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
相关论文
共 50 条
  • [31] Corporate governance practices and firm performance: a configurational analysis across corporate life cycles
    Amin, Hala M.
    Mohamed, Ehab K. A.
    Hussain, Mostaq M.
    INTERNATIONAL JOURNAL OF ACCOUNTING AND INFORMATION MANAGEMENT, 2021, 29 (05) : 669 - 697
  • [32] Capital Structure, Corporate Governance, Equity Ownership and Their Impact on Firms' Profitability and Effectiveness in the Energy Sector
    Georgakopoulos, George
    Toudas, Kanellos
    Poutos, Evangelos, I
    Kounadeas, Theodoros
    Tsavalias, Stefanos
    ENERGIES, 2022, 15 (10)
  • [33] The impact of family harmony on family SMEs' performance: the mediating role of information technologies
    Dutot, Vincent
    Bergeron, Francois
    Calabro, Andrea
    JOURNAL OF FAMILY BUSINESS MANAGEMENT, 2022, 12 (04) : 1131 - 1151
  • [34] Business Groups and Corporate Governance: Review, Synthesis, and Extension
    Colli, Andrea
    Colpan, Asli M.
    CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW, 2016, 24 (03) : 274 - 302
  • [35] Corporate governance and financial reporting quality: a comparative study
    Hasan, Arshad
    Aly, Doaa
    Hussainey, Khaled
    CORPORATE GOVERNANCE-THE INTERNATIONAL JOURNAL OF BUSINESS IN SOCIETY, 2022, 22 (06): : 1308 - 1326
  • [36] External Corporate Governance and Misreporting
    Baber, William R.
    Kang, Sok-Hyon
    Liang, Lihong
    Zhu, Zinan
    CONTEMPORARY ACCOUNTING RESEARCH, 2015, 32 (04) : 1413 - +
  • [37] Multidimensional Aspect of Corporate Entrepreneurship in Family Business and SMEs: A Systematic Literature Review
    Wahyudi, Indra
    Suroso, Arif Imam
    Arifin, Bustanul
    Syarief, Rizal
    Rusli, Meika Syahbana
    ECONOMIES, 2021, 9 (04)
  • [38] The influence of corporate governance on the performance of family-controlled firms: exploring the effects of legal jurisdiction
    Xu, Ella Guangxin
    Yang, Joey W.
    Shan, Yuan George
    Graves, Chris
    INTERNATIONAL JOURNAL OF MANAGERIAL FINANCE, 2023, 19 (03) : 615 - 644
  • [39] Corporate governance, configurational approach and financial performance: some evidence from Indian listed SMEs
    Singh, Kuldeep
    Rastogi, Shailesh
    BENCHMARKING-AN INTERNATIONAL JOURNAL, 2024, 31 (04) : 1115 - 1141
  • [40] Family control and corporate social responsibility
    El Ghoul, Sadok
    Guedhami, Omrane
    Wang, He
    Kwok, Chuck C. Y.
    JOURNAL OF BANKING & FINANCE, 2016, 73 : 131 - 146
12345