on 2009 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Payout Policy synthesizes the academic research on payout policy and explains "how much, when, and how". That is (i) the overall value of payouts over the life of the enterprise, (ii) the time profile of a firm's payouts across periods, and (iii) the form of those payouts. The authors conclude that today's theory does a good job of explaining the general features of corporate payout policies, but some important gaps remain. So while our emphasis is to clarify "what we know" about payout policy, the authors also identify a number of interesting unresolved questions for future research. Corporate Payout Policy discusses potential influences on corporate payout policy including managerial use of payouts to signal future earnings to outside investors, individuals' behavioral biases that lead to sentiment-based demands for distributions, the desire of large block stockholders to maintain corporate control, and personal tax incentives to defer payouts. The authors highlight four important "carry-away" points: the literature's focus on whether repurchases will (or should) drive out dividends is misplaced because it implicitly assumes that a single payout vehicle is optimal; extant empirical evidence is strongly incompatible with the notion that the primary purpose of dividends is to signal managers' views of future earnings to outside investors; over-confidence on the part of managers is potentially a first-order determinant of payout policy because it induces them to over-retain resources to invest in dubious projects and so behavioral biases may, in fact, turn out to be more important than agency costs in explaining why investors pressure firms to accelerate payouts; the influence of controlling stockholders on payout policy --- particularly in non-U.S. firms, where controlling stockholders are common --- is a promising area for future research. Corporate Payout Policy is required reading for both researchers and practitioners interested in understanding this central topic in corporate finance and governance.
Book Synopsis Founding-Family Ownership, Firm Performance and Crisis Resistance by : Philip Quitterer
Download or read book Founding-Family Ownership, Firm Performance and Crisis Resistance written by Philip Quitterer and published by GRIN Verlag. This book was released on 2021-02-03 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2019 in the subject Business economics - Review of Business Studies, grade: 1,3, University of Mannheim, language: English, abstract: To further complete the currently fragmented findings of family firm research, this empirical thesis analyses the performance of large founding-family firms listed in the USA. Thus, this research builds up upon the studies of Anderson and Reeb (2003), Cannella et al. (2015), Miller et al. (2007; 2011), and Villalonga and Amit (2006). For the analysis, a random sample of S&P1500 firms in the period 1996 – 2018 was generated. To obtain information on family firm variables such as ownership and managerial involvement, a manual research was conducted for all 300 firms in the sample using annual reports and proxy statements. The impact of several aspects of founding-family involvement was analysed in a panel data analysis that employed the performance measures Tobin’s Q and Return on Assets as dependent variables. Controlling for industry and firm characteristics, the results did not back up the postulated hypotheses. The findings could not support an eventual outperformance by founding-family firms and challenged the results of past studies through contrary findings on the influence of firm founders and their descendants. The results of the analysis of Tobin’s Q and Return on Assets differ significantly and raise the question to which extent these differing results can be attributed to the stock market’s view on founding-family firms.
Book Synopsis Family Business Studies by : Alfredo De Massis
Download or read book Family Business Studies written by Alfredo De Massis and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: ÔThis book provides a thorough review and compendium of important family business research. It should be in the personal library of every family business scholar and graduate student involved in this vital field of study.Õ Ð Michael A. Hitt, Texas A&M University, US ÔA systematic review of the field and an incredibly useful reference book for anyone involved in studying or teaching family business.Õ Ð Sara Carter OBE FRSE, Strathclyde Business School, UK ÔThis book offers a succinct but thorough overview of how our understanding of significant issues in family business has evolved through rigorous research. This annotated bibliography of the 215 top-cited family business studies provides the empirical evidence and the basis for insightful comments from the authors on topics which will benefit from further scholarly debate and research. The authors are to be congratulated for making accessible those research contributions which have the potential to make a meaningful difference to the practice of family business.Õ Ð Jill Thomas, The University of Adelaide Business School, Australia ÔI highly recommend the annoted bibliography by De Massis, Sharma, Chua, and Chrisman to experienced scholars as well as to incoming researchers. The authors selected carefully (and in a transparent manner) relevant papers and summarized them in a way that provides a helpful basis for future research. Well done!Õ Ð Sabine B. Rau, WHUÐOtto Beisheim School of Management, Germany ÔA welcome addition to the field of family business studies! Offers an update and thorough compendium of relevant research conducted within the last 15 years. A most useful reference for doctoral students, established scholars and thoughtful practitioners. Importantly, the first three chapters offer critical commentary and synthesis that go well beyond what one typically finds in an annotated bibliography. Overall, this book offers a solid foundation for moving the study of family business forward.Õ Ð Lloyd Steier, University of Alberta, Canada ÔIf I had been asked to suggest the currently most-needed editorial endeavor for advancing family business studies, I would have answered with no hesitation: an up-to-date annotated bibliography. The fieldÕs growth over the past 15 years has been so intense, that even experts who devote most of their research efforts to family business Ð not to mention younger scholars approaching the field Ð will significantly benefit from De Massis, Sharma, Chua, and ChrismanÕs indispensable work.