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Influence Of Founding Family Ownership And Managerial Regime On Firm Performance
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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 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 Performance and Behavior of Family Firms by : Esra Memili
Download or read book Performance and Behavior of Family Firms written by Esra Memili and published by MDPI. This book was released on 2018-03-23 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is a printed edition of the Special Issue "Performance and Behavior of Family Firms" that was published in IJFS
Book Synopsis Founding Family Ownership and Firm Performance by : Ronald C. Anderson
Download or read book Founding Family Ownership and Firm Performance 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: We investigate the relation between founding-family ownership and firm performance in large, publicly traded U.S. firms. We find that family ownership is both prevalent and substantial; families are present in about one-third of the Samp;P 500 firms and account for over 18% of outstanding equity. Contrary to our conjecture, we find that family firms (both young and old) perform better and are more valuable than non-family firms. We also document that the relation between founding-family holdings and firm performance is nonlinear; performance first increases as the level of family ownership increases but then decreases with increasing family ownership. Additional analysis reveals that when families are actively engaged in firm management (i.e. a family member as CEO), firm performance is better than if an outsider is CEO. Overall, our results are inconsistent with the hypothesis that minority shareholders are adversely affected by continued founding-family ownership in U.S. firms and instead suggest that family ownership is an effective organizational structure.
Book Synopsis Family Involvement in Ownership, Management, and Firm Performance by : Shehabaddin Al-Dubai
Download or read book Family Involvement in Ownership, Management, and Firm Performance written by Shehabaddin Al-Dubai and published by . This book was released on 2015 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study aims to provide an empirical evidence on the moderating effect of family involvement in management (family CEO and founder CEO) on the relationship between family ownership and firm's performance. From a sample of 75 public listed companies (375 firm-year observations) in Saudi Arabia, we use a five-year interval (2007-2011) and two firm performance indicators (market to book value (MBV) and return on assets (ROA)) to test five hypotheses. The hypotheses that there is a direct impact of family ownership and founder CEO on ROA and MBV were supported respectively. The hypothetical moderating impact of family CEO and founder CEO have been partially confirmed with MBV. Overall, the findings highlight the importance of occupying CEO positions in family firms by family members, especially the founders for gaining better performance. However, the results are robust when only family firms are examined separately.
Book Synopsis How Family Firms Differ by : S. Bhaumik
Download or read book How Family Firms Differ written by S. Bhaumik and published by Springer. This book was released on 2014-11-25 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: Family firms account for a large proportion of firms in most countries. In industrialised countries of North America and Western Europe, they generally account for a large share of small and medium sized enterprises. In emerging market economies such as India, they also account for the majority of the large firms. Their importance for factors such as employment creation notwithstanding, relative to the widely held Anglo-Saxon firms, which are ubiquitous in the economics, finance and management literatures, family firms have historically received much less attention from scholars of these disciplines. However, in part owing to increased focus on emerging markets, there is a growing literature on family firms. In How Family Firms Differ, the authors explore important aspects of family firms, drawing on the existing literature and their own research on these firms.
Book Synopsis Family Influence on Performance of Family Small and Medium Enterprises by : Ana Paula Matias Gama
Download or read book Family Influence on Performance of Family Small and Medium Enterprises written by Ana Paula Matias Gama and published by Springer Nature. This book was released on 2021-05-19 with total page 126 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the relationship between family influence and financial performance and non-economic goals in small and medium family-owned enterprises (SME) in Portugal. Research on the performance of family-owned firms is growing but results are mixed, especially for non-listed companies. This book examines smaller family-owned firms that operate in a small, open economy, characterised by a context of relatively weak capital markets and predominantly bank-based financing. Delving into the impact of key variables such as the power dimension, experience and culture on performance establishes, the book goes on to analyse the determinants of performance in such family-owned SMEs. Given the importance of family firms to open economies, this book would be a valuable read to scholars aiming to understand the reasons behind their success, managers seeking out strategic and operational guidance and to regulators and policymakers at the regional and national levels.
Book Synopsis Family Firms and Institutional Contexts by : Giorgia Maria D'Allura
Download or read book Family Firms and Institutional Contexts written by Giorgia Maria D'Allura and published by Edward Elgar Publishing. This book was released on with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Family firms represent over 90 per cent of businesses globally, and play a significant role in the economies of many nations. This innovative book takes an interdisciplinary, cross-national approach to the study of family firms as institutions as well as the relationship between family firms and external institutions. In doing so, it demonstrates the impact of these interactions both on the firms and institutions themselves and on the wider economic context. Featuring in-depth analysis of original research, chapters take both theoretical and empirical approaches to explore the family firm as an organization, and include several key case studies. At a micro level, the social and cultural unit of the family and its behaviour is investigated, and at a macro level, external institutional contexts are examined to explain and theorise firms' behaviours and strategies, covering areas such as innovation, competitiveness and reputation. The book provides important conceptual insights and critical empirical research, as well as ideas for future research agendas. Family Firms and Institutional Contexts will be a critical read for scholars and doctoral students in business and management, particularly those with an interest in family firms. Policymakers and practitioners in these areas will also find its insights of practical relevance"--
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 Family Business Ownership and Firm Performance by : Amin Abou Tacca
Download or read book Family Business Ownership and Firm Performance written by Amin Abou Tacca and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate governance has succeeded in attracting a good deal of public interest because of its importance for economic development and society in general. Therefore corporate governance mechanisms are demanded. One possible corporate governance mechanism that can alleviate agency problems is "ownership structure". Ownership structure, including ownership concentration and managerial ownership, it is argued in this respect, can control a firm's management and have an impact on maximizing shareholders and stakeholders wealth. This study examines the relationship between ownership structure and firm performance of30 companies in Lebanon between 2010 and 2012. Moreover, there is a little evidence on a non-linear relationship between managerial ownership and firm performance, therefore we will examine the non-linearity relationship between managerial-family and non-managerial family ownership and firm performance.
