Are family owners and managers good stewards in global crises? Evidence from stock market reactions to Covid-19

Block, Joern; Ulrich, Lennart

doi:10.1016/j.jfbs.2022.100534

Cited by 6 publications

(6 citation statements)

References 115 publications

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“…This condition indicates that the positive effect of family ownership on financial distress likelihood weakens during the pandemic. This finding supports previous studies of Amore et al (2022), Block &Ulrich (2023), andJarchow et al (2023). This indicates that during times of crisis, the family's socio-emotional towards the company will encourage decision-making that serves the interests of the company's business continuity (Amore et al, 2022;Block & Ulrich, 2023).…”

Section: Discussionsupporting

confidence: 89%

“…This finding supports previous studies of Amore et al (2022), Block &Ulrich (2023), andJarchow et al (2023). This indicates that during times of crisis, the family's socio-emotional towards the company will encourage decision-making that serves the interests of the company's business continuity (Amore et al, 2022;Block & Ulrich, 2023). In addition, the management flexibility that family firms usually have will provide agility in determining strategic decisions that are useful to avoid financial difficulties during the crisis period (Calabrò et al, 2021).…”

Section: Discussionsupporting

confidence: 87%

“…In addition, research (Amore et al, 2022) shows that family firm have better market and financial performance than non-family companies during the pandemic. Research by Block & Ulrich (2023) also shows that during the pandemic, family participation in the management has a positive effect on its resilience.…”

Section: Family Ownership and Financial Distress During Covid-19mentioning

confidence: 98%

“…The composition of shares owned by family members who have at least 25% of the voting rights; or less than 25% but have representation on the company's board with a lower limit of 5% ownership (Andres, 2007;Block & Ulrich, 2023).…”

Section: Gender Diversity Of the Boc (Gdc)mentioning

confidence: 99%

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Does the gender diversity of the Board of Commissioners, Family Ownership, and Institutional Ownership Reduce the Likelihood of Financial Distress During COvid-19?

Nuzul,

Diyanty

2024

Ecombis. Rev. J. Ilm. Eco. and Bussines.

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The purpose of this study is to investigate the effect of the gender diversity of the board of commissioners, family ownership, and institutional ownership on the possible financial distress of Indonesian public manufacturing companies during the COVID-19 pandemic and non-pandemic periods. This study uses logistic regression panel data to determine the effect of the three aspects of Corporate Governance (CG) studied on financial distress. A total of 648 company-year observations from 108 companies during the period 2017-2022 were used in the analysis. Research findings indicate that in non-pandemic periods, family ownership has a positive effect on financial distress, but the positive effect decreases during pandemic periods. Institutional ownership has a negative influence in the non-pandemic period and that influence has not changed during the pandemic period. Meanwhile, the gender diversity of the board of commissioners does not affect financial distress in either the pandemic period or the non-pandemic period. This report provides insights for company management and regulators in developing CG mechanisms, especially related to the board of commissioners' gender diversity, family ownership, and institutional ownership.

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Section: Discussionsupporting

confidence: 89%

Section: Discussionsupporting

confidence: 87%

Section: Family Ownership and Financial Distress During Covid-19mentioning

confidence: 98%

Section: Gender Diversity Of the Boc (Gdc)mentioning

confidence: 99%

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Does the gender diversity of the Board of Commissioners, Family Ownership, and Institutional Ownership Reduce the Likelihood of Financial Distress During COvid-19?

Nuzul,

Diyanty

2024

Ecombis. Rev. J. Ilm. Eco. and Bussines.

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“…Stewardship theory views organizational management as stewards (Block & Ulrich, 2022;Dessaigne & Pardo, 2020). Local governments as stewards, trustees provide useful information to organizations and users of government financial information.…”

Section: Introductionmentioning

confidence: 99%

Investigating Financial Reporting Practices in Hybrid Financial Institusions in Indonesia

Nurul Fauzi,

Andrew Makmur,

Rosita

et al. 2022

esber

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Hybrid financial institutions are sociopreneur organizations that carry out business activities with the aim of making profits and helping the community. Although these financial institutions make significant economic and social contributions to society, their financial reporting models still do not adequately present economic and non-economic information. This study aims to understand how financial reporting practices in financial institutions that have two functions or are often called hybrid financial institutions (profit motive and social motive) in Indonesia, especially in customary financial institutions Lumbung Pitih Nagari (LPN) in West Sumatra. The research design uses a case study at a hybrid financial institution of LPN. LPN is a customary financial institution whose main purpose of establishment is to help people who live in a village. In addition, this financial institution is also required to generate profit. The data collection technique is an in-depth interview with informants consisting of managers, communities, and other stakeholders. The results of this study show that LPN Limau Manis as a hybrid financial institution still uses financial reporting practices that are no different from conventional financial institutions in general. The types of financial statements produced following conventional financial institutions consist of income statements, statements of changes in equity, balance sheets, cash flow statements and notes to financial statements. While information about the social functions they perform is not reported in specific reports. It is only reported in a standard format in the form of social activity reports submitted at the General Meeting.

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Does market power drive business model innovation? Evidence from Italian family manufacturing firms

Cucculelli,

Cappelli,

Mondolo

2023

Small Bus Econ

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The increasingly dynamic and uncertain environment in which firms operate has strengthened the need to understand how firms react to changing conditions and unpredicted events. Using the information on business model innovation collected through a unique survey on Italian manufacturing companies, we study if and how variations in the firm’s competitive position in the product market, proxied by the corporate markup, prompt proactive or reactive changes in the firms’ business model. Drawing upon the performance feedback approach, we find that markup variations foster business model innovation, and that the degree of family involvement shapes this influence. In particular, family firms turn out to be significantly more proactive (they react proactively to both negative and positive performance feedback) than family firms with lower family involvement and non-family firms. Interestingly, positive performance feedback encourages family firms to invest and strengthen those areas of the business model that are often considered weak in this type of company.

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Are family owners and managers good stewards in global crises? Evidence from stock market reactions to Covid-19

Cited by 6 publications

References 115 publications

Does the gender diversity of the Board of Commissioners, Family Ownership, and Institutional Ownership Reduce the Likelihood of Financial Distress During COvid-19?

Does the gender diversity of the Board of Commissioners, Family Ownership, and Institutional Ownership Reduce the Likelihood of Financial Distress During COvid-19?

Investigating Financial Reporting Practices in Hybrid Financial Institusions in Indonesia

Does market power drive business model innovation? Evidence from Italian family manufacturing firms

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