Ownership concentration, family control and performance of firms

Hamadi, Malika

doi:10.1057/emr.2010.9

Cited by 43 publications

(29 citation statements)

References 46 publications

(41 reference statements)

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“…These firms are characterised by a strong (and often family-based) entrepreneurial imprint coupled sometimes with external management (Corbetta, 2000;Grundei and Talaulicar, 2002;Gabrielsson and Huse, 2005;Gabrielsson, 2007;Hamadi, 2010) that leads to a concentration of the executive power, which may in turn reduce the voluntary content of disclosure.…”

Section: Medium-sized Firms and Voluntary Disclosurementioning

confidence: 99%

Corporate governance and the quality of voluntary disclosure: Evidence from medium-sized listed firms

Satta¹,

Parola

Profumo³

et al. 2013

Int J Discl Gov

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In turbulent economic conditions, firms have to improve their corporate communication in order to meet the information requirements of capital markets. The topic of the quality of communication in medium-sized companies appears to have received comparatively limited attention, despite their growing economic importance. This article, applying content analysis techniques, addresses the nature of voluntary disclosure in medium-sized listed firms and focuses\ud on the quality of corporate communication. This study, through the use of a linear regression model, examines, in particular, the explanatory power of corporate governance issues, such as ownership structure and board composition, as potential determinants of communication quality.\ud The results show that a diffuse ownership along with the existence of an audit committee is associated with increased qualitative levels of voluntary disclosure, while managerial ownership, board size and the number of board committees present a negative relation to disclosure. Moreover, institutional investors’ ownership and the presence of independent directors are not related to disclosure quality

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Section: Medium-sized Firms and Voluntary Disclosurementioning

confidence: 99%

Corporate governance and the quality of voluntary disclosure: Evidence from medium-sized listed firms

Satta¹,

Parola

Profumo³

et al. 2013

Int J Discl Gov

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“…However, evidence regarding the performance implications of family ownership is mixed. Some studies find family ownership positively impacts firm performance (Anderson & Reeb, 2003;Barontini & Caprio, 2006;Hamadi, 2010;Maury, 2006;Singal & Singal, 2011). Other studies conclude that family ownership coincides with poorer firm performance (Bennedsen & Nielsen, 2010;Claessens, Djankov & Lang, 2000;Thomsen & Pedersen, 2000).…”

Section: Introductionmentioning

confidence: 99%

Family Matters?: A Cross‐National Analysis of the Performance Implications of Family Ownership

Dow

McGuire

2016

Corporate Governance

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Manuscript Type: EmpiricalResearch Question/Issue: This study makes use of a large multi-country sample to examine how the market performance of family firms is affected by national context. Research Findings/Insights: We find that Tobin's Q among family firms is significantly lower than that of non-family firms across 33 countries. In examining these effects, results suggest that legal context and national culture influence the performance implications of publicly traded family firms, serving to mitigate some of the generally negative impact. Theoretical/Academic Implications: We find that national context is an important contingency in determining the family's ability and willingness to exploit minority shareholder wealth. Building upon our results, future research can focus on how formal and informal institutions may be substitutes for each other. Our results help explain why prior empirical research provides conflicting results regarding the impact of family governance on firm valuation. Practitioner/Policy Implications: Our findings suggest that the performance implications of family firms are contingent on legal protections, belief in the impartiality of the legal system, and culture. Given wide variations in these measures across countries, the appropriate mechanisms to strengthen investor protection will not follow a one-size fits all approach.

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“…Family ownership is used as an independent and moderating variable in several finance and corporate governance studies (e.g., Berrone, Cruz, Gomez-Mejia, & Larraza-Kintana, 2010;Hamadi, 2010;Villalonga & Amit, 2006). We found that 1.5% of the firms in our sample (97 firms) with family ownership had no family board members, no family chairman and no family CEO (see Table 3).…”

Section: Discussionmentioning

confidence: 76%

A set-theoretic analysis of the components of family involvement in publicly listed and major unlisted firms

García‐Castro¹,

Casasola

2011

Journal of Family Business Strategy

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Ownership concentration, family control and performance of firms

Cited by 43 publications

References 46 publications

Corporate governance and the quality of voluntary disclosure: Evidence from medium-sized listed firms

Corporate governance and the quality of voluntary disclosure: Evidence from medium-sized listed firms

Family Matters?: A Cross‐National Analysis of the Performance Implications of Family Ownership

A set-theoretic analysis of the components of family involvement in publicly listed and major unlisted firms

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