Õ Ð Carlo Salvato, Bocconi University, Italy and Associate Editor, Family Business Review This book catalogues the 215 most-cited empirical, theoretical, and practical articles on family business published in 33 journals since 1996. Researchers, students, and practicing managers will find it indispensable as a quick reference and guide to what we have learned about family firms. Annotations for the articles consist of: summary of key findings, research questions, contributions, and research implications. They also include a detailed description of the methodologies, empirical data, definitions, and conceptual models used. In addition, the book features chapters that review the literature, discuss how family businesses have been defined, present recent trends in family business empirical research, and provide an agenda for future research. Scholars, researchers and PhD students in the fields of family business, entrepreneurship, organization theory, management, economics, finance, anthropology, sociology and business history will find this compendium insightful. The topics covered in the book will also prove to be essential to practitioners Ð both advisors and operators of family enterprises Ð as it will provide evidence-based knowledge on the issues and dilemmas faced by them in everyday life.
Book Synopsis Understanding Family Businesses by : ALAN CARSRUD
Download or read book Understanding Family Businesses written by ALAN CARSRUD and published by Springer Science & Business Media. This book was released on 2011-10-29 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: Businesses owned and operated by families constitute the vast majority of firms around the world. These firms are found in all industrial segments, from retail and service establishments to heavy manufacturers. Their sizes and revenues range from the smallest venture of a husband and wife roadside food stall in rural India to the largest multinational, highly diversified corporations in the United States and Europe. Many challenges, such as competition, regulation, environmental concerns, access to capital, and macroeconomic factors confront family and nonfamily firms alike. In addition, family and closely-held firms grapple with such issues of succession, continuity, conflict resolution, identity and organizational roles, estate and financial planning that are idiosyncratic to them; when psychological, social, and emotional factors are in play, constantly changing familial relationships influence the strategic and financial choices they make. Yet, there has been comparatively little theoretical or empirical research undertaken on family firms, relative to entrepreneurship and strategic management. This book addresses gaps in the literature by presenting a holistic, multi-disciplinary approach to the study and practice of family business that draws from such fields as psychology, anthropology, sociology, strategy, family therapy, family studies, wealth management, and international business. An international array of experts addresses both macro issues (including the role of family businesses in new business creation and economic development, influences of culture on family business, public policies that can encourage or threaten family business) and firm management (strategic and financial decision making, governance, entering and exiting). Featuring case studies from firms in a variety of industries, Understanding Family Businesses not only offers provocative new insights on family business dynamics, but outlines an agenda for future research.
Book Synopsis The Routledge Companion to Family Business by : Franz Kellermanns
Download or read book The Routledge Companion to Family Business written by Franz Kellermanns and published by Routledge. This book was released on 2016-09-13 with total page 846 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Routledge Companion to Family Business offers a definitive survey of a field that has seen rapid growth in research in recent years. Edited by leading scholars with contributions from the top minds in family business from around the world, this volume provides researchers and scholars with a comprehensive understanding of the state of the discipline. Over 25 chapters address a wide variety of subjects, providing readers with a thorough review of the key research themes in the modern family firm, such as corporate social responsibility and bank debt rationing. International examples cover a wide range of economies including China, Europe, and Latin America. The book will appeal to undergraduates, postgraduates and business instructors seeking a definitive view of the issues and solutions that affect and support family business.
Book Synopsis Managing Family Business by : Rajiv Agarwal
Download or read book Managing Family Business written by Rajiv Agarwal and published by Taylor & Francis. This book was released on 2023-11-23 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the unique characteristics and complexities of family businesses in India. It examines the intersection of family dynamics, cultural norms, and business practices to offer valuable insights on how family businesses evolve, develop, grow, and sustain over time. With a focus on leadership and positioning for the future, this book illustrates how the family enterprise can achieve sustained growth and continuity through generations. Covering a wide range of topics essential for understanding the Indian family business landscape, this volume: Studies succession planning and governance, managing family conflicts and harnessing innovation Analyses the various strengths and weaknesses of family businesses Shares insights on top-performing family businesses alongside the oldest businesses in India and across the world Emphasises and extensively discusses the role of women in the contemporary Indian business landscape Insightful and engaging, this book will be useful to students, researchers, and teachers in the fields of business management, commerce, and economics. It will also be an invaluable resource for present or potential family business owners, managers, professionals, and business consultants.
