دانلود رایگان مقاله متا آنالیز کارایی مالی شرکت های خانوادگی

ABSTRACT

This study presents the results of a meta-analysis of the financial performance of family firms. Drawing on a sample of 380 studies, we find that family firms show an economically weak, albeit statistically significant, superior performance compared to non-family firms. Furthermore, we find moderating factors to significantly condition the relationship. These results show that the positive effect of family firms on financial performance is more pronounced in samples of public and large firms and when an ownership definition of family firms is used. It is also notable that family firms do best when their performance is assessed by ROA, a measure that is not as influenced by financial structure as ROE. Based on the broad empirical evidence obtained, we discuss implications and avenues for future research.

Discussion and conclusion

Discussion of the main effects results Certainly, the overall tendency in the findings is that there is a positive association between a firm’s status as a family business and its financial performance. This finding is encouraging for those who wish to lay to restthe notion thatfamily governance is a liability – hardly a surprising conclusion considering that family firms are the most dominant form of enterprise in the world (La Porta, Lopez-de-Silanes, & Shleifer, 1999). However, the picture is not entirely unambiguous. It appears that family ownership rather than other modes of family involvement in governance is most salutary – a result that makes sense given that owners may be influential and motivated monitors but, particularly in later generations and larger firms, may be less than effective managers (Bloom & Van Reenen, 2007; Block, Miller, & Jaskiewicz, 2011; Miller, Minichilli, Le Breton-Miller, Corbetta, & Pittino, 2014). It is also notable that family firms do best when their performance is measured according to ROA, a measure that is not as influenced by financial structure as ROE.5 Moreover, given the family firm emphasis on sustainable performance rather than quick returns (Miller & Le BretonMiller, 2005), it is not surprising that family firms did not shine particularly brightly in their growth rates.