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Author: Johannes Ottmar Beyenbach
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Johannes Ottmar Beyenbach
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Zulfiquer Ali Haider
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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In this dissertation, I look at three strategic processes within one of the most prevalent business forms in the world - family firms. In chapter 2, I look at the acquisition process, particularly focusing on deal structure. My findings, supported by data from S&P 500 firms during the period 2003-2014, show that when family firms engage in equity-based transactions, their valuation of the target is affected negatively due to the additional risk of losing. I also find that international acquisitions are more attractive to family firms due to benefits of risk diversification and loose-coupling, thereby increasing deal valuation. Moreover, family firms are willing to pay more to acquire targets operating under better public governance as they perceive lower reputational risk in associating with them. Post-hoc analyses reveal descendant board chairs show a stronger preference for targets with better public governance and ones that are located cross-border. In chapter 3, I look at board processes, focusing on how decisions made by the board of directors in family firms are more likely to be colored by groupthink. Using a sample of firms from the S&P 500, I find that institutional investors, discouraged by groupthink in family firms, invest less in them. However, appropriate corporate governance in the form of greater board diversity, lower director tenure, busier boards, more financial disclosure and bigger shareholder voice can help in alleviating these concerns. I also explore the heterogeneity in family firms that have different generations of family members on board and find that groupthink is likely to be higher in them, but the presence of independent directors can be an alleviating factor. In chapter 4, I look at the long-term decision-making process in family firms. My findings, based on an international sample of listed firms from 2007-2018, show that while family firms may have more long-term oriented values which make them less sensitive to time delays, contextual factors such as economic and non-economic performance hazard and whether the decision-making is controlled by founder or descendant, will influence the expectancy and value of future utilities, thereby moderating the positive impact of long-term oriented values on long-term decision-making.
Author: S. Bhaumik
Publisher: Springer
ISBN: 1137473584
Category : Business & Economics
Languages : en
Pages : 132
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Book Description
Family firms account for a large proportion of firms in most countries. In industrialised countries of North America and Western Europe, they generally account for a large share of small and medium sized enterprises. In emerging market economies such as India, they also account for the majority of the large firms. Their importance for factors such as employment creation notwithstanding, relative to the widely held Anglo-Saxon firms, which are ubiquitous in the economics, finance and management literatures, family firms have historically received much less attention from scholars of these disciplines. However, in part owing to increased focus on emerging markets, there is a growing literature on family firms. In How Family Firms Differ, the authors explore important aspects of family firms, drawing on the existing literature and their own research on these firms.
Author: Tarek El Masri
Publisher:
ISBN:
Category :
Languages : en
Pages : 171
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This dissertation is comprised of three essays on issues related to the corporate governance of family firms. The first essay explores how owners-managers of family firms conceptualize and define their firms. Understanding the essence of a family firm helps us better understand their governance and behaviour. This essay contributes to the family business literature by presenting the seven most important criteria in identifying a family business (Handler 1989; Shanker & Astrachan 1996), namely: family ownership, control, involvement, succession, long-term vision, founders' legacy, and extended family of employees. The essay also contributes a familiness measurement tool that can be used in future research aiming at better understanding the family firm. The second essay investigates how management control technologies are calibrated in accordance with the sometimes conflicting economic and noneconomic goals resulting from the dual identities of family firms. The results show that family firms calibrate pervasive management control technologies, such as calculative, family-centric or procedural controls to strengthen the business identity and reduce the family identity of their family business. In comparison, the minimal use, or perceived absence, of management control technologies suggest that it accentuates and fosters family identity. Hence, reverting to management control technologies becomes related in a unilateral way to the business identity of the firm, despite the dual control ambition of family firms. The third essay analyzes CEO and TMT compensation practices to identify patterns that can explain the gap between family firms and the pool of external highly qualified executives. The data analysis highlights a connection between the degree of family ownership, the composition of the BOD, and the identity of the CEO. The results also show that family firms rely more heavily on cash-based awards than on equity-based awards as a form of CEO and TMT compensation. Family firms are reluctant to use option-based rewards and the use of share-based awards is also kept at a minimum. Other evidence point towards a role that institutional ownership plays in restructuring the compensation packages of the TMTs at family firms. Keywords: Family Firms, Definition of Family Firms, Family Firm Identity, Management Control Technologies, Corporate Governance, Executive Compensation.
