دانلود رایگان مقاله الزویر در مورد تاثیر دخالت خانواده بر عملکرد شرکت (کلیک کنید)
توضیحات :
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مشخصات این مقاله :
عنوان مقاله :
Family involvement and firm performance: Evidence from UK listed firms
ترجمه فارسی عنوان :
تاثیر دخالت خانواده بر عملکرد شرکت : شواهدی از شرکت های بریتانیا
سال انتشار : 2015
متعلق به مجله یا ژورنال : مجله استراتژی کسب و کار خانوادگی-Journal of Family Business Strategy
فرمت: PDF
تعداد صفحات: 19
شماره پروژه: 5123
کلمات کلیدی :
Family firms,Ownership,Performance,CEO duality
شرکت های خانوادگی، مالکیت، کارایی، دوگانگی مدیر عامل شرکت
چکیده :
Abstract
This study examines how family involvement affects the performance of UK companies listed on the London Stock Exchange (LSE). Using a panel dataset from 1998 to 2008, the econometric models evaluate the effect of family involvement in terms of ownership and management on firm performance (measured with accounting ratios and Tobin’s Q) while controlling for a number of conditions external to the firm as well as business characteristics. Our findings illustrate a non-linear relationship between family ownership and firm performance, with performance increasing until family shareholding reaches thirty-one percent, at which point performance begins to decrease. Moreover, the findings illustrate that the higher the involvement of the family in terms of management (i.e., through a family CEO) and governance (board representation and/or CEO-Chairman dual role), the higher the performance the firm appears to sustain over the long run and across generations.
مقدمه این مقاله :
Introduction
A plethora of studies have provided evidence that family ownership is a relatively common phenomenon in publicly listed firms across market economies worldwide (La Porta, Lopez-de- Silanes, & Shleifer, 1999). For instance, in the U.S., one-third of the 500 largest corporations have been classified as family-owned (Anderson & Reeb, 2003; Villalonga & Amit, 2006; among others),while in Western Europe, family firms represent approximately 44% of listed firms (Faccio & Lang, 2002). Given the dominance of the family firm model, research in the field of governance has increasingly embarked on exploring the influence of family on the performance of a listed firm (e.g., Anderson & Reeb, 2003; Andres, 2008; Barontini & Caprio, 2006; Block, Jaskiewicz, & Miller, 2011;Sraer & Thesmar, 2007; Villalonga & Amit, 2006).Studies conducted to date reveal inconclusive evidence regarding the influence of family involvement on the performance of listed firms. Some studies show that family involvement in ownership creates value (Anderson & Reeb, 2003; Kowalewski, Talavera, & Stetsyuk, 2010; Maury, 2006; Pindado, Requejo, & Torre, 2008; San Martin-Reyna & Duran-Encalada, 2012), while others claim that listed family firms do not outperform their nonfamily counterparts (Filatotchev, Lien, & Piesse, 2005; McConaughy & Phillips, 1999; Miller, Le Breton-Miller, Lester, & Cannella, 2007). The same dichotomy is evident with regard to the relationship between family involvement in management and performance (Anderson & Reeb, 2003; Andres, 2008; Giovannini,2010; Villalonga & Amit, 2006) and family involvement in governance (e.g., through board representation or a board chair role) and performance (Filatotchev et al., 2005; Garcı´a-Ramos & Garcı´a-Olalla, 2011; Giovannini, 2010; Villalonga & Amit, 2006),where both positive and negative relationships are established.These contradictory results are apparent due to a number of interplaying factors including the diverse definitions of a ‘‘family firm,’’sampling techniques, variables, methodologies, study periods, and institutional settings that different scholars consider (Sacrista´ n-Navarro, Go´mez-Anso´ n, & Cabeza-Garcı´a, 2011).
توجه :
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توضیحات بیشتر در مورد پروژه :
در این مقاله خواهید خواند که دخالت خانواده بر عملکرد شرکت های بریتانیایی چه تاثیری دارد علاوه بر این یافته ها نشان از آن دارد که دخالت خانواده از نظر مدیریت ( به عنوان مثال از طریق یک مدیر عامل خانواده ) نسبت به دخالت آن از نظر نظارتی ( نماینده هیئت مدیره ) تاثیر بیشتری بر عملکرد شرکت دارد.
دانلود رایگان مقاله الزویر در مورد تاثیر دخالت خانواده بر عملکرد شرکت (کلیک کنید)