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.
Book Synopsis A Primer on Corporate Governance by : Jose Luis Rivas
Download or read book A Primer on Corporate Governance written by Jose Luis Rivas and published by Business Expert Press. This book was released on 2019-10-07 with total page 110 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mexico is a land inhabited by several indigenous civilizations and was conquered by Spain in 1521. The country is mostly a racial mix between the Spanish and native cultures. It is a traditionalist society where family, religion, and culture play a key role. The role of the marketplace is constrained by the government and local interest groups such as unions, political parties, commerce chambers, and private firms. The market for corporate control is scarce. Corporate governance codes are voluntary. Corporate ownership is concentrated with few institutional investors. Shareholder activism is uncommon. Corporate boards are single tier in nature. CEO duality is common practice. Boards are made mostly of insiders and shareholder representatives. Independent board members hold minority stakes. This book starts by describing the macro context in which Mexico is embedded. We then focus on its corporate governance system: laws, regulatory bodies, code of good governance, stock market and the peculiarities of local business groups. The central part of the book summarizes key characteristics of board structure and networks in the country. The book ends with interviews of two well-known directors and suggestions to move the governance field forward in Mexico.
Book Synopsis Managing the Family Business by : Thomas Zellweger
Download or read book Managing the Family Business written by Thomas Zellweger and published by Edward Elgar Publishing. This book was released on 2017-04-28 with total page 545 pages. Available in PDF, EPUB and Kindle. Book excerpt: This innovative textbook covers the most important managerial challenges facing family businesses. It is research-based and includes theory and practice along with concepts, cases and reflection questions to illustrate the key topics.
Book Synopsis The Oxford Handbook of Entrepreneurial Finance by : Douglas Cumming
Download or read book The Oxford Handbook of Entrepreneurial Finance written by Douglas Cumming and published by OUP USA. This book was released on 2012-03-22 with total page 937 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a comprehensive picture of issues dealing with different sources of entrepreneurial finance and different issues with financing entrepreneurs. The Handbook comprises contributions from 48 authors based in 12 different countries.
Book Synopsis Generation to Generation by : Kelin E. Gersick
Download or read book Generation to Generation written by Kelin E. Gersick and published by Harvard Business Press. This book was released on 1997 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: Generation to Generation will help managers understand the special dynamics & challenges that family businesses face as they move through their life cycles. It explains how to handle succession, & the role of non-family professionals.
Book Synopsis A Strategic Fit Perspective on Family Firm Performance by : Corinna M. Lindow
Download or read book A Strategic Fit Perspective on Family Firm Performance written by Corinna M. Lindow and published by Springer Science & Business Media. This book was released on 2012-10-02 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corinna M. Lindow substantiates, develops, and tests a strategic fit perspective on family firm performance in order to contribute to explaining previous inconclusive findings. In particular, she aims at investigating whether strategic fit determines family firm performance and what role family influence plays. Based on a sample of German family firms, the author indicates that, against expectations, family firms’ performance is not driven by strategic fit but through the effective use of family-specific factors such as family business governance and family culture. Further, the results suggest that family influence has important implications for strategy, organizational structure, and the achievement of strategic fit.
Book Synopsis Entrepreneurial Family Businesses by : Veland Ramadani
Download or read book Entrepreneurial Family Businesses written by Veland Ramadani and published by Springer Nature. This book was released on 2020-07-09 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an extensive overview of family business-related topics such as context and uniqueness, lifecycle and ownership configurations, conflict management, corporate governance, succession challenges, internationalization, innovation, and socioemotional wealth. Each chapter features clear learning objectives, key concepts and terminology, and dedicated case studies to demonstrate the main messages. The book not only considers the day-to-day dynamics in family businesses, but also places substantial emphasis on the entrepreneurial skills needed for these businesses to survive and thrive, today and tomorrow. In addition, it elaborates and discusses a number of best practice examples, which offer valuable guidance not only for scholars, but also for students who wish to study these challenges.
