Non-linearity between family control and firm financial sustainability: moderating effects of CEO tenure and education

被引：6

作者：

Ahmad, Norazlin ^{[1
]}

Ting, Irene Wei Kiong ^{[1
]}

Tebourbi, Imen ^{[2
]}

Kweh, Qian Long ^{[2
]}

机构：

[1] Univ Malaysia Pahang, Fac Ind Management, Pahang, Malaysia

[2] Canadian Univ Dubai, Fac Management, Dubai, U Arab Emirates

来源：

EURASIAN BUSINESS REVIEW | 2022年 / 12卷 / 04期

关键词：

CEO tenure; CEO education; Family control; Firm financial sustainability; Non-linearity; Malaysia; RISK-TAKING; ENTREPRENEURIAL ORIENTATION; RESOURCE EFFICIENCY; OWNERSHIP; PERFORMANCE; DIRECTORS; BUSINESS;

D O I：

10.1007/s40821-021-00197-7

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We investigate the non-linearity between family control and firm financial sustainability and the manner in which CEO tenure and education moderate the non-linear relationship. We apply fixed-effects panel regression and several alternative tests, including two-stage least squares, in studying 2844 firm-year observations of Malaysian publicly listed firms during the period 2009-2019. We find a non-linear U-shaped relationship between family control and firm financial sustainability. Specifically, once levels of family control exceed a certain threshold, the relationship between family control and firm financial sustainability becomes positive. Moreover, CEO tenure and education moderate this non-linearity. That is, when family control is at a low (high) level, both moderators lessen (increase) the negative (positive) effects of family control on firm financial sustainability.

引用

页码：719 / 741

页数：23

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