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This study examines the relationship between ownership structure and performance of public firms in Mexico, considering debt and the structure of the board of directors as contextual and institutional factors. This research seeks to explain the mixed results about the relationship of ownership and performance presented by other relevant studies in family and non-family businesses, mainly in emerging countries. The results confirm the positive association between family ownership concentration and performance, calculated by Tobin's Q, showing how the participation of inside shareholders on the board and a low debt level contribute to higher performance. However, the association of these variables with performance shows a contrasting effect in the case of family as compared to non-family businesses. The particular corporate legal context in Mexico could be highlighted as one of the main reasons for these results.

This paper analyses the influence of ownership, board of directors, and financial leverage on companies' performance when these either face, or do not face, profitable growth opportunities. Towards that end we examined a sample of 83 listed Mexican firms during the period 2005-2011. The results confirm the relevance of debt and board of directors in terms of firm market value by showing a negative relationship between performance and both, board of directors and leverage, in the presence of growth opportunities. In contrast, the relationship between debt and performance becomes positive when firms have no profitable investment projects. The results also demonstrate that the relevance of controlling shareholders on firm value is different when firms have or not growth opportunities. Therefore, our results show that ownership structure, composition and size of board and the level of leverage play a dual role on performance (increase or decrease the firm value) and determinewhether the firms have profitable investment projects.

This study applied the modified Jones´ model (1991) : 2007, 2008 and third, we incorporated this variable (DAI)

This paper builds on existing theoretical and empirical studies in the areas of family business and entrepreneurship. It uses Dubin´s theory building framework to propose a model for conducting research of family businesses and its linkage to entrepreneurial activities in Mexico. This works starts by describing the concepts of family business and explains the importance that these definitions can have on the variables to be included in the research. After that, the paper explains how the concept of "familiness" relates to the essence definition of family business. Using the resource-based view (RBV), agency theory, and social capital theories we describe how social capital resources are the basis for building firm capabilities and competitive advantages that influence firm's performances. Based on this perspective, a theoretical model, laws of interaction, a set of propositions and suggestions for further research are provided.

A la empresa donde miembros de una misma familia participan de su propiedad y gestión, y existe voluntad de continuidad, se le conoce como empresa familiar. Una de sus características distintivas es la consecución de intereses tanto económicos como no económicos; por ello, la noción de desempeño en la empresa familiar es más compleja y su estudio es aún escaso. El objetivo del trabajo fue analizar el desempeño financiero y la riqueza socioemocional en empresas mexicanas familiares y no familiares. Para lograrlo, se realizó una encuesta a una muestra de 585 empresas instaladas en los estados de Tamaulipas, Puebla y Quintana Roo (México). El cuestionario fue dirigido exclusivamente a sus gerentes y propietarios. Los datos fueron analizados por medio de técnicas estadísticas descriptivas y univariantes. Los resultados destacan diferencias significativas en el desempeño financiero y la riqueza socioemocional entre las empresas familiares y las empresas no familiares participantes.