Book Synopsis Family Firms and the Professional Manager Market by : Hokuto Dazai
Download or read book Family Firms and the Professional Manager Market written by Hokuto Dazai and published by . This book was released on 2016 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a family firm, the founding family has an influence over firm policy, corporate strategy, personnel issues, and so on, through ownership and participation in management even after the founder retires. Such family firms are prevalent among publicly traded firms not only in emerging countries, but also in developed countries. However, the prevalence and control mechanisms vary by country. In the US, when a founder steps down, they tend to hire professional managers and sell out their shares; thus, the prevalence of family firms is relatively low. In Western Europe, significant ownership typically remains with the founding family even after the founder retires: their children either hire a manager or run the firm themselves. In emerging markets, both management and ownership tends to remain with the family when the founder retires.Scholars have suggested that varying levels of family ownership and management across countries can be explained by the degree of legal protection for outside investors. However, they cannot explain the situation of Japanese family firms. In Japan, investor protection is relatively strong; however, when a founder steps down, founding family ownership tends to decrease, and yet the management role tends to stay within the founding family. Further, scholars have struggled to explain differences across countries in the performance of family firms relative to non-family firms. In the US, heir-managed family firms perform inferior to non-family firms. In France and Japan, however, heir-managed family firms exhibit superior performance.This paper aims to explain the differences in the prevalent patterns of family ownership, management and performance across countries. Specifically, it examines the role and size of professional manager markets, and suggests that these markets affect the decision of founders in key succession decisions. In testing its hypotheses, the paper presents a comparative data analysis of family firms in Japan, the US and France.
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.
Book Synopsis Management Ties and Firm Performance by :
Download or read book Management Ties and Firm Performance written by and published by . This book was released on 2022 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Founding-family Ownership and Firm Performance by : Jonathan C. Irwin
Download or read book Founding-family Ownership and Firm Performance written by Jonathan C. Irwin and published by . This book was released on 2009 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Family Business Map by : M. Bennedsen
Download or read book The Family Business Map written by M. Bennedsen and published by Springer. This book was released on 2014-09-29 with total page 179 pages. Available in PDF, EPUB and Kindle. Book excerpt: Combining the expertise of two consultants and academics from East and West, this book provides an international guide for family businesses, showing how to identify and implement the best governance strategies. Packed with case studies and interviews, this is the ultimate guide for family businesses wanting to achieve long-term success.
Book Synopsis The Impact of Ownership Type on Performance in Public Corporations by : David L. Kang
Download or read book The Impact of Ownership Type on Performance in Public Corporations written by David L. Kang and published by . This book was released on 1998 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study explores how power relationships between large-block shareholders and professional managers affect performance in public corporations. Certain types of shareholders with large ownership stakes are hypothesized to have formal authority, social influence and expertise that enables them to control public corporations, resulting in superior corporate performance. This idea is tested in a study of the U.S. textile industry from 1983-1992, an industry characterized by "transparent" economic conditions and strong social relationships between owners and managers, observed during a highly turbulent time period. Pooled, cross-sectional time series models indicate that controlling for ownership concentration, public corporations with outside-director owners, sustained owners and family owners each enjoy increased firm performance relative to industry competitors. These results suggest that large-block owners are not homogenous and that certain types of owners have a disproportionately large amount of influence in corporate governance.
Book Synopsis Founding Family Ownership and Earnings Quality by : Dechun Wang
Download or read book Founding Family Ownership and Earnings Quality written by Dechun Wang and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the relation between founding family ownership and earnings quality using data from the Samp;P 500 companies. Existing literature has documented that financial reporting is of higher quality when firms have stronger corporate governance mechanisms and when there is greater demand for quality financial reporting. I provide two competing theories of the effect of founding family ownership on the demand and supply of earnings quality: the entrenchment effect and the alignment effect. The empirical results show that, on average, founding family ownership is associated with higher earnings quality. In particular, I find consistent evidence that founding family ownership is associated with lower abnormal accruals, greater earnings informativeness and less persistence of transitory loss components in earnings. In addition, the results suggest a non-linear relation between family ownership and earnings quality.
