Family ownership and productivity: the role of owner-management

Barth, Erling; Gulbrandsen, Trygve; Schønea, Pål

doi:10.1016/j.jcorpfin.2004.02.001

Cited by 262 publications

(221 citation statements)

References 30 publications

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“…Therefore, we also include the number of patents of a firm as a control variable. Existing literature shows that the board and ownership structure can have implications for firm performance (Barth et al 2005;Core et al 1999); therefore, we include the number of directors on the board and whether the subsidiary is a publicly listed firm as control variables.…”

Section: Methodsmentioning

confidence: 99%

Institutional Distance and Foreign Subsidiary Performance in Emerging Markets: Moderating Effects of Ownership Strategy and Host-Country Experience

Shirodkar

Konara

2016

Manag Int Rev

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Institutional distance has been known to be an important driver of Multinational Enterprises' strategies and performance in host countries. Based on a large panel dataset of 10,562 firms operating in 17 emerging markets and spanning 80 home countries, we re-examine the relationship described by Gaur and Lu (J Manage 33 (1): 2007) between regulatory institutional distance and subsidiary performance. We extend this research by (1) examining this relationship in the context of emerging markets, (2) examining the moderating effects of ownership strategy and host-country experience within the context of emerging markets and (3) accounting for a greater variety of institutions by including a large number of home and host countries. We find that institutional distance negatively affects subsidiary performance in emerging markets. Our findings also show that the negative effects of institutional distance on subsidiary performance are lesser for subsidiaries with partial ownership (than for subsidiaries with full ownership) and for subsidiaries with greater host-country experience. We discuss our findings with respect to Gaur and Lu's model, which explores the relationships between these variables in a general context.

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Section: Methodsmentioning

confidence: 99%

Institutional Distance and Foreign Subsidiary Performance in Emerging Markets: Moderating Effects of Ownership Strategy and Host-Country Experience

Shirodkar

Konara

2016

Manag Int Rev

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“…Martikainen et al (2009) investigates on family-owned enterprises and finds that S&P500 firms that are controlled by families are more ingenious in their administration and subsequently perform better than their counterparts. In contrary, Norwegian companies document a negative relationship between family ownership and firm performance, especially in situations where the main decision-makers are family members (Barth et al, 2005). This is supported by the findings of Koke & Renneboog (2005), whereby they concur that the presence of substantial external shareholders positively influences firm performance amongst UK companies.…”

Section: Ownership Structurementioning

confidence: 73%

Impact of Governance on Profitability, Liquidity and Gearing of Companies

Rajangam¹,

Sundarasen²,

Rajagopalan³

2014

ASS

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This study investigates the relationship between two governance issues, i.e., ownership and board structure of Malaysian listed firms (between 2010 and 2012) and their performance in terms of profitability, liquidity and gearing. Structural Equation Modeling is applied and the data analysis tool used is Maximum Likelihood Estimation (MLE). The dependent variables used as proxies for financial performance are; profitability, liquidity and gearing, whilst the independent variables are; ownership retention (OR), board size (BS), percentage of executive directors (ED), percentage of independent directors (ID) and percentage of non-independent non-executive directors (NINED). It is conjectured that there is consistency across all components of ownership and board structure in terms of its relationship with the gearing of companies. With the exception of non-independent non-executive directors, all other components of board structure in this study seem to have an impact on the gearing of companies. In that respect, it can be concluded that a company's ownership structure and board of directors who represent the shareholders have major concerns on the gearing of companies compared to other financial indicators, as the level of gearing of a company has important and long-lasting effects on the profitability and liquidity of companies. This study leads the path for further research on all aspects of a company's gearing.

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“…It was assumed that a family firm was one where members of one family owned more than 25% of the shares in the company. A similar approach can be found in other works regarding the Polish market (Kowalewski, Talavera and Stetsyuk, 2010); for foreign markets, other values are accepted, e.g., 20% (La Porta, Lopez-deSilanes and Shleifer, 1999) or 33% (Barth, Gulbrandsen and Schone, 2005). It is worth mentioning that among the surveyed companies, which were considered as family businesses according to the criterion of ownership, the vast majority of family members also sat on the company management board.…”

Section: The Activity Of Family Firms On the Ipo Market In Poland In mentioning

confidence: 81%

The Activity of Family Businesses and the Phenomenon of Underpricing of Their Shares in IPOs in Poland in the Years 2013–2015

Perz

2017

SiM WZ UW

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Family ownership and productivity: the role of owner-management

Cited by 262 publications

References 30 publications

Institutional Distance and Foreign Subsidiary Performance in Emerging Markets: Moderating Effects of Ownership Strategy and Host-Country Experience

Institutional Distance and Foreign Subsidiary Performance in Emerging Markets: Moderating Effects of Ownership Strategy and Host-Country Experience

Impact of Governance on Profitability, Liquidity and Gearing of Companies

The Activity of Family Businesses and the Phenomenon of Underpricing of Their Shares in IPOs in Poland in the Years 2013–2015

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