دانلود رایگان مقاله دخالت خانواده و کارایی شرکت

ABSTRACT

This study examines how family involvement affects the performance of UK companies listed on the London Stock Exchange (LSE). Using a panel dataset from 1998 to 2008, the econometric models evaluate the effect of family involvement in terms of ownership and management on firm performance (measured with accounting ratios and Tobin’s Q) while controlling for a number of conditions external to the firm as well as business characteristics. Our findings illustrate a non-linear relationship between family ownership and firm performance, with performance increasing until family shareholding reaches thirty-one percent, at which point performance begins to decrease. Moreover, the findings illustrate that the higher the involvement of the family in terms of management (i.e., through a family CEO) and governance (board representation and/or CEO-Chairman dual role), the higher the performance the firm appears to sustain over the long run and across generations.

Discussion and conclusions

This research examined the impact of family involvement on performance measured on the basis of accounting profitability and market value. Our models based on panel data provide evidence that the performance of listed firms (measured as returns on assets) is positively related to having concentrated ownership in the founding family. These findings mirror prior evidence in the field that emphasizes the positive links between family ownership and listed firm performance (Allouche, Amann, Jaussaud, & Kurashina, 2008; Anderson & Reeb, 2003; Andres, 2008; Lee, 2006; Maury, 2006; San Martin-Reyna & Duran-Encalada, 2012; Villalonga & Amit, 2006). A rationale behind these findings is the fact that concentrated family ownership may lead to reduced agency problems (Anderson & Reeb, 2003; Dyer, 2006; Miller et al., 2007) and enhanced stewardship attitudes (Corbetta & Salvato, 2004; Miller & Le Breton-Miller, 2006; Uhlaner et al., 2007), which can, in turn, improve performance. Our study contributes to the literature on the influence of family ownership and firm performance by providing evidence that helps appreciate a non-static and non-linear understanding of this relationship. These findings are important because they help shed light onthe conflicting evidence that exists aroundthe links between family ownership and performance, which may not be necessarily purely negatively or purely positively correlated. We identify that while family ownership appears to positively influence performance,the relationshipbetweenthe two isnon-linear, anditis likely tobe reversedbeyonda specific levelof share ownership.Inlinewith AndersonandReeb(2003), our study reveals thatthe performance of listed family firms increases until family shareholding reaches onethird of the firm’s total shares, while beyond this level, the financial performance begins to decline.