Determinants Of Performance Of Closely Held Family Firms After Going Public

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Determinants of Performance of Closely-Held (Family) Firms after Going Public

Author : José Vaz Ferreira
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)

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Book Synopsis Determinants of Performance of Closely-Held (Family) Firms after Going Public by : José Vaz Ferreira

Download or read book Determinants of Performance of Closely-Held (Family) Firms after Going Public written by José Vaz Ferreira and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: When a closely-held (family) company goes public, there are very specific and particular determinants that have crucial influences on the post-going public operational, social and financial performance of those firms. We investigate why firms decline significantly their profitability, efficiency, employment and activity levels, and show an increase on sales and capital investment when there is a transition from private to public ownership. We conclude that this decrease in performance is significantly higher, when one or more than one of the following facts happen after firms going public: first, when there are not shareholders in management, what implies increased agency costs; secondly, when the level of equity concentration after going public is low; in third place, when the level of equity retention by the founding shareholder is low; fourth, when the economy health during the timing of the sale is not in good shape; and lastly, when the old CEO is changed.

The Performance of Newly Privatized and Family Firms

Author : Jose Vaz Ferreira
Publisher : LAP Lambert Academic Publishing
ISBN 13 : 9783848448210
Total Pages : 372 pages
Book Rating : 4.4/5 (482 download)

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Book Synopsis The Performance of Newly Privatized and Family Firms by : Jose Vaz Ferreira

Download or read book The Performance of Newly Privatized and Family Firms written by Jose Vaz Ferreira and published by LAP Lambert Academic Publishing. This book was released on 2012-07 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: The concern of this book is fourfold: firstly, to analyse the impact of privatization on firms performance. Secondly, to understand the determinants of the post-privatization performance behaviour, that is, why and how privatization works. In third place, to investigate the change in performance behaviour of firms that make the transition from private closely held (family)ownership to public ownership, through initial public offerings (IPOs)or direct sales (DSs). Lastly, to understand the causes that may explain a certain performance behaviour of those family companies after going public

Performance and Behavior of Family Firms

Author : Esra Memili
Publisher : MDPI
ISBN 13 : 3038427810
Total Pages : 174 pages
Book Rating : 4.0/5 (384 download)

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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

How Family Firms Differ

Author : S. Bhaumik
Publisher : Springer
ISBN 13 : 1137473584
Total Pages : 132 pages
Book Rating : 4.1/5 (374 download)

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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 132 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.

Publicly Traded Family Businesses

Author : Kirsten Stotmeister
Publisher : Springer Nature
ISBN 13 : 3658443030
Total Pages : 240 pages
Book Rating : 4.6/5 (584 download)

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Book Synopsis Publicly Traded Family Businesses by : Kirsten Stotmeister

Download or read book Publicly Traded Family Businesses written by Kirsten Stotmeister and published by Springer Nature. This book was released on with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Competitiveness, Organizational Management, and Governance in Family Firms

Author : Camisón, Cesar
Publisher : IGI Global
ISBN 13 : 1799816567
Total Pages : 459 pages
Book Rating : 4.7/5 (998 download)

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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.

The Family Business Map

Author : M. Bennedsen
Publisher : Springer
ISBN 13 : 1137382368
Total Pages : 179 pages
Book Rating : 4.1/5 (373 download)

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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.

Understanding Family Businesses

Author : ALAN CARSRUD
Publisher : Springer Science & Business Media
ISBN 13 : 146140911X
Total Pages : 333 pages
Book Rating : 4.4/5 (614 download)

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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.

Family Firms and Institutional Contexts

Author : Giorgia Maria D'Allura
Publisher : Edward Elgar Publishing
ISBN 13 : 1788970187
Total Pages : 352 pages
Book Rating : 4.7/5 (889 download)

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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"--

Family Influence on Performance of Family Small and Medium Enterprises

Author : Ana Paula Matias Gama
Publisher : Springer
ISBN 13 : 9789813348486
Total Pages : 126 pages
Book Rating : 4.3/5 (484 download)

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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. This book was released on 2022-05-21 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.