Author: Esra Memili
Publisher: MDPI
ISBN: 3038427810
Category : Business & Economics
Languages : en
Pages : 174
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This book is a printed edition of the Special Issue "Performance and Behavior of Family Firms" that was published in IJFS
Author: Donald H. Chew
Publisher: Columbia University Press
ISBN: 0231519982
Category : Business & Economics
Languages : en
Pages : 385
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Book Description
Corporate governance constitutes the internal and external institutions, markets, policies, and processes designed to help companies maximize their efficiency and value. In this collection of classic and current articles from the Journal of Applied Corporate Finance, thought leaders such as Michael Jensen and Robert Monks discuss the corporate mission of value maximization and the accomplishments and limitations of the U.S. governance system in achieving that end. Essays address the elements driving corporate value: the board of directors, compensation for CEOs and other employees, incentives and organizational structure, external ownership and control, role of markets, and financial reporting. They evaluate best practice methods, challenges in designing equity plans, transferable stock options, the controversy over executive compensation, the values of decentralization, identifying and attracting the "right" investors, the evolution of shareholder activism, creating value through mergers and acquisitions, and the benefits of just saying no to Wall Street's "earnings game." Grounded in solid research and practice, U.S. Corporate Governance is a crucial companion for navigating the world of modern finance.
Author: Carmen Gallucci
Publisher: G Giappichelli Editore
ISBN: 889210666X
Category : Business & Economics
Languages : it
Pages : 169
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Book Description
The monograph “Family and non-family firms' financial structure. The effects of financial crisis: blessing or curse?” deals with the issue of firms’ financial structure. It introduces the debate, moving from the difficult in finding a balance between debts and equity and presenting the actual situation of Italian and European firms. Then, it offers an overview of the main financial theories. Subsequently, it deals with the financial structure issue in family business context, by presenting the state of art on the theme and delineating peculiar problematics faced by family firms. Finally, it provides an empirical investigation about the effect of financial crisis on family and non-family firms’ capital structure, offering a wide discussion of the results and useful implication for theory and practice. The monograph “Family and non-family firms' financial structure. The effects of financial crisis: blessing or curse?”is aimed at family business and financial scholars, undergraduate and postgraduate students, and practitioners.Carmen Gallucci is Associate Professor of ‘Corporate Finance’ and ‘Family Business Governance’ at University of Salerno, where she is the Director of Family Business Observatory. Her research interests are in the area of family business and corporate finance. She is Author of monographs and papers published also on international journals. Rosalia Santulli is Research Fellow in Business Administration at University of Cassino and Southern Lazio and Lecturer of Financial Analysis at University of Salerno. Her research interests are in the area of family business, corporate governance, and corporate finance.
Author: Antonio Leotta
Publisher: Springer Nature
ISBN: 303047741X
Category : Business & Economics
Languages : en
Pages : 228
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Book Description
This book addresses a selection of major topics in family businesses, namely ‘managerialization’ and ‘professionalization’, succession, internationalization, access to financial markets, and how governance and control systems can help family firms respond to common problems inherent in the business. Written by prominent experts, the respective chapters highlight the interactions between these topics in order to develop a systems view of the distinctive challenges, and of the potential roles that governance and control systems can play in these contexts. The book is divided into two main parts, the first of which reviews the current literature and develops a comprehensive theoretical framework. Based on these theoretical insights, the second part then interprets and discusses the empirical evidence, including case studies on family-run firms in Italy.
Author: Daniel Kárpáti
Publisher:
ISBN: 9781638283287
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
The Family Firm provides a comprehensive literature review of the heterogeneous characteristics of family firms based on over 400 recent and relevant academic articles. The review of the literature is organized around five main topics: business and family values, succession, family firm strategies, family ownership and governance, and financial policies. The literature review is supplemented with the analysis of a detailed survey of more than 900 Dutch family firms. This empirical analysis serves to illustrate that family firms indeed exhibit substantial heterogeneity along the five main topics considered in the review. In addition, the empirical analysis also highlights that different dimensions of heterogeneity are often strongly correlated. This monograph advances our understanding of family firms by taking stock of extant work and highlighting important research gaps. There are important practical implications in that the heterogeneous nature of family firms might make overly broad regulatory actions ineffective. Policymakers should take an interest in this work as it allows them to accommodate specific regulations to the intended subset of family firms. The findings should also interest family entrepreneurs and investors in family firms by providing a general theoretical and practical overview of how family firms differ from each other and under which circumstances specific actions, organizational strategies, and corporate behavior might have heterogeneous effects.
Author: Sudarat Bo Ananchotikul
Publisher:
ISBN:
Category :
Languages : en
Pages : 378
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