Book Synopsis Handbook of Research on Family Business by : Panikkos Poutziouris
Download or read book Handbook of Research on Family Business written by Panikkos Poutziouris and published by Edward Elgar Publishing. This book was released on 2013-01-01 with total page 801 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'This is a very business-like book in its approach. It has an impressive global reach in its authorship, focal areas and use of evidence; it hits all the major practical challenges of family firms in a spirit that is fresh and current; and it deals with the cutting-edge themes and issues that are uppermost in the minds of owners, executives, advisors and researchers in the field.' – Nigel Nicholson, London Business School, author, Managing the Human Animal, Family Wars and The 'I' of Leadership Acclaim for the first edition: 'The authors have taken a lot of pain in putting this handbook together. As the name indicates, this is an excellent handbook for researchers.' – Global Business Review 'The Handbook of Research on Family Business has collected and synthesized a broad variety of topics by notable researchers who share a common dedication to family business research. This Handbook provides a comprehensive treatment that advances the frontiers of knowledge in family business, provoking valuable thoughts and discussion. The Handbook will serve as both an authoritative and comprehensive reference work for researchers investigating family enterprises.' – A. Bakr Ibrahim, Concordia University, Montreal, Canada 'Although family business research is a young discipline it is both necessary and important. For the wellbeing and future development of our society the survival of prosperous and passionate family business entrepreneurs is indispensable. In order to help the families in business to better understand how to succeed with their enterprises we need qualified and updated research. This book is the answer!' – Hans-Jacob Bonnier, Bonnier Business Press Group, Sweden and 6th Generation Chairman of the Family Business Network – International 'This Handbook is a unique compilation of the most important and the best recent family business research. The field has grown so rapidly that this effort will be a mark for the research to follow. The Handbook of Research on Family Business will be the reference for scholars in family business for many years to come. It will also stimulate new ideas in research.' – John L. Ward, IMD, Switzerland and Northwestern University, US During the previous decade, the multi-disciplinary field of family business has advanced significantly in terms of advances in theory, development of sophisticated empirical instruments, systematic measurement of family business activity, use of alternative research methodologies and deployment of robust tools of analysis. This second edition of the Handbook of Research on Family Business presents important research and conceptual developments across a broad range of topics. The contributors – notable researchers in the field – explore the frontiers of knowledge in family business entrepreneurship and stimulate critical thinking, enriching the repository of theoretical frameworks and methodologies. The Handbook takes a systematic and rigorous approach by providing in-depth insights into the dynamics of family business, its context and the significant role of stakeholders. Ultimately, this scholarly compendium of extant family business papers is an invaluable resource for researchers, educators, family business consultants, family business owner-managers and students.
Book Synopsis Influence of Founding-Family Ownership and Managerial Regime on Firm Performance by : Oskar Kowalewski
Download or read book Influence of Founding-Family Ownership and Managerial Regime on Firm Performance written by Oskar Kowalewski and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the link between the founding family ownership and firm performance. We also study the influence of family management on financial performance of the public firms. We test our hypotheses using half-year database of 272 companies from Warsaw Stock Exchange (WSE) covering the period 1996-2004. The results indicate that family firms, CEOs and board chairmen are related insignificantly to the financial performance of the companies.Additional analysis reveals how independent variables such as size, growth, leverage and liquidity influence the financial measures of the sub-samples of firms.
Book Synopsis Competitiveness, Organizational Management, and Governance in Family Firms by : Camisón, Cesar
Download or read book Competitiveness, Organizational Management, and Governance in Family Firms written by Camisón, Cesar and published by IGI Global. This book was released on 2019-11-22 with total page 459 pages. Available in PDF, EPUB and Kindle. Book excerpt: The "family effect" remains a challenge for researchers interested in both the family firm’s organizational form and in the effects of familial ownership on a firm's strategy, structure, and performance. Governance mechanisms, management quality, ownership concentration, and family involvement all have relevant effects in terms of influencing monitoring costs, investment decisions, the development of the portfolio of resources and capabilities, and family firm competitiveness. Nevertheless, few studies to date have opened the black box of the "family effect." Competitiveness, Organizational Management, and Governance in Family Firms is an essential reference source that makes a clear distinction between the separation of ownership and management, on the one hand, and the institutional development of family governance instruments, on the other, to help uncover the asymmetric effects of these two choices. It also allows the examination as to which of the two strategies employed in family firms reinforce managerial capital that has a greater positive impact on the "family effect," thus helping to achieve better managerial capabilities. Featuring research on topics such as corporate governance, private business, and successional leadership, this book is ideally designed for managers, executives, CEOs, company owners, consultants, business professionals, entrepreneurs, academicians, and researchers interested in an in-depth understanding of the keys to success and survival of family-operated organizations.