The Role of Family Involvement on CEO Turnover

Author : Maximiliano Gonzalez
Publisher :
ISBN 13 :
Total Pages : 45 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis The Role of Family Involvement on CEO Turnover by : Maximiliano Gonzalez

Download or read book The Role of Family Involvement on CEO Turnover written by Maximiliano Gonzalez and published by . This book was released on 2014 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Manuscript Type: EmpiricalResearch Question/Issue: How sensitive is CEO turnover to firm performance in the context of family firms?Research Findings/Insights: Using a detailed database of mostly non-listed Colombian firms, we find that family ownership (direct and indirect through pyramidal structure) reduces the probability of CEO turnover when financial performance has been poor, but found the opposite effect when families participate actively on the board of directors. These results hold even when the manager is a family member, although the probability of turnover is lower for a family member. This lower probability does not affect the financial performance of the firm. In other words a benevolent entrenchment of the family CEO seems to occur.Theoretical/Academic Implications: First, the theoretical premise that bad financial performance usually leads to changes in top management has been widely tested around the world; however, this study is among the few to deal with this issue in terms of closely held firms' micro-data. Second, our results contribute to the growing literature on agency problems inside family firms. Third, this study contributes to the empirical literature of corporate governance in family firms for an under-studied region that has gained relevance in the world economy. Practitioner/Policy Implications: Usually family firms are treated as a single unit, ignoring the different ways families may influence governance decisions. This study considers family involvement in three dimensions: management, ownership (direct and indirect), and control, and shows that the impact of family in governance decisions is not uniform and depends largely on the different ways family is involved in business.

Family Firms in Latin America

Author : Claudio G. Müller
Publisher : Routledge
ISBN 13 : 1351580698
Total Pages : 231 pages
Book Rating : 4.3/5 (515 download)

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Book Synopsis Family Firms in Latin America by : Claudio G. Müller

Download or read book Family Firms in Latin America written by Claudio G. Müller and published by Routledge. This book was released on 2018-09-03 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is one of the first books of its kind to highlight family firms in a Latin American context, helping students to understand the distinctive nature and challenges of Latin American family businesses and how these issues compare to family businesses around the world. Building on their experience in teaching, research, speaking, and consulting on the subject of family firms in Latin America, the editors explain the need to implement and adapt traditional frameworks in the changing Latin American reality. Each section provides background on the most important topics in the management of family firms, including strategy, entrepreneurship, and performance, followed by illustrative cases and a discussion of how this knowledge is similar to or different from other parts of the world. The book’s clear writing and in-depth approach will appeal to undergraduate and graduate students of international business, business in Latin America, and family business.

The History of Family Business, 1850-2000

Author : Andrea Colli
Publisher : Cambridge University Press
ISBN 13 : 9780521804721
Total Pages : 118 pages
Book Rating : 4.8/5 (47 download)

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Book Synopsis The History of Family Business, 1850-2000 by : Andrea Colli

Download or read book The History of Family Business, 1850-2000 written by Andrea Colli and published by Cambridge University Press. This book was released on 2003 with total page 118 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this new textbook, Andrea Colli gives a historical and comparative perspective on family business, examining through time the different relationships within family businesses and among family enterprises, inside different political and institutional contexts. He compares the performance of family businesses with that of other economic organizations, and looks at how these enterprises have contributed to the evolution of contemporary industrial capitalism. Central to his discussion are the reasons for both the decline and persistence of family business, how it evolved historically, the different forms it has taken over time, and how it has contributed to the growth of single economies. The book summarises previous research into family business, and situates many aspects of family business - such as their strategies, contribution, failure and decline - in an economic, social, political and institutional context. It will be of key interest to students of economic history and business studies.

Generation to Generation

Author : Kelin E. Gersick
Publisher : Harvard Business Press
ISBN 13 : 087584555X
Total Pages : 316 pages
Book Rating : 4.8/5 (758 download)

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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.

