How do family ownership, control and management affect firm value?

Villalonga, Belén; Amit, Raphael

doi:10.1016/j.jfineco.2004.12.005

Cited by 3,188 publications

(2,661 citation statements)

References 33 publications

(29 reference statements)

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165

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2,353

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“…According to Anderson and Reeb (2003), the founding owner grants the company valuable capabilities, unlike his successors who intervene less towards productivity and efficiency. This argument is consistent with empirical evidence which testifies that firms managed by their founder perform better than others (e.g., Villalonga & Amit, 2006, Baraontini & Caprio, 2006, Pindado, Requejo, & de la Torre, 2011.…”

Section: Methodssupporting

confidence: 88%

Are There Non-linear Relationships between Ownership Structure and Operational Performance? Empirical Evidence from Portuguese SMEs Using Dynamic Panel Data

Pinto¹,

Augusto

2014

IJBA

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This paper analyzes the causal relationship between the ownership concentration, insider ownership and operational performance using a sample of 4.163 Portuguese SMEs and panel data models. The main results show an endogenous and dynamic relationship between those variables. The quadratic specification established between ownership concentration and operational profitability suggests that for low levels of control rights the expropriation hypothesis prevails and for high levels the supervision hypothesis prevails. It was also possible to validate the effect of entrenchment and convergence of interests in the relationship established between the insider ownership and performance.

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Section: Methodssupporting

confidence: 88%

Are There Non-linear Relationships between Ownership Structure and Operational Performance? Empirical Evidence from Portuguese SMEs Using Dynamic Panel Data

Pinto¹,

Augusto

2014

IJBA

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“…Management, provided by the founder in young companies and, having faced the problem of succession in older ones, is allocated among household members and professional managers with little or no equity participation (Villalonga andAmit, 2006, Barontini andCaprino, 2006). Thus, the potential negative effect that the company's age may exercise on managerial ownership cannot be ignored.…”

Section: Methodsmentioning

confidence: 99%

“…However, given the purpose of this study, we chose to use the number of banks with which the company works along the lines of Fok et al (2004) and Yu et al (2012). Managerial ownership is measured by the share of equity held by the board (Anderson andReeb, 2003, Villalonga andAmit, 2006).…”

Section: 2 Variablesmentioning

confidence: 99%

Banking Relationships, Managerial Ownership and Operational Performance: A Simultaneous Equations Approach in the Context of SMEs

Augusto¹,

Pinto²

2014

International Journal of Financial Research

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This paper provides new evidence for the relationship between the nature of banking relationships, managerial ownership and operational performance in supporting reciprocal effects between these variables in the context of small and medium enterprises (SMEs). A simultaneous equations model was applied to a sample of 4,163 Portuguese SMEs and to cross-section data. Evidence was found that these attributes provide simultaneous relations among themselves. In particular, on the one hand, our results support a negative effect of the number of banks with which the company works and managerial ownership on operational performance. On the other hand, the number of banks with which the company maintains a relationship is positively conditioned by operational performance and negatively by managerial ownership. In turn, managerial ownership is negatively conditioned by operational performance and the nature of the banking relationship.

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“…Os resultados gerais das pesquisas, até o momento, ainda são conflitantes. Ao analisar 500 firmas, no período de 1994 a 2000, os achados de Villalonga & Amit (2006) indicam que a estrutura familiar agrega valor à firma se o fundador ainda encontrar-se ativo na empresa, seja como CEO ou presidente, entretanto quando o descendente do fundador assume a firma, há uma redução de valor, principalmente em empresas familiares de segunda geração.…”

Section: Literatura Recomendada E Materials De Apoiounclassified

Caso de Ensino: Abertura de Capital e Implantação de Sistema de Governança Corporativa em uma Empresa Familiar

Oliveira

Rodrigues²,

Sobrinho

et al. 2016

REPEC

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Prime Hospitality Group (PHG) é uma empresa familiar, fundada há 17 anos pelo Sr. Milton Albuquerque, com hotéis e resorts espalhados em diversas regiões do País. Recentemente, a companhia decidiu realizar uma abertura de capital na BM&FBOVESPA. Entretanto, a realização de um IPO motiva diversas alterações na estrutura da empresa. Essas mudanças geram custos e alteram a visão dos membros da família e dos diversos stakeholders envolvidos no processo. O presente caso propõe uma acertiva do impacto da implantação de um mecanismo de governança corporativa, em virtude da realização da abertura de capital em uma empresa familiar.

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How do family ownership, control and management affect firm value?

Cited by 3,188 publications

References 33 publications

Are There Non-linear Relationships between Ownership Structure and Operational Performance? Empirical Evidence from Portuguese SMEs Using Dynamic Panel Data

Are There Non-linear Relationships between Ownership Structure and Operational Performance? Empirical Evidence from Portuguese SMEs Using Dynamic Panel Data

Banking Relationships, Managerial Ownership and Operational Performance: A Simultaneous Equations Approach in the Context of SMEs

Caso de Ensino: Abertura de Capital e Implantação de Sistema de Governança Corporativa em uma Empresa Familiar

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