Corporate governance and profitability in family SMEs

被引：12
|
作者：
Hansson, Mats [1 ,2 ]
Liljeblom, Eva [1 ]
Martikainen, Minna [3 ]
机构：
[1] Hanken Sch Econ, Helsinki 00101, Finland
[2] Nordea Savings & Asset Management, Nordea 00020, Finland
[3] Lappeenranta Univ Technol, Lappeenranta 53851, Finland
来源：
EUROPEAN JOURNAL OF FINANCE | 2011年 / 17卷 / 5-6期
基金：
芬兰科学院;
关键词：
firm performance; family employees; family CEO; board size; family SMEs; WESTERN-EUROPEAN CORPORATIONS; FIRM PERFORMANCE; OWNERSHIP STRUCTURE; EMPIRICAL-ANALYSIS; BOARD COMPOSITION; MARKET VALUATION; FOUNDER-CEOS; AGENCY COSTS; MANAGEMENT; SIZE;
D O I：
10.1080/1351847X.2010.543842
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We analyze the determinants of performance in small unlisted family firms and find, in line with previous studies, a positive effect associated with a family CEO. We contribute by bringing in an additional variable, the proportion of family members employed by the firm and find it to be negatively related to firm performance. There is a significant tendency for family CEOs to employ family members, which - given the negative effect of these - should offset some of the positive performance effects of a family CEO. We also analyze the effect of board size in these already small family boards, where the maximum number of board members is six. We find that even here, board size is significantly negatively associated with firm performance.
引用
收藏
页码：391 / 408
页数：18
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