Family firms and debt: Risk aversion versus risk of losing control

González, Maximiliano; Guzmán, Alexander; Pombo, Carlos; Dávila, María Andrea Trujillo

doi:10.2139/ssrn.1639158

Cited by 66 publications

(128 citation statements)

References 20 publications

(3 reference statements)

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“…Preferences such as nepotism may rob a firm of managerial talent 13 and parental altruism may cause undeserving family employees to shirk their managerial and stewardship responsibilities 14 . A desire for family perquisites from the business may drain capital needed for innovation, as would the financial conservatism stemming from a reluctance to jeopardize family control by issuing debt or equity 15 . Moreover, cronyism born of some kinship and family ties may constrain the broader network of talent and the knowledge resources required for innovation.…”

Section: A Typology Of Family Business Innovationmentioning

confidence: 99%

Resources and Innovation in Family Businesses: The Janus-Face of Socioemotional Preferences

Miller¹,

Wright

Breton‐Miller

et al. 2015

California Management Review

109

113

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Section: A Typology Of Family Business Innovationmentioning

confidence: 99%

Resources and Innovation in Family Businesses: The Janus-Face of Socioemotional Preferences

Miller¹,

Wright

Breton‐Miller

et al. 2015

California Management Review

109

113

View full text Add to dashboard Cite

show abstract

“…La variable TAMAÑO representa la dimensión de la empresa y es medida como el logaritmo natural de los activos totales (González, Guzmán, Pombo & Trujillo, 2013). El ENDEUDAMIENTO es calculado como el cociente entre el pasivo total y el activo total (Wintoki et al, 2012).…”

Section: Variables De Controlunclassified

Relación entre gobierno corporativo, control familiar y desempeño en empresas colombianas

Cortés¹,

Ramírez²,

Gómez-Betancourt³

2018

Innovar

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El gobierno corporativo como herramienta para minimizar los problemas de agencia parece tener un efecto positivo en el desempeño. Este trabajo analiza la relación entre gobierno corporativo, control familiar y desempeño financiero en empresas colombianas. A través del método generalizado de momentos (GMM), se estimó dicha relación en un panel de datos balanceado para 104 empresas inscritas en el Registro Nacional de Valores y Emisores (RNVE) durante el periodo 2008-2014. Las empresas fueron clasificadas como empresa familiar (EF), cuando se identificó una familia como accionista controlante mayoritario. El desempeño fue aproximado a partir de la rentabilidad del activo (ROA) y la rentabilidad del patrimonio (ROE). Para medir el nivel de gobierno corporativo se usaron las 41 prácticas recomendadas en el Código País. Se encontró que solo las prácticas alusivas a la junta directiva se relacionan con el roa, mientras que en el caso del roe no se encontró evidencia de relación con alguna de las prácticas de gobierno corporativo. Respecto al carácter familiar, se encontró que, cuando una familia es el primer accionista controlante, las empresas presentan mayor desempeño. No obstante, cuando los dos primeros accionistas controlantes son familias, se observó que no existe relación con el desempeño

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“…A stronger negative relation can be observed when there is the founder presence. But for old firms this family effect changes and becomes positive in financial performance (González, Guzmán, Pombo, Trujillo, 2013). Based on the research evidence collected in European countries, researchers argue that in general, family control in Western Europe leads to the higher profitability of the company and market value (Bartoni, Caprio, 2006;Maury, 2006 and support for the U-shaped relation between the ratio of family members in the TMT and firm performance (Minichilli, Corbetta, MacMilan, 2010).…”

Section: Literature Overviewmentioning

confidence: 99%

Financial Performance in the Light of Corporate Governance in Polish Family Businesses

Socha

Majda-Kariozen

2017

Folia Oeconomica Stetinensia

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The article presents a view (on the basis of theoretical and empirical analysis) of corporate governance models used in Polish family businesses through financial performance. The empirical analysis covered a sample of 24,000 Polish family businesses in the period of [2008][2009][2010][2011][2012][2013]. The use of linear regression has allowed the authors to verify the hypothesis concerning the occurrence of differences in profitability ratios in groups of family businesses using variant management models and allowed verifying the relationship between the degree of control and involvement of the owners in management and financial performance. The received results, though inconclusive, indicate that the involvement of the owner in the governance process can affect the financial aspect of a business. The prepared empirical analysis and conclusions of the article contribute to a better understanding of the measures taken on management and control decisions; what is more, they can provide guidance to the owners of family businesses in shaping the corporate governance model.

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Family firms and debt: Risk aversion versus risk of losing control

Cited by 66 publications

References 20 publications

Resources and Innovation in Family Businesses: The Janus-Face of Socioemotional Preferences

Resources and Innovation in Family Businesses: The Janus-Face of Socioemotional Preferences

Relación entre gobierno corporativo, control familiar y desempeño en empresas colombianas

Financial Performance in the Light of Corporate Governance in Polish Family Businesses

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