Ownership structure and firm performance: Some empirical evidence from Spain

Family business and regional development—A theoretical model of regional familiness

“…Consequently, decision making differs between family firms and non-family firms in areas such as equity financing (Wu, Chua, & Chrisman, 2007), corporate diversification (Anderson & Reeb, 2003), level of debt (Gonzá lez, Guzmá n, Pombo, & Trujillo, 2013), innovation (Classen, Carree, Gils, & Peters, 2013), risk (Gó mez-Mejía, Haynes, Nunez-Nickel, Jacobson, & MoyanoFuentes, 2007, internationalization (Kontinen & Ojala, 2010), and general and specific management practices (Basco & Pé rez Rodriguez, 2009;Bloom & Van Reenen, 2007), among others. Therefore, if decision making is affected by the type of ownership and management regime, then ownership and management regime may have an effect at the firm level, such as on firm performance (e.g., Demsetz & Villalonga, 2001;Anderson & Reeb, 2003;Sraer & Thesmar, 2007) and efficiency in the use of production factors (e.g., Barth, Gulbrandsen, & Schone, 2005;Gó rriz & Fumá s, 1996;Martikainen, Nikkinen, & Vä hä maa, 2009;McConaughy, Walker, Henderson, & Mishra, 1998), and at the aggregate level, for instance, on macroeconomic variables (Wall, 1998) or community culture (Astrachan, 1988).…”

Board Mechanisms and Malaysian Family Companies’ Performance

“…The smaller board size may be due to a trade-off between growth and risk exposure faced by the firms. This is because of the high concentration of shares in the hands of a few shareholders (Gorriz & Fumas 1996). Expert studies do evidence a negative relationship between board size and firm performance.…”

Family ownership and productivity: the role of owner-management

“…Gorriz and Fumas (1996) have studied familyowned firms in Spain. They used both productivity and profitability as measures of firm performance.…”