Family Firms, Family Generation and Performance

Author : Mohammad Badrul Muttakin
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Family Firms, Family Generation and Performance by : Mohammad Badrul Muttakin

Download or read book Family Firms, Family Generation and Performance written by Mohammad Badrul Muttakin and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Purpose: The objective of this study is to examine the impact of family ownership on firm performance. In particular we investigate whether family firms outperform non-family firms and whether first generation family firms perform better than second generation family firms in an emerging economy using Bangladesh as a case. Methodology/Approach: This study uses a dataset of 141 listed Bangladeshi non-financial companies for the period 2005 to 2009. The methodology is based on multivariate regression analysis. Findings: Our result shows that family firms perform better than their non-family counterparts. We also find that family ownership has a positive effect on firm performance. Our analysis further reveals intergenerational differences where family firms and performance are associated positively when founder members act as CEOs or chairmen. However, when descendents serve as CEOs or chairmen family firms are associated with poorer firm performance. Originality/Value: We extend the findings of previous studies that investigate the family ownership and firm performance relationship in developed economy settings, but neglected emerging economies. Our study also informs the literature about the intergenerational impact of family firms on performance in an emerging market.

Concentrated Corporate Ownership

Author : Randall K. Morck
Publisher : University of Chicago Press
ISBN 13 : 0226536823
Total Pages : 404 pages
Book Rating : 4.2/5 (265 download)

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Book Synopsis Concentrated Corporate Ownership by : Randall K. Morck

Download or read book Concentrated Corporate Ownership written by Randall K. Morck and published by University of Chicago Press. This book was released on 2007-12-01 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: Standard economic models assume that many small investors own firms. This is so in most large U.S. firms, but wealthy individuals or families generally hold controlling blocks in smaller U.S. firms and in all firms in most other countries. Given this, the lack of theoretical and empirical work on tightly held firms is surprising. What corporate governance problems arise in tightly held firms? How do these differ from corporate governance problems in widely held firms? How do control blocks arise and how are they maintained? How does concentrated ownership affect economic growth? How should we regulate tightly held firms? Drawing together leading scholars from law, economics, and finance, this volume examines the economic and legal issues of concentrated ownership and their impact on a shifting global economy.

Harvard Business Review Family Business Handbook

Author : Josh Baron
Publisher : Harvard Business Press
ISBN 13 : 1633699064
Total Pages : 231 pages
Book Rating : 4.6/5 (336 download)

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Book Synopsis Harvard Business Review Family Business Handbook by : Josh Baron

Download or read book Harvard Business Review Family Business Handbook written by Josh Baron and published by Harvard Business Press. This book was released on 2021-01-26 with total page 231 pages. Available in PDF, EPUB and Kindle. Book excerpt: Navigate the complex decisions and critical relationships necessary to create and sustain a healthy family business—and business family. Though "family business" may sound like it refers only to mom-and-pop shops, businesses owned by families are among the most significant and numerous in the world. But surprisingly few resources exist to help navigate the unique challenges you face when you share the executive suite, financial statements, and holidays. How do you make the right decisions, critical to the long-term survival of any business, with the added challenge of having to do so within the context of a family? The HBR Family Business Handbook brings you sophisticated guidance and practical advice from family business experts Josh Baron and Rob Lachenauer. Drawing on their decades-long experience working closely with a wide range of family businesses of all sizes around the world, the authors present proven methods and approaches for communicating effectively, managing conflict, building the right governance structures, and more. In the HBR Family Business Handbook you'll find: A new perspective on what makes family businesses succeed and fail A framework to help you make good decisions together Step-by-step guidance on managing change within your business family Key questions about wealth, unique to family businesses, that you can't afford to ignore Assessments to help you determine where you are—and where you want to go Stories of real companies, from Marchesi Antinori to Radio Flyer Chapter summaries you can use to reinforce what you've learned Keep this comprehensive guide with you to help you build, grow, and position your family business to thrive across generations. HBR Handbooks provide ambitious professionals with the frameworks, advice, and tools they need to excel in their careers. With step-by-step guidance, time-honed best practices, and real-life stories, each comprehensive volume helps you to stand out from the pack—whatever your role.