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Languages : en
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Book Description
Family firms are the predominant organizational structure around the world today. However, little is known about their corporate policy decisions. This dissertation analyzes whether, how and why families influence the capital structure, payout policy and diversification decisions of their firms. Using a dataset of 660 listed German firms over the 1995 to 2006 period, significant differences between family firms and their non-family counterparts are identified. Family firms have lower leverage ratios, less diversification in unrelated business fields and a higher propensity for dividend payouts to shareholders. Families influence the corporate policy mainly by their active participation in the firm's top-management. Concerning the question why family firms adapt their corporate policy, the desire of the family to retain control over the firm is identified as the main economic "force" behind corporate policy decisions in family firms. These results have several important implications, e.g. for capital market regulators.
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Family firms are the predominant organizational structure around the world today. However, little is known about their corporate policy decisions. This dissertation analyzes whether, how and why families influence the capital structure, payout policy and diversification decisions of their firms. Using a dataset of 660 listed German firms over the 1995 to 2006 period, significant differences between family firms and their non-family counterparts are identified. Family firms have lower leverage ratios, less diversification in unrelated business fields and a higher propensity for dividend payouts to shareholders. Families influence the corporate policy mainly by their active participation in the firm's top-management. Concerning the question why family firms adapt their corporate policy, the desire of the family to retain control over the firm is identified as the main economic "force" behind corporate policy decisions in family firms. These results have several important implications, e.g. for capital market regulators.
Author: Thomas Schmid
Publisher:
ISBN:
Category :
Languages : en
Pages : 502
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Book Description
Author: S. Bhaumik
Publisher: Springer
ISBN: 1137473584
Category : Business & Economics
Languages : en
Pages : 150
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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: Esra Memili
Publisher: MDPI
ISBN: 3038427810
Category : Business & Economics
Languages : en
Pages : 174
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Book Description
This book is a printed edition of the Special Issue "Performance and Behavior of Family Firms" that was published in IJFS
Author: Hermut Kormann
Publisher: Springer Nature
ISBN: 3030580199
Category : Business & Economics
Languages : en
Pages : 154
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Book Description
This book focuses on the role of the board in family businesses and specifically on processes and topics of strategic importance. It comprises all the relevant topics which need to be addressed on a regular basis such as strategy development, financial management, and leadership. The pros and cons of each issue are elaborated. This is one of the few books which addresses family businesses from governance systems to the role of executives. The diverse set of examples carefully collected by the authors and an in-depth discussion on the topics provide readers with valuable insights to broaden and enrich the effectiveness of governance.
Author: Ana Paula Matias Gama
Publisher: Springer Nature
ISBN: 9813348461
Category : Business & Economics
Languages : en
Pages : 126
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Book Description
This book examines the relationship between family influence and financial performance and non-economic goals in small and medium family-owned enterprises (SME) in Portugal. Research on the performance of family-owned firms is growing but results are mixed, especially for non-listed companies. This book examines smaller family-owned firms that operate in a small, open economy, characterised by a context of relatively weak capital markets and predominantly bank-based financing. Delving into the impact of key variables such as the power dimension, experience and culture on performance establishes, the book goes on to analyse the determinants of performance in such family-owned SMEs. Given the importance of family firms to open economies, this book would be a valuable read to scholars aiming to understand the reasons behind their success, managers seeking out strategic and operational guidance and to regulators and policymakers at the regional and national levels.
Author: Alan L. Carsrud
Publisher: Springer
ISBN: 9781461429661
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
Businesses owned and operated by families constitute the vast majority of firms around the world. These firms are found in all industrial segments, from retail and service establishments to heavy manufacturers. Their sizes and revenues range from the smallest venture of a husband and wife roadside food stall in rural India to the largest multinational, highly diversified corporations in the United States and Europe. Many challenges, such as competition, regulation, environmental concerns, access to capital, and macroeconomic factors confront family and nonfamily firms alike. In addition, family and closely-held firms grapple with such issues of succession, continuity, conflict resolution, identity and organizational roles, estate and financial planning that are idiosyncratic to them; when psychological, social, and emotional factors are in play, constantly changing familial relationships influence the strategic and financial choices they make. Yet, there has been comparatively little theoretical or empirical research undertaken on family firms, relative to entrepreneurship and strategic management. This book addresses gaps in the literature by presenting a holistic, multi-disciplinary approach to the study and practice of family business that draws from such fields as psychology, anthropology, sociology, strategy, family therapy, family studies, wealth management, and international business. An international array of experts addresses both macro issues (including the role of family businesses in new business creation and economic development, influences of culture on family business, public policies that can encourage or threaten family business) and firm management (strategic and financial decision making, governance, entering and exiting). Featuring case studies from firms in a variety of industries, Understanding Family Businesses not only offers provocative new insights on family business dynamics, but outlines an agenda for future research.
Author: Camisón, Cesar
Publisher: IGI Global
ISBN: 1799816567
Category : Business & Economics
Languages : en
Pages : 459
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Book Description
The "family effect" remains a challenge for researchers interested in both the family firm’s organizational form and in the effects of familial ownership on a firm's strategy, structure, and performance. Governance mechanisms, management quality, ownership concentration, and family involvement all have relevant effects in terms of influencing monitoring costs, investment decisions, the development of the portfolio of resources and capabilities, and family firm competitiveness. Nevertheless, few studies to date have opened the black box of the "family effect." Competitiveness, Organizational Management, and Governance in Family Firms is an essential reference source that makes a clear distinction between the separation of ownership and management, on the one hand, and the institutional development of family governance instruments, on the other, to help uncover the asymmetric effects of these two choices. It also allows the examination as to which of the two strategies employed in family firms reinforce managerial capital that has a greater positive impact on the "family effect," thus helping to achieve better managerial capabilities. Featuring research on topics such as corporate governance, private business, and successional leadership, this book is ideally designed for managers, executives, CEOs, company owners, consultants, business professionals, entrepreneurs, academicians, and researchers interested in an in-depth understanding of the keys to success and survival of family-operated organizations.
Author: Julio Pindado
Publisher: Edward Elgar Publishing
ISBN: 9780857937469
Category : Family-owned business enterprises
Languages : en
Pages : 0
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Book Description
This authoritative research review provides a broad overview of the role that family firms, both those publicly listed and privately held, play in the global economy. The editors have selected seminal papers which investigate how the family business model affects firm performance and corporate decision making, and contribute to disentangling the interrelations that exist between family control of corporations and other governance mechanisms. Given the relevance of corporate governance and family firms for the economy and society as a whole, the present collection constitutes a point of reference for family business researchers, practitioners and policymakers alike. A better understanding of family firms is of paramount importance because these companies are the main drivers of economic growth all over the world. This title, with an original introduction by the editors, will be an excellent source of reference for students, practitioners and researchers in the field of governance and family firms.
Author: Franz-Friedrich Neubauer
Publisher:
ISBN: 9780415920940
Category : Business & Economics
Languages : en
Pages : 270
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Book Description
Fred Neubauer and Alden Lank offer valuable insight into one of the driving forces of the economy: family-controlled enterprises. They look at how these locomotives of the economy are directed and controlled, explaining the key elements of how corporate governance functions in a family business. Drawing on their teaching and consulting experience with family businesses and corporate governance, as well as an extensive database, the authors also offer practical advice on how to put their insights